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"Don't Hate Me Because I'm Solvent"
I just read an interesting article in the New York Times: "Don't Hate Me Because I'm Solvent". A couple purchased a 1913 Tudor brick house for $65,000 12 years ago in Akron, Ohio. The home is amazing (before and after photos included in the article) with 6 fireplaces, solarium, billiards room and servant call buttons. The couple offered the owner 45K less than the already reduced asking price. The offer was accepted because the house was about to be condemned.
They tackled the majority of the restoration work themselves, saving a considerable amount of money in the process. The couple has no debt except for a 55K mortgage. It is an interesting comparison to people who purchased more house than they could afford and are now feeling the pinch.
The restoration, still ongoing, is not without personal sacrifice. One of the things that I have struggled with during our ongoing house restoration is the loss of personal time, family time and trying to strike a balance between working on the house and "having a life."
When asked how long projects like re-caulking 733 window panes takes, the home owner replied:
"Years," Mr. Giffels says. "This is where I'm glad I wrote the book 10 years later, it gave me a perspective of all the time it cost: All my vacation time, all my possible spare time, a number of years of my children's growing up I gave to my children's house. And once you get in it, you can't get out, you can't sell a house in that condition. When all of a sudden you realize what it is costing you in your life, it's too late."
Boy, I can sure relate to that sentiment. How about you?
Although, after reflection, the couple says they wouldn't do anything differently. And, I understand that feeling, too.
A book, "All the Way Home: Building a Family in a Falling-Down House," recounting the couple's experience comes out next month.
Posted by heather at April 17, 2008 11:32 AM
Comments
Uh, Whoa Nelly.
If that picture of the 55 aluminum baking pans doesn't make me feel better about my leaking roof that the insurance adjuster has yet to come see, I don't know what will...
I'll be purchasing that book on its release date.
Posted by: Amalie at April 17, 2008 1:12 PM
When we moved into our 1916 bungalow I knew it was going to take all of my "free time". I made a conscience decision that from then on the house would be my hobby. It's a mind-set that has worked well for me because I really enjoy doing the work. Plus, whenever I want to buy overly expensive bits and pieces I can rationalize that at least there is an ROI on my hobby, which isn't usually the case. Also, I get to spend more time on my hobby than anyone else I know. ;-)
Posted by: Joe at April 17, 2008 1:18 PM
Glad you shared this.
Posted by: Jenni at April 17, 2008 2:18 PM
I read that article this morning. I was amazed! I must admit, the 55 aluminum pans had me too! (and I was wondering why he didn't have a blog - LOL)
Posted by: Sandy at April 17, 2008 4:45 PM
This book sounds exciting! The photos are great too. All around the midwest house prices are dirt cheap compared to California. In Youngstown, OH, the city is actually downsizing. Old homes for sale there are inexpensive compared to So Cal. I saw one beautiful Victorian... it needed a lot of work, but it was 4 bedrooms, 3 baths for $14,000. Can you imagine that? Thats cheaper than some used cars!
Posted by: 1916home.net at April 18, 2008 11:07 AM
I really need to get out of the Chicago area--such real estate prices sound incredible.
Posted by: Joanne at May 6, 2008 12:13 AM
I love your blog and can relate almost all of your postings. my husband and I bought a very early (built in 1900) craftsman bungalow 6 months ago CASH But, we are spending plenty to fix it up. it is in the neighborhood I grew up in and it is a wonderful area so we knew we could not go wrong, the lot alone is worth twice what we paid. we have no debt but are doing a little at a time. We have no regrets, it is so beautiful and really has the character and charm you don't see in any of the newer homes.
Posted by: liz at June 2, 2008 7:02 PM
What was the beautiful brown exterior paint called that you almost used?
Posted by: mary ellen at June 5, 2008 5:54 AM
Mary Ellen,
I am sorry to say that I don't remember...but, I do know it was from the Farrow & Ball paint line. I hope that helps!
h
Posted by: Heather at June 5, 2008 9:32 AM