My children love playing the “would you rather…” game and usually the options are rather bizarre. Would you rather be in a bathtub with a snake or in a pool with an alligator? Would you rather lose an eye or an arm? Their game has inspired me to try a house-hunting edition.
So many people want to be property developers. Let’s play virtual property developer, shall we? I’ve been looking at investment properties in our budget because we have sold our home. Usually it takes me ages of searching to find something I like. Here are two options that I’ve been seen.
Option 1: In-Town House
This house is an older cape-style house. It’s currently laid out as a 3 bedroom/2 bath home with a little garage on the side. It’s sweet and very typical for Cape Cod.
It’s been well-maintained but needs a style refresh. For example, the kitchen is in desperate need of updating. The pine cabinets, vinyl tiles and track-lighting are giving me the heebie-jeebies. The poor little pink flower isn’t doing much to add cheer to this room.
The bedrooms are small and somewhat oddly-shaped because of the little dormer windows. If I lived here, I would be permanently banging my head onto one of the ceiling slopes. Fixing this issue would involve making the dormers bigger.
There is room to make this a bigger 4 bedroom/3 bathroom house with a pool. There is a large sunny, lawn with mature planting which is all very pretty.
This house would rent easily because of its proximity to the beach and to facilities like restaurants, shopping etc. In fact, it is currently a rental property which is rented all summer with a good income stream.
Option 2: Sea-View House
This contemporary house is in a great location and has an amazing view. It is 4 beds and 3 baths, all of which are good sizes and well-located.
This house is described by the estate agent as a “house for now”. In other words, the ocean is encroaching and the cliffs are crumbling away a little bit every year. You may be lucky and you may not have to move the house further back from the cliff for 20 years or so. There is space to move the house further back on the land. You don’t want to move it though until you see which way the cliff is falling in order to maximise the views.
Currently you can walk right up to the edge of the cliff. There’s a sheer drop on the other side where the lawn ends. So not family-friendly.
Need I say the interior views are to die for as well?
The house comes with its own private beach within walking distance.
The house needs some minor refurbishment. The major work will come in the long run when it gets picked up and moved to the back of the lot. Apparently, it’s pretty easy to move houses, especially if they are built on basements such as this house. You just dig a new foundation/basement, move utilities, lift up the old house and plunk it on the new foundation. Easy peasy.
With the sea views, private beach and a large house, this house would earn a much higher rental than the the previous house. It would have limited resale value, however, as the current owners are finding out. They are selling the house for the same price they bought it for in 1998. Of course, you are taking the risk that the house falls into the sea next year and you don’t actually make the rental killing you were planning.
As for the rules of the game, you need to pick between these two options. These options are the whole universe. Assume for the purposes of the game, that both houses cost exactly the same price.
What would I pick? The house with a water view. I’m a risk-taker and it’s a good income-producer for as long as it lasts. I also don’t believe in inherited wealth so I have no interest in leaving a home for posterity. Like some other people who’ve made the news (Philip Seymour Hoffman springs to mind), I believe children who have it too cushy have nothing to aspire towards. Indeed, I’ve already told my children I’m planning on spending their inheritance and then some extra for good measure!
So, over to you, what would you do? Why? Would you rather have a sedate in-town home or a gorgeous but potentially troubled home with a water view? Please tick your choice in the poll below and feel free to leave comments as well.Would You Rather…? The Home Edition My children love playing the “would you rather…” game and usually the options are rather bizarre. Would you rather be in a bathtub with a snake or in a pool with an alligator?