How much house do you need?

[Jim Richards]

IMO, my wife and I need a ~1200 sq. ft. house with a two car garage that can handle a two-post lift. No basement is required, and the lot should be small since yard work = hell. Can you tell I live in the city?

[berettafan]

Amazing what you can get in Tx for the $$.

We were just looking at Wilmington and Charlotte NC and for the $$ we paid for our house we could have 50% more space and possibly even a basement.

[nostatic]

what are you guys "storing"?

Hell, I'm still selling and tossing stuff out...

[Dueller]

Originally Posted by stomachmonkey

Place I'm leasing while we build is 1800, 3 bed 2 bath and it's claustrophobic for us. Me, wife, 2 kids, 4 cats.

New house is 4700.

No basement so the space is welcome.

I'd go even bigger if I could.

Once kids are gone we'll downsize.

So...when do you consider the kids gone? When they go off to college? When they graduate? Get married?

My wife is operating under the assumption (delusion?) that the kids will be back regularly for christmas, summers, holidays etc. Maybe so, but a room at the Hilton would be cheaper

Until I got married 2 years ago, I lived in a 2 br/2ba/2 car garage 1400 sf garden home. Small fronty yard but completely open behind me due to drainage easement (creek) so it was like having a huge backyard I didn't have to maintain.

Loved it.

Ahhhhhh...those were the days.

[Jims5543]

Originally Posted by Dueller

So...when do you consider the kids gone? When they go off to college? When they graduate? Get married?

My wife is operating under the assumption (delusion?) that the kids will be back regularly for christmas, summers, holidays etc. Maybe so, but a room at the Hilton would be cheaper

Until I got married 2 years ago, I lived in a 2 br/2ba/2 car garage 1400 sf garden home. Small fronty yard but completely open behind me due to drainage easement (creek) so it was like having a huge backyard I didn't have to maintain.

Loved it.

Ahhhhhh...those were the days.

I am at those days and have the sense not to change it. I have never felt like our house was too small. The ONLY reason I can think of to go bigger is to impress people. I almost fell for that and I am glad I stopped myself in time.

[Dueller]

Originally Posted by Jim Cesiro

I am at those days and have the sense not to change it. I have never felt like our house was too small. The ONLY reason I can think of to go bigger is to impress people. I almost fell for that and I am glad I stopped myself in time.

When I bought my little house 5 years ago (for $82K cash) the realtors were in disbelief..."with that much down you can buy a $400K house; you're a lawyer, you need an impressive house...yadadadada." Best deal I've made cuz I sold it for $145K last year. Which allowed me to pay cash for $230K house appraised at $270K.

My only problem with the patio home (aside for the need for a 3rd br was that the dive way was too small for all the kids/guests cars since we can't park on the street.

[Aurel]

We have a 4 br 2 bath 1 car garage 1850 sq.ft colonial which is more than enough space for wife, daughter and I. Wish I had a basement and a 2 car garage, but hey, this is New-Jersey, and a big upgrade from 1400 sq.ft 2 br 2 bath no garage we had before.

Aurel

[legion]

Originally Posted by Dueller

On a semi related note (and since you saw the RE problems as severe way back in 2005), we have paid cash for the house. I hate house payments, but with interest rates as low as they are I'm tempted to finance say 40% (c. $100K and invest in something else). But I hate house payments. What say you?

Wow, I'm complemented.

Everyone's situation is different.

Do you sleep better without a mortgage? Or does the thought of missing a deduction kill you?

Is there a chance you will have to pick up and move before the mortgage is paid off? If so, you are in a MUCH better position without a mortgage, especially if housing prices continue to fall. It also means you are not as pressed to sell and can take on a mortgage at the new place while waiting for your old place to sell.

You might be in a better position in the future if you continue to sit on the sidelines. Wayne is still sitting on a wad of cash after all.

Do you need a bigger house now or in the near future? If so, it might be the right decision for you.

[TWork]

It seems like houses are just getting bigger and bigger. I see empty nesters with 4500 sq ft houses. Even if you want a decent size spread to entertain, that just seems like a whole lot of house. And, this is in CA. I agree with a previous poster, seems like a lot of money spent to heat and cool just for a family of 2 -- heck, even for a family of 5.

We've got ~2800 sq ft -- but, we're breaking ground on a 1500 sq ft workshop later this week. :-)

[berettafan]

Originally Posted by nostatic

what are you guys "storing"?

Hell, I'm still selling and tossing stuff out...

You're divorced, right?

That's how come you get to throw stuff out.

[Dueller]

I don't sleep well either way

The mortgage interest deduction is of no concern to me.

Housing prices in this area seem to continue to fall but somewhat more slowly of late in this area.

Unlikely we'll move anytime soon.

As I started this thread, I'm feeling we've gotten into too much house. But on the other hand, it is much more comfortable with the additional space. But it does seem to me that it is a luxury rather than a necissity.

Actually in the future (4-5 years) we're gonna need less house if I had to guess.

Basically, I feel house rich and cash poor. BUT I HATE HOUSE PAYMENTS.
OTOH, when you consider the appreciation on the last two houses, my actual cash out lay puts me in a $300k house for about $170k.

[David]

For schools and safety, I think the neighborhood is much more important than the size.

We live in a 2100 sqft house with a 1000 sqft garage. The neighborhood is OK, but not great. Our son is 13 now and I'm worried that if he's hanging out with kids with no plans for college, at least not a good college, that it could be a major problem. I think the high school he'll go to next year is one of the best in Houston, but we don't live in one of the better neighborhoods for that school. Maybe I'm just trying to justify moving into a ritzier neighborhood.

My ideal house is 3,000 sqft with 2,000 sqft of garage space. Preferably near downtown, but probably we'll end up out in the sticks. Of course this would have to be after we're empty nesters. I think 3,000 sqft gives large enough rooms to be comfortable, with extra space for a guest bedroom, office, workout room, etc.

[nostatic]

Originally Posted by berettafan

You're divorced, right?

That's how come you get to throw stuff out.

well, you guys are all manly men...tell your wives that it is time for spring cleaning and all the crap goes out.

I hope you have wireless signal in the garage next to the sleeping bag

[stomachmonkey]

Originally Posted by Dueller

So...when do you consider the kids gone? When they go off to college? When they graduate? Get married?

My wife is operating under the assumption (delusion?) that the kids will be back regularly for christmas, summers, holidays etc. Maybe so, but a room at the Hilton would be cheaper

Until I got married 2 years ago, I lived in a 2 br/2ba/2 car garage 1400 sf garden home. Small fronty yard but completely open behind me due to drainage easement (creek) so it was like having a huge backyard I didn't have to maintain.

Loved it.

Ahhhhhh...those were the days.

I consider them gone when the youngest is close to the end of graduating college and the wife and I trade the big house for something too small for the kids to want to share with us

[David]

I guess this sort of raises another question: How much should you spend on a house?

I've heard 2 times income, but then I hear of folks on the east and west coast spending 10 times their salary or more.

My house is probably worth less than one year's income so I feel a little cheap sometimes, but it sure frees up money for the Porsche, racing, and of course savings

[Dueller]

Originally Posted by 125shifter

I guess this sort of raises another question: How much should you spend on a house?

I've heard 2 times income, but then I hear of folks on the east and west coast spending 10 times their salary or more.

My house is probably worth less than one year's income so I feel a little cheap sometimes, but it sure frees up money for the Porsche, racing, and of course savings

I really don't look at it that way. What in god's name would Warren Buffet buy in lieu of his 4 br ranch in Omaha? Even Bill Gate's $60M manse is out of line with his income (as in too small).

Now what kind of house you can afford is a different matter.

[legion]

Originally Posted by Dueller

I don't sleep well either way

The mortgage interest deduction is of no concern to me.

Housing prices in this area seem to continue to fall but somewhat more slowly of late in this area.

Unlikely we'll move anytime soon.

As I started this thread, I'm feeling we've gotten into too much house. But on the other hand, it is much more comfortable with the additional space. But it does seem to me that it is a luxury rather than a necissity.

Actually in the future (4-5 years) we're gonna need less house if I had to guess.

Basically, I feel house rich and cash poor. BUT I HATE HOUSE PAYMENTS.
OTOH, when you consider the appreciation on the last two houses, my actual cash out lay puts me in a $300k house for about $170k.

Sounds like if anything, you want a smaller house.

I very nearly bought a 2900 sq. ft. house that needed A LOT of work instead of the current 1600 sq. ft. one. I'm so glad I didn't buy that house.

Think of how house-poor you'd feel if you had a mortgage payment to make every month?

[cairns]

"3 story, 3400 sq/ft five bedroom, three car garage, biggest mistake I've made in the last four years. It's just me and the wife, she furnished all of the bedrooms, and they just collect dust. I have to pay each week to have it cleaned, it costs too much to heat, too much to cool, and I'm always working on it."

God you sound like me. Only I have a two car garage and can't build a third because of the lot. The wife entertains herself by looking at even bigger monstrosities (I call them ego houses- we almost bought one last year thank God we didn't). I would rather have 3400 square feet of garage and a 1500 square foot house.

[Dueller]

Originally Posted by cairns

God you sound like me. Only I have a two car garage and can't build a third because of the lot. The wife entertains herself by looking at even bigger monstrosities (I call them ego houses- we almost bought one last year thank God we didn't). I would rather have 3400 square feet of garage and a 1500 square foot house.

McMANSIONS....FAUX CHATEAUS

[stevepaa]

Our house is 24 years old, 2000 sq ft, 2 ba, 4 bed, 3 car garage ranch with vaulted ceilings and about 500 sq foot area between vaulted roof and bedroom area. I finished off the 500 sq ft area for storage. It is amazing how much stuff you accumulate over 31 years of marriage and raising three kids. Last one is finally out and we have two empty bedrooms.

we looked at newer homes but only for decorating ideas as they are built too close to each other and have absolutely no storage space.


my advice is buy the median home in a nice neighborhood, preferably in a court with a northern exposure for the front door.