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Old 02-24-2009, 12:53 PM
 
88 posts, read 264,994 times
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Did you buy a starter home or your "dream" home? This will be our 1st home. I'm thinking something that we really like, that's affordable, nice with good schools. But, I must admit I like home that have all the upgrades! We will probably be in the home for about five years (husband is military) or longer. Please give me your opinions.
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Old 02-24-2009, 01:04 PM
 
Location: NW. MO.
1,817 posts, read 5,773,864 times
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If it's temporary I'd primarily make sure it is something that would resell well. Maybe buy something you can really like but not put out the extra money for something you would love but that wouldnt hold much value if resold. Think investment until you know you are moving to stay put is my humble opinion.
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Old 02-24-2009, 03:41 PM
 
3,583 posts, read 10,257,536 times
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Quote:
Originally Posted by VA DIVA View Post
Did you buy a starter home or your "dream" home? This will be our 1st home. I'm thinking something that we really like, that's affordable, nice with good schools. But, I must admit I like home that have all the upgrades! We will probably be in the home for about five years (husband is military) or longer. Please give me your opinions.
Every one loves homes with all the upgrades but those upgrades sometimes are not the best investment! Just remember that all those "upgrades" go out of style in 10 years or less but a good neighborhood and school system is (in most cases) forever! I've always found it best to go with a home that has "good bones" and to do the "upgrades" ourselves. You'll get a better return on a older or more modest home in the best neighborhood than an upgraded home in a lesser neighborhood. Cosmetics like granite counters and wood floors are the current fashion trend right now but you don't know what its going to be in 10 years. I suggest buying a solid good structure in the best neighborhood you can afford and then make it your own with your own design choices. Good luck - buying a home is one of the most exciting (and stressful) things you will ever do.
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Old 02-24-2009, 03:48 PM
 
Location: Madison, WI
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I agree with VA DIVA. Location, location, location. No one knows what the market is going to five years from now (that is not the longest timeframe in the world, although it could be worse) so my recommendation is to find a house in the best possible location for your money NOT to buy a house with all the upgrades but which is located on a busy road or bad area, etc. If you know you have to sell in five years, you need to make resale your #1 priority. It may seem like a long way off but if it turns out that the recovery is only underway five years from now, you will be sorry you didn't plan on that. The last thing you want is a capital loss when selling your first home in order to trade up. Good luck!
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Old 02-24-2009, 04:41 PM
 
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I also agree. In fact close your eyes to the house you are looking at and look at the neighborhood if that house wasnt there... would you still want to live there? If the answer is yes, it will most likely also be a neighborhood someone else wants to live in 5 years from now. Some people actually prefer places that have outdated kitchens and bathrooms (and hence lower price) so that they can redo them themselves the way they like it.
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Old 02-25-2009, 12:49 AM
 
264 posts, read 850,209 times
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I didn't buy into the notion of a "starter home" or a "dream home." I simply determined the price range I could afford, and a specific list of features (including location) that I wanted in a house. This narrowed down my search considerably, and the best match was the house I went with. Good luck.
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Old 02-25-2009, 07:40 AM
 
Location: Maine!
469 posts, read 1,633,137 times
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Quote:
Originally Posted by bighusker View Post
I didn't buy into the notion of a "starter home" or a "dream home." I simply determined the price range I could afford, and a specific list of features (including location) that I wanted in a house. This narrowed down my search considerably, and the best match was the house I went with. Good luck.

i second bighusker. we're currently looking for our first home--we just separated from the military--and i was wowed by the extras when we first started looking. but when it came down to it, our price range and "must haves" not "must wants" weighed the most in our search. we plan on being in our first home for at least 5-7 years and we'll re-evaluate from that point on.

we're trying to be conservative with our budget and not get in the trap so many have made their way to in the past with "champagne tastes and boone's farm budget". we've narrowed down our search considerably and have lined up showings to a particular neighborhood (which is in a great location and not busting our budget).
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Old 02-25-2009, 08:02 AM
 
Location: Censorshipville...
2,491 posts, read 5,999,834 times
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Quote:
Originally Posted by bighusker View Post
I didn't buy into the notion of a "starter home" or a "dream home." I simply determined the price range I could afford, and a specific list of features (including location) that I wanted in a house. This narrowed down my search considerably, and the best match was the house I went with. Good luck.
Great common sense approach! Heck if everyone had done this, we wouldn't be in this housing mess.

We did the same in 2003. I would consider it a starter home at 1850 sq/ft and 4bd/2bth. Honestly my dream home wouldn't be that much larger. Just give me enough room for a pool table and I'd be happy
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Old 02-25-2009, 08:13 AM
 
Location: Wherever I am
455 posts, read 723,013 times
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Quote:
Originally Posted by bighusker View Post
I didn't buy into the notion of a "starter home" or a "dream home." I simply determined the price range I could afford, and a specific list of features (including location) that I wanted in a house. This narrowed down my search considerably, and the best match was the house I went with. Good luck.



I totally agree with this. We just bought our first home, and this is exactly the process that we used. We ended up with a great home, that we can either re-sell in 5-7 years, or stay in for 15!
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Old 02-25-2009, 10:02 AM
 
72 posts, read 410,462 times
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I recently purchased a home that basically fit my budget. I bought a 2br 1.5 bath 1100 sq.ft townhouse for $160,000.00 in 08/08. These townhouses were going for $190K-$205K just a year ago.....we plan to stay here 4-5 years, sell it and buy another home thats bigger and will still fit into our budget.

So to answer your question......we chose starter home over dream home.
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