should we have bought this house, 1966 remodel?

Question

2 years ago my wifes realtor friend told her she better by now, i told her we should save our money and wait, she wanted to remodel and i said i dont want to, she said she would divorce me if i didnt buy it, this house is costing us an extra 1000 a month over renting, i am 50 and will never see it paid off,,,30 years,,she said its good for the kids when we die, i told her we could get a 3 million dollar life insurance policy for about the same and the kids would be better off, we will never get that out of this house, who was right

Answer 1

I can't believe you are even asking this question!!! The wife is always right (especially in this case)!

Answer 2

You could have bought a less expensive house. If you have money saved for down payment, it is better to find the house with a divorcing or relocating owner to get a great deal without remodeling.... Financially, it is better much better to own than rent but it is also important that the monthly payments be affordable. The current mortgage industry crisis is the result of too many people taking on too much of a house payment. If you buy a house you must keep a saving account untouchable with six months of reserved mortgage payment in it....Life is unpredictable. Loss of job or illness/accident can ruin everything. Flipping a house isn't gonna be a great deal if you ever have the house longer than six months or are not a contractor yourself....There are other ways to make money in real estate than flipping.... Seek those out.... Book are at most libraries or even ebay and amazon for cheap...... Yes, the house is too expensive, No, it is the best thing to buy a home or two.

Answer 3

As to the divorce issue I'm not qualified to answer but common sense tells me that you should seek a qualified individual to give some assitance in understanding what really is going on.
As to the house, a house purchase does have it's tax advantages and equity building savings so you'll need to see how much in equity you've accumulated and how much of your taxes have been returned because of the interest you may be paying.
I do have a question for you: Did you get a lead disclosure pamphlet required by the Federal Gorvernment on homes built prior to 1978?
EPA’s Required Lead Disclosure from Sellers and brokers (includes the required pamphlet):
http://www.epa.gov/lead/pubs/leadbase.htm

I wish you the best.

Answer 4

You were both right in a way. And yes you can live to see it paid off. Just send in another principal only payment. If you can afford it. By the time you die the insurance policy would probably only pay for your funeral whereas real estate always keeps it value. However your never going to see a million dollars off a 40 something year old house.

Answer 5

You both are in your own way.

BUT

Someone who threatens divorce over something as relatively rudimentary as a home purchase is telling you something -- loudly and clearly. You threaten divorce for refusal to get treatment for addictions, abuse, refusal to work, adultery, etc. Not for BS about a house.

Without counseling I don't see a bright future for either of you in this marriage.

Answer 6

Depends, neighborhood, energy efficiency, local economy, taxes (property taxes vr income tax affects). Type and price of house relative to others in your vicinity. You don't give enough information.

Answer 7

You were right for your personality ,
She was right for hers .

NewsFlash , you 2 are Not compatible but you chose to go with it instead of divorce .
Only you can decide whether living by someone else's standards is worth it .

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Answer 8

hi mr mom its blue i think that you where right,if youre kids are any thing like mine all they will do is argue over it .with the money they can shere it blue