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Old 10-09-2016, 08:23 PM
 
4 posts, read 3,637 times
Reputation: 14

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Here's the deal. My parents are driving me insane, to the point where I cannot justify living with them anymore. It's affecting my life, my productivity, stress levels, it needs to stop. I don't want to rent, I don't want a condo or anything that shares a wall with another unit, I want a single family home.

Problem is that the housing market got pretty strong in the past few years. I can definitely afford to buy a nice house but I really don't want to because this will drastically cut into my savings that I am putting aside for a future investment. And if there is another crash or market correction I don't want to lose too much. The other problem is that I like nice stuff and am a bit spoiled. Eat healthy clean food, drive a fast luxury sports sedan, thousands of dollars in electronics (computers/high end audio), go out whenever I feel like, etc...

Requirements for future home:
1. Really safe area that my car/stuff won't make me a blatant target/stand out too much.
2. Attached 2 car garage.
3. Open floor plan. or potential for renovation.
4. Master bedroom with bathroom and closet. or potential for renovation.
5. Modern, clean interior style. or potential for renovation.

Preferences for area:
1. Not too far away from work (20-30min commute). I work in warren.
2. Good location relative to nightlife. Cheap uber to Royal oak/Ferndale/Birmingham area. Close to 696/75.
3. Not Detroit. Still not sold on it, sorry not sorry.

The houses that I'm seeing for sale suck. I would really like a smaller 3/2 or 3/3(if 2 story), potentially rent out a room to someone I'm close with to offset cost. Newer builds that are running for 230-250k kind of hit what I want on the spot but I do not want to go that high if I don't have to (and I hear prices on these new homes tend to be driven up with features/options). Older homes in this area either don't have an attached garage, do not have an open floor plan, poorly updated/flipped, or are in great condition but are still dated. I don't want to pay for a nice kitchen or new carpet that I'm going to want to gut anyways.

A "fixer-upper" that needs a complete interior overhaul, and priced accordingly, seems to be what I need. If I find something really ****ty I have time for a contractor to make it *livable* and save on costs by doing some stuff myself. But I feel like the flippers have found them all or couples that are paying too much for something they can live in and update over time because they think it will be fun.

Maybe this is more of a rant than anything. Thoughts? Any streets/neighborhoods that I should check out? Anyone have something for sale? lol.

My next step would be to talk to a real estate agent but I would like to do as much as I can before that, I don't want to waste someone's time.
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Old 10-10-2016, 10:28 AM
 
915 posts, read 1,162,210 times
Reputation: 1290
Yeah - your best bet would be a real estate agent.

They know what the market is like and can tell you what neighborhoods would be a good fit.

The biggest challenge will be finding something that's priced right in a decent neighborhood. A lot of sellers are taking advantage of the strong market to ask for more money.

A lot of my friends ended up in Madison Heights because the housing stock is cheaper and has a centralized location.
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Old 10-10-2016, 11:55 AM
 
Location: The Carolinas
2,228 posts, read 2,169,965 times
Reputation: 6916
Get a real estate buyers' agent. You won't think you're wasting their time when you see what they get at closing. They'll work for it.
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Old 10-10-2016, 11:57 AM
 
Location: Ann Arbor MI
2,113 posts, read 1,356,642 times
Reputation: 2910
You "Eat healthy clean food, drive a fast luxury sports sedan, thousands of dollars in electronics (computers/high end audio), go out whenever I feel like, etc...' and still live at home? Maybe the reason your "parents are driving me insane, to the point where I cannot justify living with them anymore. It's affecting my life, my productivity, stress levels, it needs to stop." is because they want you out on your own where you belong. Stop being so picky, do your folks a favor and find a house or apartment tomorrow or the next day. Grow up.

Sorry if that sounds harsh.
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Old 10-10-2016, 12:24 PM
 
Location: Southeast Michigan
1,285 posts, read 1,077,960 times
Reputation: 1574
Well, good luck! You might have to compromise a bit on your lifestyle in order to find a place that you like. As a parent of young adults, thanks for providing me with the chuckle of the day.
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Old 10-10-2016, 12:52 PM
 
Location: Grosse Ile Michigan
27,776 posts, read 65,692,477 times
Reputation: 32973
Look at a trailer home. Not ideal, but cheap and it is a starting place.
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Old 10-10-2016, 01:42 PM
 
4,020 posts, read 2,933,937 times
Reputation: 3159
Quote:
Originally Posted by intoodeep06 View Post
I guess I'll find a real estate agent.
Honestly, that's your best bet. Most nobody here knows enough about real estate to point you in the right direction; most we'll be able to give you is generic advice to the tune of "neighborhood X has mostly 1940s tract homes" and even then it might be a stretch.
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Old 10-10-2016, 01:44 PM
 
Location: Metro Detroit
1,786 posts, read 1,937,484 times
Reputation: 3554
Thoughts? Rent?

If I was a single guy/gal living at home and had decent income, I'd rent a nice 1 or 2 bedroom loft in Downtown Royal Oak or B-Ham. It's okay to rent. Do it for a year or two - give yourself time to adjust as young adult post-college life is different when you live on your own, assess where your life is at, then start looking at buying your own house. Maybe Rochester Hills or Macomb TWP, since it appears that modern/spacious is something you put emphasis on. If you don't mind a bit of a smaller/older house, buy in the Greater Royal Oak area.
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Old 10-11-2016, 11:56 AM
 
1,851 posts, read 2,299,897 times
Reputation: 1864
Warren north of I-696
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Old 10-11-2016, 01:22 PM
 
1,648 posts, read 2,747,783 times
Reputation: 1438
"I like nice stuff and am a bit spoiled. Eat healthy clean food, drive a fast luxury sports sedan, thousands of dollars in electronics (computers/high end audio)."

The healthy food is good.

Driving a luxury sports sedan isn't something to brag about. It shows you're bad at finance. A car is the worst investment you can make - it only depreciates.

Spending thousands on electronics/audio is also a poor investment - it only depreciates.

You can redeem yourself by making better financial decisions - make investments in things that generate cash returns, a solid home and/or rental property. As for cities, I would recommend Oak Park. You get the proximity to the Woodward entertainment corridor, a reverse commute to Warren and nothing is more than a 10 minute drive.

Ferndale, Pleasant Ridge, Huntingon Woods, Berkley, Royal Oak would have all been good bets to buy in 2010- but you'd be buying into the bubble in those local markets.

It comes down to your personal brand though - based off your comments I'm not convinced you'd be confident in yourself living in a town like Oak Park and would only want a B'ham, Royal Oak address - for which you'd have to pay the price for that insecurity.
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