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Old 02-21-2021, 2:39am   #1
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Default Looking at another house

We've been contemplating a move for a couple of years now but nothing serious yet. Looked at a couple a few weeks ago but passed on them. Then this one fell right into our laps.
Turns out a friend of the wife's family is about to sell their house after the new one is completed. Coincidentally, they live next door to the wife's oldest son. During a conversation week before last out in the drive between the friend, my wife and daughter in law the friend mentioned they would be looking to sell in a couple of months.
The property is almost perfect as to what we are looking for. Four bedrooms, two baths, 2200 sq feet so not too big, not too small. New HVAC last summer and the roof on the house and garage replaced summer before last. One and a quarter flat acre and just a few blocks off the main highway. It has a large above ground pool with a deck.
Biggest drawbacks are it is located across the GA state line which means state income tax, half hour drive to work each way as opposed to about eight minutes now, and as mentioned before it is next to the wife's oldest son which means grandkids and daughter in law seven days a week. Don't get me wrong, love them all but the DIL is quick to drop them at our house now for every little errand she needs to do. They're here usually four or five days a week for anywhere from a couple of hours to overnight and I can't help but think it would become more frequent being that accessible as opposed to the twenty five minute trip now.
The catch is that her niece already asked if she could buy their house when the new one was completed. She is hoping that the niece doesn't qualify (and doesn't think she can) so that she can sell to us without looking like a bad guy. The niece was told she could take a couple of weeks to try to arrange financing. Time's up.
So. Will the pros outweigh the cons? We could always resell it in a year or two if things don't work out. The current price is a good 20/30k under market value so we'd have instant equity. The house is close to what we want with a little modification and the property is great.
Oh, one more thing. The garage. Two bays, covered carport on one end, another bay that runs the full length longways across the back of the building TOTALING 2800 SQ FT OF CENTRAL HEATED AND AIR CONDITIONED WORK SPACE!!!
Decisions, decisions.
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Old 02-21-2021, 7:16am   #2
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Sounds like a great deal, especially the instant equity.

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Old 02-21-2021, 7:39am   #3
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Don't do it.

Moving that close can be a disaster.

Plus your commute going up. Why spend extra time on the road?

We selected our house 35 miles away from inlaws on purpose.

I am currently changing jobs to take my commute from 45 minutes to zero.
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Old 02-21-2021, 7:44am   #4
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Better listen to the little voice causing you to question this decision. You even mentioned several red flags.
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Old 02-21-2021, 7:50am   #5
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Well if you move next door there'd better be some ground rules about the kids, like we're not your babysitters. If you do goto their house to babysit.
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Old 02-21-2021, 8:20am   #6
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Seems like the grandkids are already dropped off often so I donít think that is an issue. The work space sounds nice. The only bad thing I see is the extra time lost each day to get to work. If youíre thinking retirement in the near future then thatís less of an issue.

The housing market is at a high so the equity is needed to protect against a market downturn that could be coming. If the new place checks off all the boxes for your retirement dream home then it could be a good move.

Location, location, location... Iím just 20 minutes from my grandkids and on the riverfront. Time for my morning coffee.
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Old 02-21-2021, 8:21am   #7
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Housing market is crazy here. Not enough inventory on the market. More buyers than sellers. I know a few guys that bought up several houses when the economy was so bad several years ago...foreclosures, etc...One bought a house for $10k. Had to do some repairs, etc...He may have had $25k or so in it. Kept it rented out all these years. Put it up for sale a few months ago at $130k. Multiple cash offers when it hit FMLS.

Another guy bought basically an old block building with a deck that had been converted to a cheap house by someone. 1000 sq. ft. or less. Someone bought it for practically nothing. Added siding, nice roof, interior work, nicer deck...it sold for $165k.

You could rent our your current home for awhile after buying the new one. Just in case you wanted to go back to it.

A good home inspection and title search on the one you are interested in will be a good start. If it hits the market...you may not have the opportunity to buy it. Everything sells here! It's just nuts right now.
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Old 02-21-2021, 11:09am   #8
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What is the calculation on how much state income tax you will pay, vs. what you will save, if anything, on property tax? You also have to consider the extra commuting costs you will incur. Will this move reduce your standard of living, leaving you with less net income after expenses?
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Old 02-21-2021, 11:28am   #9
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Move then sell in 2 years because the Gkids are over too much ? Talk about wanting to look like the bad guys.

Thatís too big of a red flag for me.
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Old 02-21-2021, 12:52pm   #10
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When you're wearing rose colored glasses, all the red flags just look like flags.
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Old 02-21-2021, 2:00pm   #11
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Increased income tax. Check

Increased commute time. Check

Increased babysitting duties. Check

Property tax?

Living in liberal Georgia. Check
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Old 02-21-2021, 11:47pm   #12
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Quote:
Originally Posted by Grey Ghost View Post
Housing market is crazy here. Not enough inventory on the market. More buyers than sellers. I know a few guys that bought up several houses when the economy was so bad several years ago...foreclosures, etc...One bought a house for $10k. Had to do some repairs, etc...He may have had $25k or so in it. Kept it rented out all these years. Put it up for sale a few months ago at $130k. Multiple cash offers when it hit FMLS.

Another guy bought basically an old block building with a deck that had been converted to a cheap house by someone. 1000 sq. ft. or less. Someone bought it for practically nothing. Added siding, nice roof, interior work, nicer deck...it sold for $165k.

You could rent our your current home for awhile after buying the new one. Just in case you wanted to go back to it.

A good home inspection and title search on the one you are interested in will be a good start. If it hits the market...you may not have the opportunity to buy it. Everything sells here! It's just nuts right now.
They have lived there since'91.
As you said the market is nuts. We plan to sell ours. I have been keeping tabs on houses around me and most sell in one to three days of listing. My brother bought one here in ER four months ago. Acre of property, 2200 sft, unfinished downstairs for $209k. He spent $18k going through it, listed it for sale. Three appointments the first day, contract in three days at $282,500 (asking $279k). After fees, realtor cut, etc, he should clear about 30k on a four month investment. Not too shabby.
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Old 02-21-2021, 11:53pm   #13
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Originally Posted by JetMechZ16 View Post
Increased income tax. Check

Increased commute time. Check

Increased babysitting duties. Check

Property tax?

Living in liberal Georgia. Check
The state tax will suck. The same house in TN would be appraise 30k more or better though.
The drive isn't that big a deal, just time. I did 26 miles each way for eleven years before this job.
Property taxes are lower in GA.
Liberal GA? Yeah, another suck.
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Old 02-22-2021, 12:03am   #14
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Originally Posted by VatorMan View Post
Move then sell in 2 years because the Gkids are over too much ? Talk about wanting to look like the bad guys.

Thatís too big of a red flag for me.
Wasn't meaning that would be the reason, only one possible reason. And they plan on selling theirs in a few years also. Everyone knows going in that it may not be our "forever" home. Just a good deal.
With some improvements it's a money maker in a couple of years. I flip a lot of cars (thirteen last year). The wife has been bugging me to do the same with houses. Too time and energy consuming. Plus the money involved. But I might not mind one every few years.
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Old 02-22-2021, 12:15am   #15
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What is the calculation on how much state income tax you will pay, vs. what you will save, if anything, on property tax? You also have to consider the extra commuting costs you will incur. Will this move reduce your standard of living, leaving you with less net income after expenses?
State tax versus property acquisition value is what I consider. The same property in TN would be much more. As near as I can figure it would even out in eight to nine years at the house's current value. A good economy will extend that, of course. And that doesn't include the instant equity at the time of purchase.
Commuting costs aren't that big a deal. it's twenty miles (est. twenty nine minutes) versus seven miles (eight minutes in the morning, twenty evenings). Wear and tear on vehicles doesn't matter as I switch so often anyway.
Financial impact will be $300/500 a month so won't change my day to day lifestyle. Just banking less at the end of the month.
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Old 02-22-2021, 12:25am   #16
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Seems like the grandkids are already dropped off often so I donít think that is an issue. The work space sounds nice. The only bad thing I see is the extra time lost each day to get to work. If youíre thinking retirement in the near future then thatís less of an issue.

The housing market is at a high so the equity is needed to protect against a market downturn that could be coming. If the new place checks off all the boxes for your retirement dream home then it could be a good move.

Location, location, location... Iím just 20 minutes from my grandkids and on the riverfront. Time for my morning coffee.
The only problem with the grandkids is that we have a total of fifteen, ten local in town (one grown), so we have to give time to all of them. Right now we have this set weekdays and alternate the others on weekends. I am just thinking whichever ones are there the ones next door will always want to be there, too, not leaving any individual time for the others.
Not gonna lie, the property and garage are what I like the best. Nice, flat yard. And the garage. I could never luck up on another set up like this anywhere near this price.
Right now we are fifteen minutes from my son and his family, twenty each way from her two son's families so a good central location. This would put us about the same from my son but forty minutes or so from her middle son.
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Old 02-22-2021, 12:28am   #17
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Well if you move next door there'd better be some ground rules about the kids, like we're not your babysitters. If you do goto their house to babysit.
The wife already suggested that. They are nine, seven, and three and the two younger ones leave a debris trail everywhere they go. They are usually at our house now so that would be an improvement for us.
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Old 02-22-2021, 7:59am   #18
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Wasn't meaning that would be the reason, only one possible reason. And they plan on selling theirs in a few years also. Everyone knows going in that it may not be our "forever" home. Just a good deal.
With some improvements it's a money maker in a couple of years. I flip a lot of cars (thirteen last year). The wife has been bugging me to do the same with houses. Too time and energy consuming. Plus the money involved. But I might not mind one every few years.
That's more than @UniqueDoug on a good year.
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Old 02-22-2021, 8:55am   #19
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That's more than @UniqueDoug on a good year.
Ring me when he gets over 1000.
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Old 02-22-2021, 9:06am   #20
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