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22Fruitmincepies

Top location, house needs work? - Update!

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22Fruitmincepies

DH has itchy feet and is looking at real estate again. I don’t want to move, currently we live in a lovely house, in a great location, and DD goes to an excellent school with a great community through which I’ve made good friends. Life is easy here, and while our mortgage is large it’s easy to cover.

 

DH has found a place, and I must admit the location is incredible. Ocean views, and a minute walk to a great beach and cafes, and a few more minutes to shops including a supermarket. The street is almost hidden and does not get any traffic or parking issues, there might be some pub noise. There is a very good school, but it’s not walking distance (we can currently walk), and it’s known for being less diverse, less welcoming, and more academic than our current school (although current school outperforms it).

 

The house itself is a knock down job, but we would need to live there for 3-4 years before we could afford it. It’s perfectly liveable - 3 bedrooms, a living room, a kitchen and dining room, 1.5 bathrooms (very very basic), and a laundry in very poor condition built onto the back of the house.

 

I’m not sure I could do it. It would be a long term project, with a few years of a much less comfortable life and then a big payoff with a house built for us in a top location. Houses in this little area don’t come up for sale very often, hence DH thinking that maybe we should take a leap and go for it. I can see how good it would be, but I’d prefer it to happen in 5 years time.

 

Apologies for the essay! Has anyone done similar? Lived in a not so nice house for a few years before knocking down and building what you want?

Edited by 22Fruitmincepies

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Ozquoll

Haven’t got experience of that situation to share, but honestly, it sounds like you’ve got an almost perfect living situation now - why mess with a good thing?

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DaLittleEd

Oooo....tough decision.

 

Perhaps you and DH should both do a pro/con list and compare?

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Silver Girl

We lived in a rental in a great location for 9 years before buying/renovating. We’d originally planned to live there 2-3 years. The house we rented had a lot of things I hated (non open plan, old bathroom, tiny kitchen, very dated decor etc).

 

I look back now and think of that house as a means to an end that helped us realise a dream. It also made me appreciate the nice features of our new home even more.

 

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22Fruitmincepies

Haven’t got experience of that situation to share, but honestly, it sounds like you’ve got an almost perfect living situation now - why mess with a good thing?

 

I agree! The only thing is that our house is being rezoned so that you could put 6 dwellings on our block. We have no desire to be surrounded by that density, so are looking to move at some stage. But not yet for me.

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8mimi8

i am currently living in said house. you described it to a tee, except that what we lack in ocean view, we make up for being in that coveted high school zone.

 

i did create a thread last year when i just moved in, i had such a strong negative feeling about the house. as i sold my beautifully renovated villa to buy this icky oldie house in this superb location. lovely eb ers gave me few pointers and moral supports at the time.

 

10 months in and i do not regret my decision a single bit. yeah i know my knock down project might be happening in 5 years time (or longer..... we can't afford it at present).

 

or maybe no knock down for me at all as i may capitalise in the future, and sell up when the market is swinging up again

 

But the location..made up for every single bad bits of the house. i walk everywhere, as i am hundred metres away for all the major establishments.

 

so this may not answer your question op, but for us, given our circumstances/age/future plan and flexibility, this house is a blessing

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22Fruitmincepies

8mimi8 - both houses are in the same school zone for high school, a very excellent high school. Current house is much better serviced by public transport, which I think is important for teenagers, to help them be independent.

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Tinkle Splashes

The house on the ‘superblock’, by any chance?

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22Fruitmincepies

The house on the ‘superblock’, by any chance?

 

No!

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Tinkle Splashes

No!

 

Hehe okay then, a friend of mine was discussing that house today and sounded so similar!

 

I think if you are dissatisfied with the development in your suburb, which I understand you are, then you should keep an open mind about opportunities to move on. I would be prepared to live for 3 years in a small house while planning a build. I think it’s nice to live on a block before building, so you get a real feel for the area.

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22Fruitmincepies

 

 

Hehe okay then, a friend of mine was discussing that house today and sounded so similar!

 

I think if you are dissatisfied with the development in your suburb, which I understand you are, then you should keep an open mind about opportunities to move on. I would be prepared to live for 3 years in a small house while planning a build. I think it’s nice to live on a block before building, so you get a real feel for the area.

 

We could move a block away to get out of the development zone. But of course the extra residents would create more traffic, a huge increase in students to the small school etc. The new location is closer to where I grew up, but I agree about living on the block before you build, to give you a sense of place.

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Silver Girl

Such a dilemma. The ability to travel by active transport (walking, scooter, bike) and public transport is extremely important to me. I don’t want my teens to be car dependent either.

 

Can you buy it, rent it out, and rent something nice while you work towards a KDRB? Take advantage of negative gearing? Then your DD could stay at the same school for now, be able to continue walking, etc.

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Lifesgood

I say no. Life is short.

 

Honestly, there is much more to life than spending years and $$ moving house, renovating, upgrading, climbing the property ladder.

 

Put your energy into other things.

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Holidayromp

Nope. There will always be better things out there but it doesnt mean you have to do every single one.

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Octopodes

Sounds like a nightmare. I'd stay put.

Edited by Octopodes

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TheGreenSheep

It sounds like something other people do.

 

Not me.

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EmmDasher

I don’t know, I guess it depends if living that beach lifestyle is “the dream” for you guys. While it sounds nice I’m a bit meh about that kind of lifestyle so none of the things you list as pros really have a strong attraction to me. If that lifestyle is the dream then it sounds like a great opportunity.

 

The most significant downside sounds like a different primary school but the houses sound close together (if they’re in the same high school district). Could you keep driving to the existing primary school if you’d have to drive to school anyway?

 

The public transport is a downside but if that’s the area you ultimately want to live then that seems like a bit of a moot point.

 

Edit - we’re currently renting an old house that is very much like what you described. We’re a family of 4. We’re renting while we build and by the time we’re done it will be somewhere between 18m-2yrs. It’s ok and much better than I expected. Having only 1 toilet is driving me mad because the kids are somehow perpetually busting at the same moment in time. It’s actually a pretty functional house though and we’ve discovered a lot of things we like in spite of how old it is.

Edited by EmmDasher
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MadMarchMasterchef

Could you buy it, rent it out and move later?

 

Don't underestimate the amount of work involved in major house rennos. We have done it twice and it was manageable on a small townhouse as a single couple but a large older house and then had 3 kids.... well we still haven't finished 10 years later.

 

Your situation will be different if you have one school aged child.

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AdelTwins

Agree with PPs about renting the new property out. Do the sums, see if you can afford that.

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Crombek

How is it situated in terms of work/social life/support network?

 

Is there any way you can afford it as an investment property with the house as is for the next few years and then reevaluate?

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JBH

On almost everything I would be a no. Mynone teservation is the zoning on your block. If others start building higher density around you, it can be unpleasant to live near building sites, and i would worry I might lose the advantages in terms of sale price of your existing block as time goes on (although this could go both ways).

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Chchgirl

I've lived the beach lifestyle. It's overrated. I am happy living withon driving distance but we went to the beach less when living aroundthe corner. Because life.

 

If it were me I'd stay but each to their own.

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c.sanders

Could you buy and rent it out until you are ready to build? Otherwise you are having to move out again for the build.

 

If it's a great location you might get good rent etc.

 

 

Also your kids will be a bit older etc and by then you might be more ready for a change.

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RichardParker

If you can, buy it, rent it out and down the track use it as a holiday house.

 

I wouldn’t move kids who are happy at their primary school unless it was really necessary.

 

I don’t know. We have a similar opportunity- but the ‘dream’ older house is in another state and would require an interstate move again. I’m not sure I can deal with the upheaval right now.

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22Fruitmincepies

For various PPs - it’s the same high school catchment. The houses are a 10 minute drive apart in the middle of the day, but would be a 30-45 minute drive in the morning to school thanks to traffic. Which reminds me, we would then also need to change daycare for DS, and I really don’t want to do that!

 

The mortgage on the new property would be too large to carry both (it’s a lot bigger than our current one), and renting it out would not bring in sufficient $$$.

 

I think DH is seeing it as an opportunity that might not come up again, so he suddenly needs to grab it. He’s an ambitious person, whereas I’m quite content with our very nice life. DH deals with people of extreme wealth at work, and while we are very very well off, we aren’t at that level.

 

The move would increase our mortgage significantly, and make DH’s commute a lot longer. But DH and our very outdoorsy sporty kids would love the beach lifestyle.

 

I think I’ve firmed on the no side. We can make that sort of move in a few years when we are ready.

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