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My girlfriend and I moved here from Texas last June because she got a promotion at work. She works out of Garner and we rent a house in Fuquay-Varina. We really love the area and are tired of throwing money away by renting. She owns a house in Texas already but I was wondering what the average difference in costs between buying a house and renting one here. Our budget is around $245k total at the far upper end.
I have done my research on the pros and cons and she is a very picky person when it comes to what she wants. I am just wondering whether or not its possible to build a house in the area for $100 a sq ft or if costs are looking like they will be much more than that. We have access to extreme discounts on certain things like flooring, granite and some other things. I have never had a house built so I guess I could use some help in my research as well.
We have looked around the Clayton, Archer Lodge, Garner, Willow Springs, Fuquay-Varina areas and have almost given up at this point. What she wants tends to be in the 300k minimum range. We will more than likely not be here longer than about 5 years but have no qualms about renting out whatever house we end up getting in the future until the market allows us to sell back at cost/profit.
I am just in the beginning stages here so if anyone could help me out I would greatly appreciate it.
$100 per square foot is very limiting and will only give you options (at all) in some areas. Naturally, they won't be the most desired. Further, you won't get a ton of upgrades or have many choices. There are some homes, with select builders, you can get a home built for that.
Having said that, when you refer to her as "a very picky person", I don't know what that means with respect to features or if she would get everything she wants.
Describe: "...she is a very picky person when it comes to what she wants."
If you mean "she wants the amenities found in homes well outside our price range" then you might be able to accomplish this with a smaller home and lot.
If you mean "she wants a large home, all the amenities found in homes that are outside our price range, and a large lot with landscaping in a neighborhood full of amenities" yes... you are SOL, friend.
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Renting is not "throwing money away." It's a choice. When renting, you are getting the luxury of flexibility, of being able to leave quickly at a minimal expense. You are living maitenance free, freeing you financially and for additional leisure time. These are NOT small things. They are valuable.
Especially when you're an unmarried couple. Especially when real estate is NOT guaranteeing a return on your investment as it generally did in the past.
BTW, I'd question how much if a mortgage you'll qualify for given that she's already on the hook for the one in Texas. A visit with a mortgage broker should be your next step before looking at any more houses,
You will probably not be able to recoup your money if you build and turn it around in 5 years...you are better off either rehabbing a house and try to sell for a profit or renting.
You will probably not be able to recoup your money if you build and turn it around in 5 years...you are better off either rehabbing a house and try to sell for a profit or renting.
$100 per square foot is very limiting and will only give you options (at all) in some areas. Naturally, they won't be the most desired. Further, you won't get a ton of upgrades or have many choices. There are some homes, with select builders, you can get a home built for that.
Having said that, when you refer to her as "a very picky person", I don't know what that means with respect to features or if she would get everything she wants.
When I say picky I mean there are a lot of things that she will be looking for in a house.
1) Fenced in area
2) Two + car garage
3) Prefers brick but it seems most houses in this area are built with wood siding
4) Large Master bathroom
5) 1700+ sq ft
6) Preferably attached garage
7) House at least 20 ft from the next house
8) At the very least backs up to woods, but prefers a completely wooded area
9) Not directly off major road.
Renting is not "throwing money away." It's a choice. When renting, you are getting the luxury of flexibility, of being able to leave quickly at a minimal expense. You are living maitenance free, freeing you financially and for additional leisure time. These are NOT small things. They are valuable.
Especially when you're an unmarried couple. Especially when real estate is NOT guaranteeing a return on your investment as it generally did in the past.
BTW, I'd question how much if a mortgage you'll qualify for given that she's already on the hook for the one in Texas. A visit with a mortgage broker should be your next step before looking at any more houses,
She makes plenty of money trust me. We would not be living here otherwise. She qualifies for around $300,000 but we want to keep the total amount under $250,000.
Owning a home is much cheaper here than in Texas. Because there such a high income tax here property taxes are very low compared to Texas. She rent's the house out in Texas for around $1700 per month...and we would like to keep the mortgage and taxes under around $1450 per month (which is what we are paying for rent right now)...
I feel like renting at $1450 a month is throwing away that much money because there is 0 return on investment involved no matter what.
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