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I agree with everything Cosmic said.
It sounds like you have convinced yourself. Should be fine for you as long as you intend living there for many years. You never REALLY know if you made the right financial decision on a house until it is time to sell it. Location is a real driving force on real estate prices. The house is going to cost the same to build whether you build it on the South side or the North side. The question is whether it will hold it's value at 37/SW Military if the neighborhoods around it go to . IMHO It's a little more financial risk than an established north side location.
I agree with everything Cosmic said.
True....there are punks everywhere. OK, since there's a HUGE difference in people between those two areas, do you think there would be a HUGE difference between people at 281/military and somewhere else? That's why I was asking if you lived anywhere else.
Seems like your mind is made up though. With nothing down and at that rate, I would go for it. Although with lots still available, I would hold out a little longer.
The bolded statement can be tested, you are thinking about selling your house in the same area. How much did you pay for it, how much could you sell it for? Whatever you decide, good luck!
Xellos - make sure you do two things from the start: get the solar orientation right (you want the long-edge south-facing to maximise passive solar gain in winter), and make sure you heavily insulate everything during construction (and stay away from things like downlights which kill your insulation and are a fire hazard). If you can, go for solar hot water heating (or gas instant) and natural gas heating. Do these things properly and you will live more comfortably while saving 10s of thousands of dollars over the life of the house.
Good luck.
Thank all of you for your input. I think I am going to wait and see what happens. Gonna make the realtors sweat a little bit before I make a final decision. I am thinking that perhaps instead I should make a few more modifications to this house and sell it for more later.
Bump...
Ok, I got the monthly payment down to $1230 now after making them sweat a bit. Would you all do this now, or make 'em wait again?
How did you get the monthly down? Did they lower the asking price?
Too many unknowns. However, what ever contract you sign, make sure you don't actually have any liability to pay until after the place is built and inspected.
I did a quick calculation. Looks like an approximate 15 year loan at 4.5% if that's and insurance were not included, so I assume it's a 20 year loan?
Seems like a decent deal as long as you can pay that and utilities, and periodic maintenance. Just make sure you don't expose your ass in the deal. Pay a lawyer to protect your position.
bottom line?
NO
Not at I-37 and SW Military.
It might be the neighborhood you are used to but as an investment IMHO it's clearly a NO.
hey if you need a builder, i know a guy that can do it, yes he can, bob the builder...google him
I have to agree, and I grew up not too far from there, went to Highlands, and ever since that whole part of town has done nothing but slide downhill. Yes, there is one nice new housing area SE of 37/SE Military but the rest of the area is , housing built in the 50s that has not been kept up. There is gang activity and grafitti all over the place. My mom still lives there and thank goodness my 6'6" brother is also there because he helps keep the riff-raff at bay.
Over the last 30 years I have seen plenty of nice new housing areas go in on the SE side of town and every single one has gone to within 5-10 years. There's not enough critical mass to keep it going, not when it's surrounded by thousands of older housing units that largely aren't being kept up. The initial buyers sell within that 5-10 year timeframe, housing values go down due to the surrounding area dragging it down, and it spirals into the toilet from there.
For that kind of money you can get a decent place in better established parts of town. Don't let your heart override what your brain is telling you.
hey xellos,the area you're talking about wouldn't happen to be next to brookside subdivision?
I think it is between Brookside and Monte Viejo.
EDIT: My subdivision is Highland Forest.
Last edited by xellos88330; 01-01-2010 at 05:29 AM.
Thanks for the advice!
I guess I don't really notice it much because I am used to seeing that type of stuff all over the place.
Don't buy a home as an investment, buy it because you need more living space and you can afford it.....you can certainly wait till one of your neighbors in the 170+ homes newly built in your area decides to move and get in cheaper than 180+k but is that money going to be worth the wait and how much work and improvements is that home going to need?
Buying a home is a personal decision because none of us can specifically say what will happen in the future, but your getting in at a good interest rate, and about the only drawback I can see is putting more money down to reduce your monthly obiligation...If you can't afford to do that now, then maybe waiting wouldn't be such a bad choice..
....however,the cost of building will only increase in the future, that I guarantee...
the his buying as an investment, how much rent can he get out of it per wk????
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