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Old 05-13-2018, 02:32 PM
 
16,476 posts, read 17,501,756 times
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Quote:
Originally Posted by Dad01 View Post
What about ranch style vs 2 story ? which ones makes it easier to re-sell

What about taxes ? usually they go hand in hand with good schools so should I not try to focus too much on getting in an areas where taxes are lower ? that being said taxes throughout chicagoland are extremely high good or bad schools
When I went shopping I specifically declined any two story houses. The only two story I would look at was if the master was downstairs. Otherwise single story only.
From my experience single story sold faster and more people were looking at the open houses
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Old 05-13-2018, 03:17 PM
 
10,265 posts, read 6,491,094 times
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Quote:
Originally Posted by CapitalBat View Post
Iím not a real estate investor, but as a layperson yes, I would feel better having a house that I felt was the right size to sell to *first-time buyers. Simply because most people donít move to a bigger house during a recession, but there will always be people who want to enter the market for the first time. ETA: Also, with larger homes you are competing with new builds. They donít build many new SF starter homes today!
Yes in times of recession people will look for homes to live in not fancy ones, so the starter homes, or lower end homes should retain their value better.
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Old 05-13-2018, 03:23 PM
 
10,265 posts, read 6,491,094 times
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Quote:
Originally Posted by Dad01 View Post
What about ranch style vs 2 story ? which ones makes it easier to re-sell

What about taxes ? usually they go hand in hand with good schools so should I not try to focus too much on getting in an areas where taxes are lower ? that being said taxes throughout chicagoland are extremely high good or bad schools
The benefit of a 2 story is that you have more square footage on the same lot. Also when you go to replace the roof on a 2 story home you only have to replace 1000 square feet of a 2000 sq ft home, on a one level home it's 2000 sq ft of roofing. In some areas like north NJ it's almost impossible to find a home that is not 2 stories. The benefit of one story is when people get older they don't have to climb the stairs to go the bedroom, or if it's an older home the only bathroom may be upstairs, so bedroom to bathroom is fine, but then the kitchen is downstairs.
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Old 05-13-2018, 03:28 PM
 
Location: Salem, OR
13,740 posts, read 31,550,338 times
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In my opinion, you need to buy into recession-proof neighborhoods and then buy a home in one of those.

So recession-proof neighborhoods, in my area, have the following:

1) Good elementary, middle and high schools
2) A mixed age group of people. Meaning it has young families, families with teens, empty nesters, and retirees. All of these groups can ride out the cycles of real estate if needed. People with kids will stay put to keep their kids in school and the other two groups can just wait until the market changes. This keeps homes off the market in recessions keeping the values up.
3) There is a variety of home styles and types. Meaning there are a variety of sizes and one vs. two-story homes. Again, the more variety of buyer types that can live in a neighborhood, the more stable the neighborhood tends to be.
4) Older established neighborhoods. These neighborhoods have lush landscaping, private back yards, and tend to be closer to amenities. They also aren't as cookie cutter as newer neighborhoods.
5) More homeowners vs. renters.
6) Tend to be well maintained with or without CC&R's.
7) Community oriented. You see people walking dogs, jogging, riding bikes, etc in the neighborhood.
8) Has a block party every year or some community space like a community garden, neighborhood park, etc.


So in my area if you buy into one of the "recession-proof" neighborhoods, you would want to look the following:
1) Minimum of 3 beds/2 baths
2) One story
3) At least 1500 sq feet going up to about 2,000.
4) A private backyard that is fenced.
5) Normal room sizes
6) No weird floor plans
7) No small apartment sized kitchens. Preferably no galley kitchen unless it is large.
8) No oil heat (or if it does convert it)
9) No flag lots (this is where a lot has been split and a home sits behind another home)
10) No steep driveways (mild slope is okay, but you should be able to park in your driveway without the door swinging back to chop your leg off when you get out).
11) No busy streets
12) Minimal traffic noise
13) Updated sewer line, no galvanized plumbing, updated electrical. If not, plan to do these to add value to the home.
14) No deferred maintenance.
15) Home is not taste specific. Homes where decor choices are very taste specific like pink carpet, purple kitchen cabinets, etc are hard to sell in recessions. Keep the house itself neutral and use furniture/rugs/art to create the color you want. Paint on walls is okay. Don't paint cabinets/trim funky colors or black. And for heaven's sake don't paint your outlets and outlet covers to match the funky color of your wall forcing your new buyer to rip out every outlet out of the house.
16) Backyard needs to be usable. So don't buy a house on a cliff.
17) Has updated (meaning vinyl) windows, and good insulation

Interestingly, your criteria for not buying a home over 30 years old would rule out all but one of our recession proof neighborhoods. Old and updated wins every time in my area.
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Old 05-13-2018, 03:28 PM
 
Location: Illinois USA
291 posts, read 147,623 times
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so as long as the master bed a bathroom and kitchen are on the lower level we theoratically get the benefit of both ?
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Old 05-13-2018, 03:30 PM
 
Location: Illinois USA
291 posts, read 147,623 times
Reputation: 211
Quote:
Interestingly, your criteria for not buying a home over 30 years old would rule out all but one of our recession proof neighborhoods. Old and updated wins every time in my area.
well im not very experienced thats why I'm asking for suggestions here

thanks for the detailed reply

what is CC& R?
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Old 05-13-2018, 03:40 PM
 
Location: Raleigh NC
7,736 posts, read 6,110,007 times
Reputation: 6867
HOA rules, etc.
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Old 05-13-2018, 03:52 PM
 
Location: Norfolk
1,574 posts, read 1,977,317 times
Reputation: 5058
Quote:
Originally Posted by MikeJaquish View Post
"Pay cash" was only one alternative. It happens more often than most people realize.
"or pay it off or pay down any loan" were the other two alternatives.

Thanks for the clarification.


When it comes to real estate, you're smarter than the average bear!
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Old 05-13-2018, 04:59 PM
 
5,668 posts, read 7,258,650 times
Reputation: 3177
Quote:
Originally Posted by Dad01 View Post
so as long as the master bed a bathroom and kitchen are on the lower level we theoratically get the benefit of both ?
If you had to choose one or the other, I’d guess more people would prefer the master bedroom downstairs, but at least in my area many families with young kids prefer it upstairs so their rooms are all on the same level.

In an ideal situation one upstairs and downstairs would likely appeal to the most people. The second makes a good guest room or inlaw suite which can come in handy during a recession.

And if we’re living in dreamland, I’d probably add walking distance to a park of some sort, bonus points for being walkable to restaurants (but not too close so that there’s traffic or crime concerns).
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Old 05-13-2018, 05:07 PM
 
Location: Salem, OR
13,740 posts, read 31,550,338 times
Reputation: 12105
Quote:
Originally Posted by Dad01 View Post
well im not very experienced thats why I'm asking for suggestions here

thanks for the detailed reply

what is CC& R?
Conditions, Covenants and Restrictions. HOA's aren't popular in my area, but we have a lot of non-HOA, CC&R neighborhoods. Even old ones because building codes didn't happen here until 1974 so developers created building codes in CC&R's before that.
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