Please help - Better house or location - Los Angeles, California? (condo, prices)
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@younglisa - the first house is not at the higher end of the range in the area without a reason. It is larger than the other houses in the area (everything else is between 1200 and 1800 sq ft). But generally larger houses in the area tend to not get its full value.
@chet - thanks for the candid response
btw - we have looked at at least over 100 houses so far over the last 6 months. Houses here are built in the 50's and so old that most would need a lot of work which is something we want to avoid. These are the 2 that work in terms of upgrades as well as the look inside the house. But I agree about not having to be "poor" in a good house even though we wouldn't really be poor, but it would be a slight stretch.
Any other ideas from anyone ?
Please limit your search to homes that would entail NO STRETCH at all to your finances. In fact, pare down a tad to the "completely affordable" department.
Location and schools are very important. If you're buying a large home because you have a family, chances are most buyers who are looking at larger homes also have families and will be concerned about the school.
thy say you should never buy the best or biggest house in the neighborhood as it is already topped out. I would also keep in mind this won't be the last house you buy or your dream house so you don't have to have everything on your list. you want to get into a house that you feel safe in, is a good buy and in decent shape. you want to hope for a gain in value so that several years from now you can sell and move to a house you like better. I agree to stay within a certain amount and don't look at houses that cost more it makes the houses you can afford look bad. perhaps also looking at houses that cost 50 to 100 less might give you a better appreciation for the houses in the price range you are serious about
I think it is fair to say that homes that are OVER IMPROVED are probably not the best value, but it is too strong to say "never buy the best house in a neighborhood" the simple reason is that you NEVER know who might 'dethrone you' in a desirable neighborhood. Secondarily the "best home" might be that way because of something like a wonderful view or closest to the beach (especially in Hawaii...) and MAN if you can afford it and the view won't ever change and the beach ain't gonna move than why wouldn't want THAT?
I think I understand the areas you are talking about and I really think you ought to do some research on comps yourself...don't just take your realtors word for it. I've noticed certain areas of Los Angeles where people are still listing at as much as 125-150% of comps for the past three month. I dunno what they are smoking, but many of these homes are now 100 days or more on the market. I don't even know what they are thinking because no ones gonna approve a loan for those amounts anyway.
What people who are not from Los Angeles may not know is that same house in a neighborhood a few blocks away may be 300k more. So ONLY looking in a certain price range might not be the best strategy - especially if you have a large price range that you're comfortable with.
If you have the money and you can afford it, buy the house in the better location with the better school district.
It's like buying a Mercedes or buying a Ford. Over the long haul, the Mercedes will retain its value more than the Ford and you'll enjoy it a lot more while you're there. I know the temptation is there to buy the lesser priced home and have some money in the bank. But it's also about lifestyle and if you can afford it, then you should buy what you really want.
I think it is fair to say that homes that are OVER IMPROVED are probably not the best value, but it is too strong to say "never buy the best house in a neighborhood" the simple reason is that you NEVER know who might 'dethrone you' in a desirable neighborhood. Secondarily the "best home" might be that way because of something like a wonderful view or closest to the beach (especially in Hawaii...) and MAN if you can afford it and the view won't ever change and the beach ain't gonna move than why wouldn't want THAT?
All the rest is great advice!
so true, perhaps over improved is a better description. I would love to live in the best house if I could afford it
When we bought in Redondo about 7 years ago, we decided location trumped house. In the end we went from looking at single families to townhouses to improve locations, something I would not have guessed we would do when we started looking.
I completely understand! Not dissimilar in my neck of the woods BUT...
I live and work in an area of very high housing costs in Chicago's suburbs. When I worked full time as a real estate agent I had to deal with this ALL THE TIME with people that were unfamiliar with where school boundaries and other 'taxing districts' intersected.
The way to deal with this is simple: you do not look in the area that you do not want to live in and you do not look at the price range that is too high/
Will you then drive past many "bargains"? Perhaps, but you are at least comparing a tangerine to a Valencia and NOT trying to figure out is a lemon with sugar on it is a substitute for a grapefruit...
Quote:
Originally Posted by MsFancyPants
What people who are not from Los Angeles may not know is that same house in a neighborhood a few blocks away may be 300k more. So ONLY looking in a certain price range might not be the best strategy - especially if you have a large price range that you're comfortable with.
If you have the money and you can afford it, buy the house in the better location with the better school district.
It's like buying a Mercedes or buying a Ford. Over the long haul, the Mercedes will retain its value more than the Ford and you'll enjoy it a lot more while you're there. I know the temptation is there to buy the lesser priced home and have some money in the bank. But it's also about lifestyle and if you can afford it, then you should buy what you really want.
I live and work in an area of very high housing costs in Chicago's suburbs. When I worked full time as a real estate agent I had to deal with this ALL THE TIME with people that were unfamiliar with where school boundaries and other 'taxing districts' intersected.
The way to deal with this is simple: you do not look in the area that you do not want to live in and you do not look at the price range that is too high/
Will you then drive past many "bargains"? Perhaps, but you are at least comparing a tangerine to a Valencia and NOT trying to figure out is a lemon with sugar on it is a substitute for a grapefruit...
But she already said she could afford the 899k house.
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Lots to agree with!
