Settling for 'good enough'

[EddieWalker]

Not knowing your area, your financial situation or your abilities, I would advise you to go with your dream and not settle. I've never regretted paying more for what I wanted, but I have always regretted those things I've paid less for when I could have afforded something better. You have this one life to live, so live it in the very best way you can. If it's just money, then spend it on having the best quality of life that you can.

For whatever reason I seem to attract elderly people who like to tell me stories about their life. I enjoy hearing their stories, so that's probably a big part of how I hear so many of them. Every single one of them have those periods in their life when they had the opportunity to buy a piece of land, a house or something they really wanted, but didn't. I don't know how much it affected them over the years, but I do know that they have lived a very long time wishing they had made a different decision.

If you do not buy your Dad's land, will he sell it to somebody else? Will you lose the chance of owning it? Is there any other piece of land that you would want and can afford of similar size and with a view that you might be able to afford down the road? Do you really want to post pone living your dream while fixing a house that you really don't want?

Eddie

 

[USAFpj]

Eddie, I can't speak on what Dad's intentions are- but he would not sell, and short of a financial catastrophe, we wouldn't ever sell. Our family has held onto this land since the mid 1800's. Weather I live on the land or not, it's no consequence to Dad; I'm sure it will be mine at some point either way.

 

[USAFpj]

UPDATE- Just got an email from a trusted realtor:

"I just looked at the additional info on this home. You may not want to bother with this one. The foundation timbers are infested with termites, and have caused extensive damage."

Thanks guys for the input, though. It has been an interesting exercise in decision making, and I'm glad the choice was made before I had to make the call New roof/shingles I can deal with; foundation issues? Thanks, but I'll pass.

 

[sixdogs]

Not knowing your area, your financial situation or your abilities, I would advise you to go with your dream and not settle. I've never regretted paying more for what I wanted, but I have always regretted those things I've paid less for when I could have afforded something better. You have this one life to live, so live it in the very best way you can. If it's just money, then spend it on having the best quality of life that you can.
...

...

Eddie

That is pretty clear thinking and great advice.

 

[Oaktree]

Having been there and done that, my vote is for the dream. If you do the old house every waking moment will be fixing something. Septic likely bad, wiring kaput or dangerous, roof leaking or nearly so, bad drainage and maybe termites. You want to enjoy your life and not be a slave to a dilapidated building. Now, if you're 25 years old it's another matter because you're still full of vim and vinegar.

I chose the old house route long ago , lost a lot of time and money and 7 years later saw the light and built the place I wanted in the first place. I don't have a lot of regrets in life--and don't really regret the old house--but I almost do. Just my two cents and whatever you do will be the right thing for you.

Mixed thoughts on that one. The lack of interior pictures and the "needs renovation" are red flags, but unless the previous owners just trashed the place, punched holes in walls, etc. how bad can a 35 year old house be? Structurally it should be fine, something that new plumbing, electrical, etc. should more or less meet modern codes, not like some old house with lead pipes and k&t wiring.

I've always loved old houses, my present one was built circa 1835. Wouldn't trade it for a modern house if you gave it to me. Clearly this one was built before either the level or square were invented, but to me that's just part of its charm.

EDIT:

"I just looked at the additional info on this home. You may not want to bother with this one. The foundation timbers are infested with termites, and have caused extensive damage."

Hmmm, that changes things. Having lived my entire life (so far) in the north where termites are not a concern, never gave that any thought.

Dumb question, but why is the house assessed at $6,380 for tax purposes? That makes no sense...was somebody's brother in law the appraiser or something?

 

[SARG]

Deere Dude, I'm the only child, so eventually the 140ac 'should' eventually be my responsibility. The parcel I would be building on would be about 40ac.

It's neat to think about being there for Dad at anytime, but I also know that 'tall fences make great neighbors'...

This is it in a nutshell .... forget the other place totally.
Your parents will be needing you more & more as time goes by and you can build a much more secure future for everyone on the "family" estate.

 

[DrRod]

I remember many years ago, The Mother Earth News [not ones for big spending] wrote: never buy an older house to fix up -- when you're done, you still have an old house.

We wish you the best on your new place -- sounds like you'll ultimately be happiest with that.

 

[USAFpj]

Thanks, Rod. I'll be talking with my Uncle tonight- he has the crawler/loader and dump truck that he said I'm more than welcome to use for clearing the land. And from advice that was given by TBN guys- before I push over the first tree, we'll need to not only discuss parcel details, but see a lawyer to ensure we're all in agreement on expectations. Once the crawler gets rolling, I'll update this thread:

http://www.tractorbynet.com/forums/...isons/324876-buying-vs-hiring.html?highlight=

 

[jk96]

Thanks, Rod. I'll be talking with my Uncle tonight- he has the crawler/loader and dump truck that he said I'm more than welcome to use for clearing the land. And from advice that was given by TBN guys- before I push over the first tree, we'll need to not only discuss parcel details, but see a lawyer to ensure we're all in agreement on expectations. Once the crawler gets rolling, I'll update this thread:

http://www.tractorbynet.com/forums/...isons/324876-buying-vs-hiring.html?highlight=

Before you get started I would highly recommend that you at least get a small piece of land that the house will sit on as well as access deeded over to you so that you completely own the land and access for the new home. We just finished our build. Land was joint owned by myself and Dad. Only cost to transfer was the cost of the survey. We had a survey company cut out a 20 acre parcel of land with access. The transfer can be easily done with a quit deed form and then can be taken to your local planning & zoning for the transfer. We did our own deed with a template off the web. No matter what expectations are, I would hate to have the uncertainty when your father passes. Things can get real messy when family and money is involved regardless of prior expectations.

 

[USAFpj]

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