We are trying to decide if we should go ahead and spend a lot of money up front on a mortgage to build a new house, or should we spend less on an Old house that needs some work?

I would LOVE suggestions on this one!!! PLEEEASE!

That is a really personal decision. I think only you and your dh will know what is best for you both. Have you done a pros/cons list for each choice? I know it sounds like a dorky suggestion, but it just might give you some more insight.

Buying old and fixing up is economical only if you are going to do all or most of the work yourself AND if you know what problems you are buying.

We bought 2 homes in the past 5 yrs, fixed them up and made enough profit to pay cash for the home we live in now. I love this house, it looks like we will be living here the rest of our lives... hopefully mortgage free

We are going to start building our home here in the next couple of monthts. It will be cheaper for us to build rather than buy. We are going to pay builders to get it under roof, and that is it. We intend to do the rest ourselves with the help of family members.

We bought old and are renovating. The price was good enough that we could afford to have the major stuff done for us, and we are doing other little stuff as we can afford it later. It really depends on the market around you I think. We are in a major city in the middle of Europe, so we were happy to find a place that was within city limits (better future value) and actually had a little yard around it. The market here is very tight, so it was a great deal that we ended up getting. Be sure to get to know your local real estate market before you make the investment - research usually pays off!

__________________
~ mama abroad

"Be the change that you want to see in the world." -Ghandi

check out my culture shock blog: A View from the Outside

We bought a house built in the 70's a few years ago. It had brand new siding, windows, etc., so it looks really good. nothing was "wrong" with it. HOWEVER! the kitchen and bathroom are totally dated and will cost us probably 15-20k to redo. It isnt a big deal to us, we love the house, and will do improvements in a few years.

I think its a personal decision though because some people want things perfect. my brother for example would NEVER live with this kitchen and plans on building a house.

The problem is, does it need some work or A LOT of work. Our house needed everything. My husband has done most of the work and it is very draining on our family life. He spends 75% of his free time working on this house. I help sometimes but someone has to watch the girls. We ended up having to refinance to pay for the major fix-ups. The value of our home has increased by 200% since we bought it. Due to renovations and the market. Our home is still less expensive than the new homes being built around us but it takes a lot of time.

Bottom line, if I could afford it, I would buy a new home!

__________________

I think it can work about the same depending on what you find/build.So it's up to you.Building lets you also do alot of customizing to what you need-a big help for planning organizing and storage

__________________
Avoid Fruits~N~Nuts....you are what you eat!!!

Have you ever thought about a modular home? We looked into those and if I was going new, I think I would go that way (Instead we bought a 100+ yr old house)

__________________
~Happiness is a large family~

it really depends on your preference. Buying used and selling for profit every few years is a great way to get in your dream home. However if you aren't a fixer upper and you want a home to stay in long term I (personally just me) would buy new.

__________________

A woman is like a teabag. You never know how strong she is until she gets into hot water.-Eleanor Roosevelt