Reality check

Today we’re having a Real Estate Reality Check. Or rather, we asked our realtor to come over and appraise the situation. Should we sell now or stay here and stick more money into this place to make it what we want. I don’t think there’s an easy answer to this question and I think almost everyone is asking it right now.

Currently I’m pretty sure we would not have to owe on this house if we sold it. If for some reason that ends up being the outcome then there is just no way we’re doing that. Doesn’t make sense, we don’t HAVE to move. We can afford the time to wait out this market for 5 or 10 years and then who knows? Maybe we’ll have redone a couple things and made this our dream house any way.

It’s just such a transitional time. We want to move. Very much. Not because our neighborhood is terrible or we’ve outgrown the house or it’s a money pit … none of those things. We just like to move. We like a change in atmosphere, scenery etc. And when we bought this house it was a stepping stone. We never felt like this was the forever house.

But it could be. And that’d be fine with me. I just need to know. This way, or that way?

If we did sell this house I would have NO problem whatsoever renting for 6 months or a year. I’ve never rented. I’ve been a homeowner since I was 19 and the non-pressures of renting sounds really, really good to me. Pay the rent and you’re done. No need to pay for upgrades and no dying itch to paint or remodel. Just … take a break. Let someone else be the Rooster for a bit and I’d bet good money that in the end of a renting situation, we would have more money saved than if we go right into buying another home and fixing it up asap.

I just feel like there are so many pro’s to selling right now. But there are also cons. Like schools. And if nothing is available to rent in our desired price range or it just doesn’t work out – and we have to hurry up and buy another house so we have a place to live. That’s scary too, because that doesn’t really fix anything. It just creates new problems that will very quickly mirror current ones (upgrading, wanting to move, or realizing we’re in the wrong place).

So. That’s what I’m doing today.

What about you?

5 thoughts on “Reality check

  1. So…you’re whole theory about ‘renting after owning’ and how that might be a breath of fresh air…well, maybe it is for some, but for me…I hate it! There are so many things I want to update/customize/re-do, etc but putting even a little money into a rental just seems silly. So…we have entirely white walls (we’re slowly paiting a few accents…I can’t live in a doctors office), a very outdated sink/vanity in the bathroom, gross towel bars, ugly kitchen cabinets, etc etc etc! Don’t get me wrong…its not awful, especially knowing its temporary, but…I’d much rather be in our home in GR…where we can make it how we want it!

    Just some food for thought! xo

  2. You’re probably aware of the issue with upgrading beyond the value of the neighborhood, you don’t really want to be the most expensive house on the street, you just never get your money back. But, if there’s room to improve things to customize the house to what you want, the school Jessica would go to is satisfactory, and you like the nice, quiet dead-end road, I’d say fix it up. If you want to be closer to work to minimize the commute, or to be able to enroll in a better school, or build on so much it is too expensive for the neighborhood, then move.

    Renting can be a pain. I’m assuming you’re talking about a house rather than an apartment.

  3. I know what you mean about liking to move. My husband and I have moved a lot, sometimes every 6 months or so. But it got old, especially when we had kids. So we moved again nearly 2 1/2 years ago for what is supposed to be “for keeps”. And about a year ago, we both started getting that urge to move. Of course, there are things in this house we dislike and the dogs in the neighborhood are nothing short of obnoxious! But we figure there will always be some compromise – there will never be the perfect house! So we’ve really finally started making it our own. Fixing it up the exact way we want it, and trying to just focus on the life we are creating here in this home, with our family.

    And I agree, renting after owning sounds “easy” but it sucks because usually you are living in someone’s problem. Rental houses have usually seen many, many families, and usually those families do not take care of anything. And landlords may not always be of the “easy-breezy” variety either! Best wishes sorting it all out! Not an easy task…

  4. I hear you all. Thanks for weighing in on this. I do understand the stark contrast of owning and renting and how unpleasant that can be. It’s not the top priority or even something we’re considering heavily, I just like to think of not having any responsibilities. It tickles me pink. šŸ™‚

    And @Jim – I agree with not wanting to over-improve the house for the neighborhood, which is partly why we’re having this discussion right now. If we stay here for 15 more years and sink a total of maybe 30 more grand into it, I don’t think we’d be over improving at that point because the neighbors are all remodeling and updating, so I think we’d be ok … but it’s risky if we do that and in 5 years decide to move any way. So we’re basically looking for some clarity on the direction we should just head in.

    We are very happy with the house and when push comes to shove I’d be very excited to stay here and make it our forever house but the urge for different/new will have to calm WAY down for that to happen. Hence the reality check.

    Thanks guys!

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