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So, I want a home. I am sick and tired of renting. I add my rent up per year and it is depressing. Anyways, I can afford about 180,000. I live in Denver right now and i want to live near the mountains. Close to where I like to play. But I just can't find anything with a two car garage that isn't a dump. I have zero interest in a fixer up. I'm 28 so its not like time is running out or anything. Commuting isn't a consideration for this though.
However, 180k could get me a nice home on the east of Denver. Nearly 20 miles east of where I really want to live. Nearer the airport but off 70.
Would it be better to keep saving to afford a place where I really want to live. Or, just get a place where I can afford but not really where I want to live and suck it up for maybe 4 years until I can afford more?
I guess this comes down to the rent/own debate. Just curious if anybody has went though these decisions and what they did? What kind of location compromises did you made based on price?
BTDT It's just a choice -- you have to add up the tangibles and intangibles for yourself and go from there.
If you keep renting, can you afford to save money aside for a better house some years from now? Or, are the property values east of Denver likely to rise enough so that if you buy now, you can afford to move to the area you really like 4-5 years from now?
Do you value the privacy and security of ownership enough to give up the relative lack of maintenance responsibilities of renting, enough to really enjoy a house that you can afford right now?
I've bought, sold, and rented, and I prefer to own. If you buy carefully and can afford to sell or trade up when the time is right, you can gain a lot of security and eventually get what you really want. It's just nice to live in your own home and do what you want with it. Much better IMO than always living with the whims and vagaries of landlords and other tenants.
P.S. I bought one house in a low-attraction area due to price, and it eventually permitted me to move on with a reasonable profit. It wasn't for free; I paid my dues in fixing up, but yes, it was a good financial move.
We tried to buy a house during the boom years in insanely expensive Norther NJ. It took us 3 years. Every half year the prices would go up another $50000 and it seemed as if our goal moved further away. My husband had just started his second career (after the Army and Business school) and his steady promotions allowed us finally to buy. Still with big compromises i.e longer commute, small and older house, big mortgage etc.
I guess what I am trying to say is that if you feel strongly about it you should buy. Probably where you can afford it and than trade up later on. If you resent renting now you will feel good about your decision. Good Luck
So, I want a home. I am sick and tired of renting. I add my rent up per year and it is depressing. Anyways, I can afford about 180,000. I live in Denver right now and i want to live near the mountains. Close to where I like to play. But I just can't find anything with a two car garage that isn't a dump. I have zero interest in a fixer up. I'm 28 so its not like time is running out or anything. Commuting isn't a consideration for this though.
However, 180k could get me a nice home on the east of Denver. Nearly 20 miles east of where I really want to live. Nearer the airport but off 70.
Would it be better to keep saving to afford a place where I really want to live. Or, just get a place where I can afford but not really where I want to live and suck it up for maybe 4 years until I can afford more?
I guess this comes down to the rent/own debate. Just curious if anybody has went though these decisions and what they did? What kind of location compromises did you made based on price?
Most advice to buy a somewhat undesirable house now is based upon historical trends of appreciation. However, in a declining market this does not apply. Consider the possibility that you may be in a house you don't like three years from now AND it is worth less than you bought it for.
You need specific data about the market you plan to live in. Suggest you get comps for houses sold in that neighborhood over the past year or two.
look to see if prices have been dropping or have remained the same. Even if they have appreciated has the RATE of appreciation slowed? Also, look at the time the average house is on the market before it sells. This gives you a bargaining chip, and is one indicator if the market is heating up or declining.
Once you review this data for the area you really want to live in, you MAY decide to continue saving and wait another 6 to 24 months. Also consider other options such as renting in the area you WANT to live in and wait for an opportunity to buy.
Nationally we are in unusual times in terms of mortgage defaults, housing prices, etc. Make sure you thoroughly research your LOCAL market first, and don't cling to conventional wisdom that may have applied in the past.
Good luck.
I would also think about your lifestyle. Do you have the time to take care of a house and yard? You are still pretty young would you want to worry about replacing a hot water heater, mowing the yard, buying yard equipment, etc. Would a condo be a better purchase? If you buy wisely, I think condos appreciate but at a sometimes slower rate. It seems like you would usually have a buyer because of the base price if it came to selling it.
Unfortunately I can't afford where I want to live either and I'm almost twice your age. That being said, as in a career you have to work your way up. I've been through 10 houses now and while I'm in the house I want it's not quite in the location I'd love to be in so I'll keep working at it.
There may be houses that are not quite what you want but will do for now or could be rented out later when you are done putting your touch on it. I'm not suggesting "flipping" in the true sense of the word but buying, living in it for a couple of years then trying to move up. Alot depends on the market you're looking in and how prices are holding up.
Appreciation will happen though it may not be in the near term, eventually it will happen allowing you to move up.
I would be very careful about buying way out by the airport... foreclosures central over there. If you plan on living there for several years it may be ok but I think you definitely need to be happy living out there for awhile. You may wish to also post this on Denver forum and get some recommendations.
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It's just a choice -- you have to add up the tangibles and intangibles for yourself and go from there.
