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Old 06-15-2006, 10:01 AM
 
Location: Texas
320 posts, read 1,432,548 times
Reputation: 221

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Redrover,

Great advice!
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Old 06-15-2006, 11:44 AM
 
22 posts, read 54,745 times
Reputation: 18
I will definitely start looking into the Charlotte and Raleigh papers for information. Do my goals thus far seem at all far-fetched to any of you? Does this seem possible for me to get a job, a home and make this big move all in a year or so from now? I'd like to be as prepared as I possibly can for everything because if I'm not--I think I should have a backup plan to work with until things fall into place for me.

I have been researching the smaller towns outside and within reach of Wilmington that would have lower costs of living. Which is incredibly important, I've never had a real job where I'm making a significant amount of money to take care of big things like a home and car before. With all of my new friends here who have experience in all of these different areas, what do you all think about building a home? Do you see building a home on vacant land to be a better route to take as apposed to spending time finding a home through a real estate agent; which I've heard can take a LONG time.

Is there anything I should prepare myself for that you all wish you would have known about before you moved out on your own?

Thank you everyone so far who has contributed to my mini-think tank. I will be forever grateful all of you for helping me with my rough patch!
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Old 06-15-2006, 12:56 PM
 
Location: Snow Hill, NC
787 posts, read 3,314,644 times
Reputation: 302
We didn't get a termite inspection because we paid cash for the house we bought. And years later we realized that if we had, we would have found out about the moisture problem under the house that cost is over $9,000.00 to fix. Talk about a mess and it still has a slant in the floor in the living room. And if you buy a house that was damaged in the Floyd flood, be sure you get a document or find out at least what and how much it was damaged.
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Old 06-15-2006, 03:05 PM
 
Location: Houston, TX
1,610 posts, read 4,381,142 times
Reputation: 1459
Ready... I think you are trying to do too much at one time. Finding a job is your first priority and I don't think you should be worrying about a permanent home this early in the game. As you don't have a definite idea of where you want to live and even HOW you want to live you should find a decent apartment or rent a townhouse and concentrate on settling in to a new career. Then during the course of the next year to 18 months you can use your weekends to look around at different towns, areas or subdivisions and see which has the most appealing features. You should definitely use a realtor who will have far more inside information on areas than you could pick up on your own as a newcomer. This isn't to say that you shouldn't drive around on your own as well and talk to people you meet at work but take your time and don't make any impulsive decisions. (If your new paycheck is burning a hole in your wallet, use some of it to invest in a few really nice pieces of furniture - after all, it IS North Carolina, furniture capital of the country.) But if you do plan to buy a house you need to lay the financial groundwork as soon as you start getting a paycheck. Keep your credit clean as you begin to develop a credit history and by all means start saving and investing for your future. This will all be very important when you are ready to get a loan to buy your first house. (It is far easier to establish great financial habits at this stage in your life than to un-do bad ones later on.) So, to sum up, get the job, get an apartment and start saving for your big dreams.
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Old 06-15-2006, 03:13 PM
 
Location: Texas
320 posts, read 1,432,548 times
Reputation: 221
readyforchange,

I think your goals are totally reasonable and if you stay focused and work hard, you should have no problems reaching them.

As for buying or building a home, I would not worry about that for now. Find a job, relocate and get a place to live. Wait until you have gotten familar with the area you are living and have made some friends, etc. to think about that.

There is no right or wrong answer to building or buying. It depends on you and your individual needs. If you like more land and come across that land that you just must have, buy and build. Maybe it is not land that you want, but a new home. In that case you can check into some of the new developments going up in what ever area you decide to live. That will usually be a little cheaper route to go. Sometimes the builders will have inventory homes which are completed, new homes. These are usually cheaper becuase you don't get to pick out the carpet, tile, etc. Or, sometimes a builder will have homes that are almost complete but waiting for you to pick out the carpet and things. If you buy from a builder, you usually get better incentives if you do not have a realtor. However, you may not be able to afford a new home, or you may not be able to find a new home that has everything you want. In this case, an older home with all the details you are looking for may be better (not always cheaper - it depends on the neighborhood). If this is the case, use a realtor, it is much easier. It doesn't really have to take longer. The timing kind of revolves around you and how long it takes you to find the right property.

Other considerations will be the cost of property taxes, home owners insurance, home owners association fees (HOA), maintenance and upkeep of the property. Does it need repairs, does it need updating, how old is the roof, and air conditioner? The heating system? How old is the sceptic and when was it last pumped? If on well water, has the well been tested? What type of heat does it use - electric, oil, gas? What are the estimated utilities for the property (electric, gas, water, trash, sewage, phone)? If you need high speed DSL, is it available in your area?

These are just a small fraction of things you will need to consider. The first time around read all you can first, then take someone you trust with you. Once you start working you will probably find someone in the office that has experience with these things so don't hesitate to ask for their help and advice.
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Old 06-15-2006, 04:06 PM
 
Location: The Miami Of Canada
1,044 posts, read 3,399,706 times
Reputation: 290
Quote:
Originally Posted by readyforchange
Do my goals thus far seem at all far-fetched to any of you? Does this seem possible for me to get a job, a home and make this big move all in a year or so from now? I'd like to be as prepared as I possibly can for everything because if I'm not--I think I should have a backup plan to work with until things fall into place for me.
Your goals sound fine to me! I'm in Illinois, burnt out and looking at NC as well for relocation (unfortunately I have not been able to get a job offer yet). I've been out of school (college) for a while and although I'm in a decent paying job in a cushy location, I've had enough of the midwest.

I think you are asking all the right questions and are smart enough to be prepared for any possible letdowns.

Good luck from another midwesterner on your move!
-itchick

Last edited by ITChick; 06-15-2006 at 04:10 PM..
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Old 06-15-2006, 04:11 PM
 
22 posts, read 54,745 times
Reputation: 18
itchick, where are you looking to relocate to?! What kind of career are you trying to get into?! I'm kind of interested to know what your situation has been?
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Old 06-15-2006, 04:45 PM
 
40 posts, read 28,212 times
Reputation: -1
Quote:
Originally Posted by readyforchange
I've never had a real job where I'm making a significant amount of money to take care of big things like a home and car before. With all of my new friends here who have experience in all of these different areas, what do you all think about building a home? Do you see building a home on vacant land to be a better route to take as apposed to spending time finding a home through a real estate agent; which I've heard can take a LONG time.
Last time I commented on Real Estate topic I was marked down with "Disapprove". Oh well. Can't please them all.

I will say it again, however (yes, bring on the "disapprove" markdown), now is the wrong time to buy or build. It's especially the wrong time for someone in your situation. You are young. You are just starting out. Having a home ties you down to one location. Let's suppose you don't like your job or things don't work out one way or another, what do you do? Sell your house? In this market?

If you want to discuss this further, we can do so in private and I can give you rough comparisons.

Why would you want to invest in a depreciating asset like a car? If you are going to buy one, make it something you can pay off immediately. Save your cash for something that will earn you interests. Heck, at today's rates, you can keep money in the bank and get decent rate of return. If you can invest in stocks and earn better returns, go for it (it's a little harder now).

A house is not always an appreciating asset.

Last edited by dirtykj; 06-15-2006 at 04:48 PM..
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Old 06-15-2006, 05:59 PM
 
22 posts, read 54,745 times
Reputation: 18
I can agree with everything you say here dirtykj, however my only reservation is what you mentioned about investing in a depreciating asset like a car. Although, I would love not to ever have to buy a car and waste my money. There is really no other way around it, we all need cars I am learning from experience right now! I walk 5 miles to and from work and I have to tell you it gets old really quick! The way I see it there is no way to possibly pay off a car right away unless it is a used one. And a good used car around these parts is extremely rare to come by. Give me some more info about your reasoning.
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Old 06-15-2006, 06:23 PM
 
Location: Snow Hill, NC
787 posts, read 3,314,644 times
Reputation: 302
We usually try to buy an older car that has low mileage. We just bought a 2000 Explorer with 54,000.00 miles on it for about $7500.00. No more than I drive the car should last me 10+ years unless it is involved in an accident. And again, I would have to drive it to get in a wreck. I know that this is not your lifestyle as far as not driving that much. Believe me I have been there and did that with a car that I had to do something to mechanical nearly every day. Believe me you get creative when the silinoid (sp???) switch is going out. I can remember going out in the yard and replacing my distributor cap with a car that was compaible that my first husband had on the yard at the time just to get the kids to the doctor or me to school. No one minded because we usually replaced it when he did what ever else he was doing to the car. But in a pinch it worked.

Last edited by Bethanytedder; 06-15-2006 at 06:26 PM..
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