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Old 08-20-2013, 02:45 PM
 
Location: Mason, OH
9,259 posts, read 13,374,610 times
Reputation: 1920

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Quote:
Originally Posted by progmac View Post
I really think the value of the home as an investment is overstated, vastly so even. Who knows when or if that will change. I don't think what you are saying sounds silly at all. Even if you show a couple percent appreciation, think about the fortune you spend on upkeep.

At a minimum, the old 5 year standard (will you be in this house for ten years?) should be at least 10 years. I think in a sprawling metro area it is even harder to say because supply is not very constrained. As a thought exercise, imagine that all homes outside of 275 had to be on 5 acre lots. Suddenly, real estate within 275 becomes a whole lot more valuable. And then we have a completely different set of problems.

To me this raises a 2nd important question. In addition to, "will I be here for ten years?" ask yourself, "is this location -- this spot of land where my sticks sit -- special or is it easily replicated?"
You make some very good points. I never considered my home to be an investment for appreciation. My father, who spent his life in the building trades, always told me you have to consider the cost of living in a house you buy. So just like a car, consider it should depreciate as you use it. The main reason it may appreciate is because our federal government follows a pattern of inflation, meaning what you buy today is automatically worth more tomorrow because they devalued the money. In reality it is worth less in real money since it has aged and you have consumed a portion of its usable life. My old man was considered a radicle in his day also. What a concept, if you live in a house and consume it without contributing to replacement or enhancement of the physical surroundings the value should dimnish, what a novel idea.

Those who keep expecting an appreciation for the property they buy may be living in another obsolete economic spectrum I am often accused of coming from. Of course noone wants to consider if faced with selling the value of their property may drop suddenly. LooK up the sales records of any property you consider buying. What has it done over the past 30 years or since it was built? Do you see reasons it will be significantly different over the next 20? None of us have a crystal ball, but we can anticipate certain patterns.

Last edited by kjbrill; 08-20-2013 at 04:07 PM..
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Old 07-05-2014, 01:13 AM
 
Location: OH
120 posts, read 189,570 times
Reputation: 45
Quote:
Originally Posted by thatswanlady View Post
Thank you for everyone who has responded, even those responses that are making me nervous!

I just don't know what to think. My neighborhood is quiet and filled with a lot of young families and families with teenagers, plus a few empty-nesters. People take care of their yards and homes, and as best as I can tell, we're one of the only renters in the neighborhood (not that there's anything wrong with renting, but I think it's generally a good sign to have a primarily owner-occupied neighborhood).

The background here is that we're former homeowners (in Memphis) who took a bath on the sale of our last home -- there were a lot of factors as to why, and the neighborhood declining wasn't one of them, but once bitten, twice shy. We paid what we owed on the house, it wasn't a short sale, but I'm somewhat terrified of having it happen again. It is a great house at a reasonable price -- maybe not necessarily our forever home, but I could see us here for the next several years. I just don't want to buy this house then have the area go bad and be unable to sell this house in 5, 7, 10 years.

I know I sound excessively worried, and I'll admit, it does seem silly -- but having had such a terrible experience with our last house, then reading opinions that Mt Washington is done-for and Anderson is in a decline makes me extremely nervous -- because it doesn't necessarily match my own observations, but I'm probably missing something. I know no-one has a crystal ball (and if you do, hand it over!), but since you're all considerably more familiar with Cincinnati's positives and negatives, I really do appreciate your input.
I know this post is nearing a year old, but its been incredibly informative for me as we begin looking at areas around Lunken airport where my husband may be assigned next year.

ThatSwanLady, i would love to know what you decided to do and how you feel about it now!

For my part, I admit to being totally on the side of suburban living as opposed to anything that looks remotely big city--think quiet and small population--but we hate being more than 15 minutes including traffic from work, which draws a pretty small circle (not sure just how small...still learning about traffic patterns in East Cincy.) Anderson Twp, Sherwood, Cherry Grove seem like a great option on first glance at a map. This thread has been a great help to get a feel for some of that area. Thanks!
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Old 07-05-2014, 02:28 PM
 
912 posts, read 1,191,234 times
Reputation: 2268
Quote:
Originally Posted by mlkmnsgrl View Post
I know this post is nearing a year old, but its been incredibly informative for me as we begin looking at areas around Lunken airport where my husband may be assigned next year.

ThatSwanLady, i would love to know what you decided to do and how you feel about it now!

For my part, I admit to being totally on the side of suburban living as opposed to anything that looks remotely big city--think quiet and small population--but we hate being more than 15 minutes including traffic from work, which draws a pretty small circle (not sure just how small...still learning about traffic patterns in East Cincy.) Anderson Twp, Sherwood, Cherry Grove seem like a great option on first glance at a map. This thread has been a great help to get a feel for some of that area. Thanks!
We actually did wind up buying our rental house at the end of April, and are extremely happy with the decision. My original post is still true in that we know this isn't our forever home, but I have no trouble imagining our potential "forever" home to also be in Anderson. It's relatively quick and convenient to the places we like to go, very quiet and safe, and we're just extremely pleased.

Let me know if I can help you at all - welcome to Cincinnati!
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Old 07-05-2014, 04:44 PM
 
Location: Mason, OH
9,259 posts, read 13,374,610 times
Reputation: 1920
Quote:
Originally Posted by thatswanlady View Post
We actually did wind up buying our rental house at the end of April, and are extremely happy with the decision. My original post is still true in that we know this isn't our forever home, but I have no trouble imagining our potential "forever" home to also be in Anderson. It's relatively quick and convenient to the places we like to go, very quiet and safe, and we're just extremely pleased.

Let me know if I can help you at all - welcome to Cincinnati!
Glad to hear you did purchase your rental home. I knew you were leaning that way as you liked it. If you still see your neighbors out there working on their property that is a major portion of it retaining value.
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Old 07-05-2014, 08:02 PM
 
Location: Cincinnati
3,335 posts, read 5,732,394 times
Reputation: 2058
Quote:
Originally Posted by mlkmnsgrl View Post
I know this post is nearing a year old, but its been incredibly informative for me as we begin looking at areas around Lunken airport where my husband may be assigned next year.

ThatSwanLady, i would love to know what you decided to do and how you feel about it now!

For my part, I admit to being totally on the side of suburban living as opposed to anything that looks remotely big city--think quiet and small population--but we hate being more than 15 minutes including traffic from work, which draws a pretty small circle (not sure just how small...still learning about traffic patterns in East Cincy.) Anderson Twp, Sherwood, Cherry Grove seem like a great option on first glance at a map. This thread has been a great help to get a feel for some of that area. Thanks!
Maybe you've said, but where are you working? If downtown, the shortest suburban commutes tend to be about 25-30 minutes during peak times. Anderson township is at least that. You might find a place with a 15-20 minute commute off peak.

Our commute times are still relatively short compared to a lot of places, but they are longer than somewhere like Toledo or Dayton.
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Old 07-06-2014, 02:23 PM
 
Location: Ohio
4,082 posts, read 1,473,059 times
Reputation: 3215
Quote:
Originally Posted by kjbrill View Post
Those who keep expecting an appreciation for the property they buy may be living in another obsolete economic spectrum I am often accused of coming from. Of course noone wants to consider if faced with selling the value of their property may drop suddenly. LooK up the sales records of any property you consider buying. What has it done over the past 30 years or since it was built? Do you see reasons it will be significantly different over the next 20? None of us have a crystal ball, but we can anticipate certain patterns.
Absolutely true. I do not expect my property to appreciate in value to any great degree, in fact I generally think in most cases owning a home is a losing proposition if you look at it in a purely financial sense, considering the cost or repair and maintenance. Of course you MIGHT get lucky and your home could increase in value, but in general I think those days are gone.

The main reason for "owning" a home for me is having a piece of property where I have some limited control; and the pleasure of knowing that I have some patch of ground where I can make my mark. Steward of the land and all that. Sure, it's a little old fashioned but it makes me happy. I am in no way expecting this property to appreciate in value, or help me have a comfortable retirement. I did try to buy into a situation where I will not actually LOSE money, that's all. Also the physical setting for my property is unique; otherwise I would not have bothered purchasing a home, I would have rented.

I know a lot about Anderson, and I'm not surprised that parts of it are "in decline". Seems like that is the trend with many suburbs that bloomed in the 60's and 70's. The one thing about Anderson that is still unparalleled is the topography and the settings for homes; that makes it very unique and beautiful. Buy a home in a typical Mason or Westchester subdivision and you will be likely be in a flat and featureless landscape with cookie cutter houses. So THAT at least will always be one aspect of Anderson that is compelling and hard to find in other areas around Cincinnati.

Anderson is a little hard to get to depending on where you work. If you can travel Columbia Parkway, that's not too bad. But if you have to go around I-275 either North or South, that can turn into quite a daily chore. Backups at least 1 or 2 days out of the week, construction, accidents, etc. In which case there really are not any easy back-road routes into the township.

Last edited by GearHeadDave; 07-06-2014 at 02:45 PM..
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Old 07-08-2014, 04:15 PM
 
Location: Mason, OH
9,259 posts, read 13,374,610 times
Reputation: 1920
Quote:
Originally Posted by GearHeadDave View Post
Absolutely true. I do not expect my property to appreciate in value to any great degree, in fact I generally think in most cases owning a home is a losing proposition if you look at it in a purely financial sense, considering the cost or repair and maintenance. Of course you MIGHT get lucky and your home could increase in value, but in general I think those days are gone.

The main reason for "owning" a home for me is having a piece of property where I have some limited control; and the pleasure of knowing that I have some patch of ground where I can make my mark. Steward of the land and all that. Sure, it's a little old fashioned but it makes me happy. I am in no way expecting this property to appreciate in value, or help me have a comfortable retirement. I did try to buy into a situation where I will not actually LOSE money, that's all. Also the physical setting for my property is unique; otherwise I would not have bothered purchasing a home, I would have rented.

I know a lot about Anderson, and I'm not surprised that parts of it are "in decline". Seems like that is the trend with many suburbs that bloomed in the 60's and 70's. The one thing about Anderson that is still unparalleled is the topography and the settings for homes; that makes it very unique and beautiful. Buy a home in a typical Mason or Westchester subdivision and you will be likely be in a flat and featureless landscape with cookie cutter houses. So THAT at least will always be one aspect of Anderson that is compelling and hard to find in other areas around Cincinnati.

Anderson is a little hard to get to depending on where you work. If you can travel Columbia Parkway, that's not too bad. But if you have to go around I-275 either North or South, that can turn into quite a daily chore. Backups at least 1 or 2 days out of the week, construction, accidents, etc. In which case there really are not any easy back-road routes into the township.
The OP who started this thread and titled it apparently has resolved in their own mind how they think things are going, at least in the short term. They decided to purchase the home they had been renting in Mt Washington. I would take that as a vote of confidence.
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Old 07-11-2014, 08:23 AM
 
912 posts, read 1,191,234 times
Reputation: 2268
Quote:
Originally Posted by kjbrill View Post
The OP who started this thread and titled it apparently has resolved in their own mind how they think things are going, at least in the short term. They decided to purchase the home they had been renting in Mt Washington. I would take that as a vote of confidence.
It's actually in Anderson, but I take your point. We're fairly close to the Mt. Wash border.

And yes, it is a vote of confidence on my end -- we deliberated for a long time about whether to buy in Anderson. We loved the house and area, but I kept seeing hints on this board about the imminent decline of Anderson -- which was confusing since it didn't at all line up with what I was seeing day-after-day, but I'm from a city where areas decline rapidly and obviously, so it's a little different.

I obviously can't speak for all of Anderson, but from what I see where I live (and in the parts I go to frequently), I see a lot of well-kept homes, kids playing outside, and lots of nice things that would seem to indicate a stable area. Sure, there are homes here and there that have seen better days, but I would venture to guess that you'll find this in any part of town except perhaps for the extremely wealthy areas.

Anderson is convenient for us -- I work downtown and my husband works up near Loveland. I can, however, see how Anderson is not convenient to other areas because of a lack of easy access to 71/75 -- but it works for us. I am able to ride the bus to work, something I couldn't reasonably (or safely) do in my hometown, and traffic is never really a huge issue for either of our commutes.

Long-term, who knows? I'm no psychic. I just try to keep myself as informed as possible, and if the time ever comes that we need to start discussing a new plan, then that's what we'll do.
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Old 07-11-2014, 10:44 AM
 
Location: Mason, OH
9,259 posts, read 13,374,610 times
Reputation: 1920
thanswanlady ...

Thanks for reporting back again. Sorry I mixed up you were in Mt Washington when it is readly Anderson.

But glad to hear you are feeling good with your decision.

Your job locations do present a commute challenge which you say Anderson satisfies.

Pay attention to what you see happening rather than some extraneous report. I am sure that is what you are doing. Good luck in everything.
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Old 07-11-2014, 07:06 PM
 
7,696 posts, read 5,421,045 times
Reputation: 14415
Watch out for the bear
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