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I'm Gen X and between the millenniels and the BB's and the original posting is correct. The times have changed and not in a good way.
Don't dismiss the fact that you boomers had a great economic situation after WW2 had ended and you didn't have huge college loans and mortgages to pay back the way the younger folks do these days.
I am embarrassed you are in my generation. Suck it up and work hard for what you want.
Huh ?! 50's houses make up the majority in the area I live in. Most are selling within 30 days of being on the market , and some are actually getting more than the asking price. Now these are in the $100k t0 $175k range.
They are often more solid and cool looking than newer houses - not made of cheap builder grade plywood but using actual craftsmanship. Also in nice old neighborhoods without HOAs, and affordable.
Well, I will say this, when I stepped into the workplace in the 80's, I was fortunate enough to make money. Thank goodness I saved a bunch because I am more than dipping into it today. Health insurance and taxes, the cost of living in general are killing me. We didn't have to compete with all the legal and illegal foreign workers, for that I am grateful. Not all of us voted for the conditions we see today and all the blame game does is get you in a rut. My advice, business has picked up and you are young enough to take a few chances. Think outside the box, get out there and strike while the iron is hot.
The biggest issue I see now is the Chinese buying up all the real estate and sitting on it as a way of holding their money overseas. It's a huge problem in the Pacific Northwest and one of the main reasons housing costs are so high. Vancouver passed a tax on foreign buyers to help mitigate the problem.
The biggest issue I see now is the Chinese buying up all the real estate and sitting on it as a way of holding their money overseas. It's a huge problem in the Pacific Northwest and one of the main reasons housing costs are so high. Vancouver passed a tax on foreign buyers to help mitigate the problem.
You do have a point though, alot of the houses I had my hands in needed foundation work, and lacked insulation. Along with asbestos siding. Yum. There's a lovely expensive remodel project for someone... That's relative to the Chinese drywall in Florida or pex pipe in Nevada or arizona...
Was that in NY? Sounds like a lot of old houses in the Northeast.
But there are plenty that are sound and just need some updating. We used to jump on those houses but younger people (not you obviously) do not seem as interested if they have to do any work themselves. Most buyers are middle aged and they are up to the task of doing some rehabbing.
I've lived in a couple of old neighborhoods (1920s-1960s houses). The houses sell just fine.
Quote:
Originally Posted by scarabchuck
Huh ?! 50's houses make up the majority in the area I live in. Most are selling within 30 days of being on the market , and some are actually getting more than the asking price. Now these are in the $100k t0 $175k range.
Might be based on area. A lot of older homes in my stomping grounds have needed facelifts in order to sell or pass muster for renting.
I've lived in a couple of old neighborhoods (1920s-1960s houses). The houses sell just fine.
How many of them are up to code though? That's the question. I narrowed down to 4 houses I wanted to buy. One was a beautiful Victorian. Absolutely gorgeous. Turrets, wrap around porch, detached garage aka carriage house, on 4 acres, with apple trees!
Beautiful stair case with a bannister rail you could slide down. No ornate knob on the end to whack the jewels. Foundation walls were literally caving in, the exterior walls were buckled causing the big picture window in the study/library to have a horizontal Crack from corner to corner in glass made in the 20s or 30s that was about 2 inches thick. Stained lead glass in the parlor that lit the hallway up a beautiful shade of green. Floors were about as crooked as clinton.
Roof leaked like the Iraqi navy. Mold in the attic. Could have been mine for the low price of 60k with 13k in property tax collected each year... no way in hell could I afford that and fix it. Shame to see the town acquire it and bulldoze it... there was no saving it. Could have gone up in one of the turrets, opened a window and shot deer going to the Apple trees in deer season. Wouldn't even have to leave the house! Dress them and have them hang inside the carriage house without worry of coyotes.
Never mind the glass fuse panel, lead soldered water pipes, rope insulation wire, and all of the other things it needed to be livable... unless those types of houses had major renovations done by the previous homeowners... those houses aren't worth their asking prices. New modular houses aren't worth it either... nothing like setting big Lego blocks up have the ground settle and walls and ceilings crack within 3 years... or particle board/press board floors (you know that crap that has gone through a wood chipper and glued and pressed to cure that rots and buckles like a belly dancer if water soaks through the carpet and insulation mat) opposed to 1/2-3/4 inch plywood...
Would've been nice to grow up in the 50s. Didn't have to spend 90% of your money on education, health care and housing, like people have to today. An average Joe could afford to live in an area with nice views and good public schools. Now the Boomers own all the nice neighborhoods. Many of them own 2 or 3 houses! "Elites couples" in my generation can't afford 1 housee. We nneed to end this gerontocracy and make room for the next generation.
NANABOOBOO Cry us a river there isn't a thing you can do about it!
Was that in NY? Sounds like a lot of old houses in the Northeast.
But there are plenty that are sound and just need some updating. We used to jump on those houses but younger people (not you obviously) do not seem as interested if they have to do any work themselves. Most buyers are middle aged and they are up to the task of doing some rehabbing.
Yes NY western MA and CT.
The trick that HGTV doesn't teach "kids" my age were find something neglected usually by older folks who don't have the money or interest in fixing, convince them to hold the mortgage, have a lawyer draw up a contract stating in the course of 15 years if 3 payments are missed either consecutively or over the course of 15 years, the seller may allow 14 days to get all property all valuables out of the house with a sheriff present to ensure nothing is destroyed or damaged out of spite or anger.
That offer will seem too good to be true. They think they're going to collect a nice return in interest, until you start making 2x-3 1/2 times the payments per month reducing the principal to peanuts and having it paid for in full in 5 years. While sourcing materials at cost and devoting entire weekends and 3 day weekend/holiday weekends to renovations and repairs...
Credit, I don't believe in it. Could care less what my credit score is. I don't spend money I don't have. My brother in law, and sister, they have their paychecks spent before they earned them. Oh just open another credit card with 0 interest for a year!
And that's buying power? Ooookkkaaayyyyy.....
Get sick, miss work, get laid off or canned... don't pay those bills. See how much help that 880 score is while making just above the minimum payments on that 0% sears, lowes, home depot, best buy, Sears, and other card...
That's another one my generation fell hook line and sinker for! LOL along with student loans...
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or particle board/press board floors (you know that crap that has gone through a wood chipper and glued and pressed to cure that rots and buckles like a belly dancer if water soaks through the carpet and insulation mat) opposed to 1/2-3/4 inch plywood...
