Curious - what would you do? Move or Remodel the House?

[Melrosgirl]

We like our house a lot. We've done a lot of upgrades to it over the years and it's home to us. We put an in ground pool in the yard two years ago, too. BUT we don't like our neighborhood. Our main street is fine, but the surrounding streets in the neighborhood are going down hill (some don't keep up with their houses, others park their cars permanently on the streets, etc.) Drives us up a wall.

Our neighborhood is convenient to a lot of things in our town which is great.

Lately we have been seriously thinking of moving. Our house now is paid for completely. To buy another house that would be in a better neighborhood and be a bit bigger house (and brand new) would be at least $200,000 out of our pockets, so to speak.

The dilemma: move and get a brand new house in a nicer neighborhood and dish out the extra money or put about $10,000 in upgrades into our current house (countertops, flooring) in the meantime and enjoy the house, but put up with the neighborhood?

What would you do?

 

[faithinkarma]

If the neighborhood is going downhill, then the value of your current home will not grow the way it otherwise might. Don't forget the three rules of real estate. Location, location, and location.

 

[monkeyboy]

Move (broken window theory)

And build what you want.

 

[Bob Slydell]

Move -- being in a nice neighborhood was one of the main reasons we built a new house.

 

[Christine]

When you described your house, I wanted to say "STAY" but then I actually put myself in your situation and tried to imagine my neighborhood irritating me. You know, it's only gonna get worse. Once they start to decline they really seem to go. I think in 5 years, you'll be kicking yourself. As long as you KNOW you can get into a neighborhood that is going to please you, go for it.

I moved into a "better" neighborhood than what I had. For the most part it is everything I thought it would be and it still looks nice. BUT, there isn't much community spirit and my neighbors are all fairly aloof. My kids don't have anyone to hang out with in the neighborhood. Overall, it wasn't the best choice, but moving it there was no well to figure these things out. Just make sure that you don't trade one bad neighborhood for another.

 

[kild]

Sell your house, live in a van -down by the river, of course - and send me a check for helping you out.
100k will suffice.

Feel free to PM me for my address at anytime.


Oh yeah, to actually answer your question; I would move and buy/build the house that I wanted.

 

[Toby'sFriend]

I'd say move if you have a good idea where you might move to.
To me it sounds like you might be happier in a covenant protected Homeowner's Association.

 

[Dopey Sharon]

I voted to move. We were in the same boat you're in, 2 1/2 years ago. We lived in our old house for over 11 years and saw the neighborhood slowly going downhill. The court we lived in wasn't bad, but most of the surrounding courts were. Our development had a bad reputation. We also did some improvements, on the house, and I really loved the house. I wish we could have just moved it, but that wasn't an option! After living there for 11 years we only made $8,000! We now live in a very nice neighborhood, still in the same town. Our house is bigger, but, other than replacing windows, there are things I want done. We just refinanced our mortgage, a couple months ago, and our house has already went up $45,000 in the apprasial!

 

[cynsaun]

I agree you should move. If you over improve your current home, you will loss so much money if you ever want to sell.

Good luck!

 

[kadaten]

Move!

Every time you leave your house, look out the window, drive down your street, come home, play in the yard, walk the dog, etc. you SEE the rest of the neighborhood and how much it annoys you keeps getting reinforced!! The only answer is to leave it behind! Been there, done that, unfortunately....

 

[alecam]

Mine was actually the exact opposite!! I LOVE my neighborhood, but hated my dull gray ranch. I always felt like the Munster's of the neighborhood.
So we turned it into a beautiful yellow colonial by adding a second floor and wrap around porch.
I didn't want to move at all.
But I think in your situation, I would move!!

 

[IMGONNABE40!]

I would move. In fact, under similar circumstances we did just that. I still miss the old house, but moving was the right thing to do for our son.

 

[Melrosgirl]

thanks for the replies!

 

[CarolA]

I would be concerned that I was pricing my house out of the market.

If you ever do sell and the neighborhood value has declined you are not likely to get all the money you have spent on improvments back.

We looked at a house the other day that was great, but it was $50K above the market around it and is having trouble selling just for that reason.