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Thread summary:

Waterfront fixer upper vs. newer house for sale: investment aspects, home improvement, mature community

 
Old 12-14-2006, 07:02 AM
 
317 posts, read 1,123,066 times
Reputation: 152

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But I've got yet another question which I think deserves its own thread. It is more of an investment question for those of you who seem to have some excellent perspectives on market conditions.

I've looked at homes in Satellite Beach, for example. Now... I could buy a fixer upper, older home (like from the 60s or early 70s), in an "older home community" where many of the homes are still old and haven't been fixed up or rebuilt... for approx $400K on a canal, lake, lagoon...lets just call it waterfront.

OR...I could spend that $400 on a newer (not brand new) home, in a newer community that is NOT on any type of water -- net net -- a much "nicer" home.

Now....what do you all think and what would you do if you had this choice?

Thanks. Now I will be quiet and go back to work looking for a job.
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Old 12-14-2006, 07:22 AM
 
698 posts, read 2,466,796 times
Reputation: 747
Smile Where to buy?

Quote:
Originally Posted by Nancy Lynne View Post


But I've got yet another question which I think deserves its own thread. It is more of an investment question for those of you who seem to have some excellent perspectives on market conditions.

I've looked at homes in Satellite Beach, for example. Now... I could buy a fixer upper, older home (like from the 60s or early 70s), in an "older home community" where many of the homes are still old and haven't been fixed up or rebuilt... for approx $400K on a canal, lake, lagoon...lets just call it waterfront.

OR...I could spend that $400 on a newer (not brand new) home, in a newer community that is NOT on any type of water -- net net -- a much "nicer" home.

Now....what do you all think and what would you do if you had this choice?

Thanks. Now I will be quiet and go back to work looking for a job.
More important than the investment aspects, ask yourself:
Do you want to spend time on home improvements (with a fixer) or spend more time relaxing and enjoying other things? (At least for a while, until the "newer" house ages and needs its own fixing.)
Do you like mature communities or ones just developing personality?
Is the ability to get homeowner's insurance a concern? Older homes are more difficult and costlier to insure, You will probably have to go with Citizen's, the highest priced coverage.
Will you use the amenities enough to warrant buying there, i.e. waterfront? If you HAVE to have water in FL then the choice is simple.
Personally I would choose an older community just because I enjoy that kind of thing, though the idea of less maintenance, lower costs and possibly more free time does appeal too. One thing I would never buy is a zero lot line home in a winding sea of cookie cutter houses. That's my idea of hell on earth.
Best of luck choosing! House hunting is fun!
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Old 12-14-2006, 07:22 AM
 
4,343 posts, read 6,054,558 times
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Nancy, research the hurricane codes for the county you decide you want to live in. A newer home (I think it's after 2002) will not only save you insurance costs but it will survive 140 mph winds.
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Old 12-14-2006, 01:29 PM
 
68 posts, read 207,663 times
Reputation: 23
Quote:
Originally Posted by verobeach View Post
Nancy, research the hurricane codes for the county you decide you want to live in. A newer home (I think it's after 2002) will not only save you insurance costs but it will survive 140 mph winds.
Have you seen a house survive 140 mph winds ?
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