Housing, Finance... (Greensboro, High Point: rental, hotels, buying a house)

[jerome]

Hi everyone,
My name is Jerome, I ll be moving to greensboro in July from the UK to take on a position at UNCG. Like a lot of people on this forum I am investigating to get to know the area and I have been looking at houses. on various websites I have seen numerous houses built in the 1960's going for very reasonable prices around 50-60 000 $... I have got a series of questions regarding acquiring one of these houses. First, is it a good idea ? Second has anyone experienced moving to the states from abroad and tying to get a mortgage?
I am planning on putting 20 000 $ upfront and willing to pay 400 $ a month... What are the taxes on buying a house ? having a house ? what sort of budget can I expect to pay on top of bills every month?
Anyway loads of questions... any answer will be much appreciated. thanks

[maryCh]

Hi Jerome,

A lot of the houses you're seeing were built in the 60's when the textile industry was huge in this area. The prices are so "reasonable" because the houses are old, some are in not so great shape, and the neighborhoods aren't great. In those areas, for the most part, you will find a mix of older, retired mill workers, or very transient rental properties. I would definitely say "buyer beware" in those areas.

I am, by no means, a racist or a snob. I am a working class mom with 4 kids; one of which is now a student at UNCG. If the properties you see are anywhere near the campus, be even more careful. A lot of those older homes are bought by what I call "slum lords"... those that will charge the college students way too much to rent a room because there is a big housing shortage on campus. In the last 10 to 15 years, those type properties have been resold frequently at about the same price, so there really is no profit going in the area (if you are looking at the investment aspect). There are also a few other colleges very close to UNCG, which only adds to the availability of tenants.

I don't know the terms of your arrangement with UNCG, but I would recommend renting for 6 to 12 months. That way, you can get a much better feel for the area. If you would rather purchase, I would recommend looking at least 5-10 miles away from the campus area; you'll get a much better idea of property values, true neighborhoods, etc.

I hope I don't sound jaded; I have never actually lived in Greensboro but have been about 20 miles outside the city for almost 15 years now. I have always worked in Greensboro though and have met many people from all over the city and beyond.

[Niki]

For $50,000-60,000, I would expect a dumpy house in a bad neighborhood. I'm not sure you could rent a place for $400 a month, much less have a house payment that low.

Do you know what areas these houses are in that you looked at?

As far as taxes, it's definitely cheaper outside the city limits and outside of Guilford County. If it's possible for you to live away from the city (and even out of the county), I would look into that. It would save you money on taxes and you can usually get more house for your money.


I wish you all the best.

[jerome]

Niki and Mary,
very interesting information in deed. Things are not very different from one ****ry to the other really !! I think I will go with the 6 months rental to get a feel for the area. Get a car and look outside the town limits (outside county limits sounds a bit far but why not) and try to find a nice little place. I am very much looking forward to moving there.
You guys were right about neighbourhood and houses as in they are not very nice (realised by looking at hte forums here)
Have you guys got suggestions in terms of arranging accomodation for when I arrive in Greensboro mid July?

[maryCh]

I would suggest getting a weekly hotel rental; there are several available. That would give you a few days to look around and get your bearings in Greensboro. Wendover Avenue is a main thoroughfare, and quite convenient to the highway as well. Do a search for hotels; I'm sure you'll find something that way.

Mary

[jerome]

Thanks for that, I was actually thinking of taking this option. Will enquire on the net unless someone else has experienced a good one close to UNCG?
thanks
Jerome

[maryCh]

As far as I can recall, there are only 1 or 2 hotels in downtown Greensboro. UNCG is literally about 4 blocks from the edge of downtown. I believe one is the Hilton, another is Greensboro Inn (I think). I'm sure the Hilton will be $$$, and as far as I can see outside, Greensboro Inn looks old and run down.

The area of Wendover Ave. I spoke of (near I-40 intersection) is only about 4 miles from UNCG; quite easy to get to. Another area with several hotels is High Point Rd at the I-40 intersection. Also very convenient to UNCG; this may be only about 3 miles.

Either area has plenty of restaurants nearby, as well as shopping. You probably will need to rent a car though; especially if you need to get back and forth to UNCG right away.

Let me know if I can help with anything else.

Mary

[jerome]

thanks a lot for hte answer, mary I think that at this point in time this is already a lot of information. Is it a common to take lodgers for people in your area? I know its not in france but it is here in the uk... Basically just rent out a room in your house... If anyone has got tips regarding this possibility please do let me know.. and Mary.. thanks again

[maryCh]

Hi Jerome,

Regarding lodgers... are you talking about short or long term? Short term, I don't know about. But long term, yes. There are ads in the Greensboro newspaper (News & Record) for rooms for rent quite frequently.

Oh, and by the way, the hotel downtown that I thought was Hilton... is Marriott. I was at a baseball game Tuesday and the hotel sign caught my eye.

[jerome]

lol a bit too expensive for my budget, I have also explored websites dedicated to find flat mates and it looks quite promissing. will investigate a bit closer to time... Thanks mary hope you guys won the game !!!