Need Advice: What to Do

[cschin4]

OK, I think I got myself into a bit of a pickle. I have always made good financial decisions but for some reason do not think I did this time. Here's the situation. 6 yrs ago, we sold our first home and moved across town to a really nice home. However, we moved shortly after some major traumatic events in our life. And, it seems I was never quite able to detach myself from my old house and learn to enjoy the new one.
Anyway, when the old house came up for sale, I had the brilliant idea to remodel it and move back into it. So, now I own 2 houses. And, the old house has undergone major rennovation and will soon be finished. And, I spent way too much rennovating it.
My spouse isn't too keen on moving back. Our present home is much more spacious and he really likes it. I miss the old neighborhood but I can see the advantages of our present home and I am wondering if you really can go back.
We have our current home on the market but we live in a slow real estate market and things are not selling that well. At this point, I am considering putting both homes on the market and selling the one that sells and living in the other. I am not interested in renting out the other home and dealing with renters.
Either way I am going to take a financial hit. So, I am torn and unsure what to do at this point.

[maat55]

I think your idea gives you a better chance at getting one sold, obviously. We drive by an old house of ours every once in a while, but we wouldn't ever live there again. Good luck to you.

[aida2003]

I think you've made a right decision to unload one of the houses. IMO, emotions frequently are a detriment in building a sound financial 'house'. In case you take a hit, you'll need to close and not look back saying (after the house market rebounds) "if I'd just been patient..." because you don't know when we'll see the nice old days.....

[rob62521]

It's funny what heart strings will do, isn't it? I think you are being savvy on putting both on the market and seeing which one sells. Don't beat yourself up! We all make decisions we wish we hadn't at one time or another. I wish you the best and hope it all works out!

[PrincessPerky]

If you are willing to live in either then I would list both, and keep the one that doesn't sell.

in the meantime focus on the positive, on the fun you had remodeling and don't beat yourself up too much.

Also focus on what you can like about your new neighborhood. build some good memories, and remember they are just that, memories, you don't have to own it to remember it.

[JanH]

I think the traumatic events might be the key. You associate your old house with good memories, and the events and moving after them might be associated together. You are probably right in that you didn't detached yourself from the old house. You might be a little emotionally stuck in that regard. (Been there.) Perhaps through the process of buying and remodeling the old house, you've changed your perspective a bit.

[cschin4]

Hey, thanks for the encouraging words. I figure that even if I sell, that at least I beautified the neighborhood! At a price of course, but I do drive by it everyday.
I did have fun remodeling it and learned a lot. Education often comes with a hefty price tag! We may or may not move back. I am just taking it day by day. I really, really like the location of the old home, and that is what I miss about it. And, I still love the location of it. And, in reality, it probably doesnt matter which home we end up in. They are both nice and we can enjoy either.
However, it seems whenever I get involved in the real estate market I end up buying high and selling low!

[geojen]

I can sympathize with the emotional aspects of buying a home. We bought a home that was a little bit more expensive than we originally wanted. So, we don't have as much money every month to put towards paying down our cars and my student loans. On the other hand, it is still within our means (meaning we can still pay extra on loan, just not as much), and it is basically our dream home. A small farm (6 acres) in a small town (3000 people) with plenty of privacy. It is the kind of home that we want to raise our family in. Every day I look out the window and love what I see--some days, herds of deer pass by the house not 20 feet away.

So, while it may have been financially smarter to buy a smaller home in town, we would not have been happy. What would be the point of that?

[scfr]

I think your idea of listing both homes and letting go of whichever sells first sounds perfect.

Will you use the same agent for both homes, so that they are aware of the situation, and can hopefully steer potential buyers to both homes?

[Terin]

This thread should be closed the second it was posted. You dont need to let others offer you advise on what to do with your own life. Make a choice and then stick to it. No matter which way you go you are gonna wonder what the other was like when you get into this position unfortunatly.

[noppenbd]

Originally Posted by Terin

This thread should be closed the second it was posted. You dont need to let others offer you advise on what to do with your own life. Make a choice and then stick to it. No matter which way you go you are gonna wonder what the other was like when you get into this position unfortunatly.

Following your logic this whole site is a waste of time.

[JanH]

Originally Posted by Terin

This thread should be closed the second it was posted. You dont need to let others offer you advise on what to do with your own life. Make a choice and then stick to it. No matter which way you go you are gonna wonder what the other was like when you get into this position unfortunatly.

That's a bit harsh. Perhaps they wanted to hear from someone else who had a similar situation and how it was dealt with. Different viewpoints often help you see the big picture better while you make up your own mind. That's another good thing about this site.

[scfr]

So ... anyway ... Back to the original subject: cschin, those of us who like to both offer and receive advice (whether we agree with it or not) would be interested in hearing an update whenever you have news you wish to share about your unique situation.

[cschin4]

This thread should be closed the second it was posted. You dont need to let others offer you advise on what to do with your own life. Make a choice and then stick to it. No matter which way you go you are gonna wonder what the other was like when you get into this position unfortunatly.

If you aren't interested in the thread, you certainly do not have to read it. I thought the whole point of the board was sharing one's financial trials, successes and failures as a means to help each of us learn more. If you are "worried" that I am going to live my life based on anonymous advice from a message board, then don't.
As for this being a not so good financial move, that is very possible. However, I own both homes as both homes have paid off mortgages.

[cschin4]

Back to the original post: Update

The bulk of the remodeling is done. The house really is starting to look great. The downstairs bath will be finished up this week and the new kitchen will be put in next week. I have also picked up some additional contracting work as well at 3 other sites so I have more work than I even need. I figured it doesnt' hurt to take the extra work to hedge one's bets!
Anyway, at this point, we want to wait until the old house is done, see the new kitchen and then we will take a good hard look and decide what we want to do. The main thing is that I want my family and myself to be happy. I really love the old neighborhood and it is convenient to the school, library and downtown. We live in a small town and I really like being in town. At the old location, my kids will be able to walk to school and school events. They will be able to walk downtown to the YMCA and library and so forth. The big draw for me is having sidewalks. I love living where there are sidewalks. I think more people tend to go outside and walk, I like to walk and it has more of a neighborhood feel. My present home is very close to town but no sidewalks and has more of a suburb feel. I don't like walking down the road and my young daughter cannot ride her bike on the road. Anyway, those are the main points for me.
The old house is smaller. However, my oldest is 12 and in a few short years he will be moving out and going to college, etc. And, there is adequate room in the older home as well.
For me, it is basically a lifestyle issue. And, we are in the position to wait for a good offer. If I have to sit on one of the houses for awhile that is fine. We are not desperate sellers so I don't have to accept the first lowball offer that comes along. Anyway, that is where we are at this point.