For those who don't already know, I'm a recovering real estate junkie. Give me a crappy looking house that smells terrible and some profit potential and I'm your bitch.
What I noticed is that with most projects I've tended to grow weary near the end. I was always anxious to jettison the current property, take the profit and move on. It rarely worked out as simply as that and I've been reminding myself about all the time /financial/ personal juggling that has to go on when I get involved with a property. Over the last few days, I've been muddling over a potentially tres chic project that would test my limits in more ways than one.
The property is in a premier location but has a host of issues, not the least of which is a potentially monumental expense down the road (in the form of an assessment.) The upside is ownership, future profit potential and possibly dwelling within a magnificent and historically significant space in a great spot. The place is tugging at me and I've needed to make the pro / con list.
The biggest con was that I would not be simplifying my life, but just the opposite. The place needs an enormous amount of work and there would be a constant outlay of money and opportunity costs. On paper the project has all the hallmarks of a money pit and the logical side of me has pretty much dismissed the whole shebang. But why is there such a desire to toss myself back into the grinder? I live in a great spot at what I consider to be reasonable cost. Am I bored....perhaps crazy? What about human nature causes me to be restless and not satisfied with what I have? These are things I must constantly grapple with and I suspect most people do the same in varying degrees. I have to remind myself what the goal is and that if I'm bored, I should get on the bike or go to the museum or walk on the beach....not buy a money, time and sanity sucking property.
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| It's cute but....nothing I should be doing if I'm bored. |
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