Livonia Housing - Buy vs. Rent (Detroit, Ann Arbor: apartments, rentals, condos)

[benigndmd]

I am moving to the Detroit area for school this summer and was looking at potentially buying a home in the Livonia area. I would be looking to sell in 4 years when school is done. Do you think it is worth it in terms of risk? We are first time home buyers and I will be extremely busy with school. Do you think it is wise to buy an older home which I may or may not be able to sell quickly in 4 years. Essentially, I am getting insanely confused on whether I should buy or not. 1500/month to rent a nice 2 bedroom condo/apt, or put that towards a mortgage payment. Any advice from locals? Thanks

[cardwellave]

Rent. If you want to sell that house in 4 years, you better put it on the market the day you buy it. And you will get less than you paid for it. I have serious doubts the housing market here is going to do a 180 in 5 years. Hopefully it will be looking better though.

Livonia is definitely one of those cookie cutter cities (I was just visiting a friend there today!). Lots of very similar houses pretty much throughout the entire city sans the southern part off Joy Road. It does have a sense of charm to it though. Not sure how many rental condos there are, but I'm sure there are plenty of nice homes (while very similar looking 60s/70s ranches and colonials, they are still nice houses) as well as some brownstone type things (I know there are some at Middlebelt and 6 Mile) theres plenty of good options.

Welcome to Detroit!

[benigndmd]

Thanks for the input, I am starting to think the same thing. Not so much the market aspect, but the risk and stress of being a homeowner and staying focused with my studies.

[detshen]

Houses are a lot of work, especially older ones. You are better off renting so you can call the manager in to fix any problems. You can just focus on school in an apartment.

[Coldjensens]

Rent. the market is either still falling or just sitting there. It is not going up. You can always jump in if it starts to turn, or you find the perfect deal.

I have heard about some major problems with Livonia schools and I have heard that Livonia is generally in decline (from people who live there). that could well stop and/or turn around if people do not panic, but I would want to watch for a while and see where it is going.

Besides, why buy right away. You may discover that you like some other community better and wish that you had bought there. Rent for a year, look around then decide if and where to buy.

[randomguymike]

Four years might put you right around when Quicken Loans is ready to Leave Livonia too. No way you should do anything other than rent. I'll have a nice place in Ann Arbor you can rent cheap once I get a job outside of the state.

[benigndmd]

Anyone familiar with luxury townhouses/apartments for rent in the Livonia, Dearborn Heights area? I am having a hard time finding new and spacious rentals with 2+ bedrooms.

[cardwellave]

I don't know of any luxury townhomes or apartments here in Dearborn Heights, or really any really nice apartments at all. Dearborn Heights is not my favorite place anyway.

Theres tons of apartments in Westland, and I know there are a few out there that are real desirable.

I would be happy to send you some different places if I knew your price range.

[benigndmd]

Originally Posted by cardwellave

I don't know of any luxury townhomes or apartments here in Dearborn Heights, or really any really nice apartments at all. Dearborn Heights is not my favorite place anyway.

Theres tons of apartments in Westland, and I know there are a few out there that are real desirable.

I would be happy to send you some different places if I knew your price range.

Cool, we would appreciate it. Looking for a 2 Bdr or 2Br with study type deal. Would like to stay below $1500/month. Must be a well managed property! Washer/dryer preferred.

Are you a locater or Realtor?

Like I posted earlier, I will be commuting daily to dental school at UDM (2700 MLK Corktown Campus). My fiance will be commuting to Ann Arbor ~6 months out of the year. Any other areas you can suggest would be great too. Thanks

[cardwellave]

Hey, I'm neither but I possess a pretty good knowledge of what's around here. I do a lot of travelling around my area from Canton to Livonia to Westland to Dearborn, etc. I've done some locating of homes/apts for people on here before. I'll get together some properties tonight and private message them to you.