When to move up?

18 years ago

I was curious about other people's opinions on this!

We live in a nice house in a small middle class neighborhood. We put quite a bit of work into the house in the last five years and we have one of the largest house in the neighborhood, except for a few people who have put on big florida room or family additions. We also have one of the largest and nicest lots. We put granite counters in, new light fixtures, new carpet, built ins, etc..

There are lots of other things we'd like to do to our house, but we're afraid to do too much because we don't want to price ourselves out of the neighborhood and because we don't see this house as our forever home. It's a pretty cookie cutter colonial suburban house and we would really like a home with more privacy and character.

My husband will soon be giving up his office and would like a separate place to work out of the home (something like a basement or third floor), and I would love a closed off florida room for our son to hide the massive amounts of toys he generates. Our house doesn't have either of these things.

But we've been looking at houses that are significantly more expensive than our house--almost double in some cases--and many of them aren't nearly as nice. They are in "nicer" subdivisions, have brick fronts, have up to about 1,200 more square feet, walk up attics, etc...but many have needed tons of updating, or don't feel much bigger. Or they are giant big new houses in the new subdivisions with teeny lots--part of what we're trying to get away from. For houses that are double what our house would sell for they don't seem worth it.

So we go back and forth over whether to add to our home or find a new home and we can never make up our minds. I know we're fortunate to even HAVE this problem, but I figured I can't be the only one who can't figure out whether to move or stay.

I think we've finally decided to list our house and take the plunge. We'll see if it sells. Our area is slower than several years ago, but not awful like some markets.

So, what do you think? How do you decide when to move or when to stay and add on? And what's with the way more expensive houses being so so compared to our less "ritzy" house?

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Comments (5)

User
18 years ago
I'd look around and see what is happening to the neighborhood, roads and rest of the area. Are there a lot of rental houses? Has the crime increased? Are people maintaining the appearance of their homes? Are shopping areas being added which increase traffic? Is there construction?

We are in a similar situation. We moved here two years ago. We've done a few things to improve the house like new paint, adding wood floors and planting some fast growing trees. We don't feel like we can make all of the modifications that we'd like simply because we know we don't want to live here that much longer. Our neighborhood is starting to see a little bit of crime. It's becoming apparent as to who can afford to maintain and repair their home and who can't. Those who can't bring the rest of the neighborhood down. We'll probably try to sell in a couple of years when the market looks a little better. Dh wants to build a house. I don't want the stress. I really don't want to move into a more expensive area either because I believe in living well below my means. For now, we're looking around to see what's out there.
chisue
18 years ago
Since you already have one of the largest homes and lots in the neighborhood, I would not add on. It sounds as though you just haven't yet seen 'the' house to buy. Keep looking! Would you consider building?
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acdesignsky
18 years ago
We tossed around that same question beofre we were relocated last Spring. We had a nice big house with a brand new kitchen we'd remodeled ourselves. It was an established neighborhood which we loved, but it was an almost 20 yo house which meant major maintenance items like new HVAC and roof were due soon in the next 5 yrs.
We began looking at new houses, but the lots were tiny and sloped and the sf was so much smaller. We'd lose a finished basement and attic, in additional to formal LR and DR. A truly comparable new home was have cost 150K more.
We didn't have the option of adding on, but we did think of updating the baths and doing a major landscaping project. Even with a 100K budget, we'd save in the long run.
We looked for houses for 6 months, but nothing clicked.
calliope
18 years ago
I don't think it's at all unreasonable to keep an active eye on what's out there, but OMG, why would you even consider it unless like Chisue says one sings out to you? If you don't see the move as landing you in a situation TWICE as good as what you are in now, then why would you want to give up your equity and load yourself up with indebtedness just to have it done and over with?

This is a great time (with the big ? with the housing situation) to be in a home with a low mortgage and nothing you need to do to it to make it habitable. I would never stay in a home for soley that reason, but I surely wouldn't sell in this crappy market just for the sake of moving up when that means in price only.

If you find something special or something decent priced so well you want to grab it, that's an whole different situation.
ruffian1
18 years ago
A house can only be "perfect" for a moment. Perhaps it was "perfect" before junior came along. Since it sounds as if you like almost everything about the house, why move? It sounds as if it is getting a little crowded, but I'm sure you'll find it "perfect" when your son starts college and you have a low mortgage payment or possibly no mortgage.