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 Party Girl
Posts: 12293
   
Location: Buffalo, Wyoming | We were told Thanksgiving Weekend the place we are leasing will be turning back into a full time cattle operation and they will be hiring a Ranch Manager that will be taking our home. They gave us 90 days to find some place else to live, which is very, very generous of them. We had planned on buying eventually but weren't expecting it this soon and do not really have anything saved for a down payment.SO thinks if we skimp and save for the next 60 days we will have enough ( I have half of what we would need as I just sold a horse). It seems like a far stretch to me.We kind of have 3 options here..... Please give me your opinion on which you think would be best. Of course I am leaning one way and the SO is leaning the total opposite direction. I am hoping you guys can get him on my side.
Option #1- Log Cabin on just 2 acres but at the base of the Big Horn Mountains. It is in a subdivision and there are houses on top of houses. We only have 2 horses right now so the acreage should be fine but there is really no good way to set it up. Price is in the mid $200's and we were hoping to get them down to low $200's. No barn or garage or really outside storage of any kind. We would have to do all that. Our realtor said the cabin should go convectional as far as financing. Very outdated on the inside and would need a bit of work to get it where we would want it. Decent grass but the horses would have it ate down in no time. Not fully fenced. Probably could make a little money when we decide to sell
Option #2- Pre-Fab home on 15 acres has a nice view of the mountains. Houses are spread out so you are not on top of your neighbor. Plenty of room to put in an arena, fully fenced with 3 different traps, fenced yard for the dogs. Grass is not the best but there is enough land to rotate the horses. Has a barn with hay storage, closer to town. It is on a cement foundation. Have not talked to our realtor about this house yet. Inside of the house has some updates and appears from the pictures to be in really good shape. Price is in $184. Would need a little work to the outside but not much. This one is also closer to my work, SO works out of town so it would be me there 80-90% of the time. Not sure if we could make a ton of money off this when it was time to put it up for sale.
Option #3- Rent the single wide my friend offered us on their ranch. Rent would be very cheap and would allow us time to save up money and not be in a rush to buy. We would have plenty of room for our horses and dogs would just need to get some kind of storage for tools and stuff. Plus side to this is I would have someone close if something were to go wrong while the SO is gone. For some reason he is totally against this option.
I am sure it is not hard to see which way I am leaning right now. I can post a link to the 2 homes for sale if anyone would like to see them. Please tell me what you would do if this were you.
Also- there are some big changes happening in both the companies we are working for so we are unsure on the stability of our jobs. When I bring this up to him I am being a pessimist.
Edited by UTAHCANCHASER 2014-12-29 10:14 AM
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 Elite Veteran
Posts: 1182
Location: Do I hear Banjos? |
I don't like to make huge decisions on a time deadline. Therefore I'd go with the rental option to buy yourself more time to save funds...and to find the absolute right home/property that you both look at and say "This is IT!". |
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 Tried and True
Posts: 21185
Location: Where I am happiest | Job stability counts for alot. However, IF there were a job change it would be much harder to qualify for a home loan for quite a while. If #2 has been listed for quite a while, I would make a low ball offer and see where it goes. |
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Extreme Veteran
Posts: 316
| I'd go with #2 option. You can't do too much on 2 acres for horses and you can always fix up your home but you can't change where it is at/ the lot you have (unless you get lucky and the one next is for sale with no home on it) |
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Party Girl
Posts: 12293
Location: Buffalo, Wyoming | Thanks everyone! Keep them coming! Got to make him see the light...  |
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 Accident Prone
Posts: 22277
Location: 100 miles from Nowhere, AR | I voted for the pre-fab because of the acreage, outbuildings, and affordability. Depending on how it's deeded, the house may or may not hold its value, which needs to be looked at. Knowing myself tho, I would probably rent given the short notice so I had time to make the best decision. |
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 Fact Checker
Posts: 16575
Location: Displaced Iowegian | #1 would be a NO for sure.......I, personally, would go with the rental and save, save, save.........For sure, this option IF your jobs are not all that "stable"........You could end up losing it all if you lose your jobs and couldn't sell # 2........JMO
eta: We were in a similar position when my husband was transferred to western KS......we opted to "rent" (really cheap) for two years, even though the company would have bought the property when he was transferred.
Edited by NJJ 2014-12-29 10:49 AM
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 Expert
Posts: 2276
Location: ohio-in my own little world with pretty ponies :) | I voted rent. I would not buy unless you both love it. Rent and save until you find a home you both love. |
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 Hot Dispatcher
Posts: 10185
Location: Utah | I vote rent unless you are sure you will be based on your jobs. I would not do a pre fab home. Our house is an old modular and I HATE it. |
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 Buttered Noodles Snacker
Posts: 4377
Location: NC | I would go with the rent option. You will not be happy with #1 you can already tell by your description. The problem we ran into when looking at homes was that we could get more land in our price range with a Pre-Fab BUT their value drops and in most cases the land was more valuable then the home so we couldn't get a FHA or USDA loan and didn;t have 20% to put down on a conventional loan. I even think sometimes conventional loans can be tough if the home isn't worth a certain percentage. Good luck home buying is SOOOOO frustrating and scary!! |
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 The Vaccinator
Posts: 3810
Location: Slipping down the slope of old age. Boo hoo. | I'd rent, save and take the time to find the place you really want that supports your lifestyle best -- and is a good investment. Buying a home should not be a rushed-up decision.
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 Witty Enough
Posts: 2954
Location: CTX | mmm, that is a tough one. I would not pick the log cabin, 2 acres is nothing and you would be poring $$ in it and probably won't see that back even if you could get it sold...
So, leaves the prefab and renting... I like the idea of renting and therefor saving $$ for your next place. This will also give you more time to find what you really want in a place.
But I would only chose this option if I knew for a fact that it couldn't come between me and the friend. I have seen friendships end because of agreements like this. So if you have doubts there I would take the prefab. If you and the SO are handy, you can fix it up and maybe sell it for a bit of profit in the future.
Anyway, good luck, hope you find something (or make a decision) before the 90 days are up. |
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| Rent and save your money to buy when you are ready. These last minute, hurry up and buy it, deals lots of times don't work out very well. Pre-fabs won't hold their value so it might be really doubtful if you could later make any money when selling. I live in a single-wide and it's fine. If he doesn't like it, then just that much more motivation to save the downpayment to buy what you want and when you are ready. It is also very, very nice to have someone else around in case of emergencies. Finding the right home can really take quite a bit of time and you don't want to rush it.
Good luck. |
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 Own It and Move On
Location: The edge of no where | Do not buy anything you aren't completely in love with, you'll be sorry later on. |
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 Serious Snap Trapper
Posts: 4275
Location: In The Snow, AZ | I would personally go with option #2. But everyone is different. I would much rather have a stick built home, but I would settle for a prefab in turn for the acreage. Now in saying that, will a stick built home pop up on 15 acres next year in your price range? That'd be the bummer in my opinion. I would hate to buy and regret it later. We're in a rental right now, 3 bed, 2 bath, older (1980's) house on 3 acres. I would buy it in a heartbeat. But only because I know 10+ acre parcels are pretty much non existant here. I think you will know when it's "right". Good luck. |
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 Do You Feel Lucky Punk?
Posts: 3156
Location: NM...the Land of Manana | #2 if jobs are stable. |
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 Expert
Posts: 2097
Location: Deep South | I would rent in your situation.
Don't buy a house that you aren't BOTH in love with. Buying houses sucks, big time. It takes a lot of time and effort and money (closing costs that you don't get back). I think it's only worth all of that stress if you really do love the place and can't imagine living anywhere else at that point in your life.
Keep saving and something will come on the market that you both see yourselves in and is also a good investment. |
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 Unknown Drip
Posts: 5624
Location: Back in MT BABY!!! | I don't like the idea of renting from friends really either...but since both jobs are unstable I wouldn't get into buying a house either. The lesser of the two evils would be to rent and be upfront with the renting agreements get things in writing and be legit. Save for a place you both love. |
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 Worst.Housekeeper.EVER.
Location: Missouri | I like #2 because I hate change, and more than anything in the entire world, I hate moving!!! Especially moving knowing it's short-term (renting) and I have to do it again. If house 2 is something you could be happy with for several years, you will be glad you invested the money instead of throwing it away renting. Take your time making upgrades, changes, and adding value, then when you're ready, sell and move on.
Just my thoughts...
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Party Girl
Posts: 12293
Location: Buffalo, Wyoming | Thanks everyone! Keep them coming.
Just a small update. We just went and looked at the cabin. Neither one of us got the warm and fuzzies over it at all. It would take a lot more work and money to get it up to where it needs to be and I doubt we would get that money back. |
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The Advice Guru
Posts: 6419
| I would say 2
Reason being is you were renting and still have not saved money to buy. If you continue to rent, you are in the same circle.
2 has a barn that you can probably upgrade over the years to increase value. The grass you say isn't that great, but with a little work and fertilizer you can increase production. (We work up our pastures every 5-10 yrs and underseed to oats to get nitrogen back in the ground and keep horses off for a season).
Also if you buy even if you do not sell it for more money if you choose, you should be able to sell it for the same, then you really haven't lost any, if you continue to rent you are just paying someone else's mortgage and no benefit to you.
If no 2 is closer for you to work, you will also save money just in commuting expenses |
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 I Don't Brag
Posts: 6960
| Do you LIKE the prefab home? THAT would be a dealbreaker if I didn't like it.
We finally put a "double wide" on our place after years of looking. I am glad that we waited. It feels like a house to me and many are surprised when they find out it is a prefab. We considered resale difficulties and value but went ahead because we liked it (the layout and quality) and figured we would worry about resale if the time ever came. As far as value, we paid 52K for it almost 16 years ago and our insurance company keeps raising the insured value of it. I think last year it came in around 90K. I can only hope that we will never have to find out what they would actually cover it for. It still feels new to me and does not have that "mobile home" feel.
Personally I do not care for the idea of renting in a long term, stable situation. Seems like a waste of money to me. But then again, don't buy something you don't like!
Edited to add: Ran these choices by hubby and he asked where #2 is, in case you don't buy it....he might be interested. :o)
Edited by rodeoveteran 2014-12-29 4:03 PM
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Party Girl
Posts: 12293
Location: Buffalo, Wyoming | rodeoveteran - 2014-12-29 2:58 PM Do you LIKE the prefab home? THAT would be a dealbreaker if I didn't like it. We finally put a "double wide" on our place after years of looking. I am glad that we waited. It feels like a house to me and many are surprised when they find out it is a prefab. We considered resale difficulties and value but went ahead because we liked it (the layout and quality) and figured we would worry about resale if the time ever came. As far as value, we paid 52K for it almost 16 years ago and our insurance company keeps raising the insured value of it. I think last year it came in around 90K. I can only hope that we will never have to find out what they would actually cover it for. It still feels new to me and does not have that "mobile home" feel. Personally I do not care for the idea of renting in a long term, stable situation. Seems like a waste of money to me. But then again, don't buy something you don't like! Edited to add: Ran these choices by hubby and he asked where #2 is, in case you don't buy it....he might be interested. :o)
I do not mind pre-fabs at all and the one we are looking at seems to be in pretty good shape. My mom has lived in one for at least 15 years.
If it was just my choice I would buy a bunch of land and stick a single/double wide or pre-fab on it.
We are in Northeast Wyoming if he wants to come take a look! :)
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Own It and Move On
Location: The edge of no where | Keep in mind that if you're looking at something you might sell in a couple of years... you'll need to make enough off of it to cover closing costs on the deal. |
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Serious Snap Trapper
Posts: 4275
Location: In The Snow, AZ | I was just thinking how cheap 15 acres sounded.... I did some research and 15 acres here, no home, out by the indian reservation, goes for approx. $600,000. I guess that's why I'd jump on it. Our old house on 3 acres is worth around $250K. Just goes to show how extreme of a difference home value is. |
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Tried and True
Posts: 21185
Location: Where I am happiest | cheryl makofka - 2014-12-29 3:55 PM I would say 2 Reason being is you were renting and still have not saved money to buy. If you continue to rent, you are in the same circle. 2 has a barn that you can probably upgrade over the years to increase value. The grass you say isn't that great, but with a little work and fertilizer you can increase production. (We work up our pastures every 5-10 yrs and underseed to oats to get nitrogen back in the ground and keep horses off for a season). Also if you buy even if you do not sell it for more money if you choose, you should be able to sell it for the same, then you really haven't lost any, if you continue to rent you are just paying someone else's mortgage and no benefit to you. If no 2 is closer for you to work, you will also save money just in commuting expenses
These are the exact reasons why I voted #2 as well. |
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 Undercover Amish Mafia Member
Posts: 9992
Location: Kansas | #3 |
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I keep my change in my pockets
Posts: 2985
Location: MN | #3 and get serious about saving money for your ideal place and not just settling for a place because of the 90 days and you have to move. Maybe you can put do e serious money away in one yo two years to be able to get a place you really want. |
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 Veteran
Posts: 164
| You need to talk to your realtor about #2 because pictures and listings can be very deceiving. That's what I'd go with though. Seems like a good deal. Go see it before stressing about it more. Buying is always better than throwing your money away at rent. Also, you probably won't lost money on the deal. But, if you do, it's not like you wouldn't lose money renting the place. So either way I feel you come on top because you are living somewhere nicer and more convenient. And you don't have to worry about the friendship thing. Also, pre-fab can mean a lot of things. Are we talking a manufactured double wide or are we talking about a house that you order a floor plan and is normal frame built but theres just some specific floor plans the company makes, all the wood comes pre-cut, etc.
Edited by HannahRodeoCowgirl 2014-12-30 12:07 PM
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Party Girl
Posts: 12293
Location: Buffalo, Wyoming | Well options 1 & 2 are off our list. The pre-fab is under contract so I guess we are back to the drawing board.
Thank you everyone for your helpful information. |
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Home Buying Decisions... Long