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Old 10-06-2008, 09:15 AM
 
Location: State of Being
35,885 posts, read 67,004,073 times
Reputation: 22370

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Quote:
Originally Posted by flexysteve View Post
I wish I had waited to buy. We bought last Sept right before the prices plummeted.
Well, Steve, look at it this way. If you bought a good property in a location w/ good schools . . . most likely the property values will rise, if slowly, over the next few years. And remember - anything you do to set your property apart from the others around you is also going to raise the value. That is where DIY projects can come in . . . any additional landscaping you do . . . upgrading of light fixtures or faucets . . . maybe a storage grid system in the garage - all those things will add value and set your home apart if you want to sell it in the next few years. Stay positive. I have been through drops in home value - having bought my first home in the 70s. Just do all you can yourself - whether painting or digging in the yard . . . to make that home stand out. It WILL pay off later, so please don't be discouraged!!!
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Old 10-06-2008, 09:20 AM
 
Location: State of Being
35,885 posts, read 67,004,073 times
Reputation: 22370
Quote:
Originally Posted by CLTKing View Post
I wish I had moved to a different neighborhood. Don't take me wrong, Berewick is nice, but I rather be in an established area than in one that is still growing and the residents keep selling and renting their properties.
Yes, this can be discouraging. Just remember: the transitional period - w/ new construction and turnover WILL eventually stabilize. So do all you can to inexpensively max out your house now (think about planting some things to spiff up landscaping, for example!) and just assume that yes, things may be kinda unstable for the next three years . . . but eventually, this will be a settled neighborhood. Then, things will be in a much better shape for property values to rise (and for you to sell, if you decide that is what you want at that point). It's a great location but it is going to take a few years to really become the ideal situation. It will happen!!!
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Old 10-06-2008, 09:24 AM
 
Location: State of Being
35,885 posts, read 67,004,073 times
Reputation: 22370
Quote:
Originally Posted by lifeinanutshell View Post
I wish we'd researched the HOA more. The HOA is in pretty severe debt because people aren't paying their dues. As a result, our lawns are mowed pretty infrequently and recently everyone was charged a $400 "assessment fee." Including people who have been paying their dues all along.

Also, we bought a foreclosed home and I don't regret that. I do, however, regret not researching our contractor more. Instead we were ripped off by two "contractors."
Oh, what great advice! I am pretty savvy but honestly - don't know I would have done a lot of research re: HOA and their financial situation.

I hope others will read your suggestion and take it to heart.

And the contractors . . . again, thank you for putting that alert out- any of us could have gotten caught in that situation . . . research is everything and I appreciate your offering that word of caution to others!!!!

Good luck w/ your home. Surely, w/ time and new homeowners moving in . . . things will become more stable. I surely hope so.
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Old 10-06-2008, 09:29 AM
 
Location: State of Being
35,885 posts, read 67,004,073 times
Reputation: 22370
Quote:
Originally Posted by Georgie713 View Post
Gee Ani...lets see my biggest regret was not buying a particular house on the lake (LK Wylie). It had all we wanted regarding land, & water, the house would have needed an overhaul, and it was about $200,000.00 15yrs ago. However, we had just moved here (charlotte), and were setting up our business, and just was so unsure after a hard time on LI (bad economy at that time), we didn't want to get too deep. Now we cry cry cry....boo hoo hoo. LOL! (it was more my fault than my hubbys- he takes more chances than me).
Now...I wish I would have looked deeper into my HOA..for the development I have been in for the past 5 yrs. Some of the rules are absolutely absurd, and so are the people who enforce them. Sometimes I feel like I am living with Edward Scissorhands wanna-be's or the Stepford Wives. No Kidding there! Crazy! Have a great Monday!
ROFL!!!! Georgie, loved your description! Another HOA cautionary tale. I know exactly what you mean. We have a second home (very modest - 900 sq. ft) but we were one of the "old" homes and the development was sold . . . so now everyone around us owns $1M homes . . . and they would like to see our little old house GONE. They have enacted absurd rules. One cannot even re-paint the house THE SAME COLOR w/o first getting approval from the architectural review committee. You don't even wanna hear the absurd rules. Can't do a thing- even hire a contractor - w/o their approval first. We are hanging on to the place b/c DS is living there while going to school but we get VERY discouraged. So I know what you mean.
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Old 10-06-2008, 09:31 AM
 
63 posts, read 321,906 times
Reputation: 54
I wish I had bought in a neighborhood without an HOA and I wish I had not gotten so many upgrades and done them myself. Otherwise I would keep everything exactly the same.

Great questions.
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Old 10-06-2008, 09:34 AM
 
Location: State of Being
35,885 posts, read 67,004,073 times
Reputation: 22370
Quote:
Originally Posted by ssd3 View Post
I wish I could move my neighborhood(neighbors) and my home east about 5 miles to the shores of Lake Norman or 20(?)miles south to the shores of Lake Wylie
BxRosie: Sounds like you made great decisions - and I suspect your DH is right - that driveway makes it too much trouble for anyone to bug you, LOL! So perhaps that was actually not too bad in the end. So glad things have worked out for your here - and also - for your DS.

SSD: Well, just remember . . . houses can be sold! Who knows . . . five years down the road, maybe you will find yourself looking at LKW again - and moving there! Seems quite a few of us have thought about doing just that!
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Old 10-06-2008, 09:36 AM
 
Location: State of Being
35,885 posts, read 67,004,073 times
Reputation: 22370
Quote:
Originally Posted by sheepla View Post
I wish I had bought in a neighborhood without an HOA and I wish I had not gotten so many upgrades and done them myself. Otherwise I would keep everything exactly the same.

Great questions.
It is so hard to know at the time if the upgrades are better to have all finished upfront . . . or do them yourselves! If you are good at DIY . . . it can be advantageous to wait . . . but the nice thing is . . . at least you have your home like you want it - and can enjoy it just as it is right now.

Seems we are hearing a lot of disappointment w/ HOA. Hmmm. That is something I hope to research more and find out exactly what is going on w/ HOA . . . that is an interesting topic.
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Old 10-06-2008, 09:46 AM
 
630 posts, read 1,674,343 times
Reputation: 287
Quote:
Originally Posted by anifani821 View Post
Well, Steve, look at it this way. If you bought a good property in a location w/ good schools . . .
Right. The upside is that we got what I feel is one of the better lots in the neighborhood (a little park grassy area across the street rather than a house) and we are next to the corner lot so one side of our house faces their backyard.

We plan to be here for the longhaul and make it stand out (it does have a much bigger garage than almost every other house in the development). Its just really disheartening to see the cost for the same home to drop 10% right after you close. Oh well, win some lose some (just like my 401k)
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Old 10-06-2008, 09:52 AM
 
1,350 posts, read 3,302,164 times
Reputation: 418
Quote:
Originally Posted by flexysteve View Post
I wish I had waited to buy. We bought last Sept right before the prices plummeted.
I agree. We put a contract on our house before the prices dropped (we built). We paid about 30k more then we should have before we even broke ground!!!!!!!!!
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Old 10-06-2008, 10:12 AM
 
Location: Ayrsley
4,714 posts, read 8,457,079 times
Reputation: 3814
Quote:
Originally Posted by anifani821 View Post
Well, Steve, look at it this way. If you bought a good property in a location w/ good schools . . . most likely the property values will rise, if slowly, over the next few years. And remember - anything you do to set your property apart from the others around you is also going to raise the value. That is where DIY projects can come in . . . any additional landscaping you do . . . upgrading of light fixtures or faucets . . . maybe a storage grid system in the garage - all those things will add value and set your home apart if you want to sell it in the next few years. Stay positive. I have been through drops in home value - having bought my first home in the 70s. Just do all you can yourself - whether painting or digging in the yard . . . to make that home stand out. It WILL pay off later, so please don't be discouraged!!!
Good advice. What people need to remember, in terms of their house as an investment, is that, like the stock market - values may drop in the short term, but in the long run you will likely do alright. You just have to ride out the lows, and not get so discouraged because the value of your home may have dropped in the last year. Sometimes its better not to look at the market value on a constant basis if you're not going to sell it any time soon - just enjoy your house and focus on making it into a home - the place where you live - instead of worrying about what its worth today.
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