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Posted this in the wrong section before, so reposting in the RTP forum.
I'm looking to purchase a home/town home/apartment in the area within the next 4-5 months. I'm 23 years old, and obviously a first time buyer. While I have lived in NC in the past, it was for school, therefore I don't know the area extremely well. I currently live out of state, and will likely not be moving to NC for another year or two. I have a rent-free situation right now, hence the funds I can put towards a home. I also have family in NC that would be able to take care of the place for me while I am out of state.
I was hoping to get some recommendations regarding areas I should be looking at. I am able to put around $35,000 down, and likely a little more if I find a place I really, really like! Given the $35K down, I assume the max I should be looking at in terms of price is around $175,000?
I was hoping to get some recommendations regarding areas I should be looking at. I am able to put around $35,000 down, and likely a little more if I find a place I really, really like! Given the $35K down, I assume the max I should be looking at in terms of price is around $175,000.
In the other thread, you said you wanted a place less than 10 years old. Given those criteria, Garner is one of the few places in Wake County where you can find a new single family home at that price. The schools are average.
Johnston County and Harnett County are other possibilities. Townhomes are available in that price range in Cary, Apex and parts of Raleigh. Northwest Raleigh has some better-than-average schools.
However, I'm not sure why you are doing anything but "window-shopping" until you figure out where you would be working.
In the other thread, you said you wanted a place less than 10 years old. Given those criteria, Garner is one of the few places in Wake County where you can find a new single family home at that price. The schools are average.
Johnston County and Harnett County are other possibilities. Townhomes are available in that price range in Cary, Apex and parts of Raleigh. Northwest Raleigh has some better-than-average schools.
However, I'm not sure why you are doing anything but "window-shopping" until you figure out where you would be working.
Thank you for the information! And fair point. Until I actually move into the place (whenever that may be), I would likely be renting the place out through a property management company. Where I currently reside is only temporary and hence I figured I would buy a place in NC since I will be moving back there eventually.
In the other thread, you said you wanted a place less than 10 years old. Given those criteria, Garner is one of the few places in Wake County where you can find a new single family home at that price. The schools are average.
Johnston County and Harnett County are other possibilities. Townhomes are available in that price range in Cary, Apex and parts of Raleigh. Northwest Raleigh has some better-than-average schools.
However, I'm not sure why you are doing anything but "window-shopping" until you figure out where you would be working.
This! Buying a house before you move somewhere is not a good plan. Many things can happen. You may not even make the move. You may wind up elsewhere. You may land a job an hour from the house.
You are very young. My advice is to slow down and do things in their proper order.
I agree with the others that the downside risks of buying today outweigh the potential benefit of lower price (not more than 5-7% a year) and higher interest rate (a 1% rise these days is about 10% purchasing power).
Your first discussion would need to be with a mortgage lender, to see whether they'd make the loan at all, and as noted, what % down payment they'd require.
You are to be highly-commended for the amount you've saved at such a young age. Keep making informed decisions!
Thanks for the advice everyone! Shortly put, I definitely am rushing it. Going to continue to save and not rush, so I can put a larger down payment. In the meanwhile, I'll keep my eyes out on the market in the RTP area (as I'm 99% sure this is where I want to live).
If you are somewhat unfamiliar with the area, I think renting a place prior to buying is a great idea, so long as other factors (hard to predict) don't change your buying capability - home prices, mortgage rates. I think you never really know a a place until you live it and you could make some bad assumptions on commute time, amenities, and the overall vibe of the area you choose (for example, you may buy in one area but find the area you really like to hang out in is another).
However it turns out, best of luck. It's exciting to be taking that first step!
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