Go Back   DIY Chatroom Home Improvement Forum > DIY Repair > General DIY Discussions

CLICK HERE AND JOIN OUR COMMUNITY TODAY...IT'S FREE!

Reply
 
Thread Tools Search this Thread Display Modes
Old 04-13-2013, 06:48 AM   #16
Member
 
biggles's Avatar
 
Join Date: Jan 2008
Location: Long Island
Posts: 3,630
Rewards Points: 0
Share |
Default

House Is Becoming Quite A Money Pit. Sell?


tip into the tax refunds didn't you claim the house with mortgage payments taxes payed on the gross income there... do a big buck job ever spring and the little ones before the holidays.how old are the kids? ..first year in your home your doing to much all over focus...check out Renovation Realities on DIY channel 9PM tonight...it is hilarious ...hopefully you don't need to climb a pole and wire in cable....couldn't resist it ......good luck.relax and enjoy the house.the first couple of years is the test...it's not the mortgage $$$ payments it's the HD and Bath & Beyond.trips..if you can keep contractors out of your drive way your ahead of the game... http://www.diynetwork.com/diy-renova...eos/index.html


Last edited by biggles; 04-13-2013 at 06:55 AM.
biggles is offline   Reply With Quote
Old 04-13-2013, 08:00 AM   #17
Member
 
PoleCat's Avatar
 
Join Date: Sep 2009
Location: Dayton, Ohio
Posts: 1,398
Rewards Points: 10
Default

House Is Becoming Quite A Money Pit. Sell?


My furnace is 42 years old. I've been here 20 years and it is not scheduled for replacement until it croaks. I have family that bought brand new houses and had more serious issues than me. The best bang for your buck is paying off your mortgage as quick as you can. You won't get anything back sinking all your spare income into the house. That crack in the garage floor won't interfere with your life. Starting a family? New carpet will look prehistoric after a few years of exposure to kids. The neighborhood may or may not go down hill but that can happen anywhere normal people can afford to live. Believe me, you don't want to waste your entire life trying to pay off too much house. Enjoy your family.
PoleCat is offline   Reply With Quote
The Following 2 Users Say Thank You to PoleCat For This Useful Post:
Bill7 (04-20-2013), user1007 (04-13-2013)
Old 04-13-2013, 12:19 PM   #18
Member
 
Join Date: Dec 2010
Location: New Castle, DE
Posts: 150
Rewards Points: 0
Default

House Is Becoming Quite A Money Pit. Sell?


Quote:
Originally Posted by biggles View Post
...check out Renovation Realities on DIY channel 9PM tonight...it is hilarious http://www.diynetwork.com/diy-renova...eos/index.html
The funniest show on TV, bar none
ThatDaveGuy is offline   Reply With Quote
Old 04-13-2013, 12:56 PM   #19
Too Short? Cut it Again!
 
Join Date: Sep 2009
Posts: 9,635
Rewards Points: 0
Default

House Is Becoming Quite A Money Pit. Sell?


If you are getting a large tax refund, to spend on your spring projects, you are doing something strategically and practically wrong. Would you lend me money interest free all year? Yet people think they have hit the lottery when they get a chunk of their own money, essentially loaned to the government interest free, back in refunds. Adjusting your withholding so that money was available to you though the year makes more sense? Obviously you want to withhold enough so you do not suffer penalties but that should be it. Tax refunds are a terrible savings account strategy. You should aim to owe nothing and have nothing coming back at tax time.
user1007 is offline   Reply With Quote
Old 04-14-2013, 04:21 AM   #20
Member
 
biggles's Avatar
 
Join Date: Jan 2008
Location: Long Island
Posts: 3,630
Rewards Points: 0
Default

House Is Becoming Quite A Money Pit. Sell?


banging that mortgage..pay 1/2 of that monthly every 2 weeks...and make one extra payment ever year takes a minmum of 10 years off a 30 yr type.... RR DIY show... guy was holding a 10' length of 12" PT for a header on a new deck off the back sliding glass doors wifey was at the far end with a built level trying to level it...I was off the couch....and she is pushing with the memorial day BBQ coming up in a week...

Last edited by biggles; 04-14-2013 at 04:26 AM.
biggles is offline   Reply With Quote
Old 04-15-2013, 01:03 PM   #21
Member
 
Join Date: Jan 2010
Location: Pennsylvania
Posts: 594
Rewards Points: 0
Default

House Is Becoming Quite A Money Pit. Sell?


Quote:
Originally Posted by hyunelan2 View Post
Building on what Pete said, now that you've fixed certain things, you don't have to fix those anymore. You know the washer/dryer/fridge/stove are good for a while now. Buy another house and the cycle starts all over. Unless you're building brand-new... then there's a whole different set of money-pit things to go wrong.

If you go now and buy a house that has a good washer/dryer/fridge/stove/furnace/windows/etc., you'll have paid for it up front in the price (along with interest in your mortgage). One way or another - you're going to pay for it.


The last one is an addition/improvement, not a needed repair. Carpet gets old no matter what house you're in. A 20 year old furnace probably isn't as efficient as modern units, but I bet you can find houses with even older units still working fine. Windows... ugh. Mine are not-quite 9 years old and are all garbage, sometimes you just can't win with things. It's a part of owning a home.
IAWTP. Is there hardwood under the carpet? If you can prove there is (and if your carpet is really bad, you'll see it!), then tear up the nasty carpet and sand/refinish the floor. Heck, it might be good enough that you can just clean it with Murphy's and "Liquid Gold" and live with it for a while. That you can DIY; carpet isn't really a DIY so it will cost a lot more. The furnace is the same deal; pay for an annual checkup/cleanup to make sure it keeps working until you can afford to upgrade. A good one can run for much more than 20 years.
operagost is offline   Reply With Quote
Old 04-15-2013, 01:09 PM   #22
Newbie
 
Join Date: Sep 2012
Posts: 19
Rewards Points: 0
Default

House Is Becoming Quite A Money Pit. Sell?


There very well could be hardwood. There is on the main floor.
JL-KA is offline   Reply With Quote
Old 04-15-2013, 08:20 PM   #23
Member
 
Join Date: Mar 2012
Location: far sw sub chicago
Posts: 3,758
Rewards Points: 4
Default

House Is Becoming Quite A Money Pit. Sell?


Quote:
Originally Posted by sdsester View Post
If you are getting a large tax refund, to spend on your spring projects, you are doing something strategically and practically wrong. Would you lend me money interest free all year? Yet people think they have hit the lottery when they get a chunk of their own money, essentially loaned to the government interest free, back in refunds. Adjusting your withholding so that money was available to you though the year makes more sense? Obviously you want to withhold enough so you do not suffer penalties but that should be it. Tax refunds are a terrible savings account strategy. You should aim to owe nothing and have nothing coming back at tax time.
you do know, that that is the ONLY way a lot of people can save money ?
not that that really matters. as soon as they get the refund, its gone.

just the same as most people don't understand the advantages of paying off the mortgage ASAP.
Fix'n it is online now   Reply With Quote
Old 04-15-2013, 08:28 PM   #24
Member
 
Join Date: Jan 2010
Location: Pennsylvania
Posts: 594
Rewards Points: 0
Default

House Is Becoming Quite A Money Pit. Sell?


I'm prioritizing paying off credit cards and my credit line, first. After all, those are 13 and 8 percent.

The mortgage is 5... and that's not even a good rate by today's standards.
operagost is offline   Reply With Quote
Old 04-16-2013, 02:41 PM   #25
Member
 
Join Date: Dec 2008
Posts: 50
Rewards Points: 0
Default

House Is Becoming Quite A Money Pit. Sell?


I didn't go through all the thread but I read your starting post and let me get some stuff out there.

Almost any home you buy will be like this. People are starting to stretch the limits on houses before repairs get done. A lot a people have a mind set of not doing preventive maintenance. Kindla like a car, They think just because they do the oil change every 10000 miles the car should stay in perfect condition. Houses age and as the houses age the problems get worse. If you buy another house you will have problems. My only suggestion to you is to start with the most needed fixes and work your way up from there. At one point in my home ownership (4 years) I found I like fixing my house up. One thing you could do is in between major fix ups you could take a break and do something fun like wall mount a tv. I just recently redid one of our rooms into a nursery. I added shaker wainscoting and a closet organizer. Sure it cost us so money but it like a break from the everyday crap with the house. You will also encounter the "I just fixed this and now this breaks"... deal with it. That how it goes. The housing market will go up eventually. If you are really wanting to move just because of bad neighbors you need to look at the needed fixes and deal with them as you don't want something to come back on you. You bought the house with old windows and furnace so will someone else.

Last edited by Holt; 04-16-2013 at 02:44 PM.
Holt is offline   Reply With Quote
Old 04-19-2013, 03:38 PM   #26
www.inspectorzo.com
 
Join Date: Apr 2013
Location: Los Angeles, CA.
Posts: 74
Rewards Points: 0
Blog Entries: 1
Send a message via Skype™ to InspectorZo
Talking

House Is Becoming Quite A Money Pit. Sell?


Don't pull the trigger yet!
Selling your home at this time is not likely to cover your nut and put you in a better place considering all that you paid and the upgrades you've added since June.
Homeownership is an ongoing love-hate relationship. If you stick through, you'll eventually get to the "love" part it.
Don't become overwhelmed. Make a project list and hang it on the fridge. When you have some extra time, extra friends to help, and extra cash, schedule one and cross it off the list. That list will never EVER end. Each time you'll cross one off, one or two new projects will be added on but that's ok. The longer you live in your home, the better the benefits will stack in your favor. The question is: Will you stick it through?
Good luck and congrats on your new home.

InspectorZo


Quote:
Originally Posted by JL-KA View Post
Little bit of a rant here that I just need to get off my chest.

My wife and I just moved into our(first) house last June. We bought it for 89k which was about right for the market at the time. Since then it seems prices have dropped. We also had to tear out the "second bathroom"(really just a shower...and where a toilet used to be untold years ago) due to flooding. By my figuring it's only worth about 80k now. Still less than we owe but not by much. I think the area will also become less and less appealing to potential buyers(and us) in the coming years because of the ingress of...oh how to be PC about this..."bad neighbors" I'll call them.

At first the house was great. Things just keep going wrong though and it's stretching us thin. So far we've replaced the washer and dryer, fridge, and stove, along with little things here and there.

Things that still need resolved are: broken garage door opener, repointing some of the brick, need to have a sump pump installed and possibly a partial french drain(because of the aforementioned flooding), resurface or redo driveway(all 120 feet of it), fix(?) severely cracked garage slab.

Things that will need to be done eventually if we stay in the house are: furnace(over 20 years old), windows(roughly 20 of them), carpet upstairs, and somehow turn the open 600sqft upstairs into 2 bedrooms.

I love having projects to do but 12+ hour days at work and taking care of the kids on my off days doesn't afford me much free time.

The idea of selling has come up but we'd not be in a very good place financially if we did.

Last edited by Gary in WA; 04-19-2013 at 11:33 PM. Reason: removed web link belongs below signature line.
InspectorZo is offline   Reply With Quote
Old 04-20-2013, 07:36 AM   #27
Member
 
Join Date: Dec 2009
Location: NW Minnesota
Posts: 109
Rewards Points: 0
Default

House Is Becoming Quite A Money Pit. Sell?


As some have said, hang in there. My garage is almost a "split level."
We all have many projects on the to-do list. Some I will never get to, some I'd better get to at some point (shingles), and some I just want to get to (almost the same as "never").

The garage falls in the "never" category.
Bill7 is offline   Reply With Quote
Old 04-20-2013, 09:43 AM   #28
Newbie
 
Join Date: Sep 2012
Posts: 19
Rewards Points: 0
Default

House Is Becoming Quite A Money Pit. Sell?


Well I'm working on the flooding situation today by doing some regrading around the house. Hopefully that will take care of it and a sump pump won't be needed.
JL-KA is offline   Reply With Quote
Old 04-21-2013, 08:20 AM   #29
Member
 
Join Date: Mar 2012
Location: far sw sub chicago
Posts: 3,758
Rewards Points: 4
Default

House Is Becoming Quite A Money Pit. Sell?


Quote:
Originally Posted by InspectorZo View Post
Homeownership is an ongoing love-hate relationship. If you stick through, you'll eventually get to the "love" part it.
That list will never EVER end. Each time you'll cross one off, one or two new projects will be added on but that's ok. The longer you live in your home, the better the benefits will stack in your favor. The question is: Will you stick it through?
man, you ain't kidding there. at least for people that can't afford to buy "nice" homes.

Fix'n it is online now   Reply With Quote
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Weird wiring in house fdmillion Electrical 13 06-14-2013 06:49 PM
Considering buying a house that needs regrading HELP Dr.JUSC Landscaping & Lawn Care 9 06-16-2011 10:58 AM
my house is making me sick every which a way familyfun26 General DIY Discussions 21 05-28-2011 01:29 PM
Questions about jacking up house to replace rotted rim/sill SolidStateS15 Remodeling 10 03-22-2010 11:43 AM
Trane XR12 1.5 ton-Too small for my house? Badfish740 HVAC 7 09-23-2009 05:48 AM




Top of Page | View New Posts

Copyright © 2003-2014 Escalate Media. All Rights Reserved.