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The Water Cooler
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Home affordability
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<blockquote data-quote="Riley" data-source="post: 2916004" data-attributes="member: 29196"><p>Here is what I have found to be generally accepted wisdom in shopping for homes.......</p><p></p><p>Generally, buy the worst place in the best neighborhood you can "reasonably" afford. If there are a lot of homes for sale, ask yourself why?</p><p></p><p>Established neighborhoods with lower turnover might be worth looking at.</p><p></p><p>Many buyers can't see a diamond in the rough; nor a snake in the grass. Do your home work. </p><p></p><p>How much home repair and upgrading can you do? All of it, some? None? Makes a big difference what you ought to be shopping. </p><p></p><p>All neighbor hoods are not the same, HOA's, public or private spaces and street maintenance, schools, can all create a stealthy increase in monthly expenses.</p><p></p><p>The online calculators will keep you nearing house poor, meaning yes, you "can" afford it, but what else do you like to do? </p><p></p><p>Like to tinker on things? Garage space, cooking a biggie for you? kitchen, time out side? yard space with attendant maintenance or expense. </p><p></p><p>Entertain or want too? Public spaces separate from private if possible. Half bath away from private space again if possible. </p><p></p><p>Masterdown, steps can be harder to sell, especially to older folks.</p><p></p><p>Lots of good ways to go about it but if its the last house its a different conversation than the first.....</p><p></p><p>Try to buy your first upgrade the first time so you don't outgrow it too soon. Have fun and keep us posted on how it's going.</p></blockquote><p></p>
[QUOTE="Riley, post: 2916004, member: 29196"] Here is what I have found to be generally accepted wisdom in shopping for homes....... Generally, buy the worst place in the best neighborhood you can "reasonably" afford. If there are a lot of homes for sale, ask yourself why? Established neighborhoods with lower turnover might be worth looking at. Many buyers can't see a diamond in the rough; nor a snake in the grass. Do your home work. How much home repair and upgrading can you do? All of it, some? None? Makes a big difference what you ought to be shopping. All neighbor hoods are not the same, HOA's, public or private spaces and street maintenance, schools, can all create a stealthy increase in monthly expenses. The online calculators will keep you nearing house poor, meaning yes, you "can" afford it, but what else do you like to do? Like to tinker on things? Garage space, cooking a biggie for you? kitchen, time out side? yard space with attendant maintenance or expense. Entertain or want too? Public spaces separate from private if possible. Half bath away from private space again if possible. Masterdown, steps can be harder to sell, especially to older folks. Lots of good ways to go about it but if its the last house its a different conversation than the first..... Try to buy your first upgrade the first time so you don't outgrow it too soon. Have fun and keep us posted on how it's going. [/QUOTE]
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