Jenny
03-18-2007, 07:42 PM
Okay for those that know me, you are going to LAUGH at me .... but this isn't something set in stone, its just a thought.
We bought this house last July (offer was accepted easter last year) and its a late 70's split level home (aka...money pit). We are in the middle of reno's to update the whole downstairs. When that is done, we will have a huge family room (multi purpose room, also to be my studio), our son's room will be done, our daughters room (converted small den, but she loves it), laundry room will be updated and the bathroom (shower/sink/toilet). The bathroom downstairs is NOT used these days, as its in desperate need of updating. We have been stalled for 2mo now with dh finishing school and being so busy. As of next week, we are going to crack the whip and hopefully get the drywall up.
Anyway, upstairs needs to have the kitchen redone and we want to update the rest to our liking. We are refanancing our home and paying off our LOC, but are thinking of using that to update our kitchen, bathroom, bedrooms, new floors. We have laminate in here right now, but if we are doing the kitchen, its a TOTAL overhaul for the kitchen (reconfigure, etc) and would have to rip out the kitchens floors anyway.
NOW..here is what I am thinking.... finish the downstairs updating, selling the house for a sweet profit and buying a brand new house up the road with a basement suite. Its in a slightly busier area (a street down from the hospital), still walking distance to the kids elem. school and highschool. Right now we are just off the road of the elem. school. The rental income would be $1200/mo, which would bring our mortgage payment down to LESS than what we are paying now (about $500 less) a month. We would still be able to pay off our credit card, LOC, and the Jetta lease.
Here is a LINK (http://www.mls.ca/PropertyDetails.aspx?vd=&SearchURL=%3fPage%3d3%26Mode%3d0%26vs%3d1%26rlt%3d %26cp%3d%26pt%3d20%26mp%3d500000-800000-0%26mrt%3d-1-0-0%26Beds%3d3-0%26Baths%3d0-0%26f%3d%26ft%3dall%26o%3dA%26of%3d1%26ps%3d10%26p tgid%3d1%26aid%3d324%26MapURL%3d&Mode=0&PropertyID=5461943) to one of the homes that is similar to the ones that are being built right now. The new ones are less money, as they are not done yet, and will have a finished basement suite in them.
What do you think? Stay put on this desirable street, with a house that we are updating to our liking? Sell it and buy the house with a suite and rent it out???
Please ignore the fact that we have moved three times in the last three years LOL I am happy here, but I don't know if I can take all the reno's we are doing and have to do.
We bought this house last July (offer was accepted easter last year) and its a late 70's split level home (aka...money pit). We are in the middle of reno's to update the whole downstairs. When that is done, we will have a huge family room (multi purpose room, also to be my studio), our son's room will be done, our daughters room (converted small den, but she loves it), laundry room will be updated and the bathroom (shower/sink/toilet). The bathroom downstairs is NOT used these days, as its in desperate need of updating. We have been stalled for 2mo now with dh finishing school and being so busy. As of next week, we are going to crack the whip and hopefully get the drywall up.
Anyway, upstairs needs to have the kitchen redone and we want to update the rest to our liking. We are refanancing our home and paying off our LOC, but are thinking of using that to update our kitchen, bathroom, bedrooms, new floors. We have laminate in here right now, but if we are doing the kitchen, its a TOTAL overhaul for the kitchen (reconfigure, etc) and would have to rip out the kitchens floors anyway.
NOW..here is what I am thinking.... finish the downstairs updating, selling the house for a sweet profit and buying a brand new house up the road with a basement suite. Its in a slightly busier area (a street down from the hospital), still walking distance to the kids elem. school and highschool. Right now we are just off the road of the elem. school. The rental income would be $1200/mo, which would bring our mortgage payment down to LESS than what we are paying now (about $500 less) a month. We would still be able to pay off our credit card, LOC, and the Jetta lease.
Here is a LINK (http://www.mls.ca/PropertyDetails.aspx?vd=&SearchURL=%3fPage%3d3%26Mode%3d0%26vs%3d1%26rlt%3d %26cp%3d%26pt%3d20%26mp%3d500000-800000-0%26mrt%3d-1-0-0%26Beds%3d3-0%26Baths%3d0-0%26f%3d%26ft%3dall%26o%3dA%26of%3d1%26ps%3d10%26p tgid%3d1%26aid%3d324%26MapURL%3d&Mode=0&PropertyID=5461943) to one of the homes that is similar to the ones that are being built right now. The new ones are less money, as they are not done yet, and will have a finished basement suite in them.
What do you think? Stay put on this desirable street, with a house that we are updating to our liking? Sell it and buy the house with a suite and rent it out???
Please ignore the fact that we have moved three times in the last three years LOL I am happy here, but I don't know if I can take all the reno's we are doing and have to do.