New Guy...I need yr thoughts
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  1. #1
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    Default New Guy...I need yr thoughts



    Hello everyone, I'm new here. My wife and I are making a big decision and I need your thoughts. We have two young boys 9 and 4. We currently live in a nice two-bedroom home, it needs some updates but is a nice house. We were planning to add on a master bedroom and another bathroom, however be are really nervous about adding more debt. We could refinance and end up with a super low payment, but a small house...about 1100 sq ft.

    Most people tell us our kids must have their own rooms and we really need two bathrooms, its not normal these days but we are thinking the kids will be fine and it would be great to be financially secure in a crazy modern world.

    Any thoughts as we work our our decision????

    Thanks,

    Number5

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    Registered User mh3rdwheel's Avatar
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    I think for now they are ok, but when the 9 year old becomes a teenager he might not want a 9 year old as a roommate. I suggest you save money toward the mastersuite and build it down the road. If they were a boy and a girl then would be something else.

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    I think it really depends on what you and your wife want in the future. Sure people will tell you another bedroom is needed but many families are just fine with siblings sharing a bedroom. Right now it would seem more frugal to sit tight and live in your current home. The economy is horrible and really there does not seem to be a brighter side yet. So why cause yourself more stress worrying about being in more debt?

    You should not give into what other people think. Many of us here at FV may seem unconventionable compared to our peers or friends. But many of us are financially sound and have worked hard to be that way.

    Many times for us being frugal means we do the things we do so we can have what we need then want. Being debt free, good retirement, and good savings can be a very freeing thing. Your children are young but there are still many things to consider. Will you be paying for college, part of a wedding, braces, etc., high ticket items to think about if you want to refinance your home.

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    Everyone sure has a different idea of what a small house is. We lived in a 3 bedroom 900 sq ft house and when they were 5, 8 and 11 we moved to a house around 1300 sq ft with a basement. I agree if you can do it save and do it a little later. It really depends on your debt and how secure your jobs are. (is there such a thing these days?)

    I also know someone who had 3 daughters and lived in the 900 sq ft house with one bathroom and no basement and their daughters are grown and have homes of their own and they survived. LOL I'm not sure how with 1 bathroom and girls!!!!

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    Registered User Debbie-cat's Avatar
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    If you don't want to go into further debt....don't. Everyone survived in the past with one bathroom and shared bedrooms. Think of the Walton family. . We here at Frugal Village do not believe in keeping up with the Jones'. We believe in financial freedom. Welcome to FV!! Glad to have you here.
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    Registered User zakity's Avatar
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    My three guys share a 12 ft x 16 ft room. It is close, but doable. Our whole house is only 1024 sq ft.
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    You'll get some good advice here. Welcome to the village.
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    I'm one that does not believe that each child needs their own room. Across the world there are cultures where families share small space and thrive by the increased closeness and communication.

    I say save your money and hold off on the construction. You can always spend your money later to add onto the house.
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    Registered User bumplett's Avatar
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    I'd let the boys share a room & incure no more debt.

    it's not the end of the world not to have your own bedroom.

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    Registered User MissSeetonFan's Avatar
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    I grew up in a house with 4 bedrooms and two bathrooms. Since one bathroom was off the master bedroom, it was pretty much off-limits and not convenient for us to use anyway. All of us kids made do with one bathroom and three bedrooms. Two older boys shared a room. Three girls shared a room. Two younger boys shared a room. Once we hit teenage years there got to be a minimum of 3 teens in the house at the same time for more than 10 years. We still managed with 1 bathroom and shared bedrooms at least until everyone but the last three had left home.
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    I grew up in a house w/ no bsmt. 2 bedrooms and 1 bath. We had a boy and girl. Around 800 sq.ft.
    My parents never had a mortgage. I think lack of stress from not having debt will provide more for your kids than extra space.
    Incidently,we had a divider down the middle and changed clothes in the bathroom.

    I was just listening to Shilling who predicts housing will drop 20% more in 2012-2013 because we already have a glut of 2 years worth of homes for sale and now w/ the moretorium on foreclosures lifted will jump to 5 years surplus. Translation-additions to houses will not add to the value. That equals double the current amt. of people underwater.

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    Registered User bumplett's Avatar
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    Quote Originally Posted by frugalwarrior2 View Post
    I grew up in a house w/ no bsmt. 2 bedrooms and 1 bath. We had a boy and girl. Around 800 sq.ft.
    My parents never had a mortgage. I think lack of stress from not having debt will provide more for your kids than extra space.
    Incidently,we had a divider down the middle and changed clothes in the bathroom.

    I was just listening to Shilling who predicts housing will drop 20% more in 2012-2013 because we already have a glut of 2 years worth of homes for sale and now w/ the moretorium on foreclosures lifted will jump to 5 years surplus. Translation-additions to houses will not add to the value. That equals double the current amt. of people underwater.
    well, that's depressing.
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  13. #13
    Registered User missyali's Avatar
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    My kids (boy ~ 5 & girl ~ 8 ) have their own rooms and choose to share anyway! If what you have works for you, I say forget what is considered "normal".
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    Registered User krbshappy71's Avatar
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    My 3 nephews have always shared a room. They were given the master bedroom, they are now in high school and middle school and still share that room. They are all very close, have had to learn how to work out their differences (can't run and slam the door to your bedroom if..its shared.)

    My daughters and I shared a room (I am a single parent) and even the same bed numerous times while they were growing up and if we didn't share a room, they did with each other, until we (amazingly!) received a Habitat for Humanity house. Guess what they did once they got their own bedrooms? Snuck to each other's room at night. Another time they asked if they could use one of the bedrooms as a toy room, moved all their stuff into one room and slept together in the other.

    Right now my oldest teen who moved out is sleeping in my younger teen's room while she visits. Every time she visits she asks her sister if she can sleep with her, its really sweet. I know boys are different, I just wanted to mention that even though for many years they "had" to share a room, it certainly didn't hurt them and they now still choose to.
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    I would wait, too. Right now, the age thing probably isn't that big of a deal. In a few years, it may be. At that point, I'd refinance the one you are in, buy another one, and rent out the current one. Chances are real good you can rent it for far more than your mortgage payment will be, which is money you can apply to the new house payment. I have done this a few times and my current out of pocket expense for housing is about $300/mo. A lot will depend on where you live, though, and the rental market in that area.

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