Dream Home

[mizzou22]

I need help making a decision. I have been saving and planning to buy my dream house, not a specific house mind you, just the house that will have exactly what I want and will be located in the town I want to retire. I'm a little more than a year from having enough saved for a 20% down, everything is going according to plan. Until...

This week while visiting the town where I am intent on retiring - I see it. My dream house. It is perfect, right down to the ocean view. It is also a great deal, not a steal, but a deal, very reasonably priced for the market. I could afford it now, if I decided to put less down. If I wait two years, I won't get THIS house. If I wait two years, another house is going to cost MORE, especially with the way the market is moving in this area. "They" are projecting 10% increase in property values this year, and even more with ocean front and/or ocean view props. I really love this house, can ya'll give me a reality check??

[wabmester]

Splurge. Go nuts.

These are phrases that you won't normally hear among LBYMers, but if there's one thing we *love* to spend money on, it's appreciating assets.

[Nords]

Originally Posted by mizzou22

I really love this house, can ya'll give me a reality check??

Sorry.* When we were in your situation (and a good bit more busy, to boot) we bought the house.* To be fair, it was a filthy fixer-upper even when valuations were in the pits, so it had a lot going for it at the time.*

Does your dream house have any flaws, zoning or neighbor issues, or tax problems that can make us all fantasize a little less about it?* In other words can you pick it apart and rationalize to yourself that you don't want it anyway?

[Canadian FIRE]

Originally Posted by mizzou22

This week while visiting the town where I am intent on retiring - I see it. My dream house. It is perfect, right down to the ocean view. It is also a great deal, not a steal, but a deal, very reasonably priced for the market.

I would suggest checking out a few details (taxes, closing costs, etc -See Nords post) and make sure it makes sense on a rational level. Beyond that I say go for it.

My family has moved WAY to much because they kept finding 'problems' with each house (too big, too small, wrong location...) Then they bought the cabin. Its 50 years old and needed a ton of work, but everyone loved it and to this day its the one place I don't think anyone of us would ever sell. Buying your dream place for retirement is a great idea. It keeps you happy and busy (if it needs work).

CF

[mizzou22]

Ya'll aren't helping to talk me down now.

No the house has no problems. It isn't too old, only about 15 years. Ya, it could use some updating but nothing needs to be done. ANd talk about location, location, location. I can't imagine ever wanting to leave.
I guess the other prob is that I am tied up in a lease for 8 more months, so that would make it a little tight. Plus I just moved and don't relish having to do it again so soon. But for this place...
Eh, don't you just hate it when your well thought out plans get sidetracked.

[Texas Proud]

Mizzou,

A well thought out plan should have contingencies... and this is one....

You do not pass up something that fits so well into what you say you want JUST to keep with your plans... you buy it and adjust your plans!!! This might mean doing without something for a bit, keeping the old car a year longer or even GASP, working an extra year or two.. but if it is perfect, then do it..

[P.S.]

Remove the emotional aspect and run the numbers. If all still looks good, then go for it. Like Wab said, appreciating assets we love, esp. if you can enjoy them.

[laurence]

What are you saving for, that is the question. Best laid plans, you know the deal. If it really is your dream and there aren't any bugs (termites or otherwise), jump in! You'll make it work.

[Chris24]

Originally Posted by mizzou22

"They" are projecting 10% increase in property values this year, and even more with ocean front and/or ocean view props. I really love this house, can ya'll give me a reality check??

Check to see how much more ocean front properties will go up. I live in a seacoast area and the increases are quite a bit more for water sniffing houses. Often double what inland properties are. Are they re- appraising the area. Often times that goes hand in hand with a increase. A big increase.

If the monthly monies aren't a worry, go for it. Global warming isn't suppsoe to really kick in affecting water levels for another 20 -40 years.

[Arif]

Mizz,
I am kinda in the same boat as you. We found our dream house on the beach but weren't planning on moving until the end of the year. We decided to take the plunge and go for it. If the house is "it" then go ahead and get it. You only live once.

[mizzou22]

I'm really liking you peeps!!

Originally Posted by Laurence

What are you saving for, that is the question. Best laid plans, you know the deal. If it really is your dream and there aren't any bugs (termites or otherwise), jump in! You'll make it work.

All I am saving for is my dream home and retirement. I may be taking a trip this weekend, I'll let ya'll know how it goes.

[SLC Tortfeasor]

Based on what you've told us, I'd say you should buy the place. But if it's likely that in 8 months or a year another dream house will come along (in my experience they always do), then I'd say you should wait.

[Nords]

Originally Posted by SLC Tortfeasor

Based on what you've told us, I'd say you should buy the place.* But if it's likely that in 8 months or a year another dream house will come along (in my experience they always do), then I'd say you should wait.

After attending hundreds of open houses over the last 20 years I'd have to say that dream houses only come along once per decade, if that. Or more accurately, maybe they come along in less than 1% of the open houses we visit.

We fluffed it on our first one, and it was a good thing that we didn't manage to buy it.

We scored on the second one.

We haven't found a third one yet, but hopefully there are a few decades left to look.

[Chris24]

Originally Posted by mizzou22

I'm really liking you peeps!!

All I am saving for is my dream home and retirement. I may be taking a trip this weekend, I'll let ya'll know how it goes.

So How'd it go ?

[tryan]

the other prob is that I am tied up in a lease for 8 more months

This never stopped any of my tenants who really wanted to leave. Just be prepared to walk from your deposit(s) and GO FOR IT.

Not much a landlord can do ... simply not worth the time/aggrevation of trying to collect for lost time. Better off just cleaning it up and moving on.

[Dog]

My DH and I never found our dream home....so we are in the process of building it. We bought the property eight years ago and scrimped and saved to be able to build the house without taking out a construction loan. It is small home, but will be well built! I did opt for an early retirement package that included a $100k+ severance that help to boost the savings account. Fast forward 2.5 years after accepting the package and the house is well on its way to being finished. We are doing as much work ourselves as we can. I did have to find another FT job...and it doesn't pay as well or challenge me as the my prior career....but, hey life is trade offs. I'm looking forward to spending long weekends at the new house (until we can retire) enjoying the morning sunrises over saratoga passage and the cascade mountains. We spotted a grey whale last weekend and our neighbors eagle has started to visit again. So....if it seems to be your dream house, then go for it. That is what we work for. Right?

[Brat]

Stunning? Yes!!! The yearlings are sorting out territory and the greys are comming in to feed. [We should zipper our mouths.]

Well built with an envelope that turns the rain can't be beat. You can always upgrade the cabinets, but it is hard to undo structural or envelope cost cutting. Better to be snug and sound than large and leaky.

[Jarhead*]

Originally Posted by mizzou22

I need help making a decision.* I have been saving and planning to buy my dream house, not a specific house mind you, just the house that will have exactly what I want and will be located in the town I want to retire.* I'm a little more than a year from having enough saved for a 20% down, everything is going according to plan

Mizzou22:

You won't get any help from me in "talking you down" from your plans of living where you want and buying the house you want.

I also had a place picked out an area that I wanted to retire to. (1987). My children were raised, and we, along with our slightly under-funded retirement funds set out to the N.Calif. Sierras to do that.

I bought 3 acres on the rim of a canyon. Had to have lines brought in, and the only access to our property was an old logging road that we graveled.

With the help of a friend of mine that was a semi-retired architect, we designed the home to take full advantage of the views, etc. etc.

The cost over-runs mounted and by the time we were finished, it seemed to be almost a lock that I would be back in the work force again.

But we were in the area we wanted to spend the rest of our lives in, and seemed a reasonable trade off.

The property remains an uncomfortable percentage of our "Net Worth", but have no plans to sell.

If you have found a location and a home that will match your "dreams", by all means go for it.

P.S. The markets being very kind during that period of time kept me "unemployed".

[Dog]

Originally Posted by Brat

Stunning?* Yes!!!* The yearlings are sorting out territory and the greys are comming in to feed.* [We should zipper our mouths.]

Well built with an envelope that turns the rain can't be beat.* You can always upgrade the cabinets, but it is hard to undo structural or envelope cost cutting.* Better to be snug and sound than large and leaky.

Yes...after some of the "less structurally sound homes" we have lived, we wanted to do this one right!* *I do find it difficult to keep quiet about the beauty of the place...but, I'll work on it.*
Right now I'm struggling to stay focused on work when I would much rather be working on the house.* It should be finished by mid-summer.* I'm not sure how I'm going to drag myself to work. ER countdown....2 years 10 months and 2 weeks to go!

[CCdaCE]

My dream home would be made out of concrete, using insulated forms. Better R-value than any studwall. Keep the MN winters out!

Too bad I've waited two years too long to start. Cost of concrete up 20%+, Home loans interest now several percent higher than a couple years ago, etc. And, the land market going bonkers like the housing market.

Going to have to sit wait several years to build up a bigger down payment before I start.

-CC