To move, or not to move, that is the question.

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tc101
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To move, or not to move, that is the question.

Post by tc101 » Wed Aug 08, 2007 7:56 pm

I've lived in this house for 15 years. It's the only house I've ever owned. Before that I lived in this neighborhood as a renter on and off for almost 20 years. It's the first place I lived when I got out of high school. I have heavy emotional attachments to the house and the neighborhood.

But now the neighborhood is changing. They are knocking down the little old houses, cutting down all the tress and putting in McMansions. It's not the same neighborhood. It is getting noisier and more crowded. The construction from all the new McMansions will make it a drag to live here for the next few years. They just started building one across the street. It is depressing to see all the trees cut down and the construction is noisy. They are building a trendy shopping place 500 yards away. When it opens it will have 9 restaurants. People will be parking on my previously quiet street on weekend nights and I will be dealing with the noise from drunks and traffic until late at night.

My house wasn't even for sale but someone made me an offer because it is on a half acre lot. It is a good offer. I could not get this much if I hired a real estate agent to sell the place and paid a commission. They will knock down the old house and build a McMansion, so I don't have to fix up the house and prepare it for sale or any of that stuff, which is so much trouble. All I have to do is take the money and move out. I know I should take the money. I could buy a bigger nicer house in a quiet neighborhood just 15 minutes farther out. The emotions are getting in the way though. Just writing this makes it obvious what I should do. I sure hate the thought of moving though. It is so much trouble to move. It is such a big financial decision. I have such an emotional attachment to the neighborhood.

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stratton
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Post by stratton » Wed Aug 08, 2007 8:04 pm

Several suggestions:
1. My mortgage broker mentioned its not uncommon to bought out like this and as part of the deal you get to live there rent free for up to a year while shopping for a house.
2. What about sound blocking fences and hedges?
3. What about double/triple pane windows and sound deadening doors?

We can't make up your mind for you. :-)

Paul

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DocHolliday
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Post by DocHolliday » Wed Aug 08, 2007 8:56 pm

We cannot make up your mind for you but it seems like a pretty easy decision to me. Wnting to stay in the neighborhood that has been part of your life for so long is understandable. However, that old neighborhood that you love is going to be gone soon. I doubt you will be able to love this new, changed neighborhood. I would take the money and go to a neighborhood that you do love.

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fishnskiguy
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Post by fishnskiguy » Wed Aug 08, 2007 9:14 pm

May I kindly suggest you get a grip on your situation.

My father was a career Naval officer. We never lived in the same house over two years except twice, and that was for three. He bought his first and only house at age 54 and died in it at age 84.

I was also in the Navy and did not live in any house over three years until I retired. Owned our first house at age 42.

TC101, your glass ain't half empty, it's three quarters full :D

Chris
Trident D-5 SLBM- "When you care enough to send the very best."

Valuethinker
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Re: To move, or not to move, that is the question.

Post by Valuethinker » Thu Aug 09, 2007 2:49 am

tc101 wrote: My house wasn't even for sale but someone made me an offer because it is on a half acre lot. It is a good offer. I could not get this much if I hired a real estate agent to sell the place and paid a commission. They will knock down the old house and build a McMansion, so I don't have to fix up the house and prepare it for sale or any of that stuff, which is so much trouble. All I have to do is take the money and move out. I know I should take the money. I could buy a bigger nicer house in a quiet neighborhood just 15 minutes farther out. The emotions are getting in the way though. Just writing this makes it obvious what I should do. I sure hate the thought of moving though. It is so much trouble to move. It is such a big financial decision. I have such an emotional attachment to the neighborhood.
Change is the only constant in life. Better to live in the neighbourhood more like the one you grew up in, than stay in the one which has changed.

My overall outlook for the US housing market is still bearish, although it sounds like you live in a part where people still want to knock down and build mcMansions.

My father grew up in a house with 10 bedrooms and a leaky roof. He said he would never live in a huge house again-- always something going wrong. As he says 'who cleans the bathrooms'? 1800 square feet did the 4 of us fine for 21 years.

My own view is that when this US housing bubble is over, McMansions will look silly. High cost of ownership, and US family size is shrinking not rising (exceptions multi-generation immigrant families, where the tradition is you live with your inlaws). When you get older, a big house is nothing but hassle and expense.

My own view is also that energy costs in the future are likely to be double what they are now: $5 gasoline for Americans, and similar increases in utility bills. This is based on the cost of replacing the energy resources we have now, plus the challenges of global warming. Again, big houses aren't clever in this (unless unusually well designed).

So what kind of neighbourhood will it be, in the future, when people can't pay the bills for their McMansions? When the fashion is for smaller homes? Will those houses be badly maintained, multi-tenanted etc.

Or conversely, do you really want to live with the BMW SUV set as your neighbours? My parents neighbourhood has kind of gone that way: your neighbours barely know your name well enough to speak (their block is kind of insulated).

Letting go of the past is hard, but if you focus on the better future, that makes it easier.

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daryll40
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Post by daryll40 » Thu Aug 09, 2007 10:25 am

Houses don't love you back. Move on.

Dude2
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Post by Dude2 » Thu Aug 09, 2007 10:41 am

fishnskiguy wrote:May I kindly suggest you get a grip on your situation.

My father was a career Naval officer. We never lived in the same house over two years except twice, and that was for three. He bought his first and only house at age 54 and died in it at age 84.

I was also in the Navy and did not live in any house over three years until I retired. Owned our first house at age 42.

TC101, your glass ain't half empty, it's three quarters full :D

Chris
I loved this post and 2nd this sentiment. You've got a buyer coming to you. In this RE climate, it is highly difficult to sell. I say go for it, and take some time to decide your next move. Rent if possible. Good luck.

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gunn_show
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Post by gunn_show » Thu Aug 09, 2007 11:42 am

Everything has already been said best, so I agree. The house doesn't love you back, the neighborhood is no longer what it was when you moved in, and the market is terrible. Take this windfall and move on. Sell on the condition that you can stay for up to a year until you find a new place. Maybe squeeze a few more bucks out of the buyer, whatever. Sounds like an easy decision to find a new home in a better area.

Good luck.
"The best life hack of all is to just put the work in and never give up." Bas Rutten

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tc101
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Location: Atlanta - Retired in 2004 at age 54

Post by tc101 » Thu Aug 09, 2007 11:47 am

Thanks everyone. This is very helpful.

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Lon
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Take the Money and Leave

Post by Lon » Thu Aug 09, 2007 12:41 pm

Everything that you liked about your neighborhood is now history and just a memory. No one can take away your memories. Take the money and re-locate and start new memories.

marco100
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move?

Post by marco100 » Thu Aug 09, 2007 1:08 pm

As Steve Miller said,

"Go on, take the money and run!"

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