The House We Disagreed On
DREAM HAUS
Our First House Search Disagreement
House hunting isn’t always smooth sailing, but it’s taken seeing over 75 homes before we didn’t share the same opinion.
The Dream Haus Search continues. We’re searching far and wide, considering different styles and exploring foreclosures - like this property. A little renovation won’t deter us, if a house checks the majority (if not all) of our boxes.
With peak house hunting season in full gear, we’re getting a teensy bit anxious that we’re going to experience a wave of competition and bidding wars. So our realtor has recommended adding a couple foreclosure or bank-owned properties to our list.
This house was controversial for us…
but not for the reason you might think. On paper, this house was very attractive - 4 bedrooms, spacious living / hosting spaces, a full in-law suite on an acre of land! All within a short drive to the commuter rail, shops and ammenities. All of that for a very reasonable price because it’s a bank-owned property.
Yes, this house was a foreclosure. But that also means the bank has updated its mechanicals, including replacing the septic system (which can cost upwards of $10k or more, if you have to replace the leech field). The interiors were decent and updates were mostly cosmetic. Naturally, pragmatic James loved those factors! But this type of house is definitely unique. And if there’s one thing on Victoria’s no-list it’s a split-level house, like this one.
The Art of Compromise
How does one compromise on such a major purchase? Given the level of investment at stake, it is important to us that we both agree and feel excited about the purchase. But in this instance, we were at a stalemate. So how did we work past it?
REVISIT OUR PRIORITY ITEMS
Before starting our house search, we listed our Must-Haves and Nice-to-Haves. This serves as our guide for determining which properties we want to see with our realtor and how we prioritize them when we’re facing time restrictions (which is the reality when house-hunting in the NYC tri-state area!). On our priority list, we focused on things that would take significant amounts of money to fix or that couldn’t be changed at all, including:
Acreage — you can change your house, but the land your house sits on will never change. Additionally, any future home expansions will be limited to the size of your lot and your town’s code.
Foundation — this is quite literally what is holding your house together. Any issues with the foundation isn’t just a safety concern, but it puts your entire house at risk, and it can be costly to fix!
Location, Location, Location — this seems to be a no-brainer as you likely have an area in mind for a reason. But for us, this meant looking for the worst house in the best location to get the best bang for our buck. As first-time home buyers, we’re more focused on making a smart investment, so we’re willing to take on a cheaper property that needs some love. To determine this, we compare the valued price of the surrounding houses, the town’s current median house value, and the town’s median house value over a period of time.
LIST OUR LOVES
We’re both visual thinkers. We need to see everything listed out in front of us in order to make a decision. We each listed out what we loved about the house we were torn over. We like to do this for most of the homes we see as soon as we get in the car (while it’s still fresh in our minds). This helps us have a reference when we’re comparing multiple properties against each other.
COMPARE PRIORITIES TO LOVES
Now that we have our lists(!), we take a look to see what items hit our must-haves. The more it ticks off, the higher it climbs in the rankings of possibility. We’re not afraid to say a quick no if a house doesn’t feel right, or if it doesn’t align with our priorities. We will say, one thing we’ve taken from seeing so many homes is that we’ve learned what we love, what we can fix, and what we’re willing to live with.
DETERMINE IF LOVES ARE CRITICAL OR AESTHETIC
In reviewing the list of loves that align with our priorities, we revisit that first bullet — what items would take significant investment or can’t be changed at all? Those are the big ticket items. If the remaining items on the love list can be fixed or added to a different house by a number we are comfortable with then it’s not really the house we’re in love with. That’s when you add those to your nice-to-have list and use that as inspiration for any future renovations on your dream house.
Curious to see where we netted out on this house? Stay tuned.
Until our next chapter!
xo, James & Victoria
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