Settling for 'good enough'

[USAFpj]

Anyone got experiences on settling on 'good enough' vs. getting your 'dream object'??

I'm about to start clearing land on Dad's 140 acre place to put up a new home; about a $300K venture. Just saw that 10min down the road from him, a brick 3 bedroom home on 6 acres for $99K. Saw that it needs a new roof and a lot of renovations on the inside. However, let's say you put another $60K into this home- you're done. Guess it depends on the renovations needed??

Just imagining paying off a mortgage in 3 years vs. 30 has me second guessing what exactly constitutes a 'dream house' now. But I would sure hate to settle for something that I'll regret, know what I mean? With Dad's property, I'm walking off the front porch to hunting and trout fishing, or I'm gonna be driving 10min to get there, but with a good bit of $$$ left over for all of life's other expenses. Gonna have to keep on praying for wisdom...

Here's a pic of Dad's back yard that, like a lot of little things, I would not have with the cheaper home location.

 

[DrRod]

You might go with the cheaper option and see how it goes. Once its fixed up and in a few years if you still yearn for the ultimate option you could probably sell it at a profit. You'll have more money and know your preference for sure by then.

 

[Gator6x4]

I would go with the buy and renovate. Other factors to consider, distances from both properties to the follow; Routine medical care, Emergency care, Grocery Store, Gas, Water - Sewer (one location already has) schools if children involved, Electrical service, Lowes, Home Depot, Auto Repair, entertainment and a host of other small things.

 

[USAFpj]

Yeah, with the renovation- I keep imaging this is the 'forever home'; especially with the way the housing market has been. And that is what has been stressing me out- I feel like it is now or never on deciding on the home, but perhaps the market will be much different in a decade. The wife also reminds me that if we decide that we just have to be on Dad's land, we have (3) kids that may want the renovated home as well. Hmmm...

 

[murphy1244]

Give us some picks of that house. Maybe we can give you some idea's

 

[GolfAddict]

If you can pay off the $100k mortgage in 3 years, why would it take you 30 years for a $300k mortgage?

 

[USAFpj]

Murph, I just write a local realtor for an inspection tomorrow. I think the realtor's are scared to show anything of the inside. Small town rumor is that the home was inherited, and now cash is king for the recipients. Here's the outside:

704 Little Eastatoee Rd, Sunset, SC 29685 is For Sale - Zillow

 

[NoTrespassing]

I've always lived below my means and try to advise the same when asked. I'm debt free at 50 and it feels pretty good.

Kevin

 

[USAFpj]

GA- good question! The reasoning behind the 3yr vs 30yr mortgage is that currently, I have enough cash stores and earn enough of a paycheck to pay for this now, without a mortgage.

However, I can't guarantee how long I will be able to ride this 'gravy train' out (I reckon no one has a guaranteed job, though). If something either happens to me, or the industry folds, I would have to scale way back on $300K mortgage payments or living expenses as well. And that's where I get my stringing out of payments.

 

[kevin37b]

You need to walk through , turn systems on ,smell and listen . Ever see moneypit ?