Expect the Unexpected
If you ask someone who has known me for a while to describe me, "impulsive" is probably a word they would not use. Unfortunately, the gene for doing things on the spur of the moment seems to have flown right by me. Instead, I am the kind of person who likes to plan things out. Even when I try to do things with little to no planning, I always seem to end up planning something.
I think I get it from my mom, but it's honestly hard to say. I'd like to think I just have an analytical mind like that, but if that were the case, I would think I'd be a lot more successful in general than I am. Perhaps my ADHD works against my analytical side to make me just your average sort of guy. After almost half a century on this planet, I will likely never know.
As I mentioned before, @mrsbozz and I went on a camping trip this past weekend. It was our first one of the year and while it didn't go exactly as we had planned, it was still a good time. I believe I pointed out the fact that the weather wasn't exactly the greatest, but that gave us lots of time to read, relax, and talk. In fact, there was a point where my wife almost didn't know what to do with herself. It always takes her a little bit to settle back into the summer mode with fewer responsibilities when school gets out. We aren't quite there yet, but we are close, and she is still adjusting a bit.
Through the course of our camping trip, we started talking about money. It's not that we don't talk about money other times, but for the most part @mrsbozz trusts that I have the finances under control. She actually prefers it that way. Her aunts think she is crazy for giving all that "power" to me, but honestly, I'd happily make it a joint thing if she wanted it that way. It's not like I am doing shady stuff behind her back or anything.
The money talk also got us talking about our house and some of the major things that we need to get taken care of with it. It's been a long time coming, but we really need new windows, a new roof, and a few other things in the house. I've been putting it off because we have also talked about moving, and I don't see the point of putting a bunch of money into a house we won't be in five years down the road.
Unfortunately, the real estate market is kind of crap right now. If we move again, it will likely be our last time in a long time, so we are kind of being picky about the "where" and "what" of a new home.
Which got us talking about finally doing the upgrades we have been putting off. It's stressful for me on a couple of levels. First off, it's a lot of money and I don't like spending a lot of money. I tend to get a bit of anxiety when I have to make big decisions like that and spend a lot of money. I've been working on getting a emergency fund built up for us, and I know this could put that in jeopardy.
I also know that if we do some of these upgrades, it's likely going to mean I need to take out a loan. I hate taking out loans. I have never like the feeling that I owe someone something. It's a necessary evil though, unless HIVE goes to $5 or something tomorrow, there is no other way the money is going to just show up.
I know it has to be done though. When we moved in ten years ago or so, the home inspector pointed out the fact that we need a new roof. When the Winter wind shifts to the East and comes off the Saginaw Bay, you can actually see the blinds move on the inside of the house. That's how bad our windows are.
In addition to that, my wife also wants new flooring in the house, which honestly seems like it wouldn't be that difficult. Wishful thinking. As I was getting out of the shower this morning I was looking at the floor in the bathroom and realized that new flooring throughout the house would basically require a full bathroom remodel as well. We could maybe skip that room and leave the flooring as is for now, but I don't think she would be a fan of that.
It's funny how what seem to be simple renovation projects like that can turn into much more than you bargained for. I'm sure @fullcoverbetting can attest to that. Even our simple window job could balloon into something crazy if they start pulling the old windows and find "issues". It stresses me out just thinking about it.
I'm not really sure where I am going with this post. Just looking for some encouragement I guess. I have a feeling there might be some stressful times ahead for me...
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Owning your home is nice but they sure are a money sink. I had to put a new roof on mine about 5 years ago and just recently had some stucco work done and painted it. It could use new floors and kitchen/bathroom remodel but im putting that off indefinitely, lol.
I don't blame you for that! I'm thinking windows for sure and then it will be a coin toss between the floors and the roof. I need to get some numbers written up. I'm sure it's all going to be more than I hope!
Don't get me started :).
Demolishion work starts within 3 to 4 weeks.
Like always it starts with something small and then the snowball starts to roll and we know that every little flake of snow will stick to it.
We do have the feeling that this will be our last home, so it will be a good investment for us. Not money wise, but the feeling home wise.
That does sound good. I think with new windows and a new roof we could at least recoup some of the cost when we sell. The floors not so much, but I think that is the thing she is most interested in because it is most visible when you live in the house.
Totally get what you are saing about the market. We would like to move, but the market just sucks right now. So we have decided to stay put for now and invest in our house little by little. Know what you mean about starting a project and getting into messes though. It has happened. A roof though, and windows? Almost a must to do. The floor, not so much. Good luck with whatever you decide.
It would probably help if we weren't so particular, but like I said, this might be the last time we move, so we want to get it right. I'd buy some land and build, but the cost to build is like 4x the average cost of a house right now. I think my wife would be fine living in one of those container houses somewhere, but those are expensive to.
oh, i get that. we are being that way as well. which is probably why we will never find another place. Any new place will have to check all our boxes to make it worth it. That will be a hard order. Thinking it better to get this one to check most of them.
I would probably feel the same way about our current house if it were a ranch, but as we get older there are just too many steps being a bi-level. I think that will be the thing that really pushes us out.
That new roof won't come cheap sadly... They aren't inexpensive! One of the curses of home ownership is having to deal with upkeep and maintenance which can get painful at times! New flooring also not a cheap item... You will have some serious fun paying for those.
Planning is always the best way to do things anyway, it saves a lot of money in the long run!
Yeah, I know, I wish it was easier or less expensive. I'm really not looking forward to taking out a loan. I just wish crypto would storm back and make it less stressful.
!pimp
Ah, a lovely share that I can relate too.
Well, many years ago since I am closer to 3/4 century than 1/2 century.
The buying power of a dollar, inflation rate, mortgage rate and return on investments.
Your in US so spend your dollars today in case its buying power goes down tomorrow.
In 1980, Canada mortgage and savings rate were at all time high. Inflation was moving up quickly and we all knew it would not come down as fast. Similarly in USA cause, When it comes to economics, your the trend setters. Luckily my union raises were going up as well. If you needed something, it was just as wise to buy it right away and maybe more cause the price was going to be another 10-15% higher in a few weeks. I was also able to take some profit off the table from some investments.
Almost 50 years later and I can see much similarities today with the exception of some nations, companies and communities being better prepare for unknowns unfolding all over the world.
A house is a costly investment where one can feed a money pit or be comforted with an effective security blanket. That is, if you look after your blanket.
A good roof, lots of insulation, great windows and well working heating and cooling system is top priority for a home owner. The longer you wait to do these things the more expensive it will be later and if you don't do it , your resell price will have a much lower starting point. All the extras will not get top dollars.
My wife is much more conservative than I am so things don't happen without my spreadsheet being well scrutinized. She doesn't like to borrow and now I am trying to convince her it is time to sell a rental property we own. The capital gain is more valuable than the monthly income because of tenant laws limiting rent increases.
Best of luck with your decision process. Not easy to make decision when you have to manage two brains. If you know what I mean. !LOLZ
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Thanks, I appreciate that. My wife is actually pretty good about not wanting to spend money, she just wants nice things and I don't fault her for that. She also doesn't always see all the "angles" with things that I do, but again, I don't fault her for that either, she has enough other stuff going on in her life right now. We can't both think of everything. Those are some great points you made and I am likely going to just bite the bullet and take out the loan to get some of it done. As you said, the cost is likely only going to go up. We have a good high efficiency hvac system, so maybe new windows will help lower that cost even more.