Son contemplating new home purchase - areas to share with him?

[wheelsup]

Originally Posted by luckeeesmom

But people don't always stay in their homes for as long as they used to. I bought my original townhome before I met my husband and was there for about 8-9 years. Then we wanted a house but couldn't find what we wanted in our preferred area due to budget constraints so we got a larger townhome in a nice area. Our game plan was to stay there 5 years and then look for a home again but we ended up only staying 2.5 years there. We still made out fine selling. We did quite a bit better than breaking even due to the market. I think it is much rarer for people to stay in a place as long as they used to. I would be interested to see the stats on how many people finish out their 15 or 30 year mortgage.

I am a huge fan of under buying BUT if your income will increase substantially over time (ie recently graduated) I would certainly recommend over buying and worst case get a roommate (but don't plan on it for paying the bills).

I say this because #1 it's more important to purchase a home in a better location over a cheaper place in a not so good location and #2 it's important IMO to buy a place you can realistically be happy with for 10 years as sometimes people get "stuck". Had we settled for a place we didn't really like (but looked at) that was $20k cheaper we would've gone nuts over the past years of ownership.

Don't get emotional with your house purchase, it won't be perfect, it's a starter home to learn what you like/dislike. A decade ago I wanted a bigger house with a smaller plot of land, now I realize I want a small efficient house with a decent plot of land to keep the neighbors away and minimize taxes/ utility bills. I've also realized that trees to the west/south will make your energy bills MUCH smaller and put less wear/tear on your home, siding, windows, roof, etc as the sun stays off of it.

There is a serious lack of supply right now and we had this same stuff happening in 2006/2007. I talked to a buddy who is a mortgage broker and he is seeing a larger increase in adjustable rate mortgages as well. We are no where near the 2008 levels but it's a scary trend.

[lowcountry4]

He went out yesterday to look at a couple of open houses of places that were in the 140K range.. Also drove over to the Parkwood area. He says he has heard that the trek on 40 can be a bear from Parkwood/Woodcroft, so that may be a deal breaker. The properties in that price range were kind of an eye opener for him. He is thinking right now that he is going to wait until he saves a bit more and can afford more space and a place with more updating. Seems that homes closer to 200K are much nicer. Although he qualifies for 200K range, he doesn't want to bite off that much right now. He does want to get closer to work, so now he's looking at Cary and Morrisville rentals particularly. Does anyone know of the Boundary Village Townhome complex in Cary?

Thanks again for everything!

[MikeJaquish]

Originally Posted by lowcountry4

He went out yesterday to look at a couple of open houses of places that were in the 140K range.. Also drove over to the Parkwood area. He says he has heard that the trek on 40 can be a bear from Parkwood/Woodcroft, so that may be a deal breaker. The properties in that price range were kind of an eye opener for him. He is thinking right now that he is going to wait until he saves a bit more and can afford more space and a place with more updating. Seems that homes closer to 200K are much nicer. Although he qualifies for 200K range, he doesn't want to bite off that much right now. He does want to get closer to work, so now he's looking at Cary and Morrisville rentals particularly. Does anyone know of the Boundary Village Townhome complex in Cary?

Thanks again for everything!

Smart to try to save more money to work with, and for a cushion when buying.

Boundary Village is in a great location if he wants to walk through DT Cary.
I haven't been through recently, and don't know much about the complex. It seems well-kept.

He might also look at Taylors Pond, just down the street.
Common rents are under $1000.
And, they sell for mid-upper $100,000's.

And, Brampton Moors Apartments. See if they have anything available.
Cary NC Rental Accommodations - Brampton Moors Apartments

Any of these will come closer to the commute he wants, over most anything in N Raleigh or NE Raleigh.

[RedZin]

Originally Posted by MikeJaquish

Smart to try to save more money to work with, and for a cushion when buying.

Boundary Village is in a great location if he wants to walk through DT Cary.
I haven't been through recently, and don't know much about the complex. It seems well-kept.

He might also look at Taylors Pond, just down the street.
Common rents are under $1000.
And, they sell for mid-upper $100,000's.

And, Brampton Moors Apartments. See if they have anything available.
Cary NC Rental Accommodations - Brampton Moors Apartments

Any of these will come closer to the commute he wants, over most anything in N Raleigh or NE Raleigh.

Add Hermitage at Beechtree to the list. Very close commute. Affordable units.