Sunday, February 13, 2011

More property?

We have had really good luck with property in the past. We bought our first house in Saskatoon for a ridiculously low price and managed to make $200,000 when we sold it. Then, we bought a condo in Regina for my hubby to live in, while I finished school, which we sold for an extra $140,000. Somewhere in there we bought a lakefront property for what was really reasonable at the time (although some people thought we overpaid, there was nothing cheaper that was usuable). And, we bought our house in White City that we now live in. So, right now we own 2 properties - our house and our cabin.
Our cabin, however, is a real piece of shit. No, really. The property itself is lovely and very usable, and so we use it a lot. But the house was built in the 1950s, and not very well. After 60 years, it is finally and totally falling apart. The biggest problem is that the roof has been leaking for years (we finally reshingled it) before we even got it. Now the roof is rotten, and probably the walls too. It is really gross actually. Not to mention the fact that it is too small to even house a regular sized bed.
We got a phone call from our neighbours at the lake today. They are selling their place. So, that gives us a new option. We could keep our house and build something on it eventually (which is our original plan, but my hubby has put off for 5 years already), or we could just buy their place, and then just landscape our lot. It would give us double the property size, and more privacy because of that.
They have put a lot of work into their house, and it looks great. It has lots of room, a big kitchen, and is winterized. Just what we want. We think we could put a big deck on the side of the house (big enough for a hot tub for sure!), a proper boat house on the other side of the house, and like I said landscape ours.
So, where is the problem? Well, we are so close to having EVERYTHING paid off (our big house, our newly landscaped yard, and our cabin at the lake), that my hubby really doesn't want to incur anymore debt. I can't say as I really blame him, but it would solve our dilemma of the cabin. We would have a winterized cabin, that wasn't rotting, that shouldn't need any work for a long time, that we could use for a long time (at least 15-20 years). I am also torn for another reason. If we just wait, and build our own place, we can build what we want. Not to mention, that having more property means more work. More grass to mow. More trees to water. Sure, we could put a huge deck on (that would help), and zeroscape some of it, but still. We are just not sure. Maybe we should go look at it? Maybe, they would give us a deal because we know them.
HHHHhhmmmmmmmm....... What to do?

No comments: