So, we accepted the…

So, we accepted the offer on our place. It's definitely lower than we think it's worth, but it's also worth quite a lot to us not to have to wait six months to a year, dealing with showings and the like. I know we're very lucky to have it sold so quickly in this market. There's still tons of details to go through, inspection, etc., and Kevin tells me that something like one in three home sales fall through, but it's at least theoretically a relief to have it done.

I should be happy. But we took another look at the Mad Hatter house today, and honestly, I'm just feeling kind of sick to my stomach. I really love it. I walk in, and it feels like home, like the kind of house you can grow old in. Gorgeous first floor with living, dining, kitchen, and family room all in beautiful condition, fabulous master suite, bedroom for each kid + study for each of us + playroom, 3.5 baths total. 5200 square feet. Everything we want, and then some. Just lovely.

But it is at the very top edge of our budget, we think, what with all the renovation work that'll be needed. And if something goes majorly wrong in the next few decades, some unexpected $50 - $100K repair, we'll be in serious trouble. If we buy more modestly, we'd have more leeway for unexpected disasters. It makes Kevin really uncomfortable to ride that close to the financial edge, and I hate to ask him to do that. And my financial judgement has historically not been so good; I've always tended to live just within my means, not even thinking about saving for a rainy day. I don't trust my judgement on this. We should probably buy a less expensive house.

And yet.

We're going to try to get some estimates on what it'll actually cost to repaint the exterior, and get a thorough inspection, and get an estimate on a fairly necessary master bath remodel. If those numbers add up low, and if the owners are willing to go for a low offer, maybe we can do this reasonably. We'll see. I just don't know.

4 thoughts on “So, we accepted the…”

  1. Good for you. Go with your gut, and look at going for the house you love. Even if you can’t do all the remodelling first thing… You will be in it long enough that you should be in something you love.

    And maybe when they see that you love it, they will be more willing to work with you.

  2. Congratulations! I agree about the house. Make an aggressive offer, if there don’t seem to be any dealbreaker problems. Your income is likely to rise, and in a few years, refinancing if absolutely necessary for serious repairs is almost always an option.

  3. Go for the house you love. If you are going to be in the house for life, you have to live in something you love. There will always be something that needs fixing or updating. But if you can live with it, that is all that matters. It is better to be in a house you love, than to have regrets and what ifs and wish I hads for the next 30 years.

    And, I was talking to someone who lives in an amazing building but of the 180 units, 24 have been on the market for many months and only 2 of those sold – as bank/foreclosures. You are right to take the offer in hand. At least you are not carrying 2 mortgages and wishing you had cash to fix up things.

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