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Old 12-29-2015, 06:23 PM
 
7 posts, read 8,236 times
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We're a young couple interested in buying are first home but we are in a budget, at least under $90k.
We currently don't have any kids just yet so I am not too focused on school district and this won't be our "dream/forever home".

Just a starter home at a low budget price to either fix/remodel and possibly rent or resell.

I currently rent and work near KOP area but have also lived in North Philly. So, I have a similar vibe for both but more north philly than Norristown, in fact I think Norristown is like a mini north philly in some cases ..maybe (?). I noticed homes in North Philly are obviously affordable, but I am also aware of why they're so affordable (Crime rates, overpopulated.. etc). I have also drove around Norristown, and the town itself as soon as you drive in the entrance looks dead and I have heard multiple things on the area but like philly it has its good and bad.


I understand North Philly and Norristown are undesirable areas by many people, but realistically speaking everyone has to start somewhere, right? If you can suggest another area that is not too far from both I would appreciate it.
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Old 12-30-2015, 08:50 AM
 
633 posts, read 582,377 times
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realistically speaking if your only choices are to continue to rent in a good area, or buy a fixer upper in a bad one then I would recommend you not buy the property.


saying these areas (north philly specificially) are "not desirable" is an understatement, and you stand to lose more money than you'd gain- real estate prices are not increasing at the rate they were prior to the market collapse, and you're usually much better off continuing to rent, and investing your down payment and renovation money until you can afford to buy in a better area.


even if you could stretch $130-150K, you could buy in a place that wasn't persistently dangerous at least.
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Old 12-30-2015, 09:18 AM
 
7 posts, read 8,236 times
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Quote:
Originally Posted by Burger Fan View Post
realistically speaking if your only choices are to continue to rent in a good area, or buy a fixer upper in a bad one then I would recommend you not buy the property.


saying these areas (north philly specificially) are "not desirable" is an understatement, and you stand to lose more money than you'd gain- real estate prices are not increasing at the rate they were prior to the market collapse, and you're usually much better off continuing to rent, and investing your down payment and renovation money until you can afford to buy in a better area.


even if you could stretch $130-150K, you could buy in a place that wasn't persistently dangerous at least.
I understand North Philly for the most part has a terrible reputation and reasonable crime rates and other reasons to prove it.
It's not an area I would want to raise my kids and live forever.

I do have family and friends who preferred the area, it being because it's cheaper, Hispanic culture or so and have lived there for years and have had some success renting/reselling homes they've bought at a low price in or near North Philly (For ex; in North Philly but close to Fishtown, etc) in a decent block. Which is the main reason I thought it may have been possible.

Same mentality when it comes to Norristown in a decent block but near East Norriton or KOP.

But, since I do work in KOP area, I wanted to see the options not too far away from Montgomery county. Initially, my idea was to "buy the worst or cheap house in a decent block/area." I do like the KOP area, but most homes are 200k+. Yet, 10 mins away you're in Norristown.. funny how that works.

But, like you mentioned investing on a down payment is the most important thing, I only mentioned North Philly and Norristown because those are the only two areas I am somewhat familiar with that are cheaper and not too far away from my job, but would like to know other areas as well, just trying to see what options are out there.

Last edited by Annievibes; 12-30-2015 at 09:51 AM..
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Old 12-30-2015, 11:30 AM
 
1,360 posts, read 911,452 times
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If you look on Zillow in Upper Darby Township, there are a bunch of twins under the $100K mark that are fixer uppers. Taxes are pretty high, however. Just throwing an option out there.
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Old 12-30-2015, 11:45 AM
 
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I think you're onto something. As someone who is downwardly, not upwardly, mobile, I pay a lot of attention to real estate in 'semi-desirable' burbs. Check out West Norriton and East Norriton, as well as Bridgeport. Safer than where you're looking, and there are small condos available in the price range, if you don't mind living NYC style in small quarters.
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Old 12-30-2015, 11:57 AM
 
7 posts, read 8,236 times
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Thanks!

FlyersGirl - I checked Upper Darby Township and agree, seen a few twins under 100k in decent condition as well. I am just not familiar with the area at all, but do have it listed down.

Greensox99 - That's exactly what I had in mind, I have been keeping my eye around West and East Norriton, especially around the East part, and it looks real nice up there actually.
I saw a few decent price homes near West Norriton and about 10 min drive from KOP, which isn't bad.
As for Bridgeport, also been looking around this area, it's a bit pricey overall but def something to keep an eye on. Maybe, I have to check some place other than Trulia.
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