Anonymous wrote:We bought a cheap fixer upper in a great neighborhood. We thought it would be a good investment and we'd enjoy fixing it up. It's a total money pit and after doing all of the HAVE TO renovations (sewer stuff, asbestos removal, etc.) we don't have any money for some of the cosmetic things that we need -- like new doors, new windows, etc. My next house will be 100% move in ready, even if it isn't in the best neighborhood.
We have done a similar thing and are also falling into a money pit. We know we can afford to not only fix it but do cosmetic changes and update kitchens/baths/appliances, but we are still worried about all the other potential problems with the old house. Plus, I am not thrilled that we have small baths, tiny closets and smaller living areas, but unfortunately, cannot afford anything new or nicer. So, we must do if we want to live in a particular area, because we are not willing to compromise on location. We are hoping that all in all, we will be happy in an old smaller home because of location and that at the end of the day, we hopefully made the right choice.