Quote of the Day
We bought our wreck 21 years ago and all our worst fears (which you enumerate succinctly) came true. We are hostages, no, slaves, to this energy-devouring century-old heap, which delights in torturing us from its devious old mechanical heart to its leprous, flaking exterior. It has sucked every penny of disposable income from our combined…
We bought our wreck 21 years ago and all our worst fears (which you enumerate succinctly) came true. We are hostages, no, slaves, to this energy-devouring century-old heap, which delights in torturing us from its devious old mechanical heart to its leprous, flaking exterior. It has sucked every penny of disposable income from our combined labors while continuing to deteriorate before our eyes. We have made every imaginable mistake in attempting to “renovate” it, mistakes from which we seldom learn anything, because the next mistake arises from a totally different and unprecedented sort of calamity. Our so-called “investment” has kept us house-poor and chronically overwhelmed for what we laughingly call the “prime” of our lives. And unless someone gives us, oh, say, half a million dollars, it will never get any better. Needless to say, we love this pile of wretched wood and pipes with a passion so tender that to gaze upon it sometimes brings tears to our eyes, at least until a piece of woodwork or roofing falls off in plain sight.
— by Brenda from Flatbush (whose 2009 Prospect Park calendar is now available here) in First Time Homeowner Anxiety
brownie77 – I don’t need 4000 square feet and never will. I’ve seen 1500-sq/ft houses that I’m unsure how I’d fill, let alone something bigger than that. So the idea of having to maintain a ton of space I won’t even be using is not exactly highly appealing to me.
It’s for this reason that I prefer smaller brownstones and/or condos.
I have about 4,000sqft (about 1,000sqft per floor) in my brownstone (5,000sqft if I include the basement). Where can I get a 4,000sqft condo ?1!?!?1?!!?!?1?1?1
Yes maintaining a brownstone is expensive but no more than paying maintenance fees on a 5,000sqft condo !!!
At least it isn’t one of those ugly new concrete fedders jobs, right?
Wasder;
Well, I guess we’ll just have to “agree to disagree”. I’m sure that everyone was well-intentioned in their advice, and I understand what you are saying. However, I would again urge caution in dispensing out advice on such a big issue without knowing more about the person’s finances, values, discipline, etc. In fact, encouragement, no matter how well-intentioned, may not be the best advice this person may receive.
As we write these posts, folks are losing their homes through foreclosure by the thousands. If someone had told these folks two years ago to cut and run while their head was still above water, they would be in a different situation right now.
Brenda – is this quote supposed to suggest that all the agony and financial outpourings are worth it? Because if I was the original poster I would kill myself after reading your comment.
Fair enough benson. I hadn’t seen that exact quote you put up. But still, what else is one supposed to say but good luck? The purchase has been made. I understand that we don’t know any other specifics about the OPs financial situation so our advice might be off base but if they have already bought your concern about whether or not we are giving them bum advice is misplaced and out of date. Most posters were helping with the mental aspects of it, as I was trying to do. There is a huge psychological hurdle to cross when one really takes in the notion of a multi-hundred thousand dollar debt, no matter what your financial circumstances. I don’t see how offering advice about how to deal with that is doing a disservice to anyone.
Wasder;
Really? Here is just one of the gems of advice that was given to this person:
“When we purchased our first house in 1980, we signed up for a 14% mortgage and we paid ten points to get it. The mortgage payment took half my husband’s monthly take-home, we had other debt, I was making squat (our son had just been born), and the house needed everything, which is why we could “afford” it in the first place.
Which is to say, it will all work out. One day/task at a time; don’t project too far into the future or get overwhelmed by “everything” that needs to be done.”
How different is this comment from “You can’t lose in real estate”?
I acknowledge that this person MAY just be feeling the normal jitters that come with first-time home ownership. On the other hand, it is also quite feasible that they are truly in over their head. If the latter is the case, they should cut and run. Absent any specifics, we are giving out “Dr. Phil” instant analysis and advice here, well-written or not.
I love the prose, but the overall quote makes me seriously wonder whether I should reconsider the “old brownstone vs new condo” debate. My heart says brownstone, but my head (and my wallet) are leaning toward condo. 😛
benson…I agree with you, scrooge that you are. I didn’t weigh in on the post because I felt it was too open-ended and not enough information about their personal situation that I didn’t feel comfortable asking.