payoff house or buy another one

[gbabesmom]

Here's the thing our home needs $6 - 10,000 dollars in repairs and the neighborhood has turned to crap. Right now we're looking at paying off our home in a year or so. But what if in the meantime we find something we could buy and get the heck out of here? My heart does not want to leave my home to be vandalized if we leave it vacant. What do you think

[moon29]

I would like the home as is so that buyers will know that it needs so work and see if you have any takers as long as you list it reasonably priced it should sell and then you would be able to get out of the area you dislike and into a new home that fits you better.

[lvstephanie]

I'm confused why you'd leave your old home vacant if you bought a new one... Usually you'd sell the old one in order to buy the new one. However I'd still think about making the repairs on your old house; by making the repairs yourself, you'll appreciate the value of the house usually much more than by what the repairs cost, so that when you do go to sell it, you can recoup the repair costs plus a little extra (that's the whole idea behind "house flipping"). Although since you mention that the neighborhood is going to crap, the repairs wouldn't have to be done so well as you'd perhaps do were you planning to continue living in it; just do the repairs to the quality that you'd find in that neighborhood.

[demaina]

I don't know anything about this, but if you aren't happy where you are, you'd be better off moving.  If you leave those repairs for the next owner, they may appreciate it cause then they can turn the house into what they want it to be. 

[countrygirl12]

I would like the home as is so that buyers will know that it needs so work and see if you have any takers as long as you list it reasonably priced it should sell and then you would be able to get out of the area you dislike and into a new home that fits you better.

But if it is a bad area it may be harder to sell the house anyway.

[vickysue]

We sold our home in a different county, bought a small one where we live now and have been putting new windows in and have one large that a contractor will have to put in. Just put a new metal roof on. . The people that were buying our house just paid it off. They still had almost 8 years on it. What a great surprise. But it goes into the savings instead of blowing it. Everything we do to this house increases the value on it. Who knows may get this one fixed up and sell it and get another. Wrong am getting to old for it.

[hawkeye3210]

I'd put your house on the market.

[tuyetmai]

I really don't know but if I have to choose then I'll save it and fix the house.  As you mention, you don't want to leave right now.  Just save more and then you can buy your second house later.

[catherinedwhite]

Your home is your sanctuary.  You must be happy when you are there.
Being debt free should be a goal so the you must way the pros and cons and decide which will make you happiest.

[SweetApril74]

Hmm... read all the comment, i dont have any idea, hope i will have one nextyear

[myfreebees316]

If your try to sell it now you may loose money since the neighborhood has turned bad as you put it. That usually drops the price of all the houses in the neighborhood and you probably wont get much if any of the money you put into it & may even have to sell it for less to get rid of it. If you can really afford another house that you want go for it but consider being really reasonable with the price you have for the current house your in if you decide to sell or you could be stuck with a house for a long long time that you don't want anymore

[Timberlan127]

I think I would look at paying the house off and looking at a new house. But if I wouldn't move until I sold the old one even if you have to rent the new house for a while. Getting out of there sounds like a good idea but leaving it vacant would not be smart under the circumstances.

[Sendmicheck]

Look for another home then rent the old one or put it on the market.  Even if the neighborhood is changing someone who likes to fix house will buy it.

[gbabesmom]

I really don't know but if I have to choose then I'll save it and fix the house.  As you mention, you don't want to leave right now.  Just save more and then you can buy your second house later.

That's looking more and more like the right idea.

[gbabesmom]

I think I would look at paying the house off and looking at a new house. But if I wouldn't move until I sold the old one even if you have to rent the new house for a while. Getting out of there sounds like a good idea but leaving it vacant would not be smart under the circumstances.

Thank you. It's not smart because we seem to have a firebug in our area. :-/