Phoenix area cities in most need of mass transit improvements (Mesa: rentals, homes)

[Java Jolt]

Originally Posted by nala1908

First off, suburban living is not less expensive. You have a higher transportation cost just to begin with, not to mention the higher cost of electricity and water services.

Yes your trac home is "efficient"(barely meets code) and needs no repairs. This will not last forever. Subdivision houses are built just to pass inspection. With the cheapest quality materials available. Just wait till your chineese drywall starts falling apart, or your plastic water piping and "premium appliances" built to fail soon after the warranty fails (ala Samsung washing machines).

Your "investment" will lose all its value. Especially when, as trends have been going, young smart educated people move to the cities.

I have no car and pay less for my space than you do 1$ per sqft a month rent

Housing costs are less expensive in the suburbs, I totally agree about the vehicle expenses.

Even if you live in the middle of the city and have a vehicle, there are still going to be expenses with batteries, tires, hoses, brakes, and general wear and tear especially in this hot desert climate.

If you have no car that's a huge worry off your shoulders but how do you handle large items? You can't carry bulk on a bicycle or bus very easily. What do you do if you want to take a roadtrip?

Most new builds are up to code and that's more than I can say about many older homes with thin insulation, rusted plumbing, single-pane windows, cracks in the foundation, and other headaches that don't exist as much much with newer builds.

I used to live in an older home that needed repairs and I was ripped off, it's for this reason I don't trust most repair contractors and that's why I prefer to live in newer residences which are mostly found in the suburbs.

My investment will not lose all its value, I don't know where you got that from. Homes appreciate in value the grand majority of the time, it was only during the double-dip recession when real estate values plunged.

[nala1908]

Wear and tear decrease the less miles and time you drive the vehicle.

Large items? Call an Uber, or hire a man with a van from craiglist. You can handle some large items on a cargo bike.

Vacation? I could rent a car from enterprise for 20$ a day, including insurance this is better than owning a car, plus the major milage isn't even on my own car, while also being able to get the exact size and efficiency car to suit the trip.

Yes new houses are up to current code. But the shack houses you speak of, were also built to code in their time. The new houses will need the same repairs eventually. And your home's number value will go up. But relative to housing pricing in more urban areas, it will be greatly devalued.

Currently a new home in the suburbs costs the same or more than an older home on a larger lot in downtown. This is not true value. It is artificial and proposed up by the influx of new first time home buyers who know no better.

[nala1908]

Remember lenders have a huge part in this process too. It is easier to get a loan on a newly constructed house. They figure it will last the 20-30 years it will take you to pay it off. About the same time you will need to begin major repairs, if it even lasts that long. I'm no expert, but I have been working in the construction field for long enough to see these trends.

[asufan]

Originally Posted by nala1908

Remember lenders have a huge part in this process too. It is easier to get a loan on a newly constructed house. They figure it will last the 20-30 years it will take you to pay it off. About the same time you will need to begin major repairs, if it even lasts that long. I'm no expert, but I have been working in the construction field for long enough to see these trends.

It's not any harder or easier to get loans on new houses VS old houses. Lenders do care about condition though. There's 2005 built houses that wouldn't qualify for FHA financing and 1940 built houses which still have 50 years of economic life due to remodeling. You change the effective age of a property through maintenance and repair, but sure, a 1940's house which has been neglected likely would be tough to finance.

[nala1908]

The beggining you say there's no difference, But by the end you agree...

[asufan]

Originally Posted by nala1908

The begging you say there's no difference. But by the end you agree...

No, read again. I said only neglected houses are tougher to finance, regardless of the age.

[nala1908]

Read between the lines... Almost no older home is kept up to current code standards.

[asufan]

Originally Posted by nala1908

Read between the lines... Almost no older home is kept up to current code standards.

When there's a house in Central Phoenix that doesn't qualify for financing, an investor like me typically buys it for cash and makes updates and repairs and gets it back on the market. There's no lack of properties which qualify for financing in central Phoenix , trust me. Pretty sure you're the only one I've ever seen with this opinion.

[asufan]

And it doesn't have to be "up to current code", it just can't have major health and safety issues to qualify for FHA, which is a non factor over a certain price point.

[Voebe]

Excellent in Phoenix? Where did you get that idea?