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Old 02-20-2013, 10:11 AM   #1
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wooly_wonderful
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Sell our home and buy a different one?

We live in a lower income part of our city and the homes are worth less than the average for our city. But, our house is nice and we have fully remodeled the inside and landscaped the backyard. My parents live in a very nice part of our city, the houses are worth well above our city average. My parents used to flip homes, so I have seen dozens of homes and never seen one that meets some special needs our family has, except one. This other house is in my parent's neighborhood and was foreclosed a couple years ago. It just went back onto the market again. The house is listed for $5,000 less than what we owe on our home. Providing we can sell our current house for enough to cover closing costs, realtor fees, etc. should we move? Here are some pro vs. con thoughts:

Pros for moving:
- 4 bedrooms, due to some unique circumstances certain kids NEED to be separated and right now 3 of our boys share a room, the one boy who needs to be separate would have his own in the new house
- Desirable neighborhood, our current house would never be valued what this house will be with a little TLC. Also, our current home is 30 minutes from my parents. This one is 5 minutes. I grew up in this neighborhood and we drive multiple times a week to this area to see my parents, shop, go to church, etc.
- Master bedrooms, it has 2. One for the 2 boys who will still share a room and one that is separate from the kids, which I have been wanting
- Pool, but this is also a con
- Beautiful home, but needs significant TLC
- The work that needs to be done can be done by my dad and he has said he is more than willing to do it.
- Floors, They are tile and carpet and in excellent condition
- Driveway, this home has a 2 car garage (we have none right now) and a driveway large enough to park our travel trailer
- 1 of the 3 bathrooms has been completely remodeled, the other 2 are older but in good and usable condition.
- large master for DH and me with walk in closet and separate private patio
- This is the only other home I have ever walked into and felt like it would meet our family's particular needs

Cons for the new home:
- Starting over, we completely remodeled our current home appx. 5 years ago, before we had kids. I remember what I nightmare it was then.
- The WORST kitchen I have EVER seen, and I'm serious. It is terrible and our current kitchen was designed by me and works for my needs. But the cabinets are good and I could get by with refinishing them and replacing the counter tops.
- The front and backyard need total landscaping
- The pool, of course increased insurance cost, but the condition is not known and the estimate is appx. $2,000 to get it up and running. This would be the last thing we would work on
- We would need all new kitchen appliances and 2 new toilets
- The 2nd master bathroom needs a new vanity, but my DH can build a custom vanity

I know this is all dependent on the sale of our home and the price, but I am just wondering if it is something that you would pursue in our situation. Also, maybe there is something I am overlooking and you could bring it to my attention. I am just nervous because we are responsible for our 4 kids and we need to maintain the best living situation for them.

ETA: The house is a HUD listed home, so the closing would be more in line with a regular time line.

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Elissa 11, Jeremiah 10, Nathaniel 5, Edward 3
"If I have a monument in this world, it is my son" Maya Angelou

Last edited by wooly_wonderful; 02-20-2013 at 10:19 AM.
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Old 02-20-2013, 01:36 PM   #2
tallanvor
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Re: Sell our home and buy a different one?

Really, my only thought is concerning the pool -- is it an inground pool that you cannot get rid of? If you have to wait on getting it taken care of, do the kids still have a place to play that is safe?

I really do think it's worth considering.
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Old 02-20-2013, 01:42 PM   #3
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Re: Sell our home and buy a different one?

Quote:
Originally Posted by tallanvor View Post
Really, my only thought is concerning the pool -- is it an inground pool that you cannot get rid of? If you have to wait on getting it taken care of, do the kids still have a place to play that is safe?

I really do think it's worth considering.
Yes it is an inground pool, if it is way out of our budget we would have to fill it. The pool has a 6 foot fence around it, so the kids will still have a safe place to play, but the size of the pool does significantly lessen the play space. But, I think my kids would be just fine.
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Elissa 11, Jeremiah 10, Nathaniel 5, Edward 3
"If I have a monument in this world, it is my son" Maya Angelou
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