Tuesday, January 27, 2009

To buy or not to buy. . .

If you have been reading my blog or know me for any period of time, you know that Jeff and I desperately want a home of our own.

We have started the process a few times, looked at a lot of beautiful homes, hoped and prayed but it has never quite worked out the way we wanted it to.

With the economy being the way that it is now, I honestly believe it to be a blessing in disguise.

So, that leads to my title question!

Jeff and I are currently renting an older home in a nice established neighborhood. It's a small brick home that desperately needs to be updated and I do mean DESPERATELY. But, I think it has a lot of character and there are some definite pros to buying it (like a small mortgage payment!). Of course with that are a few cons, we would have a LOT of work to do to upgrade it. I am talking about sheetrock, electricity, the whole shebang!

I am so torn as to what to do because as much as I would love to move into an already finished home, I don't know if that is feasible for now. I really don't want a big mortgage payment looming over us.

So, if any of you have gone through this process of buying a fixer upper and doing the work yourselves, was it worth it? Would you do it all over again? I would love to hear any insight, see pics, etc. on what and how you did it.


Heather said...

a few thoughts from me. i would say no on the current home/remodel. and i'll tell you why. =)

the economy being in the sad state to me is also a blessing in disguise. we are currently in the process of looking to buy a home that will fit our family. mine was purchased as a single person with pets. it doesn't accomodate the family too well.

my husband is going to be the first time home buyer which has advantages of different programs, he is currently looking into VA as he is a veteran and also USDA as we are wanting some space. his credit score is not perfect, in fact he has worked very hard to increase it. and his hard work paid off. yesterday he was pre-approved for a reasonable amount. so with that in hand- it opens up new and exciting possibilities.

prior to that we thought that we would be more limited. remembering that i was the breadwinner, and now i am not able to work. hence becoming the one income family. our original thoughts were to some how add on to the house we are in now. but you are right, it amounts to A LOT of work. and it's pricey.

most of all tho, you and jeff have dreamed of having your own home for a long time. and my personal thought is that you would really be able to appreciate a home that you have been able to "hand pick". that's not to say you wouldn't appreciate the hard work done to upgrade the current home.

but all in all...i still vote for looking around to see what is out there. and talking with a bank/mortgage broker to see where you stand there. back to the economy...i keep hearing how it's near impossible to obtain a mortgage, car, etc. loan. and i disagree. the way to improve the economy is to stimulate the economy. yesterday my thoughts on that were confirmed.

and just as my husband was so very pleasantly surprised and jeff may also find yourself in that same spot. you owe it to yourself to check it out. and i have a good feeling that you will someday soon be able to move into a home you adore.

please keep us updated and good luck!

Stephanie said...

You have a great point. Why is it so hard to be a grown up sometimes?!?!??! LOL