Let me explain what I mean: is it worth it to buy the big home, say 6,000 sq. feet with all the emenities but have the huge mortgage and huge monthly bills. Is it better to buy a small home, maybe 1,000 sq. feet and have it be a fixer upper. Or is it best to go somewhere in between, say the 1,800 sq. foot home that needs a little work but is neither cheap or extragavent looking. In the long run, what is your absolute best bet??
2007-06-03 03:19:15 · 6 answers · asked by Rachel 7 in Business & Finance ➔ Renting & Real Estate
There's no set answer. As with all things, it's down to personal preference and what you can afford.
You should never buy at the top end of your mortgage qualification range, however. If you come into hard times you'll be strapped for cash and will have no way out.
And unless you're the "handyman" type, going for a fixer is often not a great idea unless you're going to have the work professionally done before you move in and the numbers work out properly.
2007-06-03 03:41:43 · answer #1 · answered by Bostonian In MO 7 · 1⤊ 0⤋
First of all a home, in most cases, is purchased for the purpose of what fits the family needs, such as bedrooms, baths, proximity to work, good schools, etc. If that is what you're looking for it should be what your family can afford.
Second if you are buying with an eye towards a return then a property that you know is priced below market in comparison to other homes in the area, and that you can either fix up for a minimal cost and or quickly sell for a higher price is the way to go.
The key is to be able to combine both theories, but that is usually hard to do when emotions play a role on the viewing of a home.
Your call
2007-06-03 03:43:48 · answer #2 · answered by newmexicorealestateforms 6 · 1⤊ 0⤋
avoid the real expensive one, because what good is a huge, expensive house when you have to be at work 60 hours a week to pay for it and you can't even enjoy it because you're running to work all the time
the cheap one which is a fixer upper is only a good deal if you have the funds to really fix it up and you know how much everything will cost and after adding it all up it still makes financial sense
the one in between is good too
2007-06-03 03:29:01 · answer #3 · answered by Anonymous · 0⤊ 0⤋
One with reliable plumbing and wiring and at least four sturdy walls, a good solid foundation and a secure roof with all the shingles intact. These would be the most expensive "fixer uppers" if they show signs of needing repair. Anything else (house size, emenities, etc. -what are emenities?) all depends upon your personal financial situation.
2007-06-03 03:38:37 · answer #4 · answered by greentemple 2 · 0⤊ 0⤋
The best bet is to buy the house you love that falls within your financial means comfortably. As to which one, that falls under where your priorities are.
2007-06-03 04:25:13 · answer #5 · answered by linkus86 7 · 0⤊ 0⤋
Like everything else it is down to what you want and what you can afford.
2007-06-03 03:27:55 · answer #6 · answered by Tony A 6 · 0⤊ 0⤋