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Started By
Message
Larger House v. Smaller House
Posted on 2/28/13 at 3:21 pm
Posted on 2/28/13 at 3:21 pm
I am looking at a 2 BR 2 FB house on Saturday in a very desirable neighborhood that is well within my price range.
My Dad and Grandfather are telling me that I am crazy for looking at a 2 BR, and that I should get at least 3 BR with these interest rates.
My reasoning is that I am a single guy and I want to have more money to save and invest. Also, I don't want to have higher utilities than I need to and a few years down the road when I need a bigger house due to family, I will just rent this one out. I see my parents and grandparents that live in 4 and 5 BR houses and they have outrageous utilities and that seems very wasteful to me and I hate that.
What are yall's thoughts? I imagine many of you are still single or have young families. I know this won't be my last house. Should I look more into getting something bigger or stick to my idea on getting a smaller, more practical house?
My Dad and Grandfather are telling me that I am crazy for looking at a 2 BR, and that I should get at least 3 BR with these interest rates.
My reasoning is that I am a single guy and I want to have more money to save and invest. Also, I don't want to have higher utilities than I need to and a few years down the road when I need a bigger house due to family, I will just rent this one out. I see my parents and grandparents that live in 4 and 5 BR houses and they have outrageous utilities and that seems very wasteful to me and I hate that.
What are yall's thoughts? I imagine many of you are still single or have young families. I know this won't be my last house. Should I look more into getting something bigger or stick to my idea on getting a smaller, more practical house?
This post was edited on 2/28/13 at 3:23 pm
7
Posted on 2/28/13 at 3:25 pm to ShreveportTIGER318
In your case, and since you stated this...
... I would go with your plan.
Do you have an estimate of what adding a bedroom onto the house do to utlity bills? I would think it would not be that much more.
quote:
a few years down the road when I need a bigger house due to family, I will just rent this one out.
... I would go with your plan.
Do you have an estimate of what adding a bedroom onto the house do to utlity bills? I would think it would not be that much more.
Posted on 2/28/13 at 3:30 pm to OnTheBrink
No, but the house has a den and a large living room. I am thinking that the large living room could be turned into a bed room and have a bathroom installed.
Also, I am not a handyman. I can't build or fix shite, so any construction or anything will have to be hired out.
Also, I am not a handyman. I can't build or fix shite, so any construction or anything will have to be hired out.
Posted on 2/28/13 at 3:56 pm to ShreveportTIGER318
As for renting, 3BR houses are more in demand (at least in my area). More young families want 3 BRs.
I would think a 2BR house would be ok if you are in an area with alot of singles that would either rent solo or with a room mate.
I would think a 2BR house would be ok if you are in an area with alot of singles that would either rent solo or with a room mate.
Posted on 2/28/13 at 3:59 pm to Chris4x4gill2
A couple of colleges nearby and a med school are nearby, but not next door. Also, there is a park close by.
Of course, since the price is lower I will get a 30 year mortgage but pay it like it is a 15. As long as I don't lose money on it if I have to sell it I will be fine.
In Shreveport the rent market is great for owners. Rent is really high by historical standards.
Of course, since the price is lower I will get a 30 year mortgage but pay it like it is a 15. As long as I don't lose money on it if I have to sell it I will be fine.
In Shreveport the rent market is great for owners. Rent is really high by historical standards.
Posted on 2/28/13 at 4:12 pm to ShreveportTIGER318
Even if I was single I would want at least a 3bedroom house. Master, spare, and office.
When I buy I want at least 4 and I have my lady and son.
When I buy I want at least 4 and I have my lady and son.
Posted on 2/28/13 at 4:49 pm to Brettesaurus Rex
quote:
Even if I was single I would want at least a 3bedroom house. Master, spare, and office.
When I buy I want at least 4 and I have my lady and son.
This is the feedback I am getting from family elders.
Posted on 2/28/13 at 4:56 pm to ShreveportTIGER318
Married with 1 child in a 3br and really want to upgrade myself.
I bought a 3br 2ba when I was single and loved the size. Master, guest and office is really nice.
I bought a 3br 2ba when I was single and loved the size. Master, guest and office is really nice.
Posted on 2/28/13 at 5:31 pm to ShreveportTIGER318
2 br is fine for your situation. You'll want bigger when your life changes but enjoy low costs and save and have fun in the meantime.
Posted on 2/28/13 at 6:13 pm to ShreveportTIGER318
I think you are all correct, just coming from different perspectives and with different goals. Your family is thinking of resale, you are thinking more in terms of investment now. I don't live in LA, but 2 BR houses can be more difficult to resell because they appeal to a different category of buyers. But that's down the road for you, and a lot can happen between now and then. And there is always the chance that a young family with a limited income, or a young single like yourself, will be in the market at the time you are selling. Location is so important and it sounds like you are looking in a prime area. And you're right, having to heat and cool and maintain a large home when you're only using a small fraction of it makes no sense. I would go with your plan!
Posted on 2/28/13 at 9:41 pm to conservativewifeymom
quote:
Location is so important and it sounds like you are looking in a prime area. And you're right, having to heat and cool and maintain a large home when you're only using a small fraction of it makes no sense. I would go with your plan!
Location, location, location. I have had two different 2br houses, it was a common design for the neighborhoods they were in. The areas were very popular with young couples and older couples, no trouble selling at all. We are currently in a large house, but our kids are grown, and I can't wait to get back into a smaller house.
Posted on 2/28/13 at 10:25 pm to ShreveportTIGER318
(no message)
This post was edited on 3/28/13 at 6:30 pm
Posted on 2/28/13 at 10:27 pm to ShreveportTIGER318
What neighborhood is the 2BR in? Broadmoor/S.Highlands? 2 BR is definitely a downfall of the house, but 2BA is a big plus, esp in these neighborhoods. Many of the smaller starter homes in Broadmoor only have 1 full BA, so having 2 is nice, and will probably be more conducive to rental down the road.
Posted on 2/28/13 at 10:35 pm to ShreveportTIGER318
my elec bill on my 3100 sqft house was $62 last month 
...just sayin
...just sayin
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