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Buy the Cheap Reno or the Expensive Forever Home?

Buy the Cheap Reno or the More Expensive Forever Home?

We are moving back home to be closer to family this summer, and are starting to look at houses. Obviously the housing market for buyers is really bad right now. We looked at a few houses this weekend, and have two options: A small, 3-bedroom home that will need a good amount of updating in the kitchen and bathrooms (1.5 baths), because all of the appliances are original to the house (and the house was built in the 50s or 60s); or a 4-bedroom house at the top of our price range (based on what we’d offer for it) with minimal updating needed. We have two small kids, and my partner plans on working from home permanently, and I’ll be working from home 1-2 days a week.

Other things to consider: House 1 is further from my work, but in a cute neighborhood that is within walking distance to a park/playground/school and town with things to do. We’d also have family within a 5-10 minute walk and my mom is about a 10-minute drive. It’s also closer to a bigger city with more job opportunities for both me and my husband someday. The house does have a basement, but it has a sump pump and appears to have some water issues/wouldn’t really be suitable for extra living space without spending a ton of money to make it fully waterproof. The backyard is fenced in, which would be nice (but not necessary) for our dog. SUPER small closets, and no dishwasher (which is kind of a dealbreaker for me, but we could get a portable one, I think).

House 2 is a little closer to my work (still about a 20-minute drive), still about a 10-minute drive to my mom’s, and would require about a 10-minute drive anywhere (maybe 5 to a park) because it’s in a more rural setting. It’s on 1 acre, which is nice, and has plenty of space for us, our kids, working from home, etc. My partner and I are both runners, and it might be tough to run anywhere from the house.

I’m more excited about the second house, because the idea of living with two kids in a small house that needs work is not super appealing to me...but the first house is way more affordable and could even be a decent investment, because we could rent it out or resell it once our “forever home” comes on the market.

What would you do? Which one would you choose? (And I realize we honestly may not get either house in this market, but I think we’d be willing to pay more for the second house because we don’t want to overpay for the first house with all of the work that needs to be done.)

submitted by /u/GrammarSharkDooDoo
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source https://www.reddit.com/r/RealEstate/comments/tphupu/buy_the_cheap_reno_or_the_expensive_forever_home/
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