Here's the facts Jack:
- We paid cash for the house using profit from our former home which my husband (a sub-contractor) built 13 years ago.
- The current house is 860 sq. feet. Our former house was 2,500 sq. feet. including a finished basement - which I always thought was too big.
- My family consists of me, my husband, and one teenage daughter.
- We bought our current home because of the beautiful and unique property it sits on - nearly five acres with territorial views of a large creek bed/marsh area and other unique features. In other words, we bought the house for the property it sits on and not for the house. Also the property is quite unique because of its remote feeling yet still within walking distance from the small village downtown that we live in. Also walking distance to school, etc.
- The house is in good shape and was built in approx. 1955. It is clean and very habitable, but very out of date style wise.
- The house does need a new septic system. And we will definitely want to update the electrical and plumbing.
- We have been living in the house for almost three months now. I love its smallness and am happy to not have to spend half my weekend cleaning.
- My husband, on the other hand, doesn't love it. He thinks it is too small and he is very creative and very talented and wants to either tear it down and start over or make huge changes to the current house which we would have to take a loan out for. He would like to add and upstairs and expand the downstairs basically doubling the size of the house.
- I want to update the current house (new windows, updated kitchen, updated bathroom and septic, electrical, and plumbing). But not change the footprint that would add all the extra square footage.
- Several out buildings are also on the property - a one stall detached garage, a woodworking shop for my husband, and a medium size storage shed.
- We are currently debt free and I am hoping to retire in seven years at the age of 55 from my government job. I will have plenty pension and stocks to do so. I am also the main bread winner in the family since my husband is a self employed sub-contractor and his work is sometimes sporadic.
- What should we do??????? Help. Thank you. :)