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Thank you, everyone! I actually was not aware of the existence of manufactured houses! After reading your comments, I am no longer interested in the unit.
I think it would benefit me from your guidances better if you know more about my financial situation. I have 80k cash and very good credit. My ideal monthly housing expense would be less than 1.2k. Although I can afford more on housing monthly, I do not want to. At this stage of my life, I want to spend on travel, good food, and other fun experiences. I work in Smithfield. I am expecting a baby in a few months so I also target area with a good school system. I also target houses with high resale value in 3-5 years. (I know it seems too much asking for a small budget!) Most of all, I am no rush to buy and willing to wait for the market to slow down.
Moving on from the manufactured house, I am now looking at some cheapest single houses and here are some that caught my eyes. I was wondering you could give me your takes and whether or not it's overpriced also what would you buy if you are forced to.
This is a little bit out of line but I also interested in buying it with cash. I am not sure if it's overpriced. Thinking about making an offer of 55k, cash.
I regret I don't have time to be your real estate advisor. But, I can give you this simple advice: LOCATION, LOCATION, LOCATION. You will almost always find bigger & nicer houses in a lesser location. For investment, go smaller in the best location you can afford. The least house in the best neighborhood is usually the best investment.
IM makes a good point. You need to see the places in person and look at the neighborhood ambience.
The only one I see that might have better resale is the biggest house- especially if it gets fixed up- however, with your other criteria, it doesn't sound as if this is really what you want. You want a small cottage with little maintenance maybe??? So, this might come down to what you want and think you can afford and take care of.
I've never found "waiting for the market to slow down" a good strategy in real estate- especially as I drive by houses I should have bought and didn't.
I regret I don't have time to be your real estate advisor. But, I can give you this simple advice: LOCATION, LOCATION, LOCATION. You will almost always find bigger & nicer houses in a lesser location. For investment, go smaller in the best location you can afford. The least house in the best neighborhood is usually the best investment.
Except that there are different criteria for "location".
If you have school age children, the gold plated school system is at the top of the list.
In places with big traffic congestion, location is being able to get to work without an awful commute.
Walkability score and proximity to good dining and entertainment options is a priority for many.
It's the ocean state. Good boating/beach access matters.
In the grand scheme of things, home ownership costs matter. Particularly as you approach retirement age.
I own the smallest house in my neighborhood and it was a tear-down when I bought it. The location met my criteria. I weighted the ocean stuff heavily. I weighted ownership costs/property taxes heavily. I weighted walkability/cycling score heavily. School system and close to work weren't top priorities.
I don't view my house as an investment. I view it as discretionary spending to improve my quality of life. If I wanted to die with the biggest pile of money, I'd rent a sketchy small apartment and invest the rest in the market. For my personal mental health, I need to feel good about where I'm living and I place a lot of value on that. It was worth it to me to do the discretionary spending.
Except that there are different criteria for "location".
If you have school age children, the gold plated school system is at the top of the list.
In places with big traffic congestion, location is being able to get to work without an awful commute.
Walkability score and proximity to good dining and entertainment options is a priority for many.
It's the ocean state. Good boating/beach access matters.
In the grand scheme of things, home ownership costs matter. Particularly as you approach retirement age.
I own the smallest house in my neighborhood and it was a tear-down when I bought it. The location met my criteria. I weighted the ocean stuff heavily. I weighted ownership costs/property taxes heavily. I weighted walkability/cycling score heavily. School system and close to work weren't top priorities.
I don't view my house as an investment. I view it as discretionary spending to improve my quality of life. If I wanted to die with the biggest pile of money, I'd rent a sketchy small apartment and invest the rest in the market. For my personal mental health, I need to feel good about where I'm living and I place a lot of value on that. It was worth it to me to do the discretionary spending.
Speaking only to a house as an Investment. It's LOCATION. Otherwise, there can probably be hundreds of criteria.
Thank you, everyone! I actually was not aware of the existence of manufactured houses! After reading your comments, I am no longer interested in the unit.
I think it would benefit me from your guidances better if you know more about my financial situation. I have 80k cash and very good credit. My ideal monthly housing expense would be less than 1.2k. Although I can afford more on housing monthly, I do not want to. At this stage of my life, I want to spend on travel, good food, and other fun experiences. I work in Smithfield. I am expecting a baby in a few months so I also target area with a good school system. I also target houses with high resale value in 3-5 years. (I know it seems too much asking for a small budget!) Most of all, I am no rush to buy and willing to wait for the market to slow down.
Moving on from the manufactured house, I am now looking at some cheapest single houses and here are some that caught my eyes. I was wondering you could give me your takes and whether or not it's overpriced also what would you buy if you are forced to.
This is a little bit out of line but I also interested in buying it with cash. I am not sure if it's overpriced. Thinking about making an offer of 55k, cash.
That one on the bottom could go either way. You might get a good deal on it, then sell it at a higher price or rent it out after a few years (while living very cheap in the midst). It could also be a horribly managed, mold infested and with horrible residents, and a ticking time bomb as far as big ticket repairs that the association has not prepared for. Due diligence would definitely be required here.
I generally don't like those old garden style apartment conversion type places, try to look for a more modern townhouse type arrangement. More money up front but generally better resale and long term outlook. That's also not the greatest area, in N Providence try to stay N of Mineral Spring Ave as a general rule.
If you work in Smithfield, there is absolutely no reason why you shouldn't be looking there. The houses you found there and in Cumberland look OK (although I don't have time to look hard at them right now), both Smithfield and Cumberland are good towns with good schools for RI.
But it's just you and the baby, want to travel and enjoy life? You want LOW MAINTENANCE. I think a condo would be the best, even if you have to sacrifice a LITTLE on resale value.
You're right. I guess we make time for what we're interested in.
And some have an interest in helping others when they are able, while others post exclusively to promote their personal interest.
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