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Port St. Lucie - Sebastian - Vero Beach St. Lucie, Martin, and Indian River counties (Treasure Coast)
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Old 02-09-2012, 12:59 PM
 
Location: Port St Lucie Florida
1,278 posts, read 3,260,190 times
Reputation: 395

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The accepted wisdom is to rent in an area b4 you buy. But my eyes have been opened when I read a book " 106 Ways to buy a house". He really debunks the rent first scheme and shows how much costly it is as compared to buying a house and for some reason selling it a year of so later.
Just a FYI
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Old 02-09-2012, 10:36 PM
 
Location: Vero Beach
910 posts, read 1,918,153 times
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Hi, I can't find that book on either amazon.com or bookfinder.com. Who is the author ? Is it a recent book ?

Although I understand the logic of renting before buying in an unfamiliar town, I can't imagine going through a move twice in a short space of time. I guess it works better if you have very few possessions !
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Old 02-10-2012, 08:24 AM
 
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What started off as us wanting to rent a condo for 2 months, ended up by us buying one! The cost of renting for 2 months was the same cost as the HOA fees for a year. So, we figured that for the price of 2 months rental, we could potentially have access to a residence 12 months a year. Of course an important factor to consider is the cost of financing if you need to get a mortgage. At the current depressed prices for condos in Florida, a great deal was found and purchased. Being semi-retired and living in the north, we felt that this would be a good long term investment. We figured that if we sell in 5-7 years, there is a good chance we will not lose any money on our investment. And you can't beat this arrangement for unlimited yearly use of a condo in a very nice community with all the bells and whistles. Note: We purchased this property without visiting it personally. Luckily, we had a friend in the neighborhood who video taped the entire condo, facilities and neighborhood.
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Old 02-11-2012, 04:11 PM
 
Location: Port St. Lucie, Florida
4,509 posts, read 7,731,690 times
Reputation: 1969
With the interest rates so low you can actually buy a house for less than you can rent, even with HOA fees.

If you stop and think about the rental market, all the homeowner who were in those shortsales and foreclosure homes are now added to the rental market. That has actually pushed the rental prices UP and made the more desirable homes that are priced well rent quickly.

It's been interesting to watch homes in the $100,000 or under range sell with multiple offers and even at above listing price. One client I have - we have lost out on 6 homes this way and just finally went to contract on a higher priced one. Investors with cash ARE out there.

There ARE "good buys" out there for sure!! You will see them go on and off the market in days!
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Old 02-12-2012, 01:53 PM
 
Location: Port St Lucie Florida
1,278 posts, read 3,260,190 times
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Default REnt vs buying

New Orleans Public Library - The 106 Common Mistakes Homebuyers Make (and How to Avoid Them)

The title to the book is 106 Ways buyers make mistakes
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Old 02-12-2012, 01:56 PM
 
Location: Port St. Lucie, Florida
4,509 posts, read 7,731,690 times
Reputation: 1969
Written in 2006 -

wonder how much of it applies to todays buyers with short sales and foreclosures the norm vs then, when they were unheard of and certainly not the norm. Makes things very different. The market and economy is totally different. So are the prices since that book was released at the top of the market.
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Old 02-12-2012, 02:04 PM
 
Location: Port St Lucie Florida
1,278 posts, read 3,260,190 times
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Default Moving

Looks like after a long wait we will be down for the week of Easter for look around. We will be selling our house here in New Orleans so will be looking for something ready to move into. I have always live in a single family home and do not think that at 67 years old I can adapt to condos and apartments. Like to do my own thing, garden, grow a few citrus and go fishing.
Sidney
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Old 02-12-2012, 03:00 PM
 
Location: Port St. Lucie, Florida
4,509 posts, read 7,731,690 times
Reputation: 1969
Sidney do you want me to restart your list of available homes again so you can start looking?
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Old 02-13-2012, 09:16 AM
 
2,091 posts, read 6,775,123 times
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If you have not lived in a particular area of interest at all, I would definitely rent before buying. The key is, are you planning on flipping or are you actually looking for a place to LIVE, for awhile, over 5 years. Its pretty easy to rent short term if you ARE actually planning to buy in a year. There are endless places to store your stuff while you basically live a more sparse lifestyle while checking areas and houses. If you are looking to live longer term in a house, I would take the time to really be certain I liked an area, was it close to things I like, whats it like to drive around during rush hour, how are schools, is it pet friendly, is it close to the type of evening entertainment I would enjoy, etc etc.

If you're just looking for a "deal" you may end up in an area that you are miserable in, and find yourself with a house you can't unload because shoppers did their research and know better.
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Old 02-15-2012, 06:09 AM
 
Location: Port St Lucie Florida
1,278 posts, read 3,260,190 times
Reputation: 395
how do I do a direct message
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