Which house would you buy?

[Quiver0f10]

Move in ready, beautiful(and I mean gorgeous) 4 bedroom house with a 2 car attached garage on 9 acres with 2 barns, both with electricity, fenced area for animals with decent pasture and a pond stocked with catfish and bass. Also has a nice area for a garden and is very rural.

Or

3 bedroom fixer upper with no barn, no garage, but 40 acres of mostly "rolling timber" and very rural.

House # 1 is at the top of what we can afford, but the only thing we would need to add or do is a storm shelter.

House # 2 is A LOT cheaper than house # 1, but we would need to add an addition with atleast 1 bedroom, probably 2. The house needs bathroom fixtures, all appliances and kitchen fixtures and a good amount of cosmetic work. We'd also need to add a barn, fencing and a storm shelter. We'd have to clear land for a garden and for pasture for any animals.

40 acres sounds like heaven to me, but it will need a lot of work to be workable for homesteading.

9 acres is a bit less than we hoped for, but the land is set up really nice for homesteading.

Taxes are about equal on both houses and the commute to work for DH will be @ equal.

So, what would you do?

[bill not in oh]

If the 9 acres is workable for you, I'd say it's a no-brainer. If you would enjoy the restoration process and it would cost less to restore/modify the 3 BR property, you might consider that. Just be sure to make a very complete list of things that would need to be done to it and calculate your costs with a really sharp pencil - you almost always run into more expense than you could possibly predict going into it....

The 40 acres probably will have a higher resale value ultimately (if/when you sell it).

[fantasymaker]

Probaly the 40 but I do dumb stuff.

[Tracy Rimmer]

They aren't making more land, Jean

Whatever you decide, good luck!

[roadless]

Originally Posted by fantasymaker

Probaly the 40 but I do dumb stuff.

Ha..me too!!

[TnAndy]

Depends on your age and energy level. I took on 75 wooded acres with no buildings and it's take 25 years to "semi tame" it. I doubt I could do it again now.....I'm doing good to just maintain at this point !

[Macybaby]

I'd go with the 40 - easier to keep from ending up with real close neighbors that way.

Having said that, both I and DH are very handy at fixing up things. Electrical, plumbing, framing - pretty much don't need to call a contractor for almost anything. Could not afford it otherwise.

If you hate doing stupid homeowner projects - don't get something that needs a lot of work. And make sure you know HOW much work before you start (we have to rebuild the two-story section - sill plate is about gone).

In our case, we would have been much better if we could have found a place in better shape, but we wanted a decent amount of acreage, and that really cut down what was available. We are already in our 3rd year of fixing the place up.

Cathy

[Reptyle]

If this purchase will be your last home purchase (at least as far as you can plan) then I'd go with the 40 acres, because you will have plenty of time to make improvements. However, if you don't think this will be the place you are in when they finally bury ya, then go with the nicer place.

On another note weigh the costs...Are you able to do most of the "fixing up" yourself or will you have to hire someone to do it...What will be the cost of fixing up the 40 acres vs. financing the 9?

Just some thoughts...Good luck with your decision and let us know your choice.

[Junkmanme]

If you consider the 40 acres....keep in mind the COST to put up barns and garage as well as other amenities you mentioned. THEN "factor-in" those costs in your comparison of the 2 properties. Also, keep in mind your extended labor.

9 acres is quite a bit to take care of....and 40 is a bit more........It kinda depends on what you have in mind for use of the "excess" acreage......

just my 2 pesos worth,
Bruce

[Pouncer]

Depends on how skilled you are in repairs and upgrades...or, if you have friends and family that can help you. I personally would go for the 40, just for elbow room-I just prefer acreage and if the house is habitable, why not? If it isn't habitable then I would look harder at the other house.

[Hilda]

If it were me...

I'd go back and see both places again. I'd walk both the buildings and the land. I'd think about living there, what I'd do, what a sunrise might look like, what chickens might do, etc...

Then I'd listen very carefully and buy the place that 'talked' back to me.

But then again, I'm not known for being real practical (tend to more content than most people I know though).

Good luck, and whatever you decide, may you be very happy there.

[Shadow]

We have been here we went with a fixer upper and acres of over grown land. Twenty years the house has been completely rebuilt but it is still a old frame with problems, it creaks and settles, do not ever rebuild an old house tear it down and do it from a good foundation, by current standards. Our dream homestead is a 7 day 52 week job and even though we enjoyed it age is catching up and I have health problems that will limit me further. After I am gone the wife will not be able to keep it up enough to stay there she will have to leave our dream. If we knew what we now know we would go for the smaller more finished place.
We only use about 8 acres of our 120 the rest is nice for privicy but it cost a lot. Taxes per year on what we do not use $600, figure the interest we would draw if we did not have the money tied up in the land $12,000 per year , diesel fuel and upkeep on equipment just to keep it half way decent $2000. Time we just do not count but about four weeks a year. Insurance $1000. Thats over $300 per week, every week year round.
BUY THE SMALLER ACERAGE THAT IS READY TO GO.

[PyroDon]

buy the 40 acres I havent seen where anyone is actually making any new ground . you can build barns you cant create more land . dont overlook the potenial of the timber land a few good grade hard wood trees of size can aesily pay for the building of a barn or fence. you can also offer hunting trips and or lease the unused timber for hunting rights by the season.

[donsgal]

I would choose #2 withouthesitation.

Having 40 acres would be my preference. As for living arrangements, that can always be changed/improved but 9 acres will always be 9 acres and might end up being too small at some point in time.

donsgal

[Bruce in NE]

You didn't say whether you're paying cash or you'll have to go hat in hand to a banker. Beware going deeply in debt now, if this is the case. If you can buy the 40 acres for cash, do it. Stay away from the 9 acres if you would be burdened with a huge mortgage for years to come.

[Ohio dreamer]

My heart says go with the 40 acs. But, if I were in your shoes we would have to do the 9 ac. DH works full time, and travels out of the country ALOT. I can do alot of the work, but not as a stay at home, homeschooling mom of small children. I know my limits. So for us the repairs could take 10 + years, by then the kids would be grown and gone.

If you have the time, money, and strenght...go 40 acs!

[deaconjim]

I would go for the 40 acres without hesitation.

[farmmaid]

Check the taxes on new construction. Here it is at a higher rate than move in houses...Joan

[Quiver0f10]

Thanks everyone! My Dh and I both have experience fixing up houses and my DH can do electrical and plumbing. We finished the basement of our last house and added 3 bedrooms and a bathroom, so we can do it. We have 3 teen boys who have helped with the last house, plus the updating of our current house.

So ability isn't an issue. I know that long term that the 40 acres makes sense. A few years of hard work and we can have a nice place. Its just tempting to buy already made LOL, but we REALLY want privacy and so I do think 40 acres makes the most sense.

Now to sell our current home so we can move on with our plans.

[Maura]

How much time do you have? How much energy? If you are putting all of your energy into fixing up the house, will you have the time and energy to put in the garden, animals, etc. If you can bring the fixer upper up to your specifications in three years, I would say it is a good deal. If not, you won't be living in your dream homestead, but you will be spending your recreation hours as a handy man and wondering why there is always another project you need to get done before you can get that garden in. You have to really know your limitations and capabilities.