My husband and I have the option to buy a nice 3 bed/2.5 bath home in a good area of San Diego for $480,000 which would make our payments somewhere between $3,000-$3,600 per month. We make decent money, but this would make things tight. Now we have the option to buy his parents old home 3 beds/3baths which would make our payments about $2,700 per month. We would get rent money from the studio house in the front part of the property which would make our payments $2,000 per month. This would free us up of a lot of money.
The only problem is that the 1st home is in a great area, has a lot of yard with grass, tons of plants, is very private and the 2nd (his parents) is in a very bad area, has a pool. There is a lot of crime and is less appealing. I wouldn't feel safe there. I don't know if it's a good idea to buy the home in the bad area. What do you think? Is it worth saving the money? This would help us out with the stress and I could finally buy a new car.
2007-12-04 10:23:36 · 10 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Well we do not have kids yet. We hope to stay in the crappy neighborhood for a couple years, who knows how real estate will be in the future.
It's tough because he was raised there and feels totally compfortable. I agree, safety is more important, but I can't get him to go another route. He refuses to buy a condo which would save us money. Am I being selfish for not wanting to live there?
2007-12-04 10:37:13 · update #1
The bad home is in City Heights and the good one is in Spring Valley, near Rancho San Diego.
2007-12-04 10:44:25 · update #2
I agree that the one in a better area will be easier to sell. I just need to get him to budge. This sucks!
2007-12-04 10:45:20 · update #3
Is it just a "rough" neighborhood where the houses aren't that nice or is it actually a mecca of crime?
IT'S BOTH
2007-12-05 07:42:58 · update #4
I grew up in a high crime neighborhood. I would never live in a high crime neighborhood if you gave me the house for free.
If you are in a high crime neighborhood, that new car that you want to buy with the money that you save will be stolen. I guarnatee it.
Also your home will be broken into, and your belongings stolen.
If you are lucky you will not suffer any physical injury from the criminals in the neighborhood as long as you immediately hand over all of your valuables when they rob you.
I recommend that you never ever live in a crime ridden neighborhood.
2007-12-04 10:52:31 · answer #1 · answered by Anonymous · 4⤊ 0⤋
Well, I'm not sure what you can do to get him to budge on the location issue but with regards to the condo, I'm going to have to side with your husband on that one. With exceptions that are very few and far between (basically super-luxury condos in high-demand areas...Manhattan for example), buying a condo is a bad idea when compared with a home for a few reasons.
1) Since an "indefinite" number of condo's can be built on a parcel of land, the supply is nearly limitless. Bad for the price of your unit.
2) Condo Fees
3) Condo's are the last thing to appreciate and the first to depreciate
4) Families are the largest segment of home buyers, and very few of them buy condos. Thereby, you exclude the largest pool of potential buyers when it comes time to sell
5) You have very little control over the value of your condo...neighbors, building upkeep, bylaws, etc.
I don't know anything about San Diego and what is considered safe vs. unsafe. My rule of thumb is that if my wife can't go for a run in the evening and feel comfortable, I probably don't want to live there. Is it just a "rough" neighborhood where the houses aren't that nice or is it actually a mecca of crime?
2007-12-04 11:45:31 · answer #2 · answered by kylometers 1 · 0⤊ 0⤋
I live in San Diego and there are more homes available for less than that which would be about the same size. What area are you looking in? San Carlos, Santee, Lakeside, etc. have some great deals right now. If you would like some help, let me know. I am a loan consultant and I can search for you free of charge. Good Luck!
2007-12-04 10:41:34 · answer #3 · answered by Lory R 1 · 0⤊ 1⤋
I live in Florida, but I still think it's laughable you would pay 480K for a home it probably took 90k to build.
I would stay away from buying a home right now or lowball. I feel real estate prices have at least 15% more downside.
It's better to buy the worst home in a good neighborhood than the best one in a bad neighborhood.
2007-12-04 11:40:14 · answer #4 · answered by Anonymous · 1⤊ 0⤋
It is worth it to spend more money to be safe and enjoy your area you will be living in. If you are still unsure why not try looking for a decent area for a price right in between? Sure it takes time, but you are making a big investment! Surrounding areas of your ideal location may be an option =) Good luck!
2007-12-04 10:35:41 · answer #5 · answered by audoribleaudrey 3 · 3⤊ 0⤋
somewhat some people has that comparable challenge, exceedingly, in the event that they estimated a dazzling existence upon shifting to that super new homestead they offered. when you consider that, it may desire to be too late so which you will kick your realtor's butt for merchandising you such sources in that horrific community, then what i will advise you're able to do is to unravel that undesirable subject. You hadn't elaborated why you felt/observed that your community is undesirable, then it could be no longer basic for me to advise particular strategies. whether, you are able to checklist all which you think of is undesirable with the community, then resolve it one by using one. this is no longer basic to circulate and discover yet another sources to stay in so so you might handle it. yet while it might impression a great deal you and relatives's existence, then the priority of shifting out could desire to be worth it. wish this might help you.
2016-10-19 04:24:59 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Are you really considering buying a house you're afraid to live in?
Do you have kids? Would you want them to live there? I know the prices in CA are out of sight, but your security is at stake.
2007-12-04 10:33:01 · answer #7 · answered by Debdeb 7 · 2⤊ 0⤋
Look around some more and find something within your price range in a better neighborhood.
2007-12-04 10:32:19 · answer #8 · answered by Veritas 7 · 3⤊ 0⤋
The $$$ savings are not worth the danger.
2007-12-04 10:31:08 · answer #9 · answered by Richard B 7 · 2⤊ 0⤋
location, location, location is the MOST important part of real estate.
2007-12-04 10:29:51 · answer #10 · answered by Anonymous · 3⤊ 0⤋