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Old 06-08-2018, 02:07 AM
 
71 posts, read 40,479 times
Reputation: 67

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Quote:
Originally Posted by nep321 View Post
I should have an additional $10K saved up in a year from now. That would be able to afford a house that's up to $180K+ next year. But by then I'll be 35
Not to disappoint you, but houses in the $150k range in my area are EASILY appreciating by 10% every year, which would be about $15k. If you wait another year, you may actually lose money in the long run.
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Old 06-08-2018, 02:35 AM
 
1,665 posts, read 1,835,430 times
Reputation: 3733
Quote:
Originally Posted by pannierpacker View Post
Not to disappoint you, but houses in the $150k range in my area are EASILY appreciating by 10% every year, which would be about $15k. If you wait another year, you may actually lose money in the long run.
Smart money says we are due for a 2008-type asset reset within next two years.
JAX will not be spared.
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Old 06-08-2018, 07:33 AM
 
Location: SW Florida
9,139 posts, read 3,952,300 times
Reputation: 18836
I would rather rent than buy a house in a sketchy neighborhood. If you have children do you want them living there? What about resale value? Today's "sketchy" might be tomorrow's slum. I would wait till next year.
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Old 06-08-2018, 07:49 AM
 
3,758 posts, read 2,916,325 times
Reputation: 11999
Maybe its just me, but if you can rent such a nice place in such a nice area for a reasonable amount of money, why would you even want to buy a house, unless its as nice as what you can rent? Just keep saving money. Nothing wrong with having a big stash of cash. Then, if and when you find something to buy, you'll be ready. Whether you are 35 or 45 or 55. What does you age have to do with it anyway?
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Old 06-08-2018, 07:54 AM
 
Location: Omaha, Nebraska
6,318 posts, read 3,498,656 times
Reputation: 15037
Quote:
Originally Posted by chiluvr1228 View Post
What about resale value? Today's "sketchy" might be tomorrow's slum. I would wait till next year.
You definitely need to have lived in a city long enough to identify which 'sketchy' areas are improving and which are declining before you take the risk of buying into one. Which is another reason I'd advise the OP to hold off for another year: he can spend the time playing lookie-loo and identifying which less-expensive parts of the Jacksonville area are worth checking out more closely, and which he should stay away from.
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Old 06-08-2018, 10:42 AM
 
1,925 posts, read 1,327,287 times
Reputation: 2377
Quote:
Originally Posted by pannierpacker View Post
Not to disappoint you, but houses in the $150k range in my area are EASILY appreciating by 10% every year, which would be about $15k. If you wait another year, you may actually lose money in the long run.
LOL. Right. They were easily appreciating over 10% per year back about 7 years ago, too, before they crashed 40-50%.
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Old 06-08-2018, 01:05 PM
 
570 posts, read 223,242 times
Reputation: 655
Quote:
Originally Posted by RamenAddict View Post
I am not sure where you are, but $120 is not going to cover much unless it is developer owned. I am from the OPís area and it was rare to find anything below $250 or so. I am now in the Chicago area and a coworker who was looking who told me she was finding the same thing here with fees for townhomes despite the fact that the properties were much cheaper. I had one townhome that was that low like 20 years ago and ultimately discovered that it was that cheap because it didnít cover exterior insurance.
I am in the Raleigh area. Ours were not developer owned. One was an older neighborhood mid-80's and the other built in the mid-2000's.

At both the HOA maintained and repaired/replaced all exterior except windows and doors and hvac. Exterior Homeowner's insurance was also covered and we had a separate policy for the inside part of the home and our contents. Lawn care and amenities were included.
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Old 06-08-2018, 01:14 PM
 
570 posts, read 223,242 times
Reputation: 655
Not sure about the neighborhood but this is a cute little house and well under budget. Looks like good proximity to downtown. https://www.zillow.com/homes/for_sal...15_rect/10_zm/
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Old 06-08-2018, 01:52 PM
 
3,053 posts, read 1,221,799 times
Reputation: 6083
Quote:
Originally Posted by luckeeesmom View Post
Not sure about the neighborhood but this is a cute little house and well under budget. Looks like good proximity to downtown. https://www.zillow.com/homes/for_sal...15_rect/10_zm/
North side= generally unsafe until you get close to the beltway. The OP could try Riverside, Avondale, Ortega, Murray Hill, or San Marco. Some areas (but not all) in Springfield are also okay. I saw very little in the OPís price range in those areas.
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Old 06-08-2018, 03:44 PM
 
3,053 posts, read 1,221,799 times
Reputation: 6083
OP- hate to post again, but I just read in another thread that you are contributing 25% to your retirement but only have a 4% match. If you really want to buy a home, you should consider decreasing your retirement contribution. Why on earth are you contributing so much to your retirement? Instead, why not reduce to get the full match and put more in savings so you can expand your down payment. There is absolutely no reason to be putting 25% in at age 34 when you are only getting a match at 4%. I assume that is probably the maximum contribution allowance...
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