Home purchasing

SvilleKid · 02-05-2011, 02:54 PM

Don't overpay, not in this market. From an insider's standpoint, I'd say: don't believe the government line that the market has turned around. All the up-ticks in the housing market thus far have been based on government programs, NOT on any fundamental improvements in the housing market. Thus, it is very important NOT to overpay, because we are not, I repast NOT in a recovering market. I've lived thru 3 major real estate recessions, working in the real estate business as an appraiser. Even worked the other side of the fence as a banker (handling their foreclosures and work-outs) in the 1979 recession. We are not in a real estate recovery at this time. just not there. Thus, you have time to still get good deals and be sitting much better off in the future. So make sure of your market and the past demand trends. Those trends will come back once the market does start to recover. And in that vein, remember the 3 most important value factors in real estate: Location, location, location.

Make sure you buy a house that will have decent resale value, because few people live their entire life in the same house. If the market norm is 3 BR, 2 B, make sure you get at least that. A 2 BR house in a 3 BR market is almost always a sales impediment. Even if you don't need the extra BR at this time, use for an office of something.

If you get a home inspection, make sure the inspector is actually qualified, as most states' have little (if any) regulation in regards to their qualification. There are a boatload of places out there that charge a fee for a paper, and poof!, now someone is a home inspector!

Make sure the house has a walk-in humidor. And a "Man room" for smoking your cigars! (well, it's a dream to have, at least!)

Check out school system. Part of that "location" thing. Remember, marriage begats children, oftentimes, and if you are already in a good school system, you save having to possibly move to a good system later on.

Good luck. Try and keep you sanity and your humor. NO JOKING here. Buying a home is a much more stressful situation that you would imagine.

Eleven · 02-05-2011, 04:42 PM

Quote:

Originally Posted by SvilleKid

Make sure the house has a walk-in humidor. And a "Man room" for smoking your cigars! (well, it's a dream to have, at least!)

Would be nice!

Quote:

Originally Posted by SvilleKid

Check out school system. Part of that "location" thing. Remember, marriage begats children, oftentimes, and if you are already in a good school system, you save having to possibly move to a good system later on.

This was our starting criteria. I moved to this area 20 years ago because of the schools. Got divorced, remarried, had son as well as new step-daughter along with my first son still in this school district so we bought a house in a different neighborhood, but same school district.

To us, with an established and growing family the schools were the first thing we picked, from there we found the house we wanted.

Good luck!

02-05-2011, 02:54 PM	#1
SvilleKid Yes I am a Pirate Join Date: Oct 2008 Location: 33°46′08″N 86°28′16″W / 33.76895°N 86.471037°W Posts: 2,776 Trading: (52)	Re: Home purchasing Don't overpay, not in this market. From an insider's standpoint, I'd say: don't believe the government line that the market has turned around. All the up-ticks in the housing market thus far have been based on government programs, NOT on any fundamental improvements in the housing market. Thus, it is very important NOT to overpay, because we are not, I repast NOT in a recovering market. I've lived thru 3 major real estate recessions, working in the real estate business as an appraiser. Even worked the other side of the fence as a banker (handling their foreclosures and work-outs) in the 1979 recession. We are not in a real estate recovery at this time. just not there. Thus, you have time to still get good deals and be sitting much better off in the future. So make sure of your market and the past demand trends. Those trends will come back once the market does start to recover. And in that vein, remember the 3 most important value factors in real estate: Location, location, location. Make sure you buy a house that will have decent resale value, because few people live their entire life in the same house. If the market norm is 3 BR, 2 B, make sure you get at least that. A 2 BR house in a 3 BR market is almost always a sales impediment. Even if you don't need the extra BR at this time, use for an office of something. If you get a home inspection, make sure the inspector is actually qualified, as most states' have little (if any) regulation in regards to their qualification. There are a boatload of places out there that charge a fee for a paper, and poof!, now someone is a home inspector! Make sure the house has a walk-in humidor. And a "Man room" for smoking your cigars! (well, it's a dream to have, at least!) Check out school system. Part of that "location" thing. Remember, marriage begats children, oftentimes, and if you are already in a good school system, you save having to possibly move to a good system later on. Good luck. Try and keep you sanity and your humor. NO JOKING here. Buying a home is a much more stressful situation that you would imagine. __________________ Ceilin' fan it stirs the air, Cigar smoke does swirl. The fragrance on the pillow case, and he thinks about the girl. Thanks, JB, 1975.