: what to do? (poll)


SuperPoser
08-15-2006, 11:56 AM
ok,
I would like to get a condo since it would be perfect for me...
(I travel often, and when I am in ohio, work 10-12's often, so yard work wouln't get done...lol)
problem...
closest condo to work is ~40-50 min drive pending traffic...
new houses in this area are a bit higher than new houses in the warren/youngstown area...
used houses here are ... well... pricy if they are nice, but if they are cheap, they reak of cat or smoke or some other nasty junk... lol

right now I have an appartment 6 min from work ... (it has a single garage), so I would probably rent a storage garage in the future for the sami and future trailer... I love the short drive to work ;o)
reason I have not yet considered the condo's 40 min away...

OFRD_GRL
08-15-2006, 12:18 PM
ok heres the deal.
Find a semi-OK fixer-upper. (One thats bad enough its kinda cheap but not so bad you cant live in it while working on it)
THEN you can upgrade stuff and make it nicer and whatnot while living there.
I wouldnt be so concerned with smells as structural stuff.
smells are EASY to take care of. = rent a carpet shampooer and a fresh coat of paint. no more smell.

ohio03trdtaco
08-15-2006, 12:36 PM
How much can you afford? That is the biggest question you got ask your self. You donít want to go broke. Also how long do you plan to stay in the area? How secure is your job? There are many questions posed with looking into this kind of thing, I have only been thinking about it for the past couple of years. The ultimate goal in this if you to be happy so do what every makes it that way. I canít really vote on the poll because there is no right wrong answer to any of those.

SuperPoser
08-15-2006, 12:50 PM
I had thought about the fixxer-upper, ripping out carpet, re-doing the inside...
time seems to be the most inportant thing to me being as I either don't have enough or can't manage what I do have (or both...lol)
my rent is $525 / month (appartments around here are between 400 and 600 / month, and having a garage kicks up the price)
so I could afford a house with the same or a little higher monthly payments...

how much do people charge to mow the grass once a week?
this may be something I should look at more closely?
or get a lawmower with headlights? hehe

OFRD_GRL
08-15-2006, 01:04 PM
i have a horse thatll mow your lawn for free LOL

rabbitstout
08-15-2006, 02:05 PM
I say go for build a new house, if you can COMFORTABLY afford it. I know the condo route seems easy because of maintenance issues, but you have to remember you still have to maintain the interior too, so what's that leave? Mowing grass? Pay some kid 20 bucks a month or bi-weekly to do it in season. If there;s snow, well, you don't really need to plow/shovel the driveway if you're not there do you?

The reason I say go for a new house is because Condo's and Townhomes are declining on popularity right now. See last weeks article on MSN, the condo craze is over. With a single family home, you not only have value in the home, but also, and most importantly, you have value in the land. The value of your land will never go down, and you don't have neighbors in adjoining units that could affect your property value.

If you want to maximize your return on investment in land, the best way to do that is to improve the land to it's "highest and best use". In a single family subdivision, that means building a new home. As soon as construction is completed, you will see equity in your home. A few years down the line, when you go to sell, your home will be more marketable (beacuse it's newer), and you'll have built more equity than a condo. Plus you'll be a Landowner, and depending on your neighborhood, you could have less or no homeowners association fees.

Whatever you decide is best for you, I'd like to help you out. I'm a Realtor with Coldwell Banker, and I can connect you to a friendly Coldwell Banker Agent anywhere. We're a great company with a great philosophy "The customers' best interests above all". Send me an email to jimstout@seasiderealty.com

OFRD_GRL
08-15-2006, 02:40 PM
whoa thats officially the MOST informative post in OHTTORA ever.
AWESOME!

SuperPoser
08-15-2006, 02:47 PM
whoa thats officially the MOST informative post in OHTTORA ever.
AWESOME!
X2

and grass for your horse sounds like a cheap idea ... hehe


thanks rabbitstout,

I did look at some houses recently (and a couple lots ), with a realtor who's a co-workers sister...

perhaps I'll have to look a bit more for property...

thanks,
Mike

blown4runner
08-15-2006, 06:17 PM
I thought you were moving to NorCal...

SuperPoser
08-15-2006, 07:49 PM
why, are you gonna be there ;o)

RedRunnertc
08-15-2006, 08:33 PM
whoa thats officially the MOST informative post in OHTTORA ever.
AWESOME!

Well, considering it's from a realtor who's well-being comes from people who buy into that philosophy.

Here's the deal from my personal experience. The critical question is "how long are you going to live there"?

If it's going to be 5 yrs or less, then you should rent because you'll never earn back the down payment, etc in that timeframe.

If it's going to be more than 5 yrs, you should buy. Here's where it gets tricky. New is nice in that there will probably be little to repair, but houses aren't built like they used to be, and you can get much more house used than new. Do NOT plan to "make" money on this investment in Ohio. Just isn't going to happen unless you get really lucky. Buying a fixer-upper is a real risk, but there is potential for big payback IF you can find a seriously undervalued house AND you can do ALL the work yourself. NOTE: the ONLY "remodeling" that will add value to the house is to add square footage. All the stuff about bathrooms and kitchens adding value to the house are bunk. Especially stuff like windows, storm doors, etc. So long as the house has windows, customers are not willing to pay extra for nice ones.

You must always keep resale value in mind. While a 2 bedroom, 1 bath house may be good for single guys like us, they are no good for families, so get at least a 3 bedroom, 2 bath house.

Lastly, $525/mo is pretty darn cheap IMHO, and you're not going to be able to get much of a house with that payment, especially if you have MIP/PMI.

SuperPoser
08-15-2006, 08:59 PM
thats for the info troy,
btw
what is MIP/PMI? I am too lazy to look it up...lol

OFRD_GRL
08-15-2006, 09:12 PM
I thought you were moving to NorCal...
who me? :D

im not the one looking for stuff LOL

RedRunnertc
08-15-2006, 09:24 PM
They are essentially the same thing - insurance that you pay to guarantee the mortgage due to a low down payment.

MIP is what they call it for FHA loans. You must pay off 80% of the loan to get out of it. (In other words, never)

PMI is what it is called for non-FHA loans. Terms may vary by lender, but generally, you get out of it when you have 20% equity.

Because of this, I would recommend avoiding FHA loans if at all possible.