<![CDATA[Latest posts for the thread "Anyone know lots about real estate stuffs?"]]> http://www.dakkadakka.com/dakkaforum/posts/list/54.page JForum - http://www.jforum.net Anyone know lots about real estate stuffs? ft.

Anyhoo, there's a new townhome development springing up about 2 minutes from my girlfriend. Her mom lives there in one of the bigger houses, I'm looking at their 2-floor no basement kind, about 1500 sq ft. And brand new, base price is actually $10k less than I paid for my old folks condo. It's out in the boonies, which is likely why it's so cheap. But it's also right on the edge of a sort-of-trendy downtown area, and there's also a ginormous early 1900s warehouse right next to it that's being converted into classy upscale condos, so I feel like if anything might go in up in value in this crappy market, this might be a good choice. Seriously considering a move.

So, I'm wondering about resale value. I would need to keep things on the cheaper side because I can't afford uber kitchens and I could care less about a jacuzzi bathtub (but the dog might like that...?). Most of my appliances, etc, would be basic and I'm thinking when I go to resell it some day, I could do some upgrading then if it's worth doing. Anyway, I'd have the option of 2 bedrooms or 3. My GF's mom has 3, and they're tiny. I'd imagine my place would be same as hers only without the basement & garage on the bottom. But I feel like 2 bedrooms won't resell good. I'd prefer 2, and #2 would be a big office for the new biz and of course a warhammer room.

For a master bath, would it be dumb to have it basic? Should I go for the uber bathroom? I could care less about that stuff for me, but a future buyer might want that, and it wouldn't be easy to upgrade to that later. Or should I do that basic, and have 2 bathrooms upstairs? It's pretty much one way or the other.

There's an option to have a formal separate room dining room, or have that and the living room be all 1 big space.. what's usually better?

is it silly to think about selling your home before you even buy it? I mean, I could be there forever, but in reality I'd prolly move in 5-10 years.]]> http://www.dakkadakka.com/dakkaforum/posts/preList/433515/3978274.page http://www.dakkadakka.com/dakkaforum/posts/preList/433515/3978274.page GMT Anyone know lots about real estate stuffs?
Are you renting or owning your current place? If you own, that's an issue. You're going to have a hard time selling the place without taking a loss. If you owe a lot on it, you're even more screwed, as it may not be worth what it was when you bought it (my home's worth >30K less than it was when we bought it in 2004, and that's after refinishing half the basement!).

If you want to move, step 1 is getting rid of your place, if you are an owner. Otherwise... carry on.

As for the other place, you should speak with the builder. Your girl's mom might have an economy unit or something.
Find out what you'd get for the money, the room sizes, etc.
Bells and whistles are nice but unimportant (IMO) if you're going to be there a while. Why pay for it all up front (and over 30 years), when you can do it piecemeal?

I like the combined living room/dining room option, myself. It makes both areas just seem that much larger. Plus, it's easier to see the TV from the table that way. LOL

Lastly, remember that almost nothing's set in stone. If you decide to buy, haggle with them when they give you the final price. If you're good, it shouldn't be a problem getting up to 10% off. Otherwise, 5% is possible.

Oh... and ALWAYS inspect the place before signing off on the documents. Make them fix every single tiny little issue. You're paying for it, after all.

Eric]]> http://www.dakkadakka.com/dakkaforum/posts/preList/433515/3979682.page http://www.dakkadakka.com/dakkaforum/posts/preList/433515/3979682.page GMT Anyone know lots about real estate stuffs? http://www.dakkadakka.com/dakkaforum/posts/preList/433515/3979809.page http://www.dakkadakka.com/dakkaforum/posts/preList/433515/3979809.page GMT Anyone know lots about real estate stuffs?
I've been in my place for just about 3 years. I need to wait till June before I can list my place for sale, or else I have to give my new home buyer credit back to Obama. I still owe a lot on my mortgage unfortunately, but I did have a sizable deposit, about 1/3. If I sell my condo, I think I can get back what I paid, or take a small hit (like just 5k tops). But, I also added some new things like brand new HVAC, Hot water, laundry, and I don't expect to make that back at all, however I do think it'll be a good selling point. My kitchen was brand new when I bought the place, so it's new-ish now and in good shape. Compared to other units around here that have neon green appliances from 1970... but, as far as the mortgage goes, my payments have barely made a dent, it's mostly just all been going against the interest. seems like it goes down $20 every month. I call shenanigans.

But I'm thinking.. bigger place for same price = GF moves in eventually, and it's a 30 second walk from her mom, who will cook for us out of the kindness of her heart. Her mom's place is one of the premium models, but they built those first. It's the same exact thing as what I'd be getting, only I don't have a bottom floor that has a family room/den and 2 car garage. Instead I'd just get a 2 car driveway right behind the house, which I'm not 100% happy with because there's little or no space for the ginormous grill I require.

But I do still want to keep resale in mind though.. like, what if we decide we want a litter of kids 5 years from now, and gotta get a bigger place. Not planning to buy just to resell in a couple years, I'd just rent if that were the case. ]]> http://www.dakkadakka.com/dakkaforum/posts/preList/433515/3979813.page http://www.dakkadakka.com/dakkaforum/posts/preList/433515/3979813.page GMT Anyone know lots about real estate stuffs? http://www.dakkadakka.com/dakkaforum/posts/preList/433515/3979829.page http://www.dakkadakka.com/dakkaforum/posts/preList/433515/3979829.page GMT Anyone know lots about real estate stuffs?
Generally speaking Condos tend to be pretty lousey "investments."

If you are set to getting a new and actual house, consider what the average homebuyer would want when you are thinking later resale value. 3 bedrooms, 2 baths is usually a minimum requirement for prospective homebuyers. A garage is also worth more than no garage.

Homebuyers tend to be looking at the idea of a family, so you need a house with room for a couple kids and a couple adults. If there is a lack of yard which is very common in developments like you are describing, is there a friendly neighborhood park nearby where all the local kids play?

Fancy appliances and bathtub etc? nah, especially if you don't care. You can always update that stuff later on if you feel the need, and maybe for less than the difference in what you will pay up front.

Overall it sounds like the area you are describing may go up in value over the years, but as things stand in the economy, I wouldn't hold my breath.

Last bit of advice, do not buy for the idea of selling it in a few years, buy it if you really could see yourself living there 10+ years.]]> http://www.dakkadakka.com/dakkaforum/posts/preList/433515/3980192.page http://www.dakkadakka.com/dakkaforum/posts/preList/433515/3980192.page GMT Anyone know lots about real estate stuffs?
I feel like, nowadays, home prices are "right", around here at least. 5 years ago, it was all overpriced, and prices dropped to what they should really be. So, as long as there's no other big crashes and Mayan apocalypse doesn't happen, I'm confident if I move and stay there a decade or so, it'll be worth more. But being a cheap place to begin with (they start at 120K), I don't think it'll go up tons. The town is mostly really old, like 100+ year old townhomes in the downtown areas, some nice, some dumpy. No slum kind of areas though, it's still the burbs. The development is right off a highway, and 1 block away from where the downtown area really starts, and there's lots of old stores mixed with trendy gourmet restaurants that give you half a plate of food and expect you to pay $50 for it.

I actually can rent my condo, but it's not that easy. There's a waiting list for people that want to rent, and they only allow a certain percentage to be rented at a time. So, when a tenant moves out, the next person on the list gets to rent their place out. There's something like 10 people on the list at any given time, so waiting my turn would probably be more of a pain than it's worth. Then there's the risk of my tenant messing up the place and I have to pay even more to fix it up to sell.]]> http://www.dakkadakka.com/dakkaforum/posts/preList/433515/3980351.page http://www.dakkadakka.com/dakkaforum/posts/preList/433515/3980351.page GMT Re:Anyone know lots about real estate stuffs?

you bought an apartment, and are just now asking for advice? You should have asked before you bought an apartment. Condo is a fancy ass word, if you would have thought about it like, I'm paying _________________ for an apartment, you would have thought differently.]]> http://www.dakkadakka.com/dakkaforum/posts/preList/433515/3980673.page http://www.dakkadakka.com/dakkaforum/posts/preList/433515/3980673.page GMT Anyone know lots about real estate stuffs? ]]> http://www.dakkadakka.com/dakkaforum/posts/preList/433515/3980973.page http://www.dakkadakka.com/dakkaforum/posts/preList/433515/3980973.page GMT Anyone know lots about real estate stuffs? Blech!

As for your home's current value, input your address to www.zillow.com. You may be surprised. I know I was.

FYI (and forgive me if you know this already), the reason your mortgage isn't dropping is because of the way mortgages are handled. The earlier you are in your payments, the larger the percentage that is interest. You are paying almost totally interest in the beginning. A good way to combat this is to make (a) extra payments as "principal payments" or (b) pay a bit extra - as much as you can afford - every month to "apply to principal.
For those that don't know, the Principal is the actual money you borrowed, as opposed to the interest. Making principal payments reduces your debt faster. Many institutions will apply your extra payments to the interest if you do not specify that it's for principal.

Eric
]]> http://www.dakkadakka.com/dakkaforum/posts/preList/433515/3982356.page http://www.dakkadakka.com/dakkaforum/posts/preList/433515/3982356.page GMT Anyone know lots about real estate stuffs? But, I'll usually take a chunk of my bonus & tax return and use it there.]]> http://www.dakkadakka.com/dakkaforum/posts/preList/433515/3982656.page http://www.dakkadakka.com/dakkaforum/posts/preList/433515/3982656.page GMT Re:Anyone know lots about real estate stuffs? ft @ ~$100 per). They completed the home the day I moved in. It came with a refrigerator, dish washer, microwave, flat top oven, granite counter tops, tile floors, 3 bed rooms, 2 bath rooms (which the master bathroom is huge), master bedroom walkin closet that is about as big the other 2 bedrooms, 2 car garage. Part of the reason why I think I got a good deal is because I live in Oklahoma, which has not been quite as effected as the rest of the US.

I also bought the home knowing that I will resell. But I will only resell once I completely pay off the place and that is going to take me 10 years to do ($617 a month and paying an extra $155 a month goes a long ways). I think it is not silly to think about selling a home you have not even bought yet, if that is why your buying in the first place.

The reason why I think this is because I know I will not be living at that location for the rest of my life, even thought I feel like I could right now. I love the area, I love my current job.

What I have always heard, again and again, the master bathroom and closet should always have as much stuff as possible. This makes it easier of a sell to married couples and women looking to buy. There is a big emphasis placed on that part of the home by the fairer sex.]]> http://www.dakkadakka.com/dakkaforum/posts/preList/433515/3983336.page http://www.dakkadakka.com/dakkaforum/posts/preList/433515/3983336.page GMT Anyone know lots about real estate stuffs? http://www.dakkadakka.com/dakkaforum/posts/preList/433515/3983449.page http://www.dakkadakka.com/dakkaforum/posts/preList/433515/3983449.page GMT Anyone know lots about real estate stuffs? Food for thought.


Eric]]> http://www.dakkadakka.com/dakkaforum/posts/preList/433515/3983550.page http://www.dakkadakka.com/dakkaforum/posts/preList/433515/3983550.page GMT Anyone know lots about real estate stuffs?
MagickalMemories wrote:Most people I've known don't have any desire to have a jacuzzi in their bathroom.
Food for thought.

I don't think he's talking about a hot tub, I think he's talking about a "spa bath" that is basically a tub with jets.

edit:
This:
Spoiler:


Not this:
Spoiler:
]]> http://www.dakkadakka.com/dakkaforum/posts/preList/433515/3983602.page http://www.dakkadakka.com/dakkaforum/posts/preList/433515/3983602.page GMT Anyone know lots about real estate stuffs?
I've known a LOT of people who have redone bathrooms with the space and finances to do whatever they wanted (reasonably speaking LOL), and none of them had any interest in a jacuzzi/water jet/etc. tub.


Eric]]> http://www.dakkadakka.com/dakkaforum/posts/preList/433515/3984053.page http://www.dakkadakka.com/dakkaforum/posts/preList/433515/3984053.page GMT