Which one is better? 28277 ( between Rea Rd and Providence rd , south of I-485) or Indian Trail or Waxaw or Tega Cay (Charlotte: loan)

[jaycharlotte2005]

Please evaluate based on the following criteria and provide your valuable suggestions for a first time home buyer who is looking for a single family house in the range of $280 K to $340 K.
I work in uptown Charlotte with one of the banks. Home sites land size of .25 to .4 acres is sufficient for me.
I have narrowed down to these areas.
Which one of these is better ?
Charlotte area 28277 ( between Rea Rd and Providence rd , south of I-485)
or Indian Trail
or Waxhaw
or Tega Cay/Fort mill west of I-77 and close to NC border.

Here is my criteria:-
1. Very good public elementary school ( We have a 4 year old and 2 month old. I can't afford private schools)
2. Good, safe and nice neighborhood.
3. I plan to live in that house for at least 5 years. so house needs to have reasonably good resale value(atleast 6 % growth every year) as well.
4. nearby parks/play grounds/lakes and community events are plus
5. Please compare property tax rates between these areas as well.

Please also recommend any and all subdivisions in order that meet these criteria.

I am currently thinking about only going for new homes. May also consider used homes if I get a lot more square feet home compared to a 320 K new home. What is the typical life of a used home before requiring major maintenance or upgrade?

Is looking for foreclosed or pre-foreclosure homes a good idea ? I read one can get great deals on them.

one more thing, When is the right time to buy ? I am currently renting. Should I wait for 6 more months until housing slump hits bottom or go for it in a month or so ?


Thanks in advance for all your comments!
Jay.

[DawnW]

Jay, wow, that is a lot of questions and loaded as I am sure you will get varying opinions on each area.

Where do you have to drive for work? This might play into the decision.

Also, do you want any land? Or are you ok with 1/4 acre or so in a subdivision.

If I were in your shoes (which we were almost 3 years ago), I would get a realtor, ask those questions and then see some homes in each area.

One thing you may want to keep in mind though is that the schools are so overcrowded that you will want to see how far you are from the schools. Close proximity may keep you from having to be re-districted. Also, I would really worry more about the middle and high schools you want as kids seem to grow up way too fast! If you like the middle and high schools, chances are you will like the elem. schools as well.

Also, you will want to look closely at tax rates. You might be able to afford more in SC simply because the tax rates are lower.

Wish I had more answers for you.

Dawn

[lovesMountains]

Originally Posted by jaycharlotte2005

Please evaluate based on the following criteria and provide your valuable suggestions for a first time home buyer who is looking for a single family house in the range of $280 K to $340 K.
I have narrowed down to these areas.
Which one of these is better ?
Charlotte area 28277 ( between Rea Rd and Providence rd , south of I-485)
or Indian Trail
or Waxhaw
or Tega Cay/Fort mill west of I-77 and close to NC border.

Here is my criteria:-
1. Very good public elementary school ( We have a 4 year old and 2 month old. I can't afford private schools)
2. Good, safe and nice neighborhood.
3. I plan to live in that house for at least 5 years. so house needs to have reasonably good resale value(atleast 6 % growth every year) as well.
4. nearby parks/play grounds/lakes and community events are plus
5. Please compare property tax rates between these areas as well.

Please also recommend any and all subdivisions in order that meet these criteria.

I am currently thinking about only going for new homes. May also consider used homes if I get a lot more square feet home compared to a 320 K new home. What is the typical life of a used home before requiring major maintenance or upgrade?

Is looking for foreclosed or pre-foreclosure homes a good idea ? I read one can get great deals on them.

one more thing, When is the right time to buy ? I am currently renting. Should I wait for 6 more months until housing slump hits bottom or go for it in a month or so ?


Thanks in advance for all your comments!
Jay.

Jay, first of all - none of those areas is any better than the other really - they are all nice and all have good schools.

I would love to really be able to help you, but if you've read much of what I have posted here you would know I do not think much of buying in devoloping areas. If you were to change your mind and want to consider ESTABLISHED areas of south Charlotte (which are better on resale right now for sure) please send me a direct message. Good luck.

[anifani821]

Gotta tell you . . . I am w/ Dawn and Loves - these are good areas. Dawn is right about retaining a good realtor . . .

And what Loves says about schools - right on target as well.

So they both are giving you good advice.

I would add the following. No one knows what the real estate market is going to be like here or anywhere else. We all are watching and there are many opinions . . . will the Charlotte market drop some more? Will it only drop w/ new construction? Is there a glut in the market? Will prices hold steady in some areas?

Trying to figure out if your house is going to appreciate 6% a year . . . in this market . . . no way anyone can guarantee you that. I would think Lake property may be the most likely to hold its value and increase . . . but again, just my layman's opinion.

As for renting rather than buying . . . I would think that would depend on the type of loan you can secure and whether you want to rent for a while to get to know the area b/f you pin point where to invest.

I personally would buy a home b/c I think that even if values go down a bit, interest rates are going to go up eventually, and I am betting on them being over 8% in three years. So it is all a matter of what you want to bet on. You do get a tax break on interest if you buy a house . . .

I would find myself a good realtor . . . and start there. Consider where you will work . . . consider schools . . . see what kind of loan terms you can find . . . and take a hard look at your options at that point.

Good luck as you decide on your future plans!

[south.charlotte&union]

I wouldn't say any of these areas are better or worse than the other -- they are just different. Charlotte area 28277 south of 485 probably is most similar to western Union county (some neighborhoods just over the south Charlotte border that have Waxhaw mailing addresses).

Because of your requirement for resale value within 5 years, I would tend to stay away from new construction unless the community will be finished within 2 years and you can get a very good deal now (which you can). If there is still new construction in a community where you are trying to sell it is extremely difficult to compete with the builder. Also, more established neighborhoods have a past record of resales and resale values, so you can be more confident that the property will appreciate. In many areas of Union county and South Carolina there is still a lot of land left on which to build, so even if you buy resale in those areas now you still may be completing with new construction when you try to sell.

Taxes are lowest in SC right now...followed by Union County and then Charlotte.

In terms of buying now or waiting...well I would say start looking online right now. You will have many choices and if the right house for you comes up then you may just want to go ahead and buy it...but I would first focus on where you want to be. It's hard to give suggestions of neighborhoods right now since so many will meet your criteria in these geographic areas.

[lovesMountains]

Originally Posted by south.charlotte&union

I wouldn't say any of these areas are better or worse than the other -- they are just different. Charlotte area 28277 south of 485 probably is most similar to western Union county (some neighborhoods just over the south Charlotte border that have Waxhaw mailing addresses).

Because of your requirement for resale value within 5 years, I would tend to stay away from new construction unless the community will be finished within 2 years and you can get a very good deal now (which you can). If there is still new construction in a community where you are trying to sell it is extremely difficult to compete with the builder. Also, more established neighborhoods have a past record of resales and resale values, so you can be more confident that the property will appreciate. In many areas of Union county and South Carolina there is still a lot of land left on which to build, so even if you buy resale in those areas now you still may be completing with new construction when you try to sell.

Taxes are lowest in SC right now...followed by Union County and then Charlotte.

In terms of buying now or waiting...well I would say start looking online right now. You will have many choices and if the right house for you comes up then you may just want to go ahead and buy it...but I would first focus on where you want to be. It's hard to give suggestions of neighborhoods right now since so many will meet your criteria in these geographic areas.

You said it much better than I did Good post!

[marilynsmom]

Originally Posted by jaycharlotte2005

Please evaluate based on the following criteria and provide your valuable suggestions for a first time home buyer who is looking for a single family house in the range of $280 K to $340 K.
I work in uptown Charlotte with one of the banks. Home sites land size of .25 to .4 acres is sufficient for me.
I have narrowed down to these areas.
Which one of these is better ?
Charlotte area 28277 ( between Rea Rd and Providence rd , south of I-485)
or Indian Trail
or Waxhaw
or Tega Cay/Fort mill west of I-77 and close to NC border.

Here is my criteria:-
1. Very good public elementary school ( We have a 4 year old and 2 month old. I can't afford private schools)
2. Good, safe and nice neighborhood.
3. I plan to live in that house for at least 5 years. so house needs to have reasonably good resale value(atleast 6 % growth every year) as well.
4. nearby parks/play grounds/lakes and community events are plus
5. Please compare property tax rates between these areas as well.

Please also recommend any and all subdivisions in order that meet these criteria.

I am currently thinking about only going for new homes. May also consider used homes if I get a lot more square feet home compared to a 320 K new home. What is the typical life of a used home before requiring major maintenance or upgrade?

Is looking for foreclosed or pre-foreclosure homes a good idea ? I read one can get great deals on them.

one more thing, When is the right time to buy ? I am currently renting. Should I wait for 6 more months until housing slump hits bottom or go for it in a month or so ?


Thanks in advance for all your comments!
Jay.

Based on your criteria, you will be happy in a lot of places. it may be impractical but you may want to personally experience the commute from out here. It can be brutal. As far as the foreclosed proerty, I couldn't do it. I would feel like I would get bad karma. By a new house and get the ecomony going. You will get a great rate, especially working at the bank, if they still offer those perks. Good luck!

[lovethecarolinas]

Originally Posted by jaycharlotte2005

Please evaluate based on the following criteria and provide your valuable suggestions for a first time home buyer who is looking for a single family house in the range of $280 K to $340 K.
I work in uptown Charlotte with one of the banks. Home sites land size of .25 to .4 acres is sufficient for me.
I have narrowed down to these areas.
Which one of these is better ?
Charlotte area 28277 ( between Rea Rd and Providence rd , south of I-485)
or Indian Trail
or Waxhaw
or Tega Cay/Fort mill west of I-77 and close to NC border.

Here is my criteria:-
1. Very good public elementary school ( We have a 4 year old and 2 month old. I can't afford private schools)
2. Good, safe and nice neighborhood.
3. I plan to live in that house for at least 5 years. so house needs to have reasonably good resale value(atleast 6 % growth every year) as well.
4. nearby parks/play grounds/lakes and community events are plus
5. Please compare property tax rates between these areas as well.

Please also recommend any and all subdivisions in order that meet these criteria.

I am currently thinking about only going for new homes. May also consider used homes if I get a lot more square feet home compared to a 320 K new home. What is the typical life of a used home before requiring major maintenance or upgrade?

Is looking for foreclosed or pre-foreclosure homes a good idea ? I read one can get great deals on them.

one more thing, When is the right time to buy ? I am currently renting. Should I wait for 6 more months until housing slump hits bottom or go for it in a month or so ?


Thanks in advance for all your comments!
Jay.

Okay...my head is still spinning with all the questions here. Anywho...as the others have stated they are all nice areas for various reasons (I happen to live in Tega Cay, SC).

Two things I will mention though...if you are truly interested in looking on the SC side...might I suggest you ask your questions on the South Carolina side of the forum (under the York and Lancaster subforum). There are a alot of good people over there that would be more than happy to help. In addition our school district while growing rapidly...is not even close to being the same size of the C/M district.

[BigCountry]

Well since your working right in uptown (downtown to be exact) I would shop Fort Mill/Tega . SE Charlotte is going to kill you far as commuting goes...Waxhaw/IT forget it. I lived in IT for a few years, man the commute was just horrid..

[jerseygirl34]

Originally Posted by BigCountry

Well since your working right in uptown (downtown to be exact) I would shop Fort Mill/Tega . SE Charlotte is going to kill you far as commuting goes...Waxhaw/IT forget it. I lived in IT for a few years, man the commute was just horrid..

I'm not good with directions so not surprisingly this one confuses me. How is SE Charlotte a tougher commute than Fort Mill?