I must be losing my mind.....

[jel0511]

O.K. DH and I have been looking at houses. We currently live in a house we built 5 years ago, so everything is new and exactly like we want it. So, the other day we were driving through the town next to ours and saw a beautiful home for sale. I called the realtor who helped us get our house, and asked how much it was. It's $1.1 million!!! YIKES!! So, of course I still go off and see it and it's perfect, but it's a fixer-upper. The kitchen needs to be replaced, bathrooms redone and moved, basement finished, and the best part, a STUNNING walk-up attic. The attic isn't finished either, but when it's done it will be the perfect master bedroom retreat! The main rooms and bedrooms are in good shape and the entire interior was just re-painted. We're going to see it for the third time this weekend are thinking of making an offer soon. It's going to be a slight stretch, but we can do it, but I'm not sure I want to stretch myself again. I love the house, the neighborhood, and it's only a short walk into town. It's just amazing that this house is that expensive and probably needs around $200k worth of work, AND I'm considering doing it!! I'm losing my mind and DH is too. We just can't decide if it's worth jumping in. As we both said last night, our hearts are in this 100% but our heads (we're both CPA's) are telling us that it's nuts!!! Anyway, thanks for listening and I'm just going to keep on driving myself insane!!!!

 

[alabamaalan]

Uh-huh....

Have a blast with it. You are both grown up CPAs and know what you can handle.

Since I will never even live in a home that costs near the $200,000 you need in repairs, it's a bit hard to picture.

 

[MagicalMom]

1.1 million $ fixer upper????? That's all I can keep saying in my head. WOW! I couldn't imagine. It sounds like a lot of fun. You'll have to keep us updated with your remodeling plans.

 

[Dan Murphy]

 

[doxdogy]

All I can say is WOW!! I can't imagine that amount in repairs. That is more in repairs, then my current little house here in Jacksonville is worth.

 

[iNTeNSeBLue98]

Of course that 1.1 million in NJ $$ is equal to probably less than $300,000 in other parts of the country.


Like the above poster said, you're both grown and CPA's. ou know what you can handle.

Good luck if you go with your hearts and make the offer.

 

[aprilgail2]

Originally posted by alabamaalan
Uh-huh....

Have a blast with it. You are both grown up CPAs and know what you can handle.

Since I will never even live in a home that costs near the $200,000 you need in repairs, it's a bit hard to picture.

The house next to me sold for 169,000 and it needed about 200,000 worth of renovations. There is a tiny little house up the block, one bedroom and one small kitchen (it used to be a summer cottage) and it is selling for 200,000.

 

[dzneprincess]

 

[oogieboogie]

Holy cow, batman! I can finally say I've met a millionaire!

Wow!!!

 

[AZ JazzyJ]

Originally posted by jel0511
It's just amazing that this house is that expensive and probably needs around $200k worth of work, AND I'm considering doing it!! I'm losing my mind and DH is too.

Yeah I know what you mean but be sure to get more than one bid on the work before you begin the repairs. The new tires for my house were a lot less than $200K and I got free flat repair.

Jeff

 

[jel0511]

Thanks guys!!! DH and I are still thinking, but we're probably going to make a low bid ($950K) and see how receptive the owner is. Most likely it's going to get rejected, but it's worth a shot. With the amount of work this house needs, it's not worth the asking price, IMO. It's just nuts that this is how much it costs to live in this town, but it is!! The area in NJ we live in, the average 4 bedroom house is around $500k, so that will tell you where housing prices are around here. The neighborhood we're looking at, this is actually one of the cheapest houses on the market, so it's NUTS around here. My friend who lives on Long Island just bought a house in East Williston for $900k and it's MUCH smaller than this house, and on a much smaller lot, and in worse shape also, so I consider this one a find. If you live anywhere in the NYC metro area, housing prices have gone through the roof!!! We live about an hour away and housing prices here are lower than Norther NJ (Bergen County area). I'll definately keep you posted on any updates and renovations if we get that far. We're leaving for WDW in two weeks, so we're probably not going to make an offer until we get back, since I don't want to list my house while we're away.

 

[MeanLaureen]

Originally posted by AZ JazzyJ
Yeah I know what you mean but be sure to get more than one bid on the work before you begin the repairs. The new tires for my house were a lot less than $200K and I got free flat repair.

Jeff

Yeah, but you didn't get the white walls, did you Jeff? Didn't you say those were $5 extra?