is buying a semiattached house (1/2 a double) a waste of $ when I go to resell it a few years?

Question

I'm ready to move out of my parents house (am 23), and the most I can afford at this point is along the lines of a 1/2 a double. It's not my ideal/dream house of course, but I only plan on being there a couple years until I know more about where my life is headed. A few people (ok, my dad, who seems to find a problem with every house I find), says it's a waste of money and I'll never be able to resell it for equal or more than I paid for it. The people who own the other half have lived there for decades and keep it in good shape, so I don't see why I couldn't get equal or more than I paid for it (since I plan on fixing it up and getting rid of a 95 year old lady's decor). Can I have some objective opinions from people who have experience buying or selling houses? I know very little about real estate! Is it worth it to buy 1/2 a double? Thanks!

Answer 1

I think most real estate is a good investment. It is much better to own something than throw money out the window with rent. Check to make sure the neighborhood is stable. Good luck.

Answer 2

I was on my own at 19, without a college degree, bought my first home at 25 and now own that one (in Virginia) and a condo, too, in Spain.

The important thing in getting-ahead is (obviously) to live as conservatively and simply as possible while pouring all possible resources where they'll be sure to generate a strong return over time.

Buying quality-built homes in good locations and on short-term, fixed-rate mortgages is the recipe for success. What you need to do until you can make that move is maximize your income and minimize your expenditures. Frankly, I wouldn't get anywhere near an old mobile home, and there are several reasons why: For one, no matter what you do in life, whether it's date someone, marry, get a new job, etc. you're almost always going to find surprises. Many of these are going to be unpleasant and when you buy anything (used car, old home) you'll be buying these problems, so unless you'd be prepared to do a very thorough inspection of what it is you're about to buy, I'd advise you simply find a small apartment in a nice, safe area and concentrate on saving and investing all the money you can, knowing you'll be able to sleep safely and well each night and that you don't have any maintenance worries or real responsibility for the place you live-in.

Renting is a waste of money, but you're obviously not going to be renting for very long. You're going to do the right thing and buy, but when you first start out you need to give yourself a little space and breathe-in, then find a quality home before you buy.

When you do, look for an older home in a historic area near a college campus, preferably something with an unfinished but finishable attic. I bought a home just like the one I'm describing in 1990 for $90,000, finished its attic (adding 500 square feet and two bedrooms) have kept it rented most of the time I've owned it and today it's yielding twice its mortgage payment in rent and is worth about $400,000. I'm 41 and will have it paid-off next year.

Starting-out is rough for everybody. Take this time while renting to prepare, study the market, learn about home inspection and construction and figure-out exactly where you'll want to work, live, settle and buy that first house.

You'll do fine, but the important thing now is to free yourself to make the wise moves. A trailer might only get you bogged-down with a losing proposition, defeat your spirit and leave you feeling like a loser before you even get started.

Write me if you wish, and we can talk further.

Answer 3

I don't think so. Just mine and the guys I work with.