Which home would you choose? (cheapest, foreclosure, price, expensive)

[meghan_mamma]

Hi,

I know all of it "depends" on many factors. but given these two options which one would yiou choose?

first home: 3200 Sft, in a good neighborhood, on busy street, foreclosure and needs some cosmetic repairs (i estimate to the tune of 10K), 4 bedrooms, community has amenities like swimming pool etc.,

second home: 2500 sft, all brick, in an exclusive neighborhood (the homes there start from 800K) and we may get this for half that price. only 3 bedrooms, no community amenities (also estimate cost of few thousand dollars for cabinets in the kitchen) 20K more than the first home.


This is not our first home and we do plan to live there for some time.

i am torn as to which one to choose. we are really comfortable affording any of the homes.

please let me know what your thoughts are and again, i know it depends on everyone's situation, but i would like to see if there some reasoning I may miss by not swinging it by other folks.

Thanks so much

[Silverfall]

I would avoid the busy street and take the other one.

[wileynj]

door number 2 for me as well : )

[stan4]

Second home.

[middle-aged mom]

I would also go with home #2.

Just curious what makes you think the lender will take $400k? Do you know how much was owed on this house?

If homes are indeed selling for $800K, why would a lender sell it for $400K?

[fierce_flawless]

I vote for the second home as well.

I literally made a list of pros and cons to decide on my home when I had it down to 2 (after months of looking). What it came down to was the things I couldn't fix. For me, house number 1 had a LOT more room, but one thing I couldn't change was the lot size (small) and the proximity to other houses (I felt like i could practically stick my arm out the window and touch the house next door)...

They were the exact same price but the small-lot one had about 1000 sf more, so it was hard for me to decide.

House number 2 was way more charming but smaller. It had cosmetic issues but those could be dealt with. The street was nice though, houses spaced nicely, lots a good size. Plus if I ever feel the need I can add on or even convert my attic to living space.

So my house-closeness/small lot was your busy street issue. Something you can't change, ever.

[NewJersey?]

#2

Not a busy street, and you're getting it at half price.

[Niki]

I too would choose the second house for the same reason others have mentioned. The busy street.

[meghan_mamma]

Thank you all for responding. we are squaring off on the second one as well. to clarify: the homes in the community are in the 800K plus (they are Mcmansions like arounf 5000 sft+) but this one is the cheapest in that community for around 350K. so we wnat to be the cheapest in the expensive neighborhood.. does it make sense?

Thanks again

[tamitrail]

Neither.