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Old 01-31-2007, 04:34 PM
 
Location: Happy wherever I am - Florida now
3,359 posts, read 10,913,703 times
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SE corner of Lake Ontario. Just finished reading the paper with dinner and there was a 2BR advertised for $45.

We're not a suburb of or attached to Syracuse in that we're a seperate city unto ourselves and on the water I might add, though within commuting distance of 35miles to Syracuse's jobs. Your map will show Oswego county, northern Cayuga county, and southern Jefferson county, all more rural than where I'm at in Oswego. PS- we can get up to 200 in of snow, not this year though. Oh, and the movies are $4.75 if you get there before 6pm.
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Old 01-31-2007, 05:13 PM
 
Location: PA
669 posts, read 2,945,588 times
Reputation: 278
Okay, but in general, $50k won't buy much except for some rare exceptions.
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Old 01-31-2007, 06:34 PM
 
3,632 posts, read 14,679,268 times
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I would say stop wasting your time with someone who thinks this way. I don't think anyone will be able to change his thinking, only experience will. Let him go on thinking like this and one day he will see what we are all talking about.
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Old 01-31-2007, 06:38 PM
 
Location: PA
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Reputation: 278
Thanks sable. You're right.

If he insists on going to some remote wasteland for his $50k house, so be it. More power to him.
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Old 02-01-2007, 11:02 AM
 
Location: Small patch of terra firma
1,275 posts, read 2,165,715 times
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I've personally never understood why some people needed something "great" as their starter home if is was at or above their means. I think people should start small or beneath their means. Our first place was ok, nothing fantastic or impressive, but it was cheap and in a nice area. Our intentions were to stay in it for a few years to build up equity to leapfrog to a nicer place. We got lucky and did that. Then did that again. Now we have the really nice house that is way out of our price range but due to the equity we've built up over time, we could put enough down to put it in our range. I feel people should look at the house with short term intentions but long term financial goals.
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Old 02-01-2007, 05:24 PM
 
Location: PA
669 posts, read 2,945,588 times
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Good point!

Unfortunately, the friend I referred to doesn't understand this and WON'T LISTEN. He just wants to run out, and buy the first $50k home he sees, without thinking about anything besides home price and crime. He never thinks about quality of life - how much fun he'd have there, etc, or outside costs. I showed him how the prop taxes are much higher where he wants to move but he kinda blew it off.

He refuses to rent in a place he REALLY likes, and instead will just go to some small city he doesn't particularly love because of pricing. To me that's wrong. EVERYONE RENTS FOR MANY YEARS, unless you're born rich...seriously...he won't grasp that. Rent may be a waste of money, but SOME (actually, MOST) PEOPLE HAVE NO CHOICE.
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Old 02-01-2007, 06:56 PM
 
Location: FL
1,318 posts, read 5,393,853 times
Reputation: 917
ND, SD, KS, upstate NY (and I'm sure there are others! Not sure of the taxes in UNY though...)
Are these not part of the US or something?
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Old 02-01-2007, 07:04 PM
 
Location: PA
669 posts, read 2,945,588 times
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That's fine, but like I said, or I think I did, you get what you pay for. Someone said it anyway.

So you might pay less somewhere, but it doesn't make it a nice place, as the mentioned friend acts like it does.
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Old 02-01-2007, 08:00 PM
 
Location: Missouri
6,047 posts, read 21,657,642 times
Reputation: 5052
Quote:
Originally Posted by madicarus2000 View Post
I've personally never understood why some people needed something "great" as their starter home if is was at or above their means. I think people should start small or beneath their means. Our first place was ok, nothing fantastic or impressive, but it was cheap and in a nice area. Our intentions were to stay in it for a few years to build up equity to leapfrog to a nicer place. We got lucky and did that. Then did that again. Now we have the really nice house that is way out of our price range but due to the equity we've built up over time, we could put enough down to put it in our range. I feel people should look at the house with short term intentions but long term financial goals.
You are so right. It is hard to accept, but there's no way for me to get my "dream" home right now, and it makes more sense to buy a starter home, build equity in it, and then buy my "dream" home later, rather than keep renting (which for the long term, is like money down the drain). And people I know who bought cheap condos right out of college to live in, rather than rent, ended up doing well financially when they got married, sold the condo 5 - 7 years after buying it, and because the housing market increased and they'd paid down their mortgage a bit, they were able to put down a nice down payment on a house.
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