Which house- bigger house or bigger lot

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Forum -> Inquiries & Offers -> Moving/ Relocating

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amother

Aquamarine

Sun, Oct 22 2017, 10:44 am

We are deciding between two houses that are similiar in price. The smaller house is basically move in ready and is on a much bigger lot 7500 sqft. It is small and iyh my family will grow amd it will need an extension.

The bigger house needs around 50k in renovations which I have the money for. Its on a much smaller lot 3500 sqft. Its a decent size and as my family grows the house should be fine.

I always wanted a big yard and being that the bigger house is set back from curb the yard is really tiny. However dh and I are both work for frum organizations and are very happy yet making it big financially will probably never happen. Were talking in the 100k range to extend the smaller house and im worried in 5 10 yrs with more tuition etc. Were not going to be able to.swing it. What would you do?

Sebastian

Sun, Oct 22 2017, 10:45 am

I would do the bigger house

amother

Silver

Sun, Oct 22 2017, 10:49 am

I would do the bigger lot. You always have that option of having a big house with a big lot. And right now the house with the big lot is ready to move in.

doctorima

Sun, Oct 22 2017, 11:10 am

I would go bigger house, smaller lot. 3500 square feet is not a small lot, and the big house that only needs some basic work that you can afford now and will then work for your growing family sounds like a winner to me. Doing major construction is NOT fun. You may have to move out when they do the extension, if you can afford it. Is there a park near the smaller lot house that the kids could go to play in?

Iymnok

Sun, Oct 22 2017, 11:20 am

How many bedrooms does the smaller house have? Does it have an unfinished basement or anything like that?
With a larger yard, the bedrooms are more for sleeping and your actual living area is bigger. You could add smaller renovations like a covered deck.
Does it have a garage? That can be insulated and made into a bedroom.
I grew up in a three bedroom home on a 1/4 acre plot. We lived outside, swingset, climbing trees, gardening, ball games, etc.

Raisin

Sun, Oct 22 2017, 11:22 am

Can you do the extending now and rent it out to bring in some income? You will obviously need to borrow money, and extend in a way that it is a self contained apartment.

anuta

Sun, Oct 22 2017, 9:32 pm

Can you do bigger house, smaller lot, and fence in the front yard with a privacy fence, effectively making it as usable as the back yArd?

amother

Puce

Sun, Oct 22 2017, 9:36 pm

I would do the one that costs less now. Take the 50k you have now for the renovations and invest it in a more secure investment. Down the line, should you decide you love the house so much, you take that money and extend. Perhaps you won't love the house/neighborhood. Perhaps the value of the house will shoot up and you'll be able to take out a Heloc or sell it altogether and buy someplace cheaper.

And find out about the taxes. You pay more on a bigger lot but a big house could also make your taxes more.

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