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Discussion Boards => Off-Topic => Topic started by: gbabesmom on July 28, 2014, 08:13:35 am
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Here's the thing our home needs $6 - 10,000 dollars in repairs and the neighborhood has turned to crap. Right now we're looking at paying off our home in a year or so. But what if in the meantime we find something we could buy and get the heck out of here? My heart does not want to leave my home to be vandalized if we leave it vacant. What do you think ???
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I would like the home as is so that buyers will know that it needs so work and see if you have any takers as long as you list it reasonably priced it should sell and then you would be able to get out of the area you dislike and into a new home that fits you better.
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I'm confused why you'd leave your old home vacant if you bought a new one... Usually you'd sell the old one in order to buy the new one. However I'd still think about making the repairs on your old house; by making the repairs yourself, you'll appreciate the value of the house usually much more than by what the repairs cost, so that when you do go to sell it, you can recoup the repair costs plus a little extra (that's the whole idea behind "house flipping"). Although since you mention that the neighborhood is going to crap, the repairs wouldn't have to be done so well as you'd perhaps do were you planning to continue living in it; just do the repairs to the quality that you'd find in that neighborhood.
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I don't know anything about this, but if you aren't happy where you are, you'd be better off moving. If you leave those repairs for the next owner, they may appreciate it cause then they can turn the house into what they want it to be.
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I would like the home as is so that buyers will know that it needs so work and see if you have any takers as long as you list it reasonably priced it should sell and then you would be able to get out of the area you dislike and into a new home that fits you better.
But if it is a bad area it may be harder to sell the house anyway.
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We sold our home in a different county, bought a small one where we live now and have been putting new windows in and have one large that a contractor will have to put in. Just put a new metal roof on. . The people that were buying our house just paid it off. They still had almost 8 years on it. What a great surprise. But it goes into the savings instead of blowing it. Everything we do to this house increases the value on it. Who knows may get this one fixed up and sell it and get another. Wrong am getting to old for it.
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I'd put your house on the market.
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I really don't know but if I have to choose then I'll save it and fix the house. As you mention, you don't want to leave right now. Just save more and then you can buy your second house later.
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Your home is your sanctuary. You must be happy when you are there.
Being debt free should be a goal so the you must way the pros and cons and decide which will make you happiest.
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Hmm... read all the comment, i dont have any idea, hope i will have one nextyear :)
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If your try to sell it now you may loose money since the neighborhood has turned bad as you put it. That usually drops the price of all the houses in the neighborhood and you probably wont get much if any of the money you put into it & may even have to sell it for less to get rid of it. If you can really afford another house that you want go for it but consider being really reasonable with the price you have for the current house your in if you decide to sell or you could be stuck with a house for a long long time that you don't want anymore
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I think I would look at paying the house off and looking at a new house. But if I wouldn't move until I sold the old one even if you have to rent the new house for a while. Getting out of there sounds like a good idea but leaving it vacant would not be smart under the circumstances.
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Look for another home then rent the old one or put it on the market. Even if the neighborhood is changing someone who likes to fix house will buy it.
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I really don't know but if I have to choose then I'll save it and fix the house. As you mention, you don't want to leave right now. Just save more and then you can buy your second house later.
That's looking more and more like the right idea.
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I think I would look at paying the house off and looking at a new house. But if I wouldn't move until I sold the old one even if you have to rent the new house for a while. Getting out of there sounds like a good idea but leaving it vacant would not be smart under the circumstances.
Thank you. It's not smart because we seem to have a firebug in our area. :-/
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I have one I wish I could sell. I can't even get agents to call me. If the neighborhood is in decline, get out while you can and before prices in decent areas rise too much. Your home likely won't keep up with the market.
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I have one I wish I could sell. I can't even get agents to call me. If the neighborhood is in decline, get out while you can and before prices in decent areas rise too much. Your home likely won't keep up with the market.
[/quoteI have one I wish I could sell. I can't even get agents to call me. If the neighborhood is in decline, get out while you can and before prices in decent areas rise too much. Your home likely won't keep up with the market.
I've thought of listing it on a buy owner site because an agent won't be interested in our little house. No big commission for them. We're going to do cosmetic things and that's it. We can't deplete our savings fixing everything. In your case I hope you can find a way to sell your house. Good luck.
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being debt free and owning out right would free you up to buy another one if you choose and you could always sell it if you want to get out of it badly
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I think I would look at paying the house off and looking at a new house. But if I wouldn't move until I sold the old one even if you have to rent the new house for a while. Getting out of there sounds like a good idea but leaving it vacant would not be smart under the circumstances.
Renting is a headache. And you can't really put a house up for sale while you are renting. What if someone moves in and then 3 weeks later you get a buyer. You most likely will not get the renters out in 3 weeks. You are right about it being empty. People can just move in and squat and then they supposedly have "rights" to stay there. What a screwed up country this has become.
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Whatever you decide to do I wish you the best. I would also add that if you only have less than 2 years before you own the home. It would probably be a good idea to go ahead and fix it up and look for private buyers. If you are not ready to put it on the market.
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We're doing some updates on our home now in prep. for selling in a year or two. We've been here over 35 years and I do love our house but the neighborhood is getting sooo bad I'm scared to be home by myself at night. Our house has been paid for for several years and since we'd be downsizing when we build a house, it's our hopes we can build a new one for what we'd sell ours for. Our youngest daughter lives a couple of blocks from us and she definitely wants to sell and move before their daughter starts school.
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We've had a our home for 14 years. We are well ahead on our mortgage. I really don't want to rent, but we've considered paying it off and finding a police officer to rent it. That would bug the neighbors to no end. Anyway thank you to all who commented.
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Sell the one you have and buy another.
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I don't have much experience in house buying to offer advice. I've rented most of my life. The one house I owned and had a mortgage on I left to my ex-husband when we divorced. Rather make the payments on the house in lieu of the state required child support payments he lost the house through a short sale. That was nearly 8 years ago and his child support payments have still not been adjusted. I drifted... sorry. I think weighing the pro's and con's in staying vs. moving is necessary. Of course there are so many things to factor in it certainly is a tough decision. As for me, I never want to be a homeowner again.
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The more I think about it - I would say pay off the house and stay where you are. Times are hard and getting harder. You can fix it up a little at a time and be debt free.
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What about renting it out?
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You could always fix it up. I would pay it off. Living mortgage free once you pay off the house will save money in the long run.
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maybe the neighborhood has gone to crap because all the other neighbors are doing the same thing you are? neglecting the property will decrease your homes value..and besides all that, it's a pain in the butt to move. fix your house up, and if you do decide to sell you will get a better price