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76S&S
02-10-2012, 08:51 AM
Ok guys, I have a bit of a dilemma.

Current situation, live on a small farm, have a VERY small place on a lake about 50 miles from the farm and 50 miles from work. We would like to move there one day, but the roads to get in are horrible (really need a truck to get in), the well water isn't drinkable and no city water is available and horrible school system. We have twin 16 year olds and a 4 yr old. Oh, bad neighbors to boot.

Opportunity: Going to look at a place on another lake tomorrow morning. Fixer upper (all I can afford on this lake, if I can even afford it), city water, good roads, good schools, but would be over 70 miles to work. The issue is if we like it I would have to jump on it quick before selling our current lake place. This will be an extreme financial stretch! We are not rich by any stretch. We built our home and fixed up the current lake place. Bought it out of a probate situation. It was 40 years old and hadn't been touched in 40 years.

One other consideration, we can't move anytime soon. My mother has dementia and we take care of her. She lives on the other end of the farm.

I'm really struggling with what to do, but the family is extremely excited about the possibility. The place we are looking at tomorrow is close to my twins school so it puts them much closer to their friends.

Any thoughts would be much appreciated.

03geetee
02-10-2012, 09:06 AM
Reach out to other members of your family, this may include your wife, to help with your mother in her current state while you try and do whats best for your family. Spread the burden off your shoulders a little bit so if and when the reward comes everyone who helped get there will appreciate it even more.

Hope this helps.

JTR

Jerseydave
02-10-2012, 09:07 AM
Ok guys, I have a bit of a dilemma.

Current situation, live on a small farm, have a VERY small place on a lake about 50 miles from the farm and 50 miles from work. We would like to move there one day, but the roads to get in are horrible (really need a truck to get in), the well water isn't drinkable and no city water is available and horrible school system. We have twin 16 year olds and a 4 yr old. Oh, bad neighbors to boot.

Opportunity: Going to look at a place on another lake tomorrow morning. Fixer upper (all I can afford on this lake, if I can even afford it), city water, good roads, good schools, but would be over 70 miles to work. The issue is if we like it I would have to jump on it quick before selling our current lake place. This will be an extreme financial stretch! We are not rich by any stretch. We built our home and fixed up the current lake place. Bought it out of a probate situation. It was 40 years old and hadn't been touched in 40 years.

One other consideration, we can't move anytime soon. My mother has dementia and we take care of her. She lives on the other end of the farm.

I'm really struggling with what to do, but the family is extremely excited about the possibility. The place we are looking at tomorrow is close to my twins school so it puts them much closer to their friends.

Any thoughts would be much appreciated.

My feelings would be to not buy in an area with bad neighbors, bad water, bad school system which would all hurt resale later.

If you can swing buying this new place, still live at the farm for a while and selling your small lake place that would make the most sense. Or sell the farm and take your mother with you? (I can relate because my mom lives on a small farm across the field from my house)

Nice that you're whole family is excited and your kids would love to be close to their friends. School system is the most important thing in your life right now. Buy a used Mini Cooper or Prius to get to work. :)

76S&S
02-10-2012, 10:36 AM
My feelings would be to not buy in an area with bad neighbors, bad water, bad school system which would all hurt resale later.

If you can swing buying this new place, still live at the farm for a while and selling your small lake place that would make the most sense. Or sell the farm and take your mother with you? (I can relate because my mom lives on a small farm across the field from my house)

Nice that you're whole family is excited and your kids would love to be close to their friends. School system is the most important thing in your life right now. Buy a used Mini Cooper or Prius to get to work. :)

Thanks JD, my Mom is at the point that if you take her out of her environment, she doesn't do well, so I'm not sure we could take her with us. We would probably work with sitters and try dual residency to begin with.

On your first point, we already have the place with bad water...... We are thinking against building a new house there due to all of the reasons you noted.

thanks again.

On edit: I have a Civic SI so I'm good on transportation. I already drive 37 miles, one way, to work.

76S&S
02-10-2012, 10:39 AM
Reach out to other members of your family, this may include your wife, to help with your mother in her current state while you try and do whats best for your family. Spread the burden off your shoulders a little bit so if and when the reward comes everyone who helped get there will appreciate it even more.

Hope this helps.

JTR

03 thanks. My wife already helps more than she should have to, she is a real trooper!

thatsmrmastercraft
02-10-2012, 11:04 AM
Perhaps the question you need to ask yourself is, if you don't factor in the two places you have and the one potential new place, where would you want to be located to best serve all involved? The answer to this may guide you in the proper direction.

barefoot
02-10-2012, 11:27 AM
70 miles is a hike to work...That would double your commute time. I, too, commute 40 miles to work one way, but I don't do the drive everyday. 70 miles would be a lot of time away from your family. Not to mention, when you're home, you would be spending your time working on the house. It sounds like there would be more stress caused by the situation than upside, IMHO

ChandlerR
02-10-2012, 11:31 AM
Our family went thru this when we bought our lake place 4 yrs ago. I looked at it from a financial/investment point of view. 4 yrs ago, the stock market was crashing, housing market was crashing, etc. I figure real estate, especially lake front property, will always hold or increase it's value over time. It was/has been a stretch to maintain two houses as it seems like one always needs something, plus I never really thought about how much fuel we would use going back and forth. 112 miles round trip. But, looking back, I've glad we did it and would do it again. They will never get cheaper, especially with interest rates where they are now.

76S&S
02-10-2012, 12:17 PM
Chandler, interest rates do play a large role. Current rates make the whole thing much more attractive.

76S&S
02-10-2012, 12:19 PM
bf, I'm very concerned about the commute. It wouldn't be our primary residence anytime soon and there is also a possibility that I might be able to work from home a day or two.

76S&S
02-10-2012, 12:20 PM
Perhaps the question you need to ask yourself is, if you don't factor in the two places you have and the one potential new place, where would you want to be located to best serve all involved? The answer to this may guide you in the proper direction.

great question............now to figure out the answer.:confused:

thatsmrmastercraft
02-10-2012, 12:22 PM
great question............now to figure out the answer.:confused:

Good luck. The ability to work from home 1 or 2 day per week would be huge.

CruisinGA
02-10-2012, 12:34 PM
I commuted 67 miles each way to work for 11 months. It was interstate or highway the entire way and I left for work at 5:45am, usually left for home at 3:30 so traffic was not much of a consideration.

It absolutely blew. Besides the fact that I hated the job (first one out of college) the drive made it that much worse. Suddenly a relatively short day (7am to 3:30pm) turned into a long one.
I drove a Civic that got ~40 mpg and still filled up almost every other day.

76S&S
02-13-2012, 09:00 AM
What a let down. The only thing this place didn't need was a new roof, which they had replaced due to all of the leaks which were apparent on the ceiling of both floors. It needed new siding (rot), windows(more rot) and a complete interior redo. Would have probably needed some structural repairs due to the leaking windows/siding/roof. Also needed landscaping, stairs down to the water along with a new boathours/dock. With the purchase price I would have had well over 500k in it before getting it livable.

Oh well, the search continues...

kskonn
02-13-2012, 10:14 AM
Sorry to hear that 76S&S, I recently moved to the lake after looking for about 2 years. There is no open land on the lake where I live so we had to find something that we like which was already built. to make it even more difficult my wife is an interior designer so I had to pass on houses that were good deals because she did not like one particular thing. either way it was worth it to get the house we wanted and the low interest rate is awesome.

76S&S
02-13-2012, 12:03 PM
Sorry to hear that 76S&S, I recently moved to the lake after looking for about 2 years. There is no open land on the lake where I live so we had to find something that we like which was already built. to make it even more difficult my wife is an interior designer so I had to pass on houses that were good deals because she did not like one particular thing. either way it was worth it to get the house we wanted and the low interest rate is awesome.

Congrats on the find! Although the housing market is suffering, we don't see much of a drop on lake front property around here. We will keep looking though.:D

gatorguy
02-13-2012, 12:51 PM
What a let down. The only thing this place didn't need was a new roof, which they had replaced due to all of the leaks which were apparent on the ceiling of both floors. It needed new siding (rot), windows(more rot) and a complete interior redo. Would have probably needed some structural repairs due to the leaking windows/siding/roof. Also needed landscaping, stairs down to the water along with a new boathours/dock. With the purchase price I would have had well over 500k in it before getting it livable.

Oh well, the search continues...

As much as you may want to do things some times, it's nice when hard choices get made for you by default. I think any drive >20-30min is too much for me.

76S&S
02-13-2012, 01:31 PM
As much as you may want to do things some times, it's nice when hard choices get made for you by default. I think any drive >20-30min is too much for me.

I've never driven less than 30 minutes.

As I like to say, I'll never live somewhere that I can't pee off the poarch...:D:D

kskonn
02-13-2012, 05:37 PM
Congrats on the find! Although the housing market is suffering, we don't see much of a drop on lake front property around here. We will keep looking though.:D

Yea I did not get a great deal due to the high demand of Lake property in texas. Since I have moved to my new house a number of Houses have gone up for sell and sold very quickly on my street. Most importantly I pee off of my front porch!