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Mortgage News You Can Use
Home Is Where The Heart Is Part Four
He has obviously never met Jane Dring, then.
Dring and her husband, Robert, bought a sprawling six-bedroom, 3.5-bath Capitol Hill rowhouse in January after moving to Washington from San Diego.
Soon after they bought the house, built in 1900, the couple realized it had many problems.
"The day we put the key in the door, the kitchen ceiling was collapsing because of holes squirrels had made eating through the ceiling," Dring said. "After the first rain, the skylight leaked, a wall leaked and the laundry room leaked." Dring said her home inspector did not find any of the house's problems before the sale.
And the leaks are not the only headaches. Dring said the house's brick front needs re-pointing, a new gutter system needs to be installed, the electrical panel needs replacing, and her deck needs redoing because it was installed badly.
"We've been crying on shoulders around town and people give us little pep talks, saying 'it'll be all right after you're done,' " Dring said. She said one reason the couple bought the house was because it came with an already rented English basement.
"All we do is take that rental check and give it to the contractor," she said.
This could be a great time to ditch an unloved house. Jack Torza, regional vice president of Long & Foster Real Estate Inc. and manager of the company's office in Hanover, Va., said the price appreciation of the past few years means it is possible to make a profit on a house in as little as a year. It used to take years to break even, with commissions and other costs.
"In the past, if you didn't buy the best house you could have chosen, you were stuck with it because you couldn't afford to make a move," Torza said. "But now there's no reason for someone to be stuck in a house. With these low interest rates and continuing price appreciation, they can solve the situation by getting another house."
To Dring, it just does not seem that easy to get out of her house.
"We don't have the money to move now," she said. "Moving costs money. And I can't face moving again right after we just moved. Selling and buying again costs money too."
At the same time that she complains, Dring adds that there are some things that she, well, loves about her house, too.
"I shouldn't say I hate my house," Dring said. "I hate everything that's gone wrong with it. It's love and hate. It does have great bones, our house. It's actually a fabulous property."
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