Just started house hunting. Would you buy a home 659k home in a neighborhood where homes were in the 300-500s. This home is right in the middle of the block. Its had very nice... (more)
upgrades and more sqft because they finished the attic and included another bedroom with full bath. Still can't get over being most expensive home in neighborhood.
posted February 15th, 2013 at 2:33pm in Toddler
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- no, I'd rather have the cheapest house on the block 2-15-2013 2:33pm +2 likes
- ditto. and we do! 2-15-2013 2:34pm
- why? (apartment dweller here) 2-15-2013 2:36pm
- because you get the same great schools as the woman who lives in the mansion down the block does, for one thing. and easier to sell your place when it comes time for the same...(more) 2-15-2013 2:37pm
- Never buy the most expensive house on the block. 2-15-2013 2:33pm +4 likes
- np: but why, though? someone will buy it. 2-15-2013 2:34pm
- because it's hard to get what it's worth since everything else is cheaper. 2-15-2013 2:35pm
- i don't know if i agree. that would be true if your house was comparable to the others on the street, but if yours truly is worth more, it'll still stand on its own. 2-15-2013 2:37pm
- you can disagree, but this is one of the basic rules of real estate. 2-15-2013 2:38pm +1 like
- i don't know if i agree. that would be true if your house was comparable to the others on the street, but if yours truly is worth more, it'll still stand on its own. 2-15-2013 2:37pm
- because it's hard to get what it's worth since everything else is cheaper. 2-15-2013 2:35pm
- np: but why, though? someone will buy it. 2-15-2013 2:34pm
- sure if there's a cofo for the attic etc. 2-15-2013 2:33pm
- i would do just the opposite. i would buy a cheaper home in a more expensive neighborhood. 2-15-2013 2:34pm +1 like
- yes, but we have owned a smaller home for 10 years and I gotta say, I am sick and tired of having a never ending list of some day we will do xyz with this room or that room.. 2-15-2013 2:35pm
- No. Never buy the most expensive house on the block 2-15-2013 2:34pm
- i think that's us. we liked the house, it fit our needs, and didn't want to do the work to rehab an older place. 2-15-2013 2:34pm
- thanks, I think that is me too. I've been there done that with renovations and I am sick of it. I just happened to love all the finishes they chose so I really want to be done,...(more) 2-15-2013 2:36pm
- yes, but that's as a general rule. there are exceptions. 2-15-2013 2:37pm
- thanks, I think that is me too. I've been there done that with renovations and I am sick of it. I just happened to love all the finishes they chose so I really want to be done,...(more) 2-15-2013 2:36pm
- you dont' want to be the most exp in the neighborhood. if you go for financing, the appraisal may not come in as high because of comps 2-15-2013 2:34pm
- No 2-15-2013 2:34pm
- rule 2 of real estate: never buy the most expensive house on a block 2-15-2013 2:34pm
- what is rule #1? 2-15-2013 2:35pm
- location location location 2-15-2013 2:36pm
- you do not talk about rule #2 2-15-2013 2:36pm +2 likes
- Op---LOL! 2-15-2013 2:38pm
- location, location, location 2-15-2013 2:37pm
- location location location 2-15-2013 2:43pm
- what is rule #1? 2-15-2013 2:35pm
- If you love the house and plan to stay for a while, why not? 2-15-2013 2:35pm
- Not a wise investment 2-15-2013 2:36pm
- people should stop thinking of their house as investment. it is a place to live that should not be counted on for financial security. if she likes teh neighborhood and can see...(more) 2-15-2013 2:38pm her family being happy in the house long term, then go for it. if she intends to sell in a few years, may not make sense.
- Look at all the people in foreclosure. You make a bad investment at the onset and you screw yourself 2-15-2013 2:40pm
- that only matters if you can't afford the house. mortgages are a lot harder to come by today so I assume OP will be well funded. she seems to be looking at houses in the upper...(more) 2-15-2013 2:46pm price range, not stretching from a 300-500 range to afford the $600 range.
- So not true. Even if you put 100% down and no mortgage you still need to sell your home and if you can't sell you get stuck 2-15-2013 2:49pm
- you can always sell if you are priced right. if you have no mortgage there is no way you are stuck. 2-15-2013 2:52pm
- Not true. Sorr 2-15-2013 2:53pm
- you can always sell if you are priced right. if you have no mortgage there is no way you are stuck. 2-15-2013 2:52pm
- So not true. Even if you put 100% down and no mortgage you still need to sell your home and if you can't sell you get stuck 2-15-2013 2:49pm
- that only matters if you can't afford the house. mortgages are a lot harder to come by today so I assume OP will be well funded. she seems to be looking at houses in the upper...(more) 2-15-2013 2:46pm
- yes, this would be a long term house for us. And we are very tied to the area. 2-15-2013 2:40pm
- And you wonder why so many Americans are in financial trouble 2-15-2013 2:43pm
- because they viewed their house as an investment. thought that prices would keep going up. didn't have to put much down. if you are buying a place to live, long term and can...(more) 2-15-2013 2:45pm +1 likeafford the mortgage what it is worth in 40 years when you go to sell doesn't make much difference to your finances. you are what is wrong, not my attitude.
- Lol. Tell that to all the old people who have lived in their houses for 40 years and are now on fixed incomes and can't sell their houses. It is not wise to spend all that money...(more) 2-15-2013 2:47pm On something that is not a good investment. It is a home but it is also an investment
- who are these people of which you speak? because I guaranty you if they have lived in their houses for 40 years, the house is worth substantially more than they paid for it and...(more) 2-15-2013 2:49pm they are the exact one who can afford to sell now at the current prices, even though they are down from 2006. you are making up shit.
- ^^if they've take out other mortgages etc. along the way to support themselves then they've got other financial problems, not related to the cost of their house 2-15-2013 2:51pm
- I know plenty of my parents friends in this situation. You can call me names if you want but you are ignorant. People stuck with multi million dollar homes who have no mortgage...(more) 2-15-2013 2:52pm left and now have to refinance because they don't have the same income, can't sell and can't afford the upkeep
- you are the one who is calling names. what house related expenses do they have if they have no mortgage? why can't they sell? that house is certainly worth more than it was 40...(more) 2-15-2013 2:55pm
- Whee did I call you a name. Please point it out to me 2-15-2013 2:56pm
- "ignorant" 2-15-2013 2:59pm
- Sorry but you do sound ignorant. You don't know much about real estate or investments or read the paper. 2-15-2013 3:01pm
- how odd that I happen to work in the real estate investment field. I am sure you will either not believe that, or make some crack about how that is what is wrong again, but you...(more) 2-15-2013 3:10pm
- Sorry but you do sound ignorant. You don't know much about real estate or investments or read the paper. 2-15-2013 3:01pm
- "ignorant" 2-15-2013 2:59pm
- You don't read the paper much do you? 2-15-2013 2:56pm
- yes, as a matter of fact I do. if people are having problems selling the home they have lived in for 40 years, it is because they've taken up other debt along the way to finance...(more) 2-15-2013 3:00pm their lifestyle, not because they originally paid to much for their house
- Wrong. They are having problems because the market is dead in many areas of this country and people can't sell and if you have a house that is double what every other house is...(more) 2-15-2013 3:02pm
- do you not realize that someone who bought their house in 1975 paid a small fraction for it of what a bargain basement sale on that property would be today? the places where...(more) 2-15-2013 3:04pm nothing is moving at all are areas which were more recently developed. or detroit.
- No sweetheart. Anyway I am done here. Do whatever you like. Oh and btw pick up a wsj once in a while 2-15-2013 3:05pm
- just read it this morning sweetheart. 2-15-2013 3:10pm
- and, just for you "sweetheart" an article on why you shouldn't view a home as an investment, from the WSJ...(more) 2-15-2013 3:30pm
- just read it this morning sweetheart. 2-15-2013 3:10pm
- No sweetheart. Anyway I am done here. Do whatever you like. Oh and btw pick up a wsj once in a while 2-15-2013 3:05pm
- do you not realize that someone who bought their house in 1975 paid a small fraction for it of what a bargain basement sale on that property would be today? the places where...(more) 2-15-2013 3:04pm
- Wrong. They are having problems because the market is dead in many areas of this country and people can't sell and if you have a house that is double what every other house is...(more) 2-15-2013 3:02pm
- yes, as a matter of fact I do. if people are having problems selling the home they have lived in for 40 years, it is because they've taken up other debt along the way to finance...(more) 2-15-2013 3:00pm
- Whee did I call you a name. Please point it out to me 2-15-2013 2:56pm
- you are the one who is calling names. what house related expenses do they have if they have no mortgage? why can't they sell? that house is certainly worth more than it was 40...(more) 2-15-2013 2:55pm
- You are really not well informed 2-15-2013 2:52pm
- I think it is you who doesn't have the information. anyone call sell at the right price. 2-15-2013 2:53pm
- Wrong! I know these people. Anyway, don't worry about it. Do as you wish. 2-15-2013 2:54pm
- Not when the market is not moving. Are you dumb 2-15-2013 2:55pm
- I am not dumb. if the market is not moving, it is because inventory is not priced at a level at which buyers are willing to pay. a house that sold in 2006 for $500k was...(more) 2-15-2013 3:03pm
- I think it is you who doesn't have the information. anyone call sell at the right price. 2-15-2013 2:53pm
- who are these people of which you speak? because I guaranty you if they have lived in their houses for 40 years, the house is worth substantially more than they paid for it and...(more) 2-15-2013 2:49pm
- Lol. Tell that to all the old people who have lived in their houses for 40 years and are now on fixed incomes and can't sell their houses. It is not wise to spend all that money...(more) 2-15-2013 2:47pm
- because they viewed their house as an investment. thought that prices would keep going up. didn't have to put much down. if you are buying a place to live, long term and can...(more) 2-15-2013 2:45pm +1 like
- Look at all the people in foreclosure. You make a bad investment at the onset and you screw yourself 2-15-2013 2:40pm
- but that's not the purpose of the purchase (it's a nice benefit if it works out) so i say get what you like and can afford. np 2-15-2013 2:38pm
- See my comment above. A house is an investment like it or not 2-15-2013 2:41pm
- people are in foreclosure b/c they bought more than they could afford or they got laid off and couldn't pay the mortgage. the home itself may be a fine investment in that it appr...(more) 2-15-2013 2:44pm eciates over time, but that has little to do with why people couldn't pay for it.
- And because they can't sell it! You need to be able to sell your house if you need to. The most expensive house on the block will only sell to someone will 2-15-2013 2:46pm
- True. 2-15-2013 2:49pm
- And because they can't sell it! You need to be able to sell your house if you need to. The most expensive house on the block will only sell to someone will 2-15-2013 2:46pm
- but it doesn't matter much to your overall investment portfolio if you plan on staying in your house for 30 years. 2-15-2013 2:47pm
- No but in 30 years if you can't sell because you now have to and you house is double what everything else in the neighborhood is you are in trouble 2-15-2013 2:48pm
- but you will still get more than you paid for it in 30 years even if you don't get double what other houses around you are getting 2-15-2013 2:58pm
- Yes if you can sell it and more than you paid is not getting your money back because if you had hat same money in the bank for 30years you would have a hell of a lot more. M 2-15-2013 2:59pm
- that's why I made my original point that a house shouldn't be viewed as an investment. it was a place to live and raise a family for 30 years - how do you value that? one does...(more) 2-15-2013 3:06pm
- Yes if you can sell it and more than you paid is not getting your money back because if you had hat same money in the bank for 30years you would have a hell of a lot more. M 2-15-2013 2:59pm
- but you will still get more than you paid for it in 30 years even if you don't get double what other houses around you are getting 2-15-2013 2:58pm
- No but in 30 years if you can't sell because you now have to and you house is double what everything else in the neighborhood is you are in trouble 2-15-2013 2:48pm
- people are in foreclosure b/c they bought more than they could afford or they got laid off and couldn't pay the mortgage. the home itself may be a fine investment in that it appr...(more) 2-15-2013 2:44pm
- See my comment above. A house is an investment like it or not 2-15-2013 2:41pm
- people should stop thinking of their house as investment. it is a place to live that should not be counted on for financial security. if she likes teh neighborhood and can see...(more) 2-15-2013 2:38pm
- I agree. Do you get a sense that other houses will be fixed up soon? Like are there renovations in the surrounding areas? It could be the other houses will catch up. 2-15-2013 2:37pm
- unfortunately, I think not. They are still building more houses on one side of the neighborhood. 2-15-2013 2:39pm
- so even more for buyers to choose from? then no. 2-15-2013 2:40pm
- Hmmm... Well, I have to agree with the above poster that this isn't just an investment, it's your home. If you love it, great. 2-15-2013 2:40pm
- unfortunately, I think not. They are still building more houses on one side of the neighborhood. 2-15-2013 2:39pm
- it's not a question of staying for awhile. 2-15-2013 2:38pm
- sure it is...it will not be easy to sell, but if you are staying it does not matter 2-15-2013 2:43pm
- of course it matters. 2-15-2013 2:44pm
- are we saying the same thing? I am saying, If you are staying a long time ease of resale does not matter 2-15-2013 2:48pm
- of course it matters. 2-15-2013 2:44pm
- sure it is...it will not be easy to sell, but if you are staying it does not matter 2-15-2013 2:43pm
- Not a wise investment 2-15-2013 2:36pm
- how many br rooms in all? sqftagw? 2-15-2013 2:40pm
- 5000 sq. 5 bedrooms, I think it would be a 3900 sq 4 bedroom but the attic was done (and done very well). 2-15-2013 2:43pm
- that sounds awesome. 1000 sqft attic is huge -thats got to be bedroom bathroom and some other space right? I have 4 br 4 bthroom would love to update attic 2-15-2013 2:49pm
- that is a lot of house foo 2-15-2013 2:52pm
- ^^^for the money. Where is this? 2-15-2013 2:53pm
- In a crapp eighborhoos 2-15-2013 2:57pm
- lol 2-15-2013 3:02pm
- In a crapp eighborhoos 2-15-2013 2:57pm
- ^^^for the money. Where is this? 2-15-2013 2:53pm
- 5000 sq. 5 bedrooms, I think it would be a 3900 sq 4 bedroom but the attic was done (and done very well). 2-15-2013 2:43pm