To move or not to move..

Discussion in 'After Hours Lounge (Off Topic)' started by MikePeroni, May 19, 2003.

  1. MikePeroni

    MikePeroni Stunt Coordinator

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    Hello all. Well Im currently in my 2nd house where I planned to stay for another few years(Ive been in for 4). But now the wife and I are thinking now might be the time to move into our 3rd and final home as the rates are so great right now.
    The problem is I just finished the house. It was brand new construction and I did my own deck, finished basement, painted the whole house, landscape, you name it I did it, and now that its done I kinda want to enjoy it, but the wife thinks moving now would be the right thing, since we planned on goin in a few years anyway. We just wanted to be in a little more upscale neighborhood for the long run..Any advice?
     
  2. Todd Hochard

    Todd Hochard Cinematographer

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    No advice. We're having the same dilemma right now. We've been in our house for 9 years, and are thinking of moving on up, but can't decide. I can go both ways- a larger home can make for a better investment (in terms of total dollars appreciation). However, larger home comes with larger mortgage, and thus less play money.

    What to do, what to do...

    Todd
     
  3. Scott Merryfield

    Scott Merryfield Executive Producer

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    This is always a tough decision, Mike. We live just north of you (Plymouth) and our home value has appreciated aproximately 75% since we purchased it 8 years ago. However, a worthwhile upgrade in the same general area would basically double our mortgage, even by rolling in all the equity from our existing home. We have decided that's too much extra debt to take on, so we are staying put.

    I'm sure your home would sell quickly -- homes in our subdivision are going like hotcakes. Interest rates are low, so you can get more home for the same money. You should check out what a new home will cost you, though, before you decide.
     
  4. Ryan Wright

    Ryan Wright Screenwriter

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    I was pondering this just the other day. We have a three bedroom house that we built new in 2000. I have a daughter and now a son on the way, so I'm going to have to give up my computer room. With rates as low as they are, a new house seemed like it might be the way to go.

    I'm choosing to stay put, however. I'm going to build a nice corner desk to put out in the family room and turn half of that room into my office. Quite frankly I can't buy "the house I've always wanted" right now. I want about 4k square feet on at least a dozen acres with riverfront access. I've got 3 to 5 more years worth of saving up to do. I love my current home, and it doesn't make sense to move into a slightly larger home just to turn around and build my dream home a few years later.

    So, I'm staying put.

     
  5. Eric_L

    Eric_L Screenwriter

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    I say move. Real estate is all about three things..

    Location Location Location.

    It is better to have the worst house on the best block than the best house on the worst block. So if you can move to a better neihborhood, then do so.

    As far as the expenses go, well... there are a few issues. One is that a larger house is more comfortable to live in and therefore worth it. Comfort has value.

    Another is that with rates this low you need a larger mortgage to get any worthwhile tax deduction.

    Another is that the larger the house, the greater the dollar value will appreciate (all things being equial I'd rather have 10% of $200,000 than 10% of $100,000)

    If you have kids, you should also consider the school and transportation of the kids to school. (bike or bus?)

    Last, but not least. If your wife wants it and you can afford it. Get it. Get it?
     
  6. MikePeroni

    MikePeroni Stunt Coordinator

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    Eric, great reply, you sound like a realtor!! LOL! Scott, right now were off Geddes rd. between Beck and Canton Center. Our home is 1950 sq. ft., but the their only brick fronts(siding on the other 3 sides), and the lots are small-60 foot wide. We figure we could get about 280,000 or so.

    We want to move off Beck into a cape cod style brick home with a 3 car side entry and maybe pick up a couple hundred sq.ft. This style home can be found for about 315-320k, and since I have some dough to put down on top of our equity, I would only be mortgaging 10 or 15k more...like Eric said, a nicer sub will certainly do better over 10 years than a ho-hum sub. Im trying to look at this as an investment, but I guess the decision to move is never easy.
     
  7. Scott Merryfield

    Scott Merryfield Executive Producer

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    Mike,

    If you can find a home like that for $320k, that would be a nice upgrade. That section of Canton is just starting to get developed (unlike the overbuilding further north and east), so an upgrade will probably yield a better increase in value over time.

    Plymouth Township is a little different, unfortunately. Any new construction that would be an upgrade for us would be at least $500k. We have a 2,500 sq ft colonial w/ two-car garage on 1/3 acre built in 1977, which is going for about $360K. We are off Ann Arbor Trail, between Canton Center and Beck. We love the area, so we would want to stay in Plymouth.
     
  8. Grant B

    Grant B Producer

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    our house went up by a factor of 4 in 7 years since we bought it.
    i did most of the work myself so it is just the way we want it.
    my wife was talking about a new place until i got through to her one little fact....i will rebuild one house per lifetime and thats it. she got over that one quickly
     
  9. Eric_L

    Eric_L Screenwriter

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