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Curious to know what you're looking for in a home

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Cloudlb
Regular Contributor

Curious to know what you're looking for in a home

. . . and what' you're finding out there.  Are you looking at older homes that need fixing? (and are you considering 203k or Home Path loans?) New builder-built homes? Anyone constructing custom homes?  (Is that even economically feasible for the majority of us?)

 

Are you finding what you want?  Just curious because I pretty much hate all the options out there in my area. 

Message 1 of 26
25 REPLIES 25
ChangiBear
New Contributor

Re: Curious to know what you're looking for in a home

What area are you in?  We didn't like the options here in Orlando, so we decided to build a new home (not custom).  We were looking for a home to grow in, so something with the most space for our budget and nothing that would require lots of TLC.  We ended up finding what we were looking for with Toll Brothers; they were offering the biggest lots of the new constructions that we had seen.  The lot is on 0.6 acre and has 5 rooms and 4.5 baths.

Cleared to Close on 9/9/13!
Closing on 9/17/13

8/31/12 FICO 733 (lender pulled)
1/7/13 Transunion 718, Equifax 710 (MyFico)
2/20/13 Equifax 729
8/13/13 Ex 751, Eq 766, TU 741 (all lender pulls)
Message 2 of 26
Cloudlb
Regular Contributor

Re: Curious to know what you're looking for in a home

Thanks for your answer -- I realize everyone's situation is different.  Would like a modern, small, energy efficient home, duplex, or house with the potential for an ADU.  I'm a non-conventional person and the idea of living in a subdivision with cookie cutter builder houses repulses me a bit.  Still trying to weigh my options. 

Message 3 of 26
webhopper
Moderator Emeritus

Re: Curious to know what you're looking for in a home

I like the older architectural style and floor plans from the 1970s. Cookie cutter neighborhoods are repulsive to me and mature trees were a must have.

I bought a single family home built 1978. Appraised value was 198k. Purchased for 163k.

Stone exterior; granite countertops; totally updated from top to bottom. No popcorn ceilings. Its a split level which is very energy efficient. 3 bedrooms 2 baths. 2400 sq ft.

My first home was a duplex built 1979. Fixed upper with 3400 sq ft combined. Each unit had 3 bed 2 bath. I have totally updated the house. Its worth about 210k today and I purchased for 175k in 2008.

I have kept the duplex and currently have a positive net cash flow of about 600 per month which will increase to 1k after my refi goes through. The location on that property is top notch. Its nestled in a high dollar neighborhood. Close to shopping; and office parks; as well as a major hospital and the best high school in our state
FICO 9:
Filed Chapter 13 on 6/1/2017 after job loss. Discharged 6/1/2022.

Goal: Gardening!


Message 4 of 26
Cloudlb
Regular Contributor

Re: Curious to know what you're looking for in a home

Did you have a lot of structure repair?  The 70s houses around here are really hideous and most are in poor shape. 

Message 5 of 26
webhopper
Moderator Emeritus

Re: Curious to know what you're looking for in a home

The houses from the 1970s here were built during an economic boom. They are made of very high quality materials. Replacement cost is 280k These houses were not thrown together like what I see with new construction in this area. Plus; that was a time of good growth; so the lots are more ideal than what is available now in new construction. These were built as premium homes in premium neighborhoods that are not declining.

the exterior is natural rock from a nearby quarry that is now a landfill on the north side of town.

The bedrock on my lots are very high. No structural damage despite the earthquake we had in 2011
FICO 9:
Filed Chapter 13 on 6/1/2017 after job loss. Discharged 6/1/2022.

Goal: Gardening!


Message 6 of 26
Cloudlb
Regular Contributor

Re: Curious to know what you're looking for in a home

I will keep what you say in mind when I look at places.  We are a poor town, so the premium areas are still good, and probably out of my price range.  And probably too big for me, to boot. 

Message 7 of 26
webhopper
Moderator Emeritus

Re: Curious to know what you're looking for in a home

It may be that you can find something built in the 60s or the 80s. Was there a really prosperous time in your towns history?

My town is very big into oil and gas; so prosperity has always been linked to the price and profitabiltiy of the oil exploration and refining operations. We have deversified quite a bit since then; but oil and natural gas production are still relevant industries in our local economy. There are virtually no neighborhoods in my town that were founded in the mid 80s due to oil bust. A lot of million dollar homes were built in the 1920s; at that time my town was the richest city per capita in the world. The art deco architecture is amazing. We also have several homes in midtown and a scyscraper that were designed by the famous architect who designed the home known as "falling water"
FICO 9:
Filed Chapter 13 on 6/1/2017 after job loss. Discharged 6/1/2022.

Goal: Gardening!


Message 8 of 26
Anonymous
Not applicable

Re: Curious to know what you're looking for in a home

While I agree that older homes (which we live in now) have more character, we are gonna build a new home with an open floor plan and a big master bath and eat in kitchen with a breakfast bar.  I have always wanted that!

Message 9 of 26
webhopper
Moderator Emeritus

Re: Curious to know what you're looking for in a home

You should definately go for what you want! My kitchen is an eat in kitchen. And there is a breakfast bar and a built in flat screen Tv; which we asked for it to stay with the house. Its great because my husband and I watch Tv while we cook together.
FICO 9:
Filed Chapter 13 on 6/1/2017 after job loss. Discharged 6/1/2022.

Goal: Gardening!


Message 10 of 26
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