What kind of house should I get?
- Thread starter wiredspider
- Start date
lxskllr
No Lifer
- Nov 30, 2004
- 59,062
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Americans have "big eyes" when it comes to houses, and they buy inappropriately large houses. There's no point in getting something to maintain that you won't be using. The only advice I can give is buy what find aesthetically pleasing, and don't go larger than what you really need.
Do not own the current place, doesn't have a deck or patio for outside, and no pets (I would like to get a doggy sometime).
MikeyIs4Dcats
Lifer
- Nov 5, 2001
- 18,366
- 3
- 0
BoomerD
No Lifer
- Feb 26, 2006
- 65,602
- 13,980
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Originally posted by: amdhunter
woof.
Back off fido...I'm sure she's not looking for a mongrel...
Your profile shows Delaware. I don't know what the market is like there, but it's certainly a buyer's market in most of the country right now.
Only YOU can decide what kind of house you want. Some good questions to help you narrow down your choices though...
1) How much lawn/yard/garden space do you want/are you willing to maintain?
2) Do you want a 2 (or 3) story, or do you want a one-story house?
3) Do you want an older house because of it's charm and character, even though older houses usually come with maintenance issues? (or)
4) Do you want a new (newer) house that may not have as much charm and fine craftsmanship as an older house, but is up-to-date for electrical, plumbing, AC, and should have no serious maintenance issues going in?
5) Older houses usually have pre-existing landscaping; established trees and lawns, perhaps a garden space, etc. Is that important to you, or do you see a new house as a "pallete for your personal touch?" Are you willing to do the work and spend the money to landscape the property the way you want?
6) Do you want to live in an older established neighborhood, or in a sub-division, in the heart of the city, or even in a rural "country" setting?
All these questions have to be considered when looking at potential houses.
How big you buy is a matter of choice. As a single person, you obviously don't need a 3 story, 4500 sq. ft. house, but if that's what you WANT and can afford, (remember heating and cooling costs for the unused parts of the house) then that's what you should buy...even though you don't NEED it.
How many bedrooms do you WANT? Do you want the master for yourself, a spare bedroom for guests, a bedroom to use as an office, (or do you want your office somewhere besides the bedroom areas?) and maybe even a couple of guest bedrooms or room for a roommate if you decide you want/need one?
The style of the house is something only YOU can decide. You need to buy what YOU like...
Did you think about just renting a home like the type you want from someone who can't sell their property in current depressed market?
Prices may go up over the next 3 - 5 years, but personally I wouldn't bank on that as a given.
Other option would be to buy a say 1300 - 1400 sq. ft. townhome in a well established neighborhood (good location, good schools) that you at least know will not deteriorate over time because of abandoned houses, foreclosures, etc. Some communities probably have completely detached townhomes or homes, but charge a HOA / condo fee for general upkeep.
Personally, with your time frame, I would just rent, save up a good down payment for purchase after graduate school, and invest in some good mutual funds for the long term. Houses are rather illiquid, there may be expensive maintenance and repair costs, and rate of return on good mutual funds will probably be much better than house appreciation over time.
If you must buy a house now, I highly recommend getting Eric Tyson's "Home Buying for Dummies" - awesome book filled with lots of wisdom about how to be a savvy home buyer.
Prices may go up over the next 3 - 5 years, but personally I wouldn't bank on that as a given.
Other option would be to buy a say 1300 - 1400 sq. ft. townhome in a well established neighborhood (good location, good schools) that you at least know will not deteriorate over time because of abandoned houses, foreclosures, etc. Some communities probably have completely detached townhomes or homes, but charge a HOA / condo fee for general upkeep.
Personally, with your time frame, I would just rent, save up a good down payment for purchase after graduate school, and invest in some good mutual funds for the long term. Houses are rather illiquid, there may be expensive maintenance and repair costs, and rate of return on good mutual funds will probably be much better than house appreciation over time.
If you must buy a house now, I highly recommend getting Eric Tyson's "Home Buying for Dummies" - awesome book filled with lots of wisdom about how to be a savvy home buyer.
RaistlinZ
Diamond Member
- Oct 15, 2001
- 7,470
- 9
- 91
You shouldn't deminish your success. What difference does it make if owning your own place "intimidates" guys who still rent? Also, what difference does it make how big a guy's house is compared to yours? I think you have your priorities out of whack. To hell with social stigmas/stereotypes and just focus on what's best for you.
Personally, I'd go with a fixed rate mortage with interest rates so low. Screw ARM's.
I think you have your priorities out of whack. To hell with social stigmas/stereotypes and just focus on what's best for you.Personally, I'd go with a fixed rate mortage with interest rates so low. Screw ARM's.
Thanks BoomerD, exactly the kind of thing I was looking for. I guess I wasn't really looking for answers to my questions, but to see what other people's experience was with this type of thing and if there were any questions/things I hadn't looked into that I maybe missing/forgetting.
Old vs New was something I had considered too. Older places seem to be more solid (like brick), feel more established, lower assessments which means lower taxes. Sometimes they have "mature" landscaping, which I have come to interpret as large trees (these to me are a liability and I would likely to want to cut them down to prevent them from falling down on the house. However, if this type of thing is covered by home owner's insurance then I guess I don't have that much to worry about...). I can also have more reliable data on the area, since it's more established (ie census data).
Newer places usually are bigger, have more modern things and hopefully more energy efficient HVAC. However, they sometimes seem kinda "thin" to me, not of great quality, but that seems to be how things are unless I did my own build or looked at things out of my price range. If it was built in the last decade, it seems harder to judge the neighborhood as it is not as established and could potentially have alot of movement due to people buying during the times of easy credit now being foreclosed on (not that older homes don't have this, but I can see if lots of houses were bought during the boom (so they might be in trouble) or pre boom (likely not in trouble).
Old vs New was something I had considered too. Older places seem to be more solid (like brick), feel more established, lower assessments which means lower taxes. Sometimes they have "mature" landscaping, which I have come to interpret as large trees (these to me are a liability and I would likely to want to cut them down to prevent them from falling down on the house. However, if this type of thing is covered by home owner's insurance then I guess I don't have that much to worry about...). I can also have more reliable data on the area, since it's more established (ie census data).
Newer places usually are bigger, have more modern things and hopefully more energy efficient HVAC. However, they sometimes seem kinda "thin" to me, not of great quality, but that seems to be how things are unless I did my own build or looked at things out of my price range. If it was built in the last decade, it seems harder to judge the neighborhood as it is not as established and could potentially have alot of movement due to people buying during the times of easy credit now being foreclosed on (not that older homes don't have this, but I can see if lots of houses were bought during the boom (so they might be in trouble) or pre boom (likely not in trouble).
NY Times Rent vs. Buy Calculator: http://www.nytimes.com/2008/05.../28leonhardt.html?_r=1
(article is about a year old; he has written a whole series of these articles; just google for something like NY Times Rent Buy)
It looks like you've put some good thought into it, the best I can offer is to agree with some of the others. Don't buy more than you need. Save the money now, invest it elsewhere (I realize a home can be an investment, but it is by no means a sure thing - throw some extra in no-load mutual funds or something like that). You're still young, who knows what could happen, what if you do meet somewhere and end up having to move? Unloading a home could be quite a burden.
IMHO, rent is the way to go given that you are in your early mid 20s, with grad school in the near future. You don't need the added stress of owning a property and going to grad school ++ travel/s.
gsellis
Diamond Member
- Dec 4, 2003
- 6,061
- 0
- 0
I like ranch with a basement myself. All I can offer is some extra tips.
1) Try to find a place that the guest bath is not by default the master bath.
2) Pantries are one of the best inventions
3) Having a laundry room by a garage entrance is great for those that do outdoor activities
4) Copper Pipes ONLY
5) Windows are important for your winter comfort. Make sure they fit well and are at least double pane.
6) Garages are also nice and give you an extra level of security if you can part in it.
1) Try to find a place that the guest bath is not by default the master bath.
2) Pantries are one of the best inventions
3) Having a laundry room by a garage entrance is great for those that do outdoor activities
4) Copper Pipes ONLY
5) Windows are important for your winter comfort. Make sure they fit well and are at least double pane.
6) Garages are also nice and give you an extra level of security if you can part in it.
Originally posted by: RaistlinZ
You shouldn't deminish your sucess. What difference does it make if owning your own place "intimidates" guys who still rent? Also, what difference does it make how bit a guy's house is compared to yours?
This.
I'd never date a girl with this kind of attitude.
skyking
Lifer
- Nov 21, 2001
- 22,621
- 5,730
- 146
Boomer and gsellis had good specific posts, I'll not try to repeat their good points. I only have one point to make. I know you are 25 and fit, but anyone can break a leg or worse. Your being single only adds to my suggestion.
Get a home with one level for all the base necessities. Master bedroom, kitchen, laundry, bath should be accessible with an absolute minimum of stairs.
Get a home with one level for all the base necessities. Master bedroom, kitchen, laundry, bath should be accessible with an absolute minimum of stairs.
http://www.realtor.com/
i think the main thing is to
* just start looking at properties in your price range
* look at properties below your price range. there a lot of desperate
sellers out there.
it's also important to have a good building inspector, e.g. a retired contractor who knows the area, for when you get to that point.
it's hard to say what kind of house a person likes. you could start out looking for ranch style & then see a Victorian or Cape Cod that you really like.
i think the main thing is to
* just start looking at properties in your price range
* look at properties below your price range. there a lot of desperate
sellers out there.
it's also important to have a good building inspector, e.g. a retired contractor who knows the area, for when you get to that point.
it's hard to say what kind of house a person likes. you could start out looking for ranch style & then see a Victorian or Cape Cod that you really like.
Wired, having just gone through the first time homebuyer process with my fiancee (well, a year ago we did), feel free to PM with specific questions.
Here is what I know, or I think I know:
Set a realistic price ceiling and stick to it.
Look at homes a bit over that range, you can negotiate down. If they won't budge, don't stretch to buy it.
Determine a strategy - for us, it was to buy in the lowest affordable end of the best neighborhood we could.
Don't buy something you can't afford to fix. If you're not handy, then you need to factor in the cost of repairs to your price range.
A year later, it has worked out well for us. Our home was the lowest non-condo sale in our zip code last year, and this year so far. We went to refi, since our initial mortgage was at 6.25 (we put 5% down) and appraised at ~115% of our purchase price. Therefore, we're at 4.875 with no PMI now. This is me advocating the "cheapest house in best neighborhood" strategy.
Also, determine if you want a SFH, townhouse, or condo. If you are buying a TH or Condo, do NOT purchase those in an area just because that's all you can afford unless it is a hot area. It's much harder to unload a TH or Condo if it's not in a large city. In the 'burbs, you're best off with an SFH, unless it's a condo a block from the DC metro or something like that. Basically, if you go for a TH/Condo, make sure it has an awesome location.
If you get an SFH, you'll obviously have to maintain more than you would with a TH or Condo, but factor in the condo fees. Probably cheaper to pay someone to mow your lawn.
Here is what I know, or I think I know:
Set a realistic price ceiling and stick to it.
Look at homes a bit over that range, you can negotiate down. If they won't budge, don't stretch to buy it.
Determine a strategy - for us, it was to buy in the lowest affordable end of the best neighborhood we could.
Don't buy something you can't afford to fix. If you're not handy, then you need to factor in the cost of repairs to your price range.
A year later, it has worked out well for us. Our home was the lowest non-condo sale in our zip code last year, and this year so far. We went to refi, since our initial mortgage was at 6.25 (we put 5% down) and appraised at ~115% of our purchase price. Therefore, we're at 4.875 with no PMI now. This is me advocating the "cheapest house in best neighborhood" strategy.
Also, determine if you want a SFH, townhouse, or condo. If you are buying a TH or Condo, do NOT purchase those in an area just because that's all you can afford unless it is a hot area. It's much harder to unload a TH or Condo if it's not in a large city. In the 'burbs, you're best off with an SFH, unless it's a condo a block from the DC metro or something like that. Basically, if you go for a TH/Condo, make sure it has an awesome location.
If you get an SFH, you'll obviously have to maintain more than you would with a TH or Condo, but factor in the condo fees. Probably cheaper to pay someone to mow your lawn.
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