[quote]silverblood wrote:
What does the area look like? If a lot of residences are coming up for sale find out why.
Are local businesses closing?
Are local large employers closing or moving?
Call the police to find out about local crimes like burglary, B&E, car thefts & break ins, drug sales or labs. Drive around the area and take a close look especially after dark.
Are there issues with the local water or sewer lines being old or substandard?
Are there drainage issues or a know history of flooding from local streams?
Find out if there are any residents having construction, foundation, or mold issues.
Have you done the marble test?[/quote]
What’s the marble test?
[/quote]
Take a marble or small ball and drop it on the floor and see if it starts rolling. It shows if the floors, decks, or foundation have settled and are not level. I’ve seen floors that were an inch plus out but didn’t show sheetrock cracks in the walls or ceiling. Look to see if there is newer paint around baseboards or moulding as they may have been moved to hide gaps. [/quote]
Lol, you could’ve set a dice on my floors and it would’ve rolled!
I jacked my house up 7/8" in one spot…about halfway there haha.
Right now I’m plan in on adding a bathroom. ~$3k in materials for probably around $10k in value of the house (4br/1bth > 4/2)…at least that’s what I expect.
A lot of work on a house can be done by someone who has no experience with it, they just need to spend a lot of time researching and talking to people to plan things out and make sure they are done right (to code).
[quote]Phoenix44e wrote:
If the house was appraised at 156k in 2013, assuming the market stays similar I don’t see how I’d be losing money.
[/quote]
Ignore the appraisal, it’s meaningless.
If the place is on the market for $89k, then it’s worth something less than $89k. That is the current market value and the only number you should be paying attention to.
The only equity you will have in it the day you close is whatever you put down.
[/quote]
I’ve often wondered if my appraisal was accurate. It was double appraised for the asking price (what I ended up paying after offering less to start) and there were two offers behind mine (36hrs after it hit market).
Some of the remodeling ideas look pretty cool. I like to watch HGTV sometimes and while it looks so easy in a half hour segment when it’s really months worth of renovations, the final product can be awesome. I am at odds with my HOA because I want to put in solar panels but they won’t allow it. I can break even in energy savings in about 8 years, but it won’t happen. It’s reasons like this where I wish I had a house, but I could not swing it financially.
Not sure where this is coming from but it’s a townhouse, not an apartment[/quote]
Okay is there another building connected the building that you are buying that other people live in? That could be beside you, above you or below you?
I know that first quote came off harsh, was not my intent.
Its kind of like buying a trailer you have a VERY small market for resale. Reason they do not appreciate like houses can. [/quote]
Are you saying there’s a small market for resale in NYC? No appreciation? Like the $500K studios, or the 2 bedrooms way out in Brooklyn going for well OVER asking price?
It’s all about location. Dwelling type has little to do with rate of appreciation.
Not sure where this is coming from but it’s a townhouse, not an apartment[/quote]
Okay is there another building connected the building that you are buying that other people live in? That could be beside you, above you or below you?
I know that first quote came off harsh, was not my intent.
Its kind of like buying a trailer you have a VERY small market for resale. Reason they do not appreciate like houses can. [/quote]
Are you saying there’s a small market for resale in NYC? No appreciation? Like the $500K studios, or the 2 bedrooms way out in Brooklyn going for well OVER asking price?
It’s all about location. Dwelling type has little to do with rate of appreciation.[/quote]
When I bought a house I was you that a townhouse would appreciate less than a house.
Have you though that location can alter the dwelling typ that is most sought after? And don’t you think that there usually more people looking to own a house vs owning an apt or townhouse?
Not sure where this is coming from but it’s a townhouse, not an apartment[/quote]
Okay is there another building connected the building that you are buying that other people live in? That could be beside you, above you or below you?
I know that first quote came off harsh, was not my intent.
Its kind of like buying a trailer you have a VERY small market for resale. Reason they do not appreciate like houses can. [/quote]
Are you saying there’s a small market for resale in NYC? No appreciation? Like the $500K studios, or the 2 bedrooms way out in Brooklyn going for well OVER asking price?
It’s all about location. Dwelling type has little to do with rate of appreciation.[/quote]
When I bought a house I was you that a townhouse would appreciate less than a house.
Have you though that location can alter the dwelling typ that is most sought after? And don’t you think that there usually more people looking to own a house vs owning an apt or townhouse?[/quote]
Certainly some areas are more conducive to certain dwelling types. You’re not going to sell an apt in a rural town where everyone has 25 acres. I just wouldn’t make a blanket statement that standalone homes appreciate better than townhomes.
The FHA 203k is ridiculously controlling…The bank basically has the power to allocate where the funds go, and veto certain expenses if they feel that it costs to much. Everything has to be done on the books, so even something like hiring a laborer and paying him cash to demo some walls or whatever is not allowed.
I was thinking about going the cash option with a family backer…but it seemed too chancey considering it wasn’t my money.
Also house is electric heat…looked further into it…fuck that noise.
Looks like I’m moving into the other apartment with a 6month lease.
All n all I’m happy that this happened. It def enlightened a desire in me that I did not realize was there. 6 months through the winter will go quick.
Not sure where this is coming from but it’s a townhouse, not an apartment[/quote]
Okay is there another building connected the building that you are buying that other people live in? That could be beside you, above you or below you?
I know that first quote came off harsh, was not my intent.
Its kind of like buying a trailer you have a VERY small market for resale. Reason they do not appreciate like houses can. [/quote]
Are you saying there’s a small market for resale in NYC? No appreciation? Like the $500K studios, or the 2 bedrooms way out in Brooklyn going for well OVER asking price?
It’s all about location. Dwelling type has little to do with rate of appreciation.[/quote]
When I bought a house I was you that a townhouse would appreciate less than a house.
Have you though that location can alter the dwelling typ that is most sought after? And don’t you think that there usually more people looking to own a house vs owning an apt or townhouse?[/quote]
Certainly some areas are more conducive to certain dwelling types. You’re not going to sell an apt in a rural town where everyone has 25 acres. I just wouldn’t make a blanket statement that standalone homes appreciate better than townhomes.[/quote]
I never got statements like that, either. I mean, if a townhouse appreciates less than a single house, then obviously it has appreciated less since it was built and would also be cheaper to buy. Sounds like you’re paying less money for something with the understanding you’re going to sell it for less money later.
[quote]Phoenix44e wrote:
Update, I did not buy the house.
The FHA 203k is ridiculously controlling…The bank basically has the power to allocate where the funds go, and veto certain expenses if they feel that it costs to much. Everything has to be done on the books, so even something like hiring a laborer and paying him cash to demo some walls or whatever is not allowed.
I was thinking about going the cash option with a family backer…but it seemed too chancey considering it wasn’t my money.
Also house is electric heat…looked further into it…fuck that noise.
Looks like I’m moving into the other apartment with a 6month lease.
All n all I’m happy that this happened. It def enlightened a desire in me that I did not realize was there. 6 months through the winter will go quick.[/quote]
Probably for the best. Since you’ve gotten the bug, start looking at some places. Go through some open houses and listen to what other potential buyers say about the place; it gives you some ideas on features you may want to be on the look out for, not only for livability but also for things that will make whatever place you buy easier to sell when you decide to move up.
I never got statements like that, either. I mean, if a townhouse appreciates less than a single house, then obviously it has appreciated less since it was built and would also be cheaper to buy. Sounds like you’re paying less money for something with the understanding you’re going to sell it for less money later.
[/quote]
Maybe some people are looking at total numbers? If the $89K townhouse goes to $100K, that’s BETTER appreciation then the $1M house going to $1.1M, but maybe people are saying the $100K on the $1M is more?