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I have a small but respecible sum of money that I have sweat, scraped, cried, bled and been abused in order to carefully horde. It's not a lot, but for someone who's been out of work almost as much as she's been in since graduating, I'm rather proud.
On one hand, I have a car in desperate need of replacement. I have found a vehicle that is acceptable, that is just beyond what I'm comfortable paying, but is not un-do-able. I have a down payment on said vehicle, and many of you heard me talking about it. The idea of owning it is growing on me.
On the other hand, as you know, my paternal grandmother passed away this past christmas. There was no real will. It is somewhat important that this piece of property remain in the family, (as it is land-locked on 3 sides by family, who are in no position to buy it themselves.) There is only one person in any position to contemplate buying it from the "estate." Yep, that would be me.
Now, I know there are many heated feeling on property ownership here, so let me point out a few things about this property:
pros:
sentimental value
I just painted it 3 years ago or so.
nutrals:
near my parents
cons:
needs a new roof
needs a new septic
needs a new well
needs new electrical
needs some new plumbing
might need a new sill (yes, the whole house. This is the part upon which the rest of the house rests.)
So, from the way I see it, I have a few options:
a. Let the family fend for themselves and sink the savings into the down payment on the vehicle, (the only way I'm going to be able to afford said vehicle.)
b. Split savings and put half toward house and half toward a new-to-me car that has not been found yet.
c. Gimp along in The Cow, sink the savings into the house.
If the house comes into my posession, the idea is to pay the morgage, and allow HorseChaser to live there and pay the utilities. It would require a great deal of work, is all.
Ideas, Thoughts, Comments?
I'm all ears.
- K.
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no subject
Date: 2007-02-22 11:54 pm (UTC)From:no subject
Date: 2007-02-23 12:11 am (UTC)From:On the other hand, I think you won't be able to live with yourself if the property passes out of family hands when you have prevented it. Sometimes you have to suck it and do what your heart tells you is right, even if it's mildly insane when looked at from a strictly bottom-line point of view.
no subject
Date: 2007-02-23 12:22 am (UTC)From:Doing something nice for the family is a good thing, but it very much seems that the cons way outweigh the pros for the property. Buying a property in good to fair condition is one thing, but buying something that's going to soak that much money out of you is not something even I would do for my family.
I might also consider the stress of owning a property with need of that much work.
no subject
Date: 2007-02-23 12:57 am (UTC)From:=\
no subject
Date: 2007-02-23 01:07 am (UTC)From:If it is free and clear -
Am wondering if the family would forgo their split of the proceeds they might get if they sold to an outside party if you would agree to be responsible for the repair and maintenance and the taxes with the house in your name with the agreement that Horsechaser could live there rent free paying utilities until such a time that she could afford to throw in some additional money.
As an owner of a house..it is a money sink, however there is nothing saying that some of those repairs needed couldn't be done at another time.
If you do decide to go ahead with the house, make sure you have a lawyer involved asking questions of you and your family and agreements made in writing.
You should probably get a carpenter to go through the house with a fine tooth comb to see what needs to be fixed today and what can wait..also to check for termites and such.
But the final question is...do you want this house? If you want to get it for
your family and don't have much interest in it...best to let someone else have the headaches of repairing it.
Gwyneth
no subject
Date: 2007-02-23 02:53 am (UTC)From:I do want it - I want what it represents - the ability of going west to visit the folks and not worrying about the awkward "where do we stick the boyfriend?" question - the ability to give my sister somewhere to live, which she will probably never be able to do herself (damn pesky traumatic brain injury,) and not having to worry about a stranger moving into a house that has been in the family for over 80 years.
But it's a big investment - of time, money, and emotion. I'm just gathering people's thoughts.
Thanks!
- K.
no subject
Date: 2007-02-23 02:21 am (UTC)From:You are not buying the house to allow someone in need to live there, you would be buying it for the convenience of others who cannot do so for themselves. Also, the price of rents is generally no where near enough to cover the mortgage, plus property taxes, plus insurance, etc. The only people who can afford to rent these days are people who have had an existing mortgage for years, or outright own the place. Add to that the cost of repairs and upkeep and you quickly owe a lot more than you expected. Septic and a new sill could run you more than 30% the buying price.
I can also tell you that not living in the first house you buy is a bit of a downer.
no subject
Date: 2007-02-23 04:56 am (UTC)From:Have you considered talking to Angelique about this? I know it may seem an oddball suggestion, but she has been in this position. Her house is one originally purchased by her great-grandmother, if I recall correctly; it might have been another generation back.
The house has been in her family ever since, and has had to undergo a lot of work, which hasn't always felt worth it.
Best wishes.
no subject
Date: 2007-02-23 06:15 am (UTC)From: (Anonymous)no subject
Date: 2007-02-23 06:16 am (UTC)From:no subject
Date: 2007-02-24 04:10 am (UTC)From:- k.
no subject
Date: 2007-02-23 11:49 am (UTC)From:I'm not sure how much you make, but as was previously mentioned owning land in new england becomes extremely expensive very quickly. Property Taxes + Repairs and 0 Tenants= Holy Crap I'm broke batman!
What adyan said...
Date: 2007-02-23 01:25 pm (UTC)From:As sentimental as the house is, it sounds like that is the only value to it other than the land itself.
The hardest thing to do sometimes is to let others fend for themselves; I am the poster child for "taking care of people" and I know whereof I speak! ;-D
Look after YOU this time: buy the car, wash your hands of the house (Several times. With Boraxo)and think of the memories made in that house and the wonderful woman your grandma was.
And then wonder how the hell those nuts you share a family name with came from the same tree as you and she did! :-D
well. . .
Date: 2007-02-23 05:26 pm (UTC)From:i think you suffer from a great deal of (self imposed?) guilt regarding your family, that you don't live closer, that you aren't going to take over the farm when they're gone. . .etc.
this is much less a $ question and much more a "what do i want out of my life" question.. . .and in answer to this question, i say follow your heart. . .YOUR heart. . not anyone else's. . .just be selfish for a moment. . .
in answer to the $ question . .the house is a money pit and a bad financial investment. you know this, it isn't a news flash. buy yourself a car so you can safely and consistently travel to the place that pays you.
but like i said. . this isn't really a question about $. . .if you wanted to buy a small place out in western mass so you could have a place out there, then i say go looking. . .if you are unhappy with living out here at all, then that's a larger issue. . .
the stability of your family's holdings does not fall soley to you. is there any consideration of putting the land into a trust and splitting the cost amongst those who want to keep it in the family? is the house old enough to fall under any historic financial help? i think more homework could help you find an answer. .
Re: well. . .
Date: 2007-02-23 09:04 pm (UTC)From:It should not fall entirely on you. Contribute what you can to a trust fund to help with keeping it in the family if that works for you, but don't cut your own financial throat by denying yourself things you need to make your continuing living. Even if you buy it, You won't be keeping that land if you have to default on payments because you have no income...
story of the property...
Date: 2007-02-24 04:30 am (UTC)From:The original house on the foundation burned to the ground 60-80 years ago (right before my grandparents bought it.) A new house was built on the old foundation. So no historical significance.
We had been under the impression that all the land from her driveway, over to my parent's driveway, had been included in the sale of the farm to my parents after my grandfather died. Come to find out, we were (purposefully?) led down the wrong path. Gram was sweet but manipulative.
The property is 4/5ths surrounded by my parent's property - the last 1/5th abuts my uncle and aunt. It includes the access to the barns my folks own. (no really.) Both abuting families are still paying off their current morgages, and can't afford to take on another.
The family members who own no no property in Rohan are the ones who want their cut of the pie. The locals just want to see it settled.
Mom is of the opinion that it should be bulldozed into it's own foundation, and the property split in half between the two families it abuts. Dad wants us kids to be able to have a crack at it.
I want to feel like whatever happens, it was done right, not half-assed.
I really don't know what I want. I want something more rural than what I've got now in 'rica, (neighbors bug me,_ but the man is a city mouse, and I'm a country mouse. Sometimes I wonder if we'll ever both be happy.
Besides which, unless I undergo a drastic career shift, I'll never be able to live too far from the major metro areas.
I want a great passel of critters and the space to keep them all. I want a slower pace of life.
I thought I wanted to save my pennies and buy a piece of land in NH or Maine, build a camp there and be able to escape to it once in a while... but one of these days I fear I wouldn't come back. ;) Upstate NYand Canada also look good.
I guess it's sad that at 26 I'm already looking forward to retirement....
Re: story of the property...
Date: 2007-02-25 01:01 am (UTC)From:No one is exceptionally happy about it. Not my folks who used the funds to retire. Not me, the guy that wanted to buy grandda's house and fix it up. My point is, think about what you need out of this, and then do it. Just keep in mind that you might not be happy about it in the end. Then again, regardless of your choice, that will likely be the case the first time things go awry.
A car is a necessity. New land isn't available anywhere except Hawaii. It's a nasty choice. I just figured I'd play devil's advocate on this. Regardless, once you decide, put the other choice out of your mind or it will gnaw on you.