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- Oct 11, 2006
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Ok, the background:
DH and I bought our house 3 years ago. We don't have much equity in it yet, and weren't able to put down 20% for a downpayment, also. However, we've done lots of improvements that should add value; jowever, the housing market is bad now. We paid $230,000 for the house.
Mom put her house up for sale in the Summer; she's had at least 3 (I think 4) offers, that have fallen through; the most recent being this week--she was to make settlement on Thursday; the woman had lied about her recent foreclosure, so the deal is off--nobody will loan her mortgage money. Mom's asking $200,000; mostly for the land (1.25 acres). The house is disgusting--old, shabby, and mostly smelly (Mom's a heavy smoker, and her cat left her mark, etc.). It really should be torn down, an a new one built in its place. DH and I were hoping to buy out my 3 brothers when Mom died, and build a new house there--we both love the land; it would be a lot closer to work for us, especially DH (A 14-15 mile commute, as opposed to a 21 mile one). I'd be 2.5 miles from work again, instead of 10; plus, all the stores we use are right down the road; less than a mile in some cases. Also, we now only have .13 of an acre; I hate being so close to the neighbors, nice though they are. I lived in Mom's house until 4 years ago; all of my life. I LOVE the land there--I have so many happy memories--and did a lot of the landscaping. I really want a big vegetable garden, something I can't do here (our backyard is about 15 ft deep at the most). It's quiet there--the side neighbors are pretty far away; nobody is in the back--that field is bordered by a cow pasture on 2 sides. I really miss it there. I know I'll never be able to afford a house with more land around here.
I just don't know if we can afford to do this. I was thinking of asking Mom to lop off my potential $50,000 inheritance, and lower the house price. (BTW, she moved in with my brother, who built an in-law suite--his share of his inheritance up front, plus the extra $$ for building. ). Also, the house does not have public water; it has a well, and the water pressure is bad. And I know, when you contract something out, you need to add 20% extra in the budget to cover "ooops" stuff you didn't plan on.
Am I crazy????
DH and I bought our house 3 years ago. We don't have much equity in it yet, and weren't able to put down 20% for a downpayment, also. However, we've done lots of improvements that should add value; jowever, the housing market is bad now. We paid $230,000 for the house.
Mom put her house up for sale in the Summer; she's had at least 3 (I think 4) offers, that have fallen through; the most recent being this week--she was to make settlement on Thursday; the woman had lied about her recent foreclosure, so the deal is off--nobody will loan her mortgage money. Mom's asking $200,000; mostly for the land (1.25 acres). The house is disgusting--old, shabby, and mostly smelly (Mom's a heavy smoker, and her cat left her mark, etc.). It really should be torn down, an a new one built in its place. DH and I were hoping to buy out my 3 brothers when Mom died, and build a new house there--we both love the land; it would be a lot closer to work for us, especially DH (A 14-15 mile commute, as opposed to a 21 mile one). I'd be 2.5 miles from work again, instead of 10; plus, all the stores we use are right down the road; less than a mile in some cases. Also, we now only have .13 of an acre; I hate being so close to the neighbors, nice though they are. I lived in Mom's house until 4 years ago; all of my life. I LOVE the land there--I have so many happy memories--and did a lot of the landscaping. I really want a big vegetable garden, something I can't do here (our backyard is about 15 ft deep at the most). It's quiet there--the side neighbors are pretty far away; nobody is in the back--that field is bordered by a cow pasture on 2 sides. I really miss it there. I know I'll never be able to afford a house with more land around here.
I just don't know if we can afford to do this. I was thinking of asking Mom to lop off my potential $50,000 inheritance, and lower the house price. (BTW, she moved in with my brother, who built an in-law suite--his share of his inheritance up front, plus the extra $$ for building. ). Also, the house does not have public water; it has a well, and the water pressure is bad. And I know, when you contract something out, you need to add 20% extra in the budget to cover "ooops" stuff you didn't plan on.
Am I crazy????
