Help me choose a house

[Whitey Dodge]

Take Option #1 It has a garage for the bike(s) and it is very close to work.

 

[Cloggy]

Take Option #1 It has a garage for the bike(s) and it is very close to work.

Yeah but that's less time to enjoy the commute on the bike :thumbup:

 

[bd43]

Having said the 3-L thing prior, I like the 3rd option because everything is new. Furnace, hot water tank, windows, flooring, paint job, exterior, and roofing. In an existing home, depending on age, replacement of any of the above can add up. And...., I assume at today's housing standards, the new one should be more energy efficient. But, that's just me

 

[Comet]

I am buying right now, will close on the 30th. I have looked at everything from foreclosures to new homes. Add up what it would take to get the used ones in new condition. Then, compare to the new one you are thinking about. If it is close, go for the new one. The new one you show looks very good. I found a new home that has been there for 3 years. The builder was in the process of handing the keys over to the bank and i made an offer. They took the offer and the builder agreed to put money with my offer to complete the deal. The realestate agent dropped her commision in half voluntarily to also help. You can get some really good buys now and this house is not cheaply built. Appraised for $300,000 last year and I would guess still would be at least $270,000. He had listed for $239,000 after dropping from $279,000 and I got for $205,000 closing costs and all. Sorry for the bragging but I never get good deals. 7751 CLAYTON COVE PKWY, CLAY, AL | Listing Information

 

[Comet]

Having said the 3-L thing prior, I like the 3rd option because everything is new. Furnace, hot water tank, windows, flooring, paint job, exterior, and roofing. In an existing home, depending on age, replacement of any of the above can add up. And...., I assume at today's housing standards, the new one should be more energy efficient. But, that's just me

Yeah, what bikerdude said. NEWWWWWW!!!!!!!!!!!!:Flash:

 

[mikelb63]

If I go with option #3 my payments will be about 50% of my current take home pay. I will get a raise come summer

Option #1 will be less than athird of take home pay and is in an established neighborhood.

I am single and doing this on my own. Though that may change in the semi near future.

Option 1. Convenient location and substantively lower price. Lower payments and less cash in means more money available to invest or to buy your toys. You'll probably sleep better too A lot of people I know have put themselves in a situation where they are house rich and cash poor.

Besides a shorter commute means more time to go riding where you actually want to go and to do what you actually want to do!!

just my $0.02.

 

[jsteinb95]

I am buying right now, will close on the 30th. I have looked at everything from foreclosures to new homes. Add up what it would take to get the used ones in new condition. Then, compare to the new one you are thinking about. If it is close, go for the new one. The new one you show looks very good. I found a new home that has been there for 3 years. The builder was in the process of handing the keys over to the bank and i made an offer. They took the offer and the builder agreed to put money with my offer to complete the deal. The realestate agent dropped her commision in half voluntarily to also help. You can get some really good buys now and this house is not cheaply built. Appraised for $300,000 last year and I would guess still would be at least $270,000. He had listed for $239,000 after dropping from $279,000 and I got for $205,000 closing costs and all. Sorry for the bragging but I never get good deals. 7751 CLAYTON COVE PKWY, CLAY, AL | Listing Information

That is beautiful!!! Congratulations.....GREAT deal. :thumbup:

 

[Whitey Dodge]

Yeah but that's less time to enjoy the commute on the bike :thumbup:

No one said he had to take the direct route to work...

 

[trailblazer87]

Well, no matter what I do, you all WILL be invited to a barbecue. Included in said food fest will be a ride on some of my favorite twisties.

I noticed most of you prefer #3, the only drawback to it is that along with it being most expensive, the upgrades I want will put near $230,000. Super Master bedroom+Super Master Bath:thumbup:. I don't plan on having children, nor does my girlfriend, so we like to entertain. #2 and #3 provide the most availability for this. The best thing about #1 is the shop in the back yard (code enforcement does not know about it, this could lead to problems), and the pricing, though I have not had the opportunity to tour it yet. In my travails I have seen some very strange houses. One made up entirely of large closets. I still can't figure that one out.

I have seen some amazing homes up for auction
FRE.com | Freedom Realty Exchange
but have not been able to get financing put together soon enough

But I have yet to come across the house that makes me want to sign immediately. There are many foreclosures out there, and it is almost heart braking knowing that somebody made a fools deal to buy the home and then couldn't make the payments. I occasionally learn form other peoples mistakes.

Thank You for your input so far, and keep it coming, I am still trying to figure this stuff out, and will keep you posted. Plus I hope some of you will make it to the barbecue, if for nothing else than free food and beer

 

[keira]

If it were me (and soon it will be, but that kind of money gets MUCH less of a house in this area), I would be getting #2. Who cares that there is no garage. You can add one - you have 2 FLIPPING ACRES!!! The bonus to #3 is that you can customize it, but like you said it is the most expensive.


My best advice, get the one you can see yourself living in, the one that it is in a neighborhood that feels like home, surrounded by people you feel as though you could get along with, and in an area that you enjoy looking at. There are more important things than if you have a garage right now, or need to do some upgrades in a few years.

 

[sportrider]

I prefer the open land around #2 the draw back is no garage. after having a garage I would never consider something anything without it. money is the next factor. with the way the economy is you can never count on a raise. also with the trend in fuel prices, the rumor mill is predicting gas to reach $5.50 a gallon in the next few months in CA, with the national average around $4.75. factoring that the closer to work the better. with the money you don't commit yourself to you can always upgrade your house with new appliances, carpet, paint, ect. house #3 does have a nice curb appeal but if it's in a new or developing neighborhood you never know who your neighbor will be. go by each house at different times of the day and on weekends to get a feel for the neighborhood before buying, the best house in the world isn't worth it if the neighborhood sucks. too bad #2 doesn't have a garage. personally I'd rather have some extra money in my pocket for the "what ifs" the difference between 1/3rd of your income and 1/2 is a lot if times ever get tough. one more thing DON'T LET THEM TALK YOU INTO A VARIABLE INTEREST LOAN!!! they call them 80/20 30/70 and other ratios like that get a 30 year fixed that way you know what your house payment will be give or take for property taxes and insurance till it's paid for or you sell it. I'm leaning toward #1 unless #2 has a garage that I didn't see.

Good Luck!!! remember which ever one you choose will be yours!!!:thumbup:

 

[YoungAndDumb]

If I go with option #3 my payments will be about 50% of my current take home pay. I will get a raise come summer

Option #1 will be less than athird of take home pay and is in an established neighborhood.

I am single and doing this on my own. Though that may change in the semi near future.

Well, I will be one of the few to place my vote for #1. 50% of your income to a mortgage will be uncomfortable to sustain. If you think there's a VERY good chance of bringing in a girlfriend/wife to help (or rent out a room to a friend for that matter), or a significant raise in the summer, then I would change my vote to #3. That's a BIG 'if' though.

 

[Data]

Go for #3- You know you want it. Move the GF in and get her to help with the payments (pay rent). Or co-buy the house with the GF. If you can survive the payments for a couple of years the purchase price will seem like a bargain soon as our country must be heading into a serious inflation cycle- you will be paying the house off with much cheaper dollars in the future.

As for waiting until the market hits bottom, maybe it already has- maybe not- that's anyone's guess; but when the coming inflation kicks in, housing prices will climb quickly.

Get the lowest payment deal you can and then do accelerated payments in the future when you are more able.

That's my two cents . . . . . .

 

[trailblazer87]

Sportrider, I am guaranteed raises for the next 5 years. Both annually and periodic cost of living. There are benefits to working in the public sector in a well cash infused county. That being said, I took a $20k/year pay cut for the move. I moved for the stability and long term benefits. I am not counting on Social Security, and I got tired of seeing my 401k take hits, so I am now a member of CalPers.

There are a couple more places I am looking at tomorrow, but these three that I placed in the poll are representative of what I have been looking at. I have a self imposed ceiling of $225,000. I could afford the payments, but I don't want to have to. I am definitely getting a 30 year fixed, no question, anything else never even crossed my mind. A friend just went bankrupt and lost everything. Thankfully I qualify for an FHA loan, so less down, though I am hoping to put down 5% anyway.

Anything I buy I will want to upgrade and add things to. If the house has no garage, then I buy a shelter until I can build one. I am quite handy, and have the necessary skills to do my own house work, I was a roofer and something of a handy man during a stint of unemployment (gotta do something to pay the bills). I grew up 20 miles from the nearest town, and I do like the rural setting. I plan on having animals of all kinds, and even a vegetable garden and fruit trees. I am leaning toward a more rural setting so I can do this. I would eventually like to grow my own food, both for my health and the fact that I enjoy watching things grow. Tomorrow I am hoping to be able to tour house #1 to get a feel for it. I like the fact that it is not too big and has a comfortable back yard, but looking in through the windows it needs a lot of work. House #2 has the rural setting that I like, but is an awful long way from stores, the freeway, and my job. House #3 is close enough to everything without being too close and has the room for me to set up the pool table (I could probably fit a snooker table in there) that has been living at a friends house, but the lots are only 5k square feet, and the backyards are tiny which really isn't fair to my dog.

Thank you all for your input, this has been a learning experience for me, so keep it coming.:thumbup:

 

[trailblazer87]

I noticed something interesting in the poll results.

The Europeans, Canadians and Texans, in general, though not all, have tended to go for the rural house, whereas the more practical of the bunch have wanted to stay close to work. Then the majority have wanted the largest splurge on the biggest house.

Strange mix of preferences in the demographics:thumbup:

 

[Raid The Revenge]

I'm surprised you didn't ask my DOCTOR's section!! Oh well..

There is only one point I can address when it comes to getting a home.
<giggle>

Will everyone who lives in it be happy?
--That is the question. Sure! Price, location, looks and everything are nice...but WILL YOUR FAMILY BE HAPPY IN IT?

Don't buy a home for money and stuff, unless your a real estate agent!

 

[CHEMIKER]

It depends on how you will finance it and how long you plan to keep it. If you do the old fashioned 30 year fixed mortgage, buy the biggest house you can afford. You will lock in your payments for the entire 30 years which may hurt in the first five years but will be sweet in the next 25 as your salary grows...

 

[jsteinb95]

I'm surprised you didn't ask my DOCTOR's section!!

I didn't know doctors specialize in buying homes too.