Buying a home in Scottsdale/Chaparral Park area (Phoenix, Tempe: apartment, foreclosure)

[Westsub]

I'm about to close on a home in this area but already I'm thinking of walking and losing the earnest money. Mind you, I have a strong fear of commitment and the idea of owning a home brings to mind all sorts of negative connotations - wallet gouging home repairs, HOA disputes, overly sensitive or weird neighbors, outrageous utility bills, etc. I'm used to renting and not having this kind of responsibility.

With that said, if I ever do grow up and settle down, I'd like to hear your opinions on the area. Since I'm of a bohemian spirit and like to travel a lot, I was wondering if it would be easy, or rather, effortless, to offer my new home as a vacation rental. The location seems fantastic, as it's less than a mile from all the action of Old Town. But are people more apt to rent out condos over townhomes and houses?

Second, if I get flat out bored with the area, period, does a home in this area or even Scottsdale in general, have a better resale value than, say, Phoenix or Tempe? I know it depends on the market but I mean in comparison to Phoenix and Tempe because of the Old Town location.

I keep hearing I'm getting a great deal (it is a foreclosure home and the same model next door is selling for $229,000 - I got mine for $149,000). However, it is the realtor and the listing agent who tell me that and I suspect they're probably biased....

BTW, I'll be honest with you...I'd rather be living somewhere in Southern Cal with access to the water but I simply can't afford to buy there and with the way the market is now, I feel pressured to buy over continuing to pay rent.

[AZJoeD]

Sounds like you should be buying a motor home.

[Cida]

You don't mention your age, which to me would be a factor.

Personally, I hold to the old-fashioned idea that one buys a house to be a home, so I wouldn't buy unless I wanted a permanent home. In your case, you should make a point of check about any restrictions your HOA may have on vacation rentals - and vacation rentals have gone 'way down lately.

[Howard Roark]

Take it from me: I travel a lot and I used to own a home. Owning a home tends to make you want to stay home and be bored. And your fear of wierd or obnoxious neighbors is well-understood. It happens. You don't want to be stuck with lousy neighbors. Sometimes there is a reason the home values go way down! The area of Scottsdale and Chapparel is nice though, IMO. A little north of where I once rented.

If you prefer Southern California over AZ, one tidbit of info you may like is that it's FAR cheaper to rent than to own. And you probably can afford to rent within walking distance of the water. I rent an apartment within a mile and a half of the beach and I rent also in Phoenix. The beach city lifestyle is still laid back. As I am writing this, I am enjoying cool ocean air and my windows are open. The sun is shining in from the west and I have dinner on the way. What a weekend!

[Westsub]

My age is late thirties.
I am buying the home to be a home, not to turn a profit. But just in case I want to get away....

[heavyweight]

Originally Posted by Westsub

Since I'm of a bohemian spirit and like to travel a lot, I was wondering if it would be easy, or rather, effortless, to offer my new home as a vacation rental. The location seems fantastic, as it's less than a mile from all the action of Old Town. But are people more apt to rent out condos over townhomes and houses?

Check out sites like VRBO.com to get a feel for the vacation rental marketplace (e.g. type of inventory, rates, location). You can determine whether your home would fetch sufficient rent to cover your mortgage.

Originally Posted by Westsub

I keep hearing I'm getting a great deal (it is a foreclosure home and the same model next door is selling for $229,000 - I got mine for $149,000). However, it is the realtor and the listing agent who tell me that and I suspect they're probably biased....

BTW, I'll be honest with you...I'd rather be living somewhere in Southern Cal with access to the water but I simply can't afford to buy there and with the way the market is now, I feel pressured to buy over continuing to pay rent.

Hopefully there are several other comps that lead you to believe this is a "great deal".
Many people choose a place to live because it's affordable. Just read CD and you'll see hundreds of posts from ppl that have relocated from CA to TX/CO/AZ. Be certain you're ready for the inherent inflexibility of home ownership. Consider how long you'll remain in AZ and whether you accept the potential hassle of reselling or becoming a landlord in the near future.