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Old 01-08-2013, 03:42 PM   #21
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We bought my great uncle's farm about 8 years ago. It has sentimental value to me and we have never regretted it. That house is gorgeous I say go for it.

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Old 01-08-2013, 03:43 PM   #22
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Re: I want to buy a new home... totally NOT thrifty.

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Can I move in with you?
Haha. Sure!! There's room
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Old 01-08-2013, 03:44 PM   #23
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The house is amazing! That and the sentimental value I think this is a no brainer. Go for it!
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Old 01-08-2013, 03:50 PM   #24
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Re: I want to buy a new home... totally NOT thrifty.

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We would go back to a 30 yr. That's not to say that we couldn't pay it off sooner.

As far as comps the issue is that there are literally NO comps in our area that are even close to this house. They did have an appraisal done. That appraisal used "new" home comps because there has been nothing sold in the last 36 mos in our area that is comparable. That said... there are three historic homes that are on the "main" avenue that are for sale. They are asking significantly more than we would pay (about double) however the location of those homes makes them more desirable.

We plan to have our realtor do a walk through of their home to see what he would think a fair market value would be and if that is in line with the appraisal. He is a friend so he's willing to do this for us before we make up our minds. We haven't given him any numbers. He is very familiar with the area so I do value his opinion.
From a financial standpoint, let's estimate that your mortgage payments are $1,000 a month. At 8 extra years of mortgage payments, that is $96,000.

I totally understand sentimental value, but is it worth an extra $96,000?
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Old 01-08-2013, 03:55 PM   #25
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Re: I want to buy a new home... totally NOT thrifty.

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From a financial standpoint, let's estimate that your mortgage payments are $1,000 a month. At 8 extra years of mortgage payments, that is $96,000.

I totally understand sentimental value, but is it worth an extra $96,000?
I understand what you're saying. I think this is one of our in laws biggest concerns. 30 yrs is a long time to commit to a mortgage.
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Old 01-08-2013, 04:00 PM   #26
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I would buy it. I frequently drive past my grandmothers house, its empty because the owner passed away and they haven't been able to sell it. If I hade the money, I would buy in a heartbeat.

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Old 01-08-2013, 04:04 PM   #27
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Buy it. If you don't, you will think about it every day. Even if it was drastically more expensive, the emotional attachment would be worth it.
This! I would buy it and not think twice. It's a gorgeous home and it has history for your family. That I think is worth more than anything.

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Old 01-08-2013, 04:11 PM   #28
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Re: I want to buy a new home... totally NOT thrifty.

I would do it in a heart beat!
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Old 01-08-2013, 04:17 PM   #29
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Re: I want to buy a new home... totally NOT thrifty.

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Can I move in with you?
Oh no! She beat me to it! Is there still room? My son is really cute! Haha

But I would say go for it. It will only cost you about $20 more per month to live in a house you LOVE? That's barely even a noticeable amount. I would do it, I think it'd really be worth it
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Old 01-08-2013, 04:23 PM   #30
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Re: I want to buy a new home... totally NOT thrifty.

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I understand what you're saying. I think this is one of our in laws biggest concerns. 30 yrs is a long time to commit to a mortgage.
Of course if you want me to say "Wow, that is a seriously gorgeous house and you have such an emotional attachment to it, it looks like it would be a great place to raise your children" I'll say that too
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