low budget - buy cosmetic fix in good nbrhood or turnkey in not so good? (Arvada: first time home buyer)

[housetrained]

First time home buyer dillemma:

First of all, thank you all - this forum has been incredibly helpful to me, even in the short time I've used it.

We are looking at homes in Arvada. Have noticed East of Wads, closer to Sheridan have many more affordable homes, (200k and under) but also schools with lower performance ratings, higher number of distressed sales, and further away from desirables (for us) such as Olde Town, Creek path, better schools, more mature neighborhoods. Have also seen some turnkey homes at the highest end of our budget in that area.

We have an opportunity to get into a cosmetic fixer (we think so far), 1960's tri-level, on the West side of Wads, with what seems to be better schools, a more stable neighborhood, but, as said, a need for cosmetic fix and down the road maybe remodel to modernize at a price at closer to the mid or higher end of our budget unless we can get a lower offer accepted.

Question is this - knowing we have a young child and not a huge budget for major repairs or remodeling, would we better off for a term of say 3-10 years trying to get into this home that will require some work and doesn't have the layout or features that a nice remodel has, and will be somewhere at the lower to mid end of our price range - but what appears to be awesome location, or, to go for the short term comfort, in an "ok" location, at the mid to higher end of our price range?

Any ideas?


Thanks in advance.

[yodi]

It's a very personal decison but if it were my choice I would choose the fixer upper in the better location over the turn key in the less desirable area.

[DenverDenizen]

I agree and say go with the fixer upper, it's amazing what a little paint, a few area rugs and some extras can do to a place. If there is more work you want to do in terms of arranging the layout, you can take a year or two, figure out what it is exactly that would be best to do, then do the work when you're in a better position financially. The better area means that the house would probably be a better investment, as does the lower purchase price and work you'd be putting in. Plus, doing a lot of the work yourself means you'll get exactly what you want and will really make the house feel like it's yours.

[2bindenver]

Always go with the Chevy in the Cadillac neighborhood.