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Started By
Message
Buying a first home
Posted on 11/17/14 at 5:15 pm
Posted on 11/17/14 at 5:15 pm
Looking for some dos and dont's from the seasoned vets of the money board. Looking to buy a house that will be resold within ten years.
Posted on 11/17/14 at 5:33 pm to HoLeInOnEr05
If you're under 30, unmarried or even married w/o kids - don't. Invest.
Posted on 11/17/14 at 5:44 pm to HoLeInOnEr05
Interested in this thread as well. Turning 30 in march and starting to get the itch but terrified to buy in Nola right now because of prices being so high. Afraid to buy high then have the bubble burst, but have also heard new hospital will continue to drive prices up. Looking in lakeview.
Posted on 11/17/14 at 6:01 pm to Saint5446
bubble is still expanding. you will get royally robbed if you buy now. If you have a tolerance for hood-tastic goings on, and are handy with power tools and such, you could possible still score a nice little investment double in certain areas, but you have to be very careful. Each block differs drastically and is a game changer unto itself when selling a home.
G'luck. I'd wait it out though..
G'luck. I'd wait it out though..
Posted on 11/17/14 at 6:40 pm to cwill
quote:Thats just terrible
If you're under 30, unmarried or even married w/o kids - don't. Invest.
Posted on 11/17/14 at 6:59 pm to HoLeInOnEr05
Buy what you need in a good neighborhood.
You don't need the most expensive home in any neighborhood.
Buying a house is not always the no brainer investment that some people will tell you it is. Some people win the lottery of moving at a time of high prices in a high cost area to a low cost area. You may or may not make money when you move.
You don't need the most expensive home in any neighborhood.
Buying a house is not always the no brainer investment that some people will tell you it is. Some people win the lottery of moving at a time of high prices in a high cost area to a low cost area. You may or may not make money when you move.
Posted on 11/17/14 at 8:18 pm to makersmark1
I'm under 30. Married. No kids.
I had to get out of renting... Granted I was in an apt for a year
Find a nice size house for us. Basically paying what I was while renting. You can't beat that. Got a rate at 4%
Plan on staying in house 7-10 yrs. You do what you like best. My thoughts are buying is a better investment. Just dont rush it just to buy
Etc. Buy something that is less than what you think you can afford. You will be thankful
I had to get out of renting... Granted I was in an apt for a year
Find a nice size house for us. Basically paying what I was while renting. You can't beat that. Got a rate at 4%
Plan on staying in house 7-10 yrs. You do what you like best. My thoughts are buying is a better investment. Just dont rush it just to buy
Etc. Buy something that is less than what you think you can afford. You will be thankful
This post was edited on 11/17/14 at 8:19 pm
Posted on 11/17/14 at 8:25 pm to HailToTheChiz
Similar boat - debating about the Nola bubble. Tempted to pay decent money somewhere around canal between about broad to Carrollton and hope for the best on this hospital project. Even though it'll be too much coin today.
This post was edited on 11/17/14 at 8:26 pm
Posted on 11/17/14 at 8:37 pm to HoLeInOnEr05
Inspectors make a hell of a difference. Get a good one
Posted on 11/17/14 at 8:47 pm to HoLeInOnEr05
Basic stuff, but don't buy the biggest/most expensive house in the neighborhood. I also recommend buying a house that is 5-10 years old vs buying new (if considering newer neighborhoods). First house I bought new, and had to drop a lot of money on blinds, landscaping, etc. second house I bought was about 8 years old (new enough to not have outdated countertops, fixtures, etc, and it already had mature landscaping, a sprinkler system, and nice blinds/window treatments).
Posted on 11/17/14 at 8:49 pm to HoLeInOnEr05
Don't buy if prices are decreasing.
If buying in a new neighborhood, buy only when it's well over half complete.
As others mentioned, don't buy the biggest house in the neighborhood.
If you can handle it, foreclosure are great values.
If buying in a new neighborhood, buy only when it's well over half complete.
As others mentioned, don't buy the biggest house in the neighborhood.
If you can handle it, foreclosure are great values.
Posted on 11/17/14 at 9:28 pm to HoLeInOnEr05
I bought a new home as my first house. The extras like blinds, window treatments, gutters, landscaping, etc. add up big time.
Posted on 11/17/14 at 9:44 pm to Civildawg
We are looking in to houses that have been foreclosed on and older homes that have been updated. We are in the North Alabama area if that helps.
Posted on 11/17/14 at 10:01 pm to HoLeInOnEr05
There's a saying in real estate...
"You want the worst house in the best neighborhood"
"You want the worst house in the best neighborhood"
Posted on 11/17/14 at 10:44 pm to DriveByBBQ
quote:
There's a saying in real estate... "You want the worst house in the best neighborhood"
Huh?
It's "You don't want the best or the worst house in a neighborhood."
Posted on 11/17/14 at 11:02 pm to Saint5446
quote:
Afraid to buy high then have the bubble burst, but have also heard new hospital will continue to drive prices up. Looking in lakeview.
As I'm sure you know, Lakeview is really high right now.
I bought a double near Tulane campus just over a year ago and I love it. You want to do your homework on insurance (homeowners/flood). Flood varies a great deal, if you're in the wrong area you could get crushed. Those items can really affect the "investment" aspect of homeownership.
I think there are still some deals in mid-city, but you have to be more careful about crime. Of course, I thought I was in a good area, but there have been a number of violent crimes in my area in the past few months. You never really know in NOLA.
Posted on 11/17/14 at 11:53 pm to soccerfüt
quote:
quote:
There's a saying in real estate... "You want the worst house in the best neighborhood"
Huh?
It's "You don't want the best or the worst house in a neighborhood."
I think it's actually "you want a bottom third house in a top third neighborhood"
I think I heard it that way. Jk
buying as investment with intention to flip: take the above sayings into account
Buying because you want to enjoy your home and let it be a blessing to you? Buy the home that YOU want, not what the next buyer down the road will want.
Posted on 11/18/14 at 12:01 am to jacquespene8
quote:
I think it's actually "you want a bottom third house in a top third neighborhood" I think I heard it that way.
Not specifically agreeing or disagreeing with you but it certainly isn't the worst house in the neighborhood.
I've done the nicest house in a neighborhood trick, I knew it going in and there were mitigating factors. But it was not good at the end. I know folks who have done the worst house in a neighborhood trick, in a slow market it is doubly bad and can hurt the rental possibilities. Admittedly, in a medium or brisk market it can be OK.
This post was edited on 11/18/14 at 12:03 am
Posted on 11/18/14 at 6:59 am to soccerfüt
Forget Lakeview...wildly overpriced. I'd be looking for a double or house w apartment in the university area. You'll pay, but the future investment potential as a student or faculty rental is much more stable in the long term. Something like this: LINK
Already has a 1br/ba downstairs, with space to expand. Offstreet parking. Walking distance to Tulane/Loyola.
Already has a 1br/ba downstairs, with space to expand. Offstreet parking. Walking distance to Tulane/Loyola.
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