Real estate questions!!!?
Please no contact info.
If you don’t have the answer is there a website you could send me to to find the answers??
My bf and I are trying to find
A. Something in our price range in one of the most expensive places in the U.S because we happen to live here and can’t leave for another two years, and don’t want to throw our money away on renting!
B. Have been looking at CONDOS and TOWN HOMES because they are the ONLY thing in our price range ANYWHERE near his work…
C. The FEW homes for sale near by are in weird places, and only have 1bedroom… is that a bad idea??
D. Are interested in "flipping" or fixing up a place and selling it with in the next year.
There are some town homes that are under foreclosure or REO whatever that we are interested in BUT one of the real estate ppl. we called said the HOA fees were going up to 2,000 a MONTH??? is that REAL or was he making it up so we wouldn’t call him (the home we asked about had been sold) and there is NO website for the town home facility we don’t know who to call!!
the other problem we are having is that there are other condos but the buildings that they reside in are kind of ugly, would this be a HORRIBLE investment?
NEXT what about mobile homes, I know they are not the best investment, but if we were going to basically "flip" it and fix it up would it still be a bad idea??
THANKS!!!
You are using verbage that you know nothing about when you start talking flipping in this or even the next 2 year economy.
Find yourselves a buyer agent cost you nothing, but read the contract and make sure the seller pays not YOU.
Home Owner Assn. fees can be horrendous but 2000 is probably for the year unless you are looking at multimillion dollar areas.
Lawrence stated it well you do not need to be buying right now if you plan to leave in the next 2 years.
I do not know why people continually say renting is a bad idea. In some case it is NOT a bad idea nor throwing good money after bad if you factor in the costs of buying then not being able to sell for months past your need.
1 bedroom places are a worse investment than two bedroom 2 bath units, easier to sell when you get ready too.
Have you prequalified to see what your EXACT range is? See you need a buyer’s agent and an Attorney who will draw up a contract between you and bf detailing EXACTLY what will happen should you break up. Who gets the profit, who pays the mortgage, will it get sold immediately etc. Please do not be so foolish as to say "that will not hppen to us" all you have to do is read the myriad of posts here asking what to d after such a breakup. With marriage their is some protections, without, few.
If you are definitely leaving in 2-3 years then rent. I know that everyone wants to own, but figuring closing costs when buying and then selling and fixing up will probably cost you more than renting.
Remember also that banks want a larger down payment.
I own, but I bought a double wide manufactured home 10 years ago and was lucky enough to have the money to pay cash and the seller needed to sell immediately so he paid all closing cost and I paid 75% of assest value. In that case consider buying.
References :
You are using verbage that you know nothing about when you start talking flipping in this or even the next 2 year economy.
Find yourselves a buyer agent cost you nothing, but read the contract and make sure the seller pays not YOU.
Home Owner Assn. fees can be horrendous but 2000 is probably for the year unless you are looking at multimillion dollar areas.
Lawrence stated it well you do not need to be buying right now if you plan to leave in the next 2 years.
I do not know why people continually say renting is a bad idea. In some case it is NOT a bad idea nor throwing good money after bad if you factor in the costs of buying then not being able to sell for months past your need.
1 bedroom places are a worse investment than two bedroom 2 bath units, easier to sell when you get ready too.
Have you prequalified to see what your EXACT range is? See you need a buyer’s agent and an Attorney who will draw up a contract between you and bf detailing EXACTLY what will happen should you break up. Who gets the profit, who pays the mortgage, will it get sold immediately etc. Please do not be so foolish as to say "that will not hppen to us" all you have to do is read the myriad of posts here asking what to d after such a breakup. With marriage their is some protections, without, few.
References :
Honestly, you would be throwing away so much more money buying THAN renting.
Think about it, a down payment, closing costs, HOA fees, fixing up the whole place before you move in, taxes, and finding homeowner’s insurance, all for an area that you will be in less than 2 years? Not worth it.
Just find a nice apartment, and you will be paying less money in the long run, and it will be easier to get out of a lease when you move than to sell a house.
References :