Friday, February 8, 2008

Decisions, Decisions....

I think I already know what my decsion on this is, but I am interested to get your thoughts on a situation that has arisen here, because you guys seem like a sharp bunch of people. I need a sanity check.

Our house is small for a fam of 5. Have I mentioned that like a million times yet? However, I like it. I will like it oh-so-very-much more in the near future after we finish our re-do this summer. It is a great house in a sought-after neighborhood. While the rest of the country is in a housing crisis, Cowtown is holding its own and maybe even still thriving in my part of town thanks to the Barnett Shale (did I mention my house is sitting on top of it?) and some other factors. In fact, the realtors who helped us to buy this house have called several times in the past year asking us if we are ready to move up because they have a family who is looking that our house would be perfect for. There is NO inventory in our neighborhood, especially in our house's price range. These conversations always end with, "yea, so where would I go if they bought my house?" Answered with, "well, there is that problem...as you are unwilling to move out of this part of Ft Worth..."

BUT a house just came on the market - it is PERFECT! It is in the right neighborhood. It has a pool...needs minimal cosmetic change....it is pricey. We could (barely) swing the mortgage. Rich's analogy to me was this: "Remember when we moved here and we could afford NOTHING and you felt like your life was a prison? Well, for the next couple of years you would just be living in a nicer prison, you know, like the federal white collar prison." He told me to think about it and get back to him. I'm thinking that I don't look forward to being house poor. On the other hand, can I trust that fate will put another house on the market in a few years that is as perfect for our needs as this one? Rates are low. But, rates were low when we bought our current house too...so my mortgage is like miniscule....and I am excited about our remodel plans and rates are low for a HELOC right now...and that upgrade to captain just slips further and further into the future... (thanks a lot Mr. Economy and Mr. 60 year old!)

So, opinions? Stay the course? Buy now and suck it up for future happiness's sake?

WHEN IS SPELLCHECK COMING BACK??????? BLOGGER - GET YOUR ACT TOGETHER!!!!!

11 comments:

SLynnRo said...

White collar prison HAHAHAHA.

Anyway, I'd stay in the house you have. It sounds like it will only continue to go up in value, and I'd rather be slightly physically uncomfortable than totally financially uncomfortable.

SLynnRo said...
This comment has been removed by the author.
Tessie said...

We just went through this as well. We can easily afford our mortgage these days (although we couldn't when we bought the house), and we started looking at newer homes. We decided to stay where we are for now.

I'm with slynnro, I don't do financially uncomfortable very well. I'll adjust to physically cramped.

Krissy said...

"On the other hand, can I trust that fate will put another house on the market in a few years that is as perfect for our needs as this one?"

Yes.

That's the thing. Another perfect house will come along. With the economy right now I'd be wary of any mortgage that straps you out. If you couldn't easily and quickly save enough to cover a minimum of three month's mortgage; don't do it.

And on the other hand, people have made that gamble and it's paid off.

We chose a smaller house with a smaller mortgage that we can add onto if we need to, if for instance the market was TANKED.

I know plenty of folks who wound up with two mortgages for a while. That's ouchy.

Tracy said...

I am thinking stay. You could always move later. There is more than one perfect house and let me tell you we are in the same boat. i would love to move and thought about it before the girls are in college. Now it looks like he won't even make captain before they go... Seriously, what is wrong with these old guys. It isn't my fault they have two morgages, allemony and child support. MY husband does not want to work until 65 and we are loosing a boat full of cash by not doing the upgrade sooner. Oh and the letter? I talked with my husband and he didn't think it was that big of a deal. Everyone seems to be in or entering into contract talks and he said they are just trying to tell every one doom and gloom so they don't want too big of raises..blah blah blah!!!

MaryB said...

Okay - Good. Good. Good. this is what i was thinking, but wanted to see if there was anyone out there who thought Id be missing out an a great opportunity or that I should be thinkingof taking advantge of current rates. I feel truly blessed and grateful that I even get to have these debates. I am just a horrible over-thinker and have to weigh every teeny-tiny detail.

Tracy - Oh my gosh - you shouls so come over for coffee! AARGH - I so dont understand wanting to work LONGER! Who doesnt want to retire and have play-time???? I know there are some out there who got royally screwed - its not them Im talking about - but the rest??? What the heck????

Katie said...

Oh no. Do not move. Do not go back into the house poor prison. I am in that prison right now and IT SUCKS SUCKS SUCKS SUCKS. I get ass-raped every day by our bank account. There will be other houses in the future and then you can sell your remodeled one for even MORE. It will be worth it to stay!

Also, if you aren't screaming "YES YES YES! THIS IS IT!" about the new house, you shouldn't move. An "I don't know" is really a "No" in my book!!

Stupid 60 year old pilots. I hate them.

Anything is Possible said...

Let me just say this, we have a pool. The first two years, we loved it and used it a LOT. Now that the newness has worn off, it's a huge pain in the butt to take care of. -And we don't use it as often. We're considering selling our big ass house for something a little smaller and easier to care for. I'd keep the house you love.

Annie, The Evil Queen said...

Let me second Rach on the pool issue- we thought it would be great when we rented a house with a pool years ago and it turned out to be a huge hassle. Also? Jacks up your insurance in a crazy way. My m-i-l trys not to insure houses with pools...

I'd stay put. Prison is prison, white collar or otherwise. Wasn't he just complaining about the cost of school for the boys? Won't wee Grant be starting in the near future? Stick to your remodel plan. There will always be more houses. Maybe even outside Texas someday. :)

MaryB said...

Annie - don't tease me like that! That is so not nice.

Swistle said...

Tough call! Which idea makes you feel more disappointed, if you imagine going with the OTHER idea?

We're a little cramped right now (7 people! 1 bathroom!), but we're staying put because it won't be all THAT long before the kids are grown, and we'd like this house to still be ours at that point. We're eventually going to put in a second bathroom, though.

Also, I HATE MOVING. So I'm the wrong one to ask for an unbiased opinion. I should stick with my first paragraph.