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Old 04-26-2008, 10:41 PM
 
2 posts, read 3,497 times
Reputation: 10

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I want to buy a new SFH home in Loudoun County. The area is around Waxpool Road, Ryan Road & Belmont ridge rd. Builders like Toll, Pulte, Richmond American have priced their houses around $600K for 3000 sq. ft. covered area excluding basement. My monthly payments with 10% down will be in range of $3600/pm. Currently, I am renting in Sterling area and paying $1500/pm. I can afford the increased payments without stretching myself.
My real issue lies with the pricing of the homes by the builders and falling real estate prices in general.
My questions are :
Am I overpaying the builders? If so, what should be the realistic price of these properties?

Please note that i am trying to safeguard my equity/downpayment in the house, incase I have to relocate withing 2-4 years due to a job change.

Thanks for your opinions.
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Old 04-27-2008, 05:43 AM
 
2,728 posts, read 7,367,899 times
Reputation: 1062
Quote:
Originally Posted by Kurosawa_Fan View Post
I want to buy a new SFH home in Loudoun County.
My real issue lies with the pricing of the homes by the builders and falling real estate prices in general.
hahahahahaha.... takes breath hahahahahaha

Quote:
Originally Posted by Kurosawa_Fan View Post
Am I overpaying the builders?
bwhahshhahahahhaaahahaha

Quote:
Originally Posted by Kurosawa_Fan View Post
If so, what should be the realistic price of these properties?
hahahahahahahahahhahaha

Quote:
Originally Posted by Kurosawa_Fan View Post

Please note that i am trying to safeguard my equity/downpayment in the house, incase I have to relocate withing 2-4 years due to a job change.
hahhahahahahahahahahahahahahahaha.. Look mom he's trying to safeguard his equity!!!


Have you been reading the news?????????? You want to make the biggest purchase of your life, and thinking about moving already?
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Old 04-27-2008, 06:51 AM
 
Location: Home is where the heart is
15,400 posts, read 25,836,225 times
Reputation: 18992
Quote:
Originally Posted by Kurosawa_Fan View Post
I want to buy a new SFH home in Loudoun County. ......Please note that i am trying to safeguard my equity/downpayment in the house, incase I have to relocate withing 2-4 years due to a job change.
It does not make sense to build a new home if you think you are likely to move in two years. You can find better deals looking for homes that were built 1-2 years ago. It's not that hard find some that haven't been occupied yet, if it's important to you to have a virgin.

Build your dream home when you're a little more settled... and you may be surprised to find that an already built home has everything you dream about, anyway.
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Old 04-27-2008, 07:13 AM
 
1,949 posts, read 5,320,519 times
Reputation: 1280
I would not buy an expensive home if I thought I was going to move in 2-4 years. You might not be able to sell it. There are lots of SFH's for rent in Loudoun. Why don't you look into renting a home until the market stablizes (maybe not even by the time you are ready to relocated). If you do have to move, you will be glad a house is not hanging around your neck.
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Old 04-27-2008, 07:14 AM
 
Location: Sterling, VA
1,059 posts, read 2,629,640 times
Reputation: 613
Quote:
Originally Posted by normie View Post
It does not make sense to build a new home if you think you are likely to move in two years. You can find better deals looking for homes that were built 1-2 years ago. It's not that hard find some that haven't been occupied yet, if it's important to you to have a virgin.

Build your dream home when you're a little more settled... and you may be surprised to find that an already built home has everything you dream about, anyway.
This is good advice. I would go even further and say don't buy anything if you think you will have to move in 2 years. If it will be 4 years before you move, maybe buy. But don't buy a new home, buy in an established neighborhood. I don't make any money if people don't buy or sell, but this is the advice I give everyone.
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Old 04-27-2008, 08:28 AM
 
Location: -
488 posts, read 1,585,781 times
Reputation: 103
600K for a house in Ashburn?
Overpriced, IMHO.

Moving or not moving.
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Old 04-27-2008, 09:53 AM
 
Location: Loudoun County, VA
1,148 posts, read 3,370,495 times
Reputation: 402
Why don't you just wait a couple of years and see if you're relocating. It would stink if you couldn't sell your house.. Meanwhile think of the $2000/month extra you'll be putting in your pocket while not buying. Good luck!

p.s. I LOVE Kurosawa as well.
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Old 05-04-2008, 07:13 AM
 
21 posts, read 71,172 times
Reputation: 11
If I were you, I'd save 2k a month for another 2 years before I would even consider buying a house (financial-wise). I guess the real question is, why do you want to own a house? We have many small kids and my wife likes the idea of having our own house so we bought last year even though we know the price would fall.
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Old 05-04-2008, 01:37 PM
 
8,064 posts, read 7,320,760 times
Reputation: 6431
You're wasting your money. Assuming the house held its value after 2-4 years, you would probably use up almost all of your 10% downpayment on the closing costs you'd incur at the two settlements with most of it going to the agents' commission on the resale when you move.
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Old 05-04-2008, 06:25 PM
 
Location: Richmond, VA
2,306 posts, read 1,376,726 times
Reputation: 949
I probably wouldn't build a new home if there is a chance I would be relocating in two years. We built the home we just sold and only lived in it for about 8 months before we had to put it on the market due to relocation for husbands job. The headache of building was not worth the 8 months we were there. It was very annoying. We signed for the place in Feb and we didn't get to move in until Oct. We found out we were moving in May...Argh...so annoying. We ended up losing $25K on the sale...but I feel lucky to just get it sold...especially b/c we were competing with other new constructions in the area.

BUT, that doesn't mean that I don't think that you should buy. If your need is a home, and your want is a home, then buy a home in an established area for a great price. In 2-4 years the hope is your investment will at least break even. (Obviously if you could stay longer FOR SURE that would be BEST) Problem is no one knows what the market will do. But, if you get joy out of your home and you need a home, then do so. Again I would just focus on a home where if you DID have to move in say 3 years you would be competing with other homes the same age and what have you.
This is just my opinion. I couldn't stand renting while our home was on the market. The day it sold we started looking at homes. Did we over pay? Yeah...over the last two months we have lost some money...our home is probably worth $20K less than what we paid, BUT I love my home, my kids NEEDED the space, my animals needed the space and we plan on being here for 10 years...But the best laid plans...Who knows, we could find out we are being relocated tomorrow. But it is worth it to us.
Good luck.
oh, and the person who was "laughing" ...what the heck? You don't need to patronize people.
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