Our first home! (Middleburg, Green Cove Springs: for sale, real estate, foreclosures)

[kruther]

Hello everyone! New to the boards, but I think this might be the best place to get advice so this is where I am starting my search!

Here is my situation: I will be getting married in the next year and am looking for a starter house. My future husband has a son in his preteens and we would like to be in an area with great schools. We won’t be able to buy until late December of this year (he will be in Iraq until then ) Our other requirements are that the house be in an appealing neighborhood but also a steal of a deal. We would like to look at foreclosures and the like. My fiancée will be working at NAS for three years, but after that may also transfer to Mayport. I’m not sure if there is a good location in between the two, but our preference would be closer to NAS. I have taken a look or two at Middleburg but it seems like it’s a little out of the way… I also like the Southside area. I have no clue about schools in either of these areas and to be honest I haven’t looked, so please forgive my laziness!!!!

This isn’t a house we want to spend the rest of our lives in, just one that we can live in for the next 3-5 years, improve and then sell and make a profit. (too optimistic??) Our ultimate goal is to have LAND and not just a house, if we would be lucky enough to find a deal on a crappy house with amazing land I think we’d snatch it up, but the real purpose of this first house is to turn a profit that can be used for our future.

Please give any and all advice, I have a lot of time to figure this out but it still is a huge task that scares the heck of me! Thanks!!

[riveree]

Hi Kruther,

You packed a lot of info in there (a good thing! ), so I have some thoughts, questions......

Middleburg vs Southside:Wow, 2 totally different places!

When I think Middleburg I think: rural; less $ per sq ft; better chance of getting "land"; closer to NAS. When I think of the Southside I think: suburban and even dense suburban; more $ per sq ft; finding a large lot depends on certain factors; closer to Mayport.

Appealing Neighborhood AND Steal Of A Deal: Appealing is going to be subjective, especially with such a broad target (Middleburg and Southside). The more appealing a location, the less your chance of getting a steal. The better your chance of getting a steal, the more likely you'll have to sell it at a "steal" as well. What never changes in real estate is 'location, location, location'. If you're only going to live in the house for a few years, buy in a desireable location that you can easily unload later.

Land:What is your definition of "land"? Would a 1/2 acre do? How about 1/3 of an acre? Or are you wanting a full acre? 4 acres? This decision will include and exclude certain areas.

It's certainly imaginable that you might find a wreck, pump a lot of cash into it, and sell it at a profit later. This is just not a market that supports that right now, so you'd really have to know what you're doing. If this is your first time trying it, I'd recommend finding a home that only needs light cosmetic work (painting, landscaping...).

[titaniummd]

Shouldn't she consider a house around the 295/95S area around 9A? His commute could be less painful since he would go against traffic. When he goes to Mayport, he is just off of the highway.

Not to be a chauvanist but who will cut that lawn when your hubby is deployed?
---------------------------------------------
Just some considerations regarding real estate:

Are you pending the sale of your existing or his existing home?

Check with realty companies through your bank since some give rebates for purchases (Up to $1 to 2K - not much money but can get a bedroom set/furniture/etc).

Regarding 'profits' the returns at this point is debatable. I am afraid the wave has passed (I made over $300k in the past 5 years in real estate selling my 2 houses but that time is probably gone - it could have been $450k if I sold in 2005 ).

Regarding 'land': The houses are in the communities of elite (multimillion dollar houses) or rural settings.

Will you be working and where? Your commute needs to be feasible. If you both work, what about 'child care'?

Green Cove Springs/Middleburg will be too far for Mayport.

If you're not staying long in the house you should consider commute times so you newlyweds could be together more often.

Consider what has the best schools.

You have to consider the type of neighborhood, also. Do you just want the house or live in a 'community'. Those communities have Home owner's associations and some new constructions have CDD fees (Community development district).

CDD - The Hidden Cost of Living

A transitional 3 Bedroom with a 1-2 car garage is a good option. A new construction would be a decent option since you can negotiate with the builder and get a great deal. They are so desperate with all of the inventory, I would try to negotiate 15-25% off of asking price. However, with those savings you still need fans, blinds, lawn, yard supplies etc and it can cost you up to $30k.

A fixer upper may not be in the best school district.

Look at Foreclosures and "quick sales" from the local banks. A lot of people bought with ARMs and interest only loans, and now they are paying an "ARM AND a leg".

Don't buy more house than you can afford or you will suffer dearly.

What is your budget? Is he an officer or enlisted? The housing allowance depends upon his rank.

One strategy to get an idea of 'neighborhoods' is to plug in a zip code in Real Estate Valuations, Homes for Sale, Free Real Estate Information | Zillow Real Estate and draw the mouse over the map. You can see the price ranges of regions. I realize that the prices are not accurate but it's a ball park.

See the thumbnail - it is the area I was thinking about for you with regards to location. I don't know what the neighborhood is like. Riveree knows that area better.

[agreatlife]

Be very careful about using Zillow for prices. They have a notorious reputation for inaccuracy. Check out their discussion forum to see how bad it is.

[travelingfood]

you can say zillow's got a huge ballpark.


and what good is great piece of land that you don't plan on leaving for rest of your live? got to think about the upkeep cost for a great piece of land. not too many people is thrilled to mow lawn by the acreage

[titaniummd]

Originally Posted by travelingfood

you can say zillow's got a huge ballpark.


and what good is great piece of land that you don't plan on leaving for rest of your live? got to think about the upkeep cost for a great piece of land. not too many people is thrilled to mow lawn by the acreage

I was using Zillow as an example. I am sure there are other 'search engines'.

1/2 acre is more than enough to mow. As long as you cannot hear your neighbor's TV or stereo next door, you are ahead of the game.