From Lane Scott at Matriarch:
ShareFrom 2009 to 2017 we battled through what both of us now recognize as the biggest mistake of our marriage, the purchase of our first fixer: a old 1850s ranch house, with multiple outbuildings, a 1960s mobile home (do not even try to get a traditional loan on a place with one of those anywhere in sight), and seven acres.
I guess my dad and several older friends knew it to be a mistake at the time: which, looking back, if you consult the opinion of older, experienced people who have built houses and remodeled things in the same location you are about to try doing that, perhaps it makes sense to listen to them when they tell you things like “I wouldn’t ever buy a house with post and pier foundation again.” (the link above carries this fabulous description: Imagine your house doing a balancing act on a series of concrete or wooden stilts. That’s basically a post and pier foundation.) Indeed.
But we knew better than all of those experienced people, obviously. We knew we could take this very rundown, post-housing market crash, dawn of the Great Recession “deal” and turn it into a beautiful home.
When I think back to the cause or reason why two people in their twenties thought they knew better or thought they could do what most experienced people knew could not be done, I conclude that we knew better than our elders because we lacked practical wisdom, for one, because we had little understanding of the value of time, especially of one’s youth, and because we only had two young children.
We hadn’t yet reached the point of parenthood when the kids sort of force you to realize that life is about them and you’re just the support staff. We were still in main character phase, and so we bought this run down ranch on a private note, at 7% with a ten year term. (Do not do that).
It’s important to note that anybody buying anything in post-crash 2008 made money. But when we closed on this place it was a bit like that scene in Ghostbusters when Ray shows up with “everybody can relax; I found the car!” We found this cool place with a windmill and artesian well and seven acres and a barn and a cool old house and a rental for only 225k! It just needs an entirely new septic system (engineered, of course, because the county saw us fools coming a mile away) a new well because the old one is contaminated with E. coli from grazing cattle, obviously, fencing, grading, plumbing, a new foundation, and the whole house has knob and tube wiring. (Read more.)


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