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Old 05-15-2018, 09:08 AM
 
Location: Columbia, SC
8,851 posts, read 17,450,334 times
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It's a good list. Age expectations may vary by location.
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Old 05-15-2018, 09:52 AM
 
Location: midvalley Oregon and Eastside seattle area
2,940 posts, read 1,351,301 times
Reputation: 2437
I would buy a recession proof home on what an average family could rent. If you want an depression proof home, then discount the home by a couple of 10's percentages.
JMO
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Old 05-15-2018, 10:09 AM
 
Location: Raleigh
6,989 posts, read 5,201,036 times
Reputation: 9429
Quote:
Originally Posted by Dad01 View Post
I considered that , just wait until I have enough saved up and then just pay cash
but my family and friends keep telling me if I dont buy now ( I'm 38) I will making mortgage payments in retirement so they are freaking me out
...Only if you do a 30 year, and don't pay ahead on it. That's not the only option out there...

And if you follow your plan of saving, then they're again wrong, aren't they?
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Old 05-15-2018, 10:28 AM
 
9,322 posts, read 11,159,538 times
Reputation: 12502
Quote:
Originally Posted by Dad01 View Post
Forgive me for using a cliched term but was wondering what are the basic things one can do to buy a relatively "recession proof " house in this market

Obviously no one can accurately predict when or if the housing prices will go up or go down

In the areas I'm interested in upper midwest , the inventory is low and it is pretty much a sellers market

Here was my general principles I'm sticking with when it comes to finding a relatively recession proof house

1-In a good school district obviously for grade/middle and high school

2-smaller house in a subdivision where most houses are higher priced

3-In a town with relatively stable and diversified economy

4-House which is not turn key ready but one in which I can put some sweat equity over the years

5-Not too big , not too small 4 bed/3 bath on average

6-close to public transportation/major highways

7-single family house , not a condo or town house

8-not more than 30 yrs old

PLEase advise if any of the above assumptions are inaccurate and if there is any other suggestions that can be given

the biggest problem I have right now is that inventory is so low that there is a ton of competition for the good deals and esp from cash only buyers

This post is odd considering your other post is about buying a 5K used car and putting 150K miles on it. Seems like you have a lot of big purchases being done on very tight budgets right now.
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Old 05-15-2018, 10:30 AM
 
9,322 posts, read 11,159,538 times
Reputation: 12502
Quote:
Originally Posted by Dad01 View Post
I considered that , just wait until I have enough saved up and then just pay cash
Really long odds on ever doing that if you are freaked out about a 30 yr mortgage. Tough to live/pay rent and save 100K+ to buy a house with.
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Old 05-15-2018, 12:14 PM
 
2,771 posts, read 1,502,855 times
Reputation: 2173
Quote:
Originally Posted by City Guy997S View Post
This post is odd considering your other post is about buying a 5K used car and putting 150K miles on it. Seems like you have a lot of big purchases being done on very tight budgets right now.
Nah. He's just trying to figure things out and those are his particular parameters he has chosen.
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Old 05-15-2018, 12:27 PM
 
Location: midvalley Oregon and Eastside seattle area
2,940 posts, read 1,351,301 times
Reputation: 2437
We are selling our home of 36 years. Our neighbor is also selling his and listed on same day. Both homes are priced at the same "per square ft". We had ours under contract within 10 days. Neighbor across the street is still showing, even though his lot is 3x (1 acre) ours, with detached 20x30 shop and covered parking for RV, and 25% more living space and newer by 10 years. Ours needs major updating, neighbor's minor updating. The difference is the affordability. When we bought this home, we could barely make payments. We could never afford neighbor's house because the down payment and monthly payment was out of our reach. Our house is priced so one income could qualify. Neighbors property even though a much better value, is priced to where there Must be two moderate incomes.
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Old 05-15-2018, 05:58 PM
 
Location: Illinois USA
291 posts, read 148,107 times
Reputation: 211
Quote:
Originally Posted by damba View Post
Nah. He's just trying to figure things out and those are his particular parameters he has chosen.
Yes exactly, and those particular parameters are based on my inexperienced and ill-informed of views please feel free to correct them that's the whole reason why I posted on this forum
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Old 05-15-2018, 06:00 PM
 
Location: Illinois USA
291 posts, read 148,107 times
Reputation: 211
Quote:
Originally Posted by City Guy997S View Post
Really long odds on ever doing that if you are freaked out about a 30 yr mortgage. Tough to live/pay rent and save 100K+ to buy a house with.
Indeed it is and would need me to live with family or rent free for a while but with a young son it's easier said than done
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Old 05-15-2018, 06:01 PM
 
Location: Illinois USA
291 posts, read 148,107 times
Reputation: 211
Quote:
Originally Posted by City Guy997S View Post
This post is odd considering your other post is about buying a 5K used car and putting 150K miles on it. Seems like you have a lot of big purchases being done on very tight budgets right now.
I agree ! Seems like I'm going on a shopping spree but in reality I'm trying to cut down my expenses as much as possible in anticipation of making a big purchase like a house in the next year or so
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