Considering Home Purchase in Huntington Area - Your thoughts? (real estate, 2013)

[citizenchan]

Hi,

I've been posting here and there, reading a lot. I was hoping to get your opinions, in 2013, about the Huntington Metro area.

We are looking to live here for 1-2 years, and then rent or sell the property when we leave.

Important factors for why we chose Huntington are:
1. Well within budget and priced well enough that we can potentially break even when renting.
2. Walking distance to Metro.
3. More for your buck. We could buy a cramped place near Braddock, or an actual house/duplex around Huntington.

We've spent a few days going around there, at different times of day, and I think we get it. The area is not ritzy, it is not "shiny," but it doesn't appear to be scummy.

We are thinking about a duplex in the area directly across from the N. Kings street to the West: Farmington, Monticello, Edgehill area.

But what do you all think about Fair Haven, just to the south of the metro?

We obviously want to buy in an area that will at least hold it's value. We are also concerned about appeal, when it comes time to rent or buy. With Huntington and the RT1 reputation, is this going to be a tough sell, despite the proximity to metro?

Any other thoughts?

Thanks,

[HokieFan]

1-2 years? Don't buy. Rent.

[Old Monkey]

If I were you, I'd check into the issue of flooding. Part of Huntington is considered flood-prone. On a positive note, the county is building a levee and pumping station.

[CaliTerp07]

Originally Posted by HokieFan

1-2 years? Don't buy. Rent.

This. I think it's a fair assumption that property values in Huntington are going to rise fairly significantly as new development and renovations occur there, but not within 1-2 years. If you said 10-12 years instead, then it would be a good plan.

[Leaving4Ca]

No way. Just rent something.

I would NEVER buy near Huntington Metro. There is a reason you get "more for the buck."

Geez and the flooding. No thanks.

Suggest Kingstowne.

[Lemming95]

I love the Montebello condo complex, but have worries about the area. It seems to go one step forward and two back. They did propose a fix for the flooding problem that may/may not happen> It won't happen in time for you to buy a house.
Maybe look at condo living -at least your apt would be above the floodwater if not your car.

[marie5v]

Originally Posted by citizenchan

Hi,

I've been posting here and there, reading a lot. I was hoping to get your opinions, in 2013, about the Huntington Metro area.

We are looking to live here for 1-2 years, and then rent or sell the property when we leave.

Important factors for why we chose Huntington are:
1. Well within budget and priced well enough that we can potentially break even when renting.
2. Walking distance to Metro.
3. More for your buck. We could buy a cramped place near Braddock, or an actual house/duplex around Huntington.

We've spent a few days going around there, at different times of day, and I think we get it. The area is not ritzy, it is not "shiny," but it doesn't appear to be scummy.

We are thinking about a duplex in the area directly across from the N. Kings street to the West: Farmington, Monticello, Edgehill area.

But what do you all think about Fair Haven, just to the south of the metro?

We obviously want to buy in an area that will at least hold it's value. We are also concerned about appeal, when it comes time to rent or buy. With Huntington and the RT1 reputation, is this going to be a tough sell, despite the proximity to metro?

Any other thoughts?

Thanks,

Are you using a real estate agent? A good agent can really help with things like that - they know which properties are good values and which are not.

[ACWhite]

In this area rents often do not cover the full owner costs of maintaining and leasing the property, particularly if the owner moves out of town and hires a management company, which typically will take 10% or more of the rent as a fee.

The rule of thumb is never to buy a house if you expect to live there 4 years or fewer, because transaction costs and wear and tear or repairs will likely exceed expected home value appreciation during that time. In times of lower expected annual appreciation the 4 must be increased. In my personal opinion, given the high costs/risks of housing here, I would not buy without a strong belief we would be here at least 10 yrs.

[robbobobbo]

Flooding does not affect Huntington homes south of Huntington Ave, and OP has indicated interest west of N. Kings Hwy. No flooding worries that far uphill!

I agree with others about the economics of buying for 1-2 years, if you intend to sell after that time. I doubt prices in the area will rise enough to offset the costs of buying, maintaining, and selling the home. The general area has perpetually been working class and has never picked up any cachet to drive desirability or prices up.

If you think ahead to possibly renting it out when you move, consider that areas like Kingstowne are more popular with families with good jobs. Huntington and N. Kings are, for many people, low on the list of places to move to.

[Leaving4Ca]

Originally Posted by marie5v

Are you using a real estate agent? A good agent can really help with things like that - they know which properties are good values and which are not.

Years ago my Realtor told me to drive around the Huntington Metro area BEFORE making an offer on a duplex. I drove around 3 different times, and boy was I glad I did.

Good "value" may be be a lovely nice house in a lousy unsafe neighborhood, right by Rt. 1. Yuck. So yeah, if you want a nice inexpensive house, and don't care about the neighborhood sure. YOU as a potential buyer have to do the legwork here and make several trips through neighborhoods on different days at different times before you buy. And check the police blotter, too.