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I think it would be helpful to know your expectations in a house. How new does it need to be? Is it ok if it needs updates? Are you the type that needs the latest HGTV fad?
As mentioned above, you can get into almost any town with that budget, but in the more desirable towns it will be a smaller older house that isn't up to date.
when are you moving? Is this for a new job, or a job transfer? Have you ever owned before? How old is too old of a house, and why? In your mind, how long will you live in this house?
Coming from buffalo, honestly our prices aren't too crazy different from here when you put in how much cheaper the taxes are down here.
I feel like with townhomes they are still considered "Renting" correct? I guess I feel like I want my own space and own yard without being smushed next to someone.
May I ask - has any of you gone with a townhome first before a house? Is it similar at all? As that is not much a thing in buffalo as townhomes are just as expensive as houses usually.
Incorrect on the first part; you own the structure and the land beneath it in a townhome. Understandable for the second part. I'm in the same boat myself now in wanting to move-up to SFH from a townhome-style condo for that very reason. Also HOA fees for townhomes often make the price-differential between a townhome and a SFH almost moot in many cases factoring in monthly expenses.
Setting a budget for a home purchase when you are getting a loan should weigh far more heavily on the monthly payment vs the purchase price IMO. Sounds like you are pretty cognizant of that with the first line of this post. I would speak with a local lender to run a few different numbers scenarios for local areas to factor in things such as tax rate (county vs city) HOA, etc to get a good idea of what your estimated monthly payment would be for said various scenarios When you are coming from a higher-property tax/ lower housing price area to an area where those numbers are reversed....I think that is an even more important step in order to determine your true "price-point".
The "must haves" for your list are fairly ubiquitous throughout the Triangle area so budget will be the biggest determining factor in towns/areas that should be realistic recommendations.
While many are working from home right now...many others aren't. Do you and/or your spouse have an idea of where you would be working and is commute a factor?
You can buy a smaller, older SFH in central Cary (older neighborhoods) for 250-300k.
Meets all the other musts, too.
While not exactly impossible, it’s getting increasingly hard to find anything in that price range. Houses that would’ve gone for just under $300k 2 years ago are quickly going for $350k+ with multiple offers. Smaller homes on decent lots are getting snapped up to tear down and subdivide the lot for some $275/sqft McMansions. It’s only going to accelerate with the stuff happening downtown and nearby Fenton/Cary Towne.
We’ve seen our place appreciate almost $100k in 3 years. I’m going to curse all this every time I pay my property tax, but have a huge grin if we ever decide to sell out.
While not exactly impossible, it’s getting increasingly hard to find anything in that price range. Houses that would’ve gone for just under $300k 2 years ago are quickly going for $350k+ with multiple offers. Smaller homes on decent lots are getting snapped up to tear down and subdivide the lot for some $275/sqft McMansions. It’s only going to accelerate with the stuff happening downtown and nearby Fenton/Cary Towne.
We’ve seen our place appreciate almost $100k in 3 years. I’m going to curse all this every time I pay my property tax, but have a huge grin if we ever decide to sell out.
You can curse when you pay property tax bills....
....then celebrate when you sell your house for a big gain to move into a new house, but...
....then you curse again when you realize the new house you just bought also appreciated rapidly for someone else just before you bought it.
(Point #3 does not apply if you move out of the area. If you move locally it doesn't matter whether it's a good market or depressed market, you are going to gain on one side and lose on the other no matter what.)
To the OP, Wake Forest, Apex, Holly Springs and Cary are typically the most common burbs. You might not like what you find housing-wise with your, budget, though, so maybe check out places like Rolesville, Knightdale, Garner or Wendell.
This is my first time in NC, so definitely very new to everything.
I have heard if I look more like youngsville, wake forest, fuquay, Garner, it may be best to then get a better house for what you pay for.
But wondering on others peoples thoughts, better to have a nicer house but further from things? Or smaller older house but closer to things? Or has anyone heard good/bad things about these areas?
Decent things to do as in events, breweries, restuarants - just like you had mentioned.
when are you moving? Is this for a new job, or a job transfer? Have you ever owned before? How old is too old of a house, and why? In your mind, how long will you live in this house?
I currently have a 7 month lease at an apartment, so hoping to move around that timeframe.
No specific area as both my husband and I work remote, so we can go anywhere!
We have never owned a house before.
I am not picky with a house being brand new, but I would at least like it built in 2000s would be nice.
Planning on to live in the house for at least 5 years minimum but most likely longer.
Incorrect on the first part; you own the structure and the land beneath it in a townhome. Understandable for the second part. I'm in the same boat myself now in wanting to move-up to SFH from a townhome-style condo for that very reason. Also HOA fees for townhomes often make the price-differential between a townhome and a SFH almost moot in many cases factoring in monthly expenses.
Setting a budget for a home purchase when you are getting a loan should weigh far more heavily on the monthly payment vs the purchase price IMO. Sounds like you are pretty cognizant of that with the first line of this post. I would speak with a local lender to run a few different numbers scenarios for local areas to factor in things such as tax rate (county vs city) HOA, etc to get a good idea of what your estimated monthly payment would be for said various scenarios When you are coming from a higher-property tax/ lower housing price area to an area where those numbers are reversed....I think that is an even more important step in order to determine your true "price-point".
The "must haves" for your list are fairly ubiquitous throughout the Triangle area so budget will be the biggest determining factor in towns/areas that should be realistic recommendations.
While many are working from home right now...many others aren't. Do you and/or your spouse have an idea of where you would be working and is commute a factor?
This was very helpful, so thank you! This made my decision that I definitely want to stay clear from townhomes because like you said, space is needed!
We both work remote, so location right now isnt an issue at all. So mainly focusing on a home-y feeling area to us that is safe, and possibly a development like feel.
My brother lives in Apex. He is older than your demographic now, but moved there some years ago when they had young kids, they love it. Both kids in private high schools in town but not because the public school district is bad or anything like that. Not sure about housing prices any more but all of your other things are included. Major shopping off Vision Drive or in nearby Cary. He commutes fairly easily to RTP - or at least he did until the pandemic.
Last edited by alaskaflyer; 10-15-2020 at 01:44 PM..
House not older than 2000, and budget 250k-300k is going to severely limit you. I think the next question would be, what's your threshold for crime?
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