Expand Your Perspective: How AI Legalese Decoder Can Help with First Home Requirements
- December 9, 2023
- Posted by: legaleseblogger
- Category: Related News
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AI Legalese Decoder’s role in this situation
Prospective Home Purchase Dilemma: Seeking Advice on Whether to Compare Options
Introduction
My wife and I, both in our mid-20s, are in the process of purchasing our first home in the Wellington region. We have been presented with a unique opportunity to acquire a spacious property, measuring approximately 180m2 with 5 bedrooms and 3 bathrooms. The house is fully double-glazed and insulated, offering exceptional build quality. Moreover, due to favorable circumstances, we have the potential to secure this property at a price of approximately $850,000, as it is owned by my parents who are willing to assist us in this endeavor.
The Current Predicament
My wife has expressed reservations about the suitability of the house for our current lifestyle, given its size, as we do not have immediate plans to start a family, although we do desire to have pets. Despite this concern, the property aligns with all other criteria we have established, including its location, cost, and exceptional build quality. Our search for alternative properties in the Wellington region has so far been unsuccessful, as they do not measure up to this potential home in terms of key features such as double-glazing, location, section size, and overall build quality.
Seeking Guidance
We are currently seeking advice on whether it is prudent to compare other available options to the potential house, or if doing so may be unfair given its unique advantages. We welcome all opinions and are open to providing additional context if necessary.
Additional Inquiries
In order to gain further insight, we are interested in hearing from individuals who have regretted purchasing a property solely due to its size. We are seeking to identify any overlooked aspects related to this matter.
Way Forward
In the coming days, I intend to engage in a thorough discussion with my wife to gain a deeper understanding of her concerns and to determine if the issue solely revolves around the size of the potential house or if there are other underlying factors at play. If her primary concern is indeed the size, I will explore the various suggestions and points presented here to ascertain if they could potentially alter our decision-making process.
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Original Content:
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Rewritten Content:
How AI Legalese Decoder can help with legal document translation
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****** just grabbed a
Too small is a problem. Too big is not.
We bought a 217 square meter house on a quarter acre. We have a 3yo and 6mo. Right now both kids sleep with us. We’re basically only using 1 bedroom out of 4. We’ll grow into it, but right now it’s too big and that doesn’t matter.
Because we only use 1 room, we only dirty 1 room, the other 3 don’t require anything from us. Whereas a yard, a yard requires maintenance, so be careful on that size.
Bro i would take the deal, ItÔÇÖs your fist home not youÔÇÖre forever home. Live in it for 2-3 years and you could always look to sell up.
Surly you would be making money of it if youÔÇÖre only spending $850,000 on a 5 Bedroom 3 Bathroom house.
Check if your parents are going to be upset if you sell in x years.
Firstly, in contrast to many others, I do think you can have too large a house.
There are many downsides to an overly large house. Not all will apply, but all are worth considering.
Cleaning, maintenance costs, cost to upgrade/renovate, heating, time walking around, (eg carrying groceries, washing etc back and forth), waste of space someone else could use much more effectively, accumulating unnecessary stuff, losing track of stuff, reduced personal interaction (eg if you spend time doing hobbies in other rooms).
Consider whether any of these will apply, and whether they will be significant enough to be a bigger downside than the positives.
Ok so is it possible she sees it as a giant house to clean? That was my hesitation in buying a big house, so much more floor to vacuum and v rooms to decorate and windows to wash. If she does the brunt of house cleaning now this may be a consideration. Be very honest with yourself here- many men overestimate their contribution!
You could promise to keep some rooms closed so they don’t need cleaning, or hire a cleaner or buy a robot vacuum.
She might also just be embarrassed to live in such a big house if her community mostly doesn’t- not sure how to get around this but it might help to discuss. Would you ever let people stay if they needed it? Rent rooms? Use them to work from home?
In the positive column having room to spread out is amazing and I didn’t realize how much I would love it until i had it.
Tell your parents I’ll give them $851k
Sounds like it’d be dumb to pass up on it honestly. You trust your parents, you know the house, the condition and build quality. You won’t need to do all of those stressful house hunt processes and checks and lim requests etc when buying from a stranger. This is literally being given to you on a silver platter, very good price for the # of bedrooms and size especially in Wellington region.
Dude. Do it. 5 bedroom, you could rent 3 bedrooms, use one of them as a second/private lounge, and pay down your mortgage hella fast.
Sounds like to me, your wife is looking for reasons to convince you not to live there because she simply doesn’t want to.
Maybe she doesn’t actually like the house.
Maybe she wants your first house to be YOUR first house, done on your own.
Maybe she doesn’t like the idea of it being your parent’s house, there is baggage in that down the line, they may not “let go” quite as readily as they or you think they would.
Maybe she feels there would be strings, even if they say there would not be.
Anyway, I would ask her point blank, “do you not want to live in this house”, and if she says no, don’t, because it will just cause problems.
Can you afford the rates, insurance, and maintenance on the home?
We brought a 100m2, 3 bedroom house because I *loath* mortgages. Sure it was a small mortgage, but now we are looking at 200m2, 2 lounge, 2 toilet, 2 garage, and the mortgage is going to be six times what it was back then. So much for a small mortgage. I regret going small, it’s kept us within cooee of the house we want, but we should have taken the bigger step.
If this house is a significantly better deal than the other properties you’re looking at, go for it. There’s no guarantee you’d even get a different house you might like. I would say it sounds like you have a lot of bedrooms relative to m2 size. I’m sure you’ll find uses for them anyway – office, spare room etc.
I think you need to find out more why she is concerned, and what you could do or compromise on to solve those concerns. Maybe because it’s your parents place that’s off-putting to her for some reason?
Bro. Talk some sense into your partner lol. They’re literally giving you 2-300k probs in freebie. It is literally a gift.
>This house would end up being in the ballpark of $850,000 because it is owned by my parents who would be looking to help us get into a new house so would be giving us a deal.
Perhaps someone in tax/property law could comment on this aspect. I believe there are some implications and this would have to be handled rather carefully? From memory?
Or perhaps I’m just imagining things.
Take the deal! Sounds awesome, rent out a room or two if things get tight, but otherwise enjoy a hobby room each.
Answering just the last question. We bought a place that was too big and it was less extreme than your scenario – we got a large 5br house with two young children.
There were significant downsides. It felt like the only reason we ever went into the lower lounge was to do the vacuuming. The lawns, painting, washing windows, tidying… it was substantially more work every week plus additional cost to maintain.
Now upsides. Flexibility is the main one. We have a guest room permanently set up. We had au pairs rather than daycare for the kids. As they’ve got older we have found the space gets used more we’ve talked about running an AirBNB once the kids leave home. The extra room has also been great for craft, weight lifting, board games, etc.
I guess key questions: are you ok doing double the housework? And are you both naturally ready tidy people? I’d only go ahead if the answer to both of those is empathically yes.
Would happily do a house swap? We’ll take your 5 bedrooms and double glazing and you can have our 3 bed ??!
Just to be clear, you are buying a financial asset at a discount.
That’s it.
Just say this over and over and eventually she will see your perspective.
Is there something you’re not telling us? Like is part of the parents deal to only have your name on the deed, or keep their names for a time? Would you and your wife own the house your parents are offering 50/50?
Otherwise absolutely take the deal. Extra rooms don’t matter. Keep the doors closed so you don’t waste power on heating them. Rooms for guests, space to grow into for kids down the track if you choose, or get some room mates to help pay rent?
What are the prices of the smaller house tour wife is looking at and what sort of income to you get to actually pay off an 850k mortgage?
Omg a gift horse in the mouth, why are you even here seeking advice. You know the right answer
The only downside to having a house way too big for two people is the occasional judgey remark from people asking things like: “and there’s only two of you?” Or colleagues joking about how you live in a “mansion” or a “gated community.” But as I explained, when asked why we chose the house, “Because it’s awesome, and I can.”
Take the deal you won’t regret it. We bought a ‘family home’ as our first home. Most of our friends bought your typical first home, all of them have either moved or done extensive renovations to their property as they grow a family where we didnt need to. We had 3 spare rooms and they got a quick vacuum once a week, as long as there is some air flow and the house isn’t damp you’ll be fine
Grab with both hands. Put it to your wife like this. If you buy small you need to sell and buy larger later potentially (visitors, kids, pets etc).
If you get this now you have room for visitors, craft rooms, computer rooms etc etc. Plus you wont have to move for a very long time.
Here is how you can use the 5 bedrooms:
1 for office to work from home for yourself
1 for office to work from home for the wife
1 room to sleep in
1 room for guest
1 room you could sleep in if you get angry.
sounds totally perfect for 2 person.
​
on a more serious note, you may just have a few more rooms that are mostly unused to clean, and the other is you may have to heat A bit more, but larger house is better than small.
if you feel itÔÇÖs too empty you could get a few flatmates to help pay for the mortgage.
What sort of condition is the house in, what maintenance will you need to do long term, and how big is the yard?
Our first home was a two bedroom unit. Brick and tile, lock up and leave, can mow the lawn in less than 15 minutes. Having guests to stay is a bit of a challenge at times but thatÔÇÖs balanced by being able to go away for 4 weekends in a row and not worry about the house, gardens, lawns etc. Tiny mortgage too ($150k).
We bought it at a time where none of our friends had bought, and to be honest it got a bit awkward when they were talking about their awful landlords and we were just quietly paying the mortgage. It got easier over the years as more of them bought their own places.
We also have a three bedroom in a different city that we are currently living in. ItÔÇÖs nice having the extra space, but itÔÇÖs much worse condition and needs a lot more work. We have to mow the lawns every second weekend and they take an hour. Have to weed whack. Have to actually garden because itÔÇÖs all old lady plants that need regular pruning and weeding and everything is high maintenance. Yes we can convert it all to easy-care plants but thatÔÇÖs another monthsÔÇÖ worth of weekends where I donÔÇÖt get to do fun stuff. Big kitchen takes longer to clean. The daily grind is just so much more soul destroying because thereÔÇÖs 50% more of it.
Also, triple check with your parents that they would be okay if you sold it down the track. You dont need decades worth of guilt-inducing conversations that start with well, we did help you out with the first house and it was so much bigger / nicer / good value / insert-reason-here than this place, I dont know why you didnt keep it, especially when we helped
There is no such thing as having a house that is too large :p
More important factors for purchasing a house are:
– commute distance to work
– amenities around the suburb
– operating costs
Sure, you might not be looking to start a family now, but situations can change really fast. Hobbies come along, work situations change (eg working from home) and a few years from now you might be happy that your house is flexible enough to allow you to do all these things, without being stuck in a smaller 2-3 bedroom place.
Having friends and family able to stay and the space to entertain is a big bonus.
Having your parents help you into a house is immensely helpful at your young age, you would be silly to not take advantage of it.
You might want to rent out a bedroom for a student, some extra $$ or just some different company.
But there is only one rule that really applies here, “Happy Wife, Happy Life”
Good to get onto the housing snake as soon as possible
It does sound stupidly big.
But thats what doors are for, just shut half the house up and pretend the rooms don’t exist.
Or go insane and get 4 flat mates and make a bunch of money.
If you can afford it, but the house and rent out the spare rooms.
And thank your parents, that kind of house could be like 1.5 million market up turn. Seriously, 2 bed room houses are like >800k right now.
Buy it, contact Wellington Phoenix Academy and tell them you can accommodate 2 (or even 3) players.
You can have the option of full board or self catered. These kids are generally in the 18-20 year age group and as sports professionals are clean living, non smoking non drinking (maybe not tee-total, but wonÔÇÖt be getting drunk). TheyÔÇÖll generally keep to themselves but will be social if you are the social type. Phoenix have both girls and boys in the academy.
It will help you with the mortgage, it will help them too.
You could also opt to just have them for short terms (school holidays and long weekends) as they are always looking for homestays for the kids at boarding school (usually 16-18 year olds)
Ps, where were you 4 years ago!
You can have my 3br 90m2 house in the same area and I’ll take the 5br. Straight swap. No questions asked. Should make your wife happy right?
My wife and I aren’t ever going to have kids either but I’d kill for the space.
$850k for relatively new and massive in Lower Hutt is a steal.
Don’t talk down to your wife but do try to convince her it’s a good idea. Are you sure it’s not because she feels like you’d both be beholden to your parents of you took the deal?
In my non-professional opinion your wife is an idiot. Too big is not a problem, too small is.
Is she mad??? She doesn’t want it because it’s too big?? If you can afford 850k, then 5 bedrooms is an absolute bloody steal and also gives you a home office each and a den each.
Would your parents give me the same deal if your wife doesnÔÇÖt want this? Hook a brother up
We have a 180 house and the GV is 1.9.mill. YouÔÇÖd be insane not to take it. Even if itÔÇÖs not what u want youÔÇÖd be able to sell it in years to come and buy yr dream home. You are truly been offered an amazing gift
I have certainly regretted buying a home that was a bit small I cant see a time Id ever regret getting a house too big.