if you were going to buy your first home, where? (Washington: real estate, to rent)

[JSA2422]

Hi all,

This is the first time I've visited this forum and I just wanted to start off with a big THANK YOU to the posters. The information and first hand experiences have been a great help on my current quest and wished I had found out about this forum earlier!

I've read over a couple of pages and found the "gentrification thread" quite interesting in terms of my topic "where to buy?" but I didn't want to hijack it with my own topic.

A little information about myself..

mid twenties, single, 300k budget, first home purchase, work in Wilmington,DE, plan on living on the property for at least 5 years, looking for 2brs+, one room mate (family member) already clocked in.


I've been working with a Realtor and she has been heavily pushing the Point Breeze areas and sections closer to Wash.Ave and Broad. I've heard mixed things on the area mainly fueled by a knee-jerk emotional reaction so it's hard to digest any worthy opinion on the area (though since I've found this board I've come across great info and details). The new properties that are under the tax-abatement are also a plus (a lot of the lots look to have their annual taxes under $1k). I also value space, I'm not that interested in a 400k closest that needs a complete reno.

so I'm basically asking for anyone's opinion on, if you were in the market for a first home purchase where would you buy?

I'm interested in any sort of advice or answer, wither it be related to renting vs buying in the area or to take my search else where.


Thanks!! and if there is a thread similar to this please do link and I can my topic over there.

JSA

[Pennsport]

Hey JSA,
Here's my thinking about your situ. You need to take 95 S. to your job, so I would strongly advise living east of Broad St. In fact, probably east of 6th Street. For your price range, I would suggest the following neighborhoods ranked in order of what I htink is your best bet to your worst. Now, to be transparent, I'm making subjective assumptions about your personality and preferences:
- Bella Vista (a very good option)
- Northern Pennsport (north of Dickinson)
- Queen Village (but only if you can wrangle some sort of parking situation or your QOL will take a big hit)
- Hawthorne
- Southern Fishtown (a little long to 95 South but at least you're just just flying down Columbus blvd and not trying to navigate 15 blocks of city blocks.

Some unsolicited advice for you

1. If your firm high price point is say 330k and 300k would be close to comfortable, but still put you a little stretched, I would suggest you start in the 275 range. That wiggle room will be so important as you navigate through life.
2. Always think of your renting demographic when purchasing (i.e. walk in closets, nice kitchens, deck are perfect for a mid-20s professional couple; while four bedrooms with one bath will only get early 20s and probably guys. that's a big hassle as a landlord).
3. Never be afraid to lowball. If it's listed at 280, go 240. Who the h*ll cares of the owner is "offended" by your offer. It's not his money and there are plenty of other options out there.
4. Assuming you'll be driving, don't underestimate the importance of fairly accessible street parking (you probably won't be in the price range of properties with parking included). After two months, you'll rue the day you bought bc you loved the quaint house, yet you have to routinely park 5 blocks away from your front door. You're going to be spending much more time at work and out in the city than you will utilizing your sweet looking island with butcher block.
5. Get on real estate blogs (nakedcity.com for one) and see what construction is happening. Then walk through said areas.
5. Don't rely on google maps to get a feel for length of your commute. Ask this board. We know where traffic builds up and how it will impact you in reality
6. PM the more knowledgeable people on this board (there are a number of them) when you have questions. Don't listen to your realtor. We live in these neighborhoods, the realtors seldom do and really just want to close a deal.
7. Most importantly, do your due diligence. Go to the areas several times at all hours. Make your drive from work to neighborhoods you are considering and understand for yourself how much time will be added if you're getting off 95 on Del Ave and have to shoot up Washington to 20th Street. Then look what parking looks like around 6:30 (most likely when you'll be getting home most evenings).
8. Finally, consider upside. For instance, I personlly consider Grad Hospital and Passyunk Sq. way overpriced with minimal upside. On the other hand there are some steals to be had in Pennsport (important to get the right blocks) and Bella Vista.

Ultimately, this is my best advice. Know more than your realtor does. That's how I bought my first place. I did so much research -- considered best case scenario (i.e. get promoted and have great job security) as well as worst case scenario (company acquisition, streamlining top line, etc...).

PM me if you want detailed specifics. I started my career in a very lucrative marketing role for fortune 500 companies, but transitioned to real estate. My style is educated risk with a bend toward mitigating devastating scenarios. Again though, this is fairly subjective and only my opinion. Good luck!

- C

[Pennsport]

Hey JSA,
Here's my thinking about your situ. You need to take 95 S. to your job, so I would strongly advise living east of Broad St. In fact, probably east of 6th Street. For your price range, I would suggest the following neighborhoods ranked in order of what I htink is your best bet to your worst. Now, to be transparent, I'm making subjective assumptions about your personality and preferences:
- Bella Vista (a very good option)
- Northern Pennsport (north of Dickinson)
- Queen Village (but only if you can wrangle some sort of parking situation or your QOL will take a big hit)
- Hawthorne
- Southern Fishtown (a little long to 95 South but at least you're just just flying down Columbus blvd and not trying to navigate 15 blocks of city blocks.

Some unsolicited advice for you

1. If your firm high price point is say 330k and 300k would be close to comfortable, but still put you a little stretched, I would suggest you start in the 275 range. That wiggle room will be so important as you navigate through life.
2. Always think of your renting demographic when purchasing (i.e. walk in closets, nice kitchens, deck are perfect for a mid-20s professional couple; while four bedrooms with one bath will only get early 20s and probably guys. that's a big hassle as a landlord).
3. Never be afraid to lowball. If it's listed at 280, go 240. Who the h*ll cares of the owner is "offended" by your offer. It's not his money and there are plenty of other options out there.
4. Assuming you'll be driving, don't underestimate the importance of fairly accessible street parking (you probably won't be in the price range of properties with parking included). After two months, you'll rue the day you bought bc you loved the quaint house, yet you have to routinely park 5 blocks away from your front door. You're going to be spending much more time at work and out in the city than you will utilizing your sweet looking island with butcher block.
5. Get on real estate blogs (nakedcity.com for one) and see what construction is happening. Then walk through said areas.
5. Don't rely on google maps to get a feel for length of your commute. Ask this board. We know where traffic builds up and how it will impact you in reality
6. PM the more knowledgeable people on this board (there are a number of them) when you have questions. Don't listen to your realtor. We live in these neighborhoods, the realtors seldom do and really just want to close a deal.
7. Most importantly, do your due diligence. Go to the areas several times at all hours. Make your drive from work to neighborhoods you are considering and understand for yourself how much time will be added if you're getting off 95 on Del Ave and have to shoot up Washington to 20th Street. Then look what parking looks like around 6:30 (most likely when you'll be getting home most evenings).
8. Finally, consider upside. For instance, I personlly consider Grad Hospital and Passyunk Sq. way overpriced with minimal upside. On the other hand there are some steals to be had in Pennsport (important to get the right blocks) and Bella Vista.

Ultimately, this is my best advice. Know more than your realtor does. That's how I bought my first place. I did so much research -- considered best case scenario (i.e. get promoted and have great job security) as well as worst case scenario (company acquisition, streamlining top line, etc...).

PM me if you want detailed specifics. I started my career in a very lucrative marketing role for fortune 500 companies, but transitioned to real estate. My style is educated risk with a bend toward mitigating devastating scenarios. Again though, this is fairly subjective and only my opinion. Good luck!

- C

[MikeNigh]

In the city it will help to know exactly how much you need so you can get into the best / best fit neighborhood possible. If you're just interested in appreciation I think all neighborhoods are good. The neighborhood you choose in the city has a big influence on your experience there. Imo you should consider looking for a job in the city too.

If you buy / live in a gentrifying neighborhood your experience is going to be just that - "when the f is this city going to improve??". If you're in a better hood though you'll be wondering if this space ship is going to be making any more stops to planet earth or f it.