Need your advice ~ move or stay?

[SandraC]

Hi All! I need advice.

We have been in the same townhouse for 16 years. I love it here. My kids school is in the backyard (my youngest hasn't started in that school yet, so we have 8 more years in the school), the neighbour is good (for now, but it does have some dynamics that could make it change to a bad neighbour), the neighbourhood is established (everything we need is here). Also, our mortgage is paid off here. I work PT at a job I love, but I do not have to work. As a kid, I moved every 2 years, I went to 10 schools. I love the fact that I haven't moved in 16 years.

Last weekend I drove by a new housing community and STOPPED! Great new houses. We took a look and really liked one house. It's the only house we have seen that has almost everything we want in a new house. BUT, it's in the next town. A town that is small and doesn't have the amenities we have now, nor the established settled feeling. The price is right, but we think once we add options it could be too much $$$$. We would need a mortgage which means I would HAVE to work and our life would change ~ less frequent Disney trips YIKES! I think Disney would be 5 or 6 year from now, at least.

I have been going back and forth about this all week.

We love the new house a lot.

But we love our house now.

Our current house is a big townhouse, but it's 26 years old and starting to show her age. I worry about been here in 10 - 20 years and the house falling apart, or the niebourhood changing for the worse. Then we would be stuck.

My kids are a BIG factor. I moved so much as a kid, I don't want to uproot my kids. But it could be a great move for them. They both love the new house. The new house is only and 15 minutes drive from here.

What do you think? Have you ever had this decission to make? What did you do? THANKS! S

 

[The Mystery Machine]

That is a tough decision. I suppose that the eaisest way is to sit down with paper and pencil and write out pros/cons and then FINANCES, uck.
We built new and it takes about a good 5-40,000thou to get your new house in order in addition to the cost of paying for it. Now this is just a realistic # based on neighbor polling. I'd say the average # for our neighborhood is 25thou within the first 2years.
You will upgrade stuff, put decks, pools, concrete, landscaping, fence, etc plus interior stuff...you know back to square one.
We would rather sink that money into a new home in which we will gain our equity+ back than put it into an older home in which you break even or lose it.
But if you love the neighborhood...hmmm yep tough decision.

 

[Jeafl]

Also, consider that as your kids get older, they take up more room. Will your townhouse still be as comfortable when they are teenagers? Will there be costly repairs (furnace, bathroom remodeling, etc.) as your townhouse ages? This could end up costing you more in the end.

I would investigate and see if the townhouses in your area are still appreciating, or if they have leveled off. Generally new construction appreciates at a faster rate. 15 years ago we bought a new 1700 sq. ft. townhouse for $105,000 and sold it 3 years later for $142,000. It was a great investment for us, and we were able to step up to a much larger house with virtually no extra down payment.

One disadvantage of new construction though is you will need to purchase new window treatments, landscaping, etc. This always ends up costing more than you think it will.

As far as getting a job, only you can make that decision. There are a lot of factors involved in that, such as day care.

One last thing, if you think that someday you would want to move, then I would do it now. The older your kids get, the harder it is. They establish their own roots in the community (sports, girl/boy scouts, etc) and the older they are the harder it is on them.

Good luck--it's a tough decision.

 

[SandraC]

You both have great points! I too think if we move it should be soon. dd is in grade 4 right now and ds is in preschool. The move now would be easier on them then later. I talked to my dad yesterday about our moving every 2 years as kids. He said that he never considered us in the decissions and apologized.

I am taking everything into consideration. The money part is one thing. We are handle a mortgage if I work, even part time. But I would hate to feel I HAVE to work. I like my job now, but I love the fact that I can chuck it if I want to.

Travelling is fun now too! We can go to dinner anytime we want and take off on vacations now. In a new house, we can not do that.

My dad thinks we should stay here. He thinks the world is about to explode so we should LIVE IT UP now.

This is a much harder decission than I thought it would be. S

 

[Cindy B]

Well, I am going through this right now myself.

WE are moving to another state in less than 10 days (YIPES!)

You are in a great position to really do well on the sale of the townhouse, especially if it is paid off.

As for schools, we are doing it now, my son is in second grade and my daughter is in kindergarten.

I moved a lot growing up as well, and well, my DH never moved until he met me.

 

[kellyla]

Sandra,we are having this discussion right now.We have found a community about 30 minutes from us that is going through a big housing boom.We have even picked out a house.It means moving the kids(boys,14 and 11)to new schools,adding the 30 minutes onto my DH's commute to work(a commute of already 45 minutes)and me getting a full time job.We have a house that is 6 years old and live within walking distance of everything.We have since decided that we are just going to fix the house up,put in a few upgrades,knowing that we will be mortgage free in about 10 years.The kids have established roots between school and soccer teams we are with.It's a tough decision.Also the college and university my kids want to go to are only a few city bus rides away.Although I would love to have a bigger house(this one is only about 1200 square feet)this is the one that feels like home.Good luck on your decision.

 

[JulesMom]

We built a new home last summer. Our mortgage doubled!

To me and the rest of the family, it was worth it. I do have to work fulltime now. I work 36 hours/week now. I did work 24hours/week.

We love our new neighborhood. It was the best move for us!

 

[cinlee3]

My MIL is going through this. Her home will be paid for in 3 yrs but according to her the neighborhood is deteriorating. She wants to get out now so she won't lose the equity.

We are in a different position. Our mortgage will be paid in 10 years. Our house is not that large and we have three kids but the oldest will be going to college next year. Around here everything is get bigger and better. The new homes are huge. We would be able to put down a nice chunk if we decided to move, but I like the idea of no mortgage. I keep thinking I don't want to be tied to a huge mortgage. I want that freedom to travel, do the things I want to the house and do things for my kids as they establish themselves.

 

[Rajah]

That's a hard one, but I think I would probably try to go for the new house. As someone else mentioned, things may be nice now, but is the townhouse big enough to handle the kids as they get older. And, it would be better to move now than waiting until one of the kids is in high school. Plus, you said the kids liked the house, so I think that's a plus in and of itself.

I, too, would be worried about the quality of the neighborhood you're in now if you look ahead 10-20 years if it's already 20+.

Good luck with your decision!

 

[SandraC]

Thanks all, I went to the new house again this afternoon. It it lovely. However, everytime I go to see it, it gets smaller. LOL!

Your advice is wonderful, I appreciate your time! S

 

[sammi]

Sandra we have been going through the same thought as you and Kelly...must be something in the Ontario air?

We finally came to a conclusion that we would stay here for at least 9 more years until DH retires and then we would like to buy a townhouse or a condo where others do all the maintenance for us.

So we are now in the middle of a total renovation starting with our kitchen and then (God willing ) our bathrooms too. But talk about a mess and problems????We got 'em believe me! LOL! But we know it'll be worth it in the end it's just hard when everything's torn up and we find more problems than we anticipated!

You might want to stay where you are and fix up what you have already. Good luck!