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m00nshine
HEDONISMBOT
Registered: 02/12/09
Posts: 3,148
Loc: INEUPHORIA
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Purchasing a home
#768160 - 02/02/15 12:24 PM (9 years, 1 month ago) |
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Due to my annoying (lol) living situation I'd like to purchase a place within the next 2 years.
I make a decent amount of money, but am not able to afford a single family home in my area, so I'm thinking of buying either a townhouse, condo, or manufactured home. The price of real estate here is through the roof.
Of those 3, which would you go with?
I don't like the idea of a condo, I'd like more personal space than one could afford.
Townhomes kind of have the same thing going on, but not as bad. Although I fear I may have a noisy / problematic neighbor if I purchase one.
I heard that the townhouse is the best option because it will appreciate in value the most compared to the others. Although, I can't find a clear answer on this online.
I actually like the idea of the manufactured home-- it'll be like a mini-house of sorts. I value my privacy and this seems like the best option. I probably won't own the land underneath it and they have a low resale value, which is a concern.
I'm trying to get something simple, small, and not too expensive because I'm due a fairly hefty inheritance (which includes real estate) and do not want to go in on something too big for now.
I'm trying to spend no more than 100K on a place. To keep things in perspective, one of the properties I am to inherent is worth over a half million dollars in the same state. I figure I may get in over my head if I spend too much on a place now.
So which would you go with-- A condo, townhouse, or manufactured home?
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Deadkndys420
Registered: 08/28/12
Posts: 8,689
Loc: █████
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Re: Purchasing a home [Re: m00nshine]
#768165 - 02/02/15 01:22 PM (9 years, 1 month ago) |
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Building your own is always an option (if you're handy). This guy built a house out of shipping containers for under 50k.
http://seacontainercabin.blogspot.com/?m=1
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drawde
Registered: 11/15/09
Posts: 5,268
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Re: Purchasing a home [Re: m00nshine]
#768171 - 02/02/15 03:04 PM (9 years, 1 month ago) |
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Condo fees are a fucking joke and ripoff, better to have a larger mortgage. Some townhouses have condo fees as well...
-------------------- King Koopa said: The amount of pot that Gask smokes is equivalent to a guy shooting heroin on weekends
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m00nshine
HEDONISMBOT
Registered: 02/12/09
Posts: 3,148
Loc: INEUPHORIA
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Re: Purchasing a home [Re: drawde]
#768174 - 02/02/15 03:55 PM (9 years, 1 month ago) |
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Dude, if I could stay here, I would. I pay next to nothing for rent, but the whole roommates thing is driving me nuts.
I could live at one of my parents' properties for free, but I want to make it on my own steam.
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drawde
Registered: 11/15/09
Posts: 5,268
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Re: Purchasing a home [Re: m00nshine]
#768176 - 02/02/15 04:04 PM (9 years, 1 month ago) |
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Why not just find a decent place for a single person to rent? None of those sound like great options. As I said, condo fees are just like pissing money away. And as someone who has been around the building trade for their entire life I don't care much for manufactured homes.
-------------------- King Koopa said: The amount of pot that Gask smokes is equivalent to a guy shooting heroin on weekends
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m00nshine
HEDONISMBOT
Registered: 02/12/09
Posts: 3,148
Loc: INEUPHORIA
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Re: Purchasing a home [Re: drawde]
#768178 - 02/02/15 04:14 PM (9 years, 1 month ago) |
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Why? Shoddy construction? Hard to work on?
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m00nshine
HEDONISMBOT
Registered: 02/12/09
Posts: 3,148
Loc: INEUPHORIA
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Re: Purchasing a home [Re: drawde]
#768181 - 02/02/15 04:19 PM (9 years, 1 month ago) |
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Quote:
drawde said: Why not just find a decent place for a single person to rent?
Too expensive for my area and what I can afford is too far out from my family for my liking.
All of that rent money is going into a hole in the ground anyway, if I can get a place for 80K and flip it for 60K or 70K (or more), I'd be better off than paying rent for all those years until I get my inheritance.
And when I get it I'd be unencumbered and be able to start my own business I've been thinking about and rack in some serious dough.
I'm moving the hell outta here
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Deadkndys420
Registered: 08/28/12
Posts: 8,689
Loc: █████
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Re: Purchasing a home [Re: m00nshine]
#768182 - 02/02/15 04:19 PM (9 years, 1 month ago) |
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The main reason I would build my own is you can design it the way you want it.
but if you suck at constitution then obviously this would not be.for you.
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m00nshine
HEDONISMBOT
Registered: 02/12/09
Posts: 3,148
Loc: INEUPHORIA
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Yeah, I apologize 420, I meant to reply and inform you that I do not know shit about home repair and DIY projects, nevermind building a dwelling / home.
I can work on the car and on the computer, that's about it.
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drawde
Registered: 11/15/09
Posts: 5,268
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Re: Purchasing a home [Re: m00nshine]
#768203 - 02/02/15 05:23 PM (9 years, 1 month ago) |
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Quote:
m00nshine said: Why? Shoddy construction?
Generally yes
-------------------- King Koopa said: The amount of pot that Gask smokes is equivalent to a guy shooting heroin on weekends
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m00nshine
HEDONISMBOT
Registered: 02/12/09
Posts: 3,148
Loc: INEUPHORIA
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Re: Purchasing a home [Re: drawde]
#768207 - 02/02/15 06:03 PM (9 years, 1 month ago) |
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I've heard that it's hard to do construction on manufactured homes and that finding furnishes like cabinets and sinks can be difficult.
I definitely don't want a condo. On top of the fees, I don't like the idea of joint ownership of the building. What would happen during a disaster? Insurance pay out?
Idk I just like the mobile idea because I'd be happy there. That's what ultimately matters but I hope someone can post and let us know which would appreciate in value. I know the manufactured home won't, but I've lived in one with a woman who owned it and it was cozy and homey.
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drawde
Registered: 11/15/09
Posts: 5,268
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Re: Purchasing a home [Re: m00nshine]
#768208 - 02/02/15 06:18 PM (9 years, 1 month ago) |
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So you mean a trailer? I presumed you meant a pre-fab house.
-------------------- King Koopa said: The amount of pot that Gask smokes is equivalent to a guy shooting heroin on weekends
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m00nshine
HEDONISMBOT
Registered: 02/12/09
Posts: 3,148
Loc: INEUPHORIA
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Re: Purchasing a home [Re: drawde]
#768209 - 02/02/15 06:23 PM (9 years, 1 month ago) |
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Ideally a manufactured one with a foundation. I still have a lot of research to do, but that's what I'm leaning towards.
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CosmicFool
Psychoholic
Registered: 08/07/10
Posts: 1,634
Loc: 203
Last seen: 2 years, 9 days
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Re: Purchasing a home [Re: m00nshine]
#768280 - 02/03/15 04:37 PM (9 years, 1 month ago) |
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you can definitely get a house for 100k I don't know what's in your area but they are out there
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m00nshine
HEDONISMBOT
Registered: 02/12/09
Posts: 3,148
Loc: INEUPHORIA
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Re: Purchasing a home [Re: CosmicFool]
#768299 - 02/03/15 08:06 PM (9 years, 1 month ago) |
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The lowest I can find, without going through an agent, looks to be around ~130K. Now, that's all fine and well except all of the listings are sold "as is."
No thanks, lol. I want something I can live in comfortably right off the bat. I'm not handy in construction and I really don't find it wise to purchase something that may have a major flaw. I'm not willing to take that chance.
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P-O
Registered: 10/08/11
Posts: 17,891
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Re: Purchasing a home [Re: m00nshine]
#768362 - 02/04/15 03:21 PM (9 years, 1 month ago) |
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congrats
I just rented a huge 5 bed house.... I dont even have the net here yet, im stealing my neighbors wifi currently
Im hoping to sell my house in march. I paid 57k for it... put about 30-40k in renos.... gonna ask for 160k .
I should have no problem selling.... it comes with an a shit load of land, two massive decks, a HUGE fenced in yard, garden, new bathroom, new kitchen, and new hardwood floors, new drywall, and lots more.
Basically this place was a dump when i bought it.... every month id start a new project. Home renos are super easy. The return on fixing up a house is amazing!! if i were you id buy a fixer upper!!!
My house is PAID OFF... so ill prob get 140k for it, ill put it towards a bigger fixer upper and hopefully flip that in 5yrs or so
Edited by P-O (02/04/15 03:37 PM)
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P-O
Registered: 10/08/11
Posts: 17,891
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Re: Purchasing a home [Re: P-O]
#768366 - 02/04/15 03:55 PM (9 years, 1 month ago) |
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I might even buy some land for like 25-40k, and build brand new...
My dad runs a huge concert company(basement), my friend is a level 3 carpenter(build it), i know a good electrician too(hydro), and im almost a level 2 tin basher.... so I can pretty much can do all the tin bashing and instal the heater/AC myself.
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m00nshine
HEDONISMBOT
Registered: 02/12/09
Posts: 3,148
Loc: INEUPHORIA
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Re: Purchasing a home [Re: P-O]
#768371 - 02/04/15 05:20 PM (9 years, 1 month ago) |
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Dude that's awesome, I wish I had those building skills.
Unfortunately I'm merely a level 2 mage.
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CosmicFool
Psychoholic
Registered: 08/07/10
Posts: 1,634
Loc: 203
Last seen: 2 years, 9 days
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Re: Purchasing a home [Re: m00nshine]
#768383 - 02/04/15 06:06 PM (9 years, 1 month ago) |
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my house was 100k when I bought it there is always work to do when you own a house but property is one thing that doesn't depreciate in value
once I pay off this one I'll buy another and rent out this one and use all that rent money to pay off the 2nd one
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drawde
Registered: 11/15/09
Posts: 5,268
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Re: Purchasing a home [Re: CosmicFool] 2
#768389 - 02/04/15 06:37 PM (9 years, 1 month ago) |
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Unless you purchased a home in the U.S. in 2007 lol
-------------------- King Koopa said: The amount of pot that Gask smokes is equivalent to a guy shooting heroin on weekends
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