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Which home to choose?
We have narrowed our search to 2 houses and can't decide which to go with.
Both houses are in the same town, only within a few blocks of each other so same SD. We are DINKS so no need for a lot of space.
House # 1:
-expanded Ranch at around 1400-1450 sq feet (4 bedrooms/3 bath).
-priced slightly under budget by around $10K, taxes are reasonable (also 2K under budget). PITI would come to 28% of our monthly net income.
- Living Room/Dining room is rather small and all in 1 giant room
- everything is brand new/renovated
- 1.5 car garage - detached
- has only been listed for a week on Zillow
House # 2:
- Colonial at 3 bedrooms/2 bath - 1900 sq feet
- Taxes are $6K higher than house # 1, and the price tag is also $40K more than house # 1. PITI would come to around 32% of our monthly net (take home) income.
-huge kitchen with a 2 car detached garage
- house needs updating but minor stuff like painting, resurfacing hardwood floors, updating appliances.
- the basement lacks a 1/2 bath or outside entrance (want at least 1 of these 2)
- house has been on the market since June and has had 2 price drops already (and its currently empty).
The big difference between # 1 and # 2 is really the taxes and of course the $40K price difference. I am in love w/ House # 2 because the kitchen is huge and the layout is just nicer. We cant decide if house # 2 is worth the higher price tag.
WWYD?
Message edited 11/26/2015 11:15:27 PM.
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Posted 11/23/15 9:44 AM  |
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phoenix913
LIF Adult
Member since 5/05 3034 total posts
Name:
V
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Re: Which home to choose?
I'd go with #2 because you say you love it and the layout. It's hard to change the layout of a house, but you can do all the other stuff (floors, painting, appliances etc.) relatively easily. Perhaps since it's been on the market a while and had some price drops they will be willing to negotiate.
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| Posted 11/23/15 10:09 AM |
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Re: Which home to choose?
Posted by phoenix913
I'd go with #2 because you say you love it and the layout. It's hard to change the layout of a house, but you can do all the other stuff (floors, painting, appliances etc.) relatively easily. Perhaps since it's been on the market a while and had some price drops they will be willing to negotiate.
yep thats how I feel but DH loves # 1 but doesnt care much for # 2. The difference in taxes for # 2 would be extra $ 500 a month and if something bad happened to us like job loss, medical emergency, etc - the ability to carry the house on 1 salary is really almost impossible. (whereas house # 1 would be do-able). Hard to decide how to go forward on this...
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| Posted 11/23/15 10:14 AM |
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2girlsforme
LIF Adult
Member since 8/06 3071 total posts
Name:
XXXXXXXXX
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Re: Which home to choose?
Posted by EclecticEsq10810
Posted by phoenix913
I'd go with #2 because you say you love it and the layout. It's hard to change the layout of a house, but you can do all the other stuff (floors, painting, appliances etc.) relatively easily. Perhaps since it's been on the market a while and had some price drops they will be willing to negotiate.
yep thats how I feel but DH loves # 1 but doesnt care much for # 2. The difference in taxes for # 2 would be extra $ 500 a month and if something bad happened to us like job loss, medical emergency, etc - the ability to carry the house on 1 salary is really almost impossible. (whereas house # 1 would be do-able). Hard to decide how to go forward on this...
Are the taxes grieveable?
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| Posted 11/23/15 10:17 AM |
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HomeIsWithU
Baby #2 on the way!
Member since 9/07 7816 total posts
Name:
Jenn
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Re: Which home to choose?
House #2.
And here's why:
1. it needs work. Which means, you can easily build equity into it and it will be worth more than what you paid for it.
2. Based on the square footage of both houses and the number of bedrooms in both houses, the bedrooms in house #1 are likely to be very small.
3. Big kitchen!!
I personally love colonials (it's what we ended up buying as well). The layout is ideal IMO and they're adorable looking. The 2 car garage is great and you're talking about a 500 square foot difference in size.
Are there any other significant differences with the 2 houses? Like property size, neighborhood location (or even dead end street vs. double yellow)?
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| Posted 11/23/15 10:18 AM |
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Re: Which home to choose?
Posted by 2girlsforme
Posted by EclecticEsq10810
Posted by phoenix913
I'd go with #2 because you say you love it and the layout. It's hard to change the layout of a house, but you can do all the other stuff (floors, painting, appliances etc.) relatively easily. Perhaps since it's been on the market a while and had some price drops they will be willing to negotiate.
yep thats how I feel but DH loves # 1 but doesnt care much for # 2. The difference in taxes for # 2 would be extra $ 500 a month and if something bad happened to us like job loss, medical emergency, etc - the ability to carry the house on 1 salary is really almost impossible. (whereas house # 1 would be do-able). Hard to decide how to go forward on this...
Are the taxes grieveable?
The current owner already grieved them so the taxes are actually around $ 300 less than what they were last year..Our realtor said we can grieve them again but its unlikely that the taxes will drop a whopping $ 3-5K in 1 year. Taxes usually go up - and frankly, our realtor said the comps show House # 2 has the highest taxes of all the other houses on that particular block.  
The problem is even if we got House # 2 for asking price as House # 1, the month to month cost for carrying the house because of taxes (plus its all 1 zone Gas Heat so higher utility bills to heat up 1900 sq feet) would be at least $ 500-600/month more than House # 1.
The killer is the taxes..
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| Posted 11/23/15 10:24 AM |
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Re: Which home to choose?
Posted by HomeIsWithU
House #2.
And here's why:
1. it needs work. Which means, you can easily build equity into it and it will be worth more than what you paid for it.
2. Based on the square footage of both houses and the number of bedrooms in both houses, the bedrooms in house #1 are likely to be very small.
3. Big kitchen!!
I personally love colonials (it's what we ended up buying as well). The layout is ideal IMO and they're adorable looking. The 2 car garage is great and you're talking about a 500 square foot difference in size.
Are there any other significant differences with the 2 houses? Like property size, neighborhood location (or even dead end street vs. double yellow)?
Good points!
I am ok with the layout for House # 1. The winning aspect of House # 1 that all the Bedrooms/Kitchen are on the first floor. The basement only has Laundry, an extra bedroom and bathroom, and a large open space for couches. TV, whatever.
The downside is the 2 bedrooms in house # 1 are tiny (the current owners are selling because the wife is pregnant with child # 3, and their first 2 kids are under age 3). The 2 bedrooms are big enough to hold JUST a twin size bed w/ 2 dressers each or a Full size bed with 1 dresser. The Master Bedroom is a decent size (holds a King Size bed and 2 dressers). The bathrooms are average.
House # 2 has bigger bedrooms but they are all on the 2nd floor. The basement is tiny, has only room for a small laundry area and a utility room that is shared w/ the Gas boiler/HW heater. However the master bedroom has 2 huge walk in closets that could be their own bedrooms, and the attic is large enough to accommodate a Queens size bed.
House # 1 has 3 zone Gas Heat and boiler/heater are only 2 yrs old. House # 2 has 1 zone Gas heat.
The main draw of House # 2 is really bigger everything, but the basement wouldn't really be useful to us in case we have MIL or my parents live w us (which is a possibility in the future as they are getting older hence why we were initially looking at Mother/Daughter type houses).
Both homes are located mid-block in a very residential area although House # 2 is located about 6 blocks away from a flood zone (the lowest risk flood zone) and in a very desirable area of the town (ie Merrick Woods in Merrick, Salisbury section of Westbury etc).
Message edited 11/23/2015 10:36:36 AM.
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| Posted 11/23/15 10:29 AM |
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TheDivineMrsM
2 girls 4 me!
Member since 8/08 7878 total posts
Name:
Mama mama mama....
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Re: Which home to choose?
Posted by EclecticEsq10810
Posted by HomeIsWithU
House #2.
And here's why:
1. it needs work. Which means, you can easily build equity into it and it will be worth more than what you paid for it.
2. Based on the square footage of both houses and the number of bedrooms in both houses, the bedrooms in house #1 are likely to be very small.
3. Big kitchen!!
I personally love colonials (it's what we ended up buying as well). The layout is ideal IMO and they're adorable looking. The 2 car garage is great and you're talking about a 500 square foot difference in size.
Are there any other significant differences with the 2 houses? Like property size, neighborhood location (or even dead end street vs. double yellow)?
Good points!
I am ok with the layout for House # 1. The winning aspect of House # 1 that all the Bedrooms/Kitchen are on the first floor. The basement only has Laundry, an extra bedroom and bathroom, and a large open space for couches. TV, whatever.
The downside is the 2 bedrooms in house # 1 are tiny (the current owners are selling because the wife is pregnant with child # 3, and their first 2 kids are under age 3). The 2 bedrooms are big enough to hold JUST a twin size bed w/ 2 dressers each or a Full size bed with 1 dresser. The Master Bedroom is a decent size (holds a King Size bed and 2 dressers). The bathrooms are average.
House # 2 has bigger bedrooms but they are all on the 2nd floor. The basement is tiny, has only room for a small laundry area and a utility room that is shared w/ the Gas boiler/HW heater. However the master bedroom has 2 huge walk in closets that could be their own bedrooms, and the attic is large enough to accommodate a Queens size bed.
House # 1 has 3 zone Gas Heat and boiler/heater are only 2 yrs old. House # 2 has 1 zone Gas heat.
The main draw of House # 2 is really bigger everything, but the basement wouldn't really be useful to us in case we have MIL or my parents live w us (which is a possibility in the future as they are getting older hence why we were initially looking at Mother/Daughter type houses).
Both homes are located mid-block in a very residential area although House # 2 is located about 6 blocks away from a flood zone (the lowest risk flood zone) and in a very desirable area of the town (ie Merrick Woods in Merrick, Salisbury section of Westbury etc).
House 1 or keep looking. $500-600 a month in additional carrying costs is a lot IMO and will only go up. If the house needs work, you're going to want money to be able to do things to it.
You said the bedrooms are small in House 1. Do you want kids or will they be guest rooms / offices / home gym / storage? Can you take out a wall between two smaller rooms and make a larger BR if your MIL moves in?
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| Posted 11/23/15 11:04 AM |
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JandJ1224
Member since 6/06 5911 total posts
Name:
Jannette
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Re: Which home to choose?
I would also keep looking.
If you are looking for potential mother/daughter in future have you considered hi-ranch? Would have all your living space on 1 level which seems you like and give you the option for apt in future.
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| Posted 11/23/15 11:17 AM |
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HomeIsWithU
Baby #2 on the way!
Member since 9/07 7816 total posts
Name:
Jenn
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Re: Which home to choose?
Posted by EclecticEsq10810
Posted by HomeIsWithU
House #2.
And here's why:
1. it needs work. Which means, you can easily build equity into it and it will be worth more than what you paid for it.
2. Based on the square footage of both houses and the number of bedrooms in both houses, the bedrooms in house #1 are likely to be very small.
3. Big kitchen!!
I personally love colonials (it's what we ended up buying as well). The layout is ideal IMO and they're adorable looking. The 2 car garage is great and you're talking about a 500 square foot difference in size.
Are there any other significant differences with the 2 houses? Like property size, neighborhood location (or even dead end street vs. double yellow)?
Good points!
I am ok with the layout for House # 1. The winning aspect of House # 1 that all the Bedrooms/Kitchen are on the first floor. The basement only has Laundry, an extra bedroom and bathroom, and a large open space for couches. TV, whatever.
The downside is the 2 bedrooms in house # 1 are tiny (the current owners are selling because the wife is pregnant with child # 3, and their first 2 kids are under age 3). The 2 bedrooms are big enough to hold JUST a twin size bed w/ 2 dressers each or a Full size bed with 1 dresser. The Master Bedroom is a decent size (holds a King Size bed and 2 dressers). The bathrooms are average.
House # 2 has bigger bedrooms but they are all on the 2nd floor. The basement is tiny, has only room for a small laundry area and a utility room that is shared w/ the Gas boiler/HW heater. However the master bedroom has 2 huge walk in closets that could be their own bedrooms, and the attic is large enough to accommodate a Queens size bed.
House # 1 has 3 zone Gas Heat and boiler/heater are only 2 yrs old. House # 2 has 1 zone Gas heat.
The main draw of House # 2 is really bigger everything, but the basement wouldn't really be useful to us in case we have MIL or my parents live w us (which is a possibility in the future as they are getting older hence why we were initially looking at Mother/Daughter type houses).
Both homes are located mid-block in a very residential area although House # 2 is located about 6 blocks away from a flood zone (the lowest risk flood zone) and in a very desirable area of the town (ie Merrick Woods in Merrick, Salisbury section of Westbury etc).
Hmm, with this new information I'm thinking neither of them might be the right one for you. If you were originally looking for mother/daughter type of houses, then the colonial doesn't seem like a good fit if the basement is that tiny. Being 6 blocks from a flood zone isn't really an issue and it sounds like it's in a great neighborhood. Our colonial is 1900 sq feet as well and we have 2 zones for heat and air conditioning. In a colonial you really should have 2 zones - one for upstairs and one for downstairs. It's fine with 1, but much more efficient with 2. That's something you will likely want to upgrade down the road.
But to me, it sounds like the ranch is on the small side for your needs. The living room/dining room is smaller than you would like, and 2 of the bedrooms are very small. But it definitely has the potential you are looking for in terms of mother/daughter aspect.
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| Posted 11/23/15 11:20 AM |
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cets1290
LIF Adult
Member since 6/14 1051 total posts
Name:
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Which home to choose?
I would probably go with house #1.
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| Posted 11/23/15 11:22 AM |
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Re: Which home to choose?
Posted by HomeIsWithU
Hmm, with this new information I'm thinking neither of them might be the right one for you. If you were originally looking for mother/daughter type of houses, then the colonial doesn't seem like a good fit if the basement is that tiny. Being 6 blocks from a flood zone isn't really an issue and it sounds like it's in a great neighborhood. Our colonial is 1900 sq feet as well and we have 2 zones for heat and air conditioning. In a colonial you really should have 2 zones - one for upstairs and one for downstairs. It's fine with 1, but much more efficient with 2. That's something you will likely want to upgrade down the road.
But to me, it sounds like the ranch is on the small side for your needs. The living room/dining room is smaller than you would like, and 2 of the bedrooms are very small. But it definitely has the potential you are looking for in terms of mother/daughter aspect.
Yes, ITA. I am tempted to walk away from both. House # 1 is def not big enough to entertain since the living room is too small. DH is pressuring me for house # 1 and we are already in contract (we have to move out of our current house by mid January-early February). If we dont find something by end of this month, we will have to consider moving into a short term rental or into my parents' basement in Queens. We have already looked at around 50 houses in the past 2 months, and about 100+ over the past 2 years since we listed our house for sale. Meh. I hate house hunting!
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| Posted 11/23/15 11:29 AM |
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HomeIsWithU
Baby #2 on the way!
Member since 9/07 7816 total posts
Name:
Jenn
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Re: Which home to choose?
I feel your pain! We went into contract on our townhouse and still hadn't found anything we loved. We had looked at hundreds of houses over the course of 2+ years and nothing was "right". We ended up moving in with my SIL and her husband. Thankfully, less than a month after moving in with her, we found our house. We ended up only having to live with her for about 3 1/2 months in total. There were other houses prior to moving in with her that we put offers on and looking back, I'm SO glad they fell through. They weren't really the right things for us and we would have regretted them. The best advice I can give is to not rush into something that doesn't feel like the right house.
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| Posted 11/23/15 11:37 AM |
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Nik09
LIF Adult
Member since 5/05 1982 total posts
Name:
Nikole
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Which home to choose?
Don't settle. If you love house #2 and like house #1 only for the price, you'd be settling and always have the wandering eye. Go with #2 if that's what you love!
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| Posted 11/23/15 11:40 AM |
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LSP2005
Bunny kisses are so cute!
Member since 5/05 19458 total posts
Name:
L
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Re: Which home to choose?
I would still look. There has to be something in between the two. $500 per month is a huge additional payment, not including the increase in utilities. Maybe try to make an offer 40k less than what house two is listed at. But the taxes are a lot.
What I would think about is your total budget and look to keep housing below 33% of your costs; ideally in the 20-30% range.
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| Posted 11/23/15 11:55 AM |
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MrsB12614
LIF Adult
Member since 4/14 1986 total posts
Name:
Mrs
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Which home to choose?
House 1- if you like the area you can't change location. I always operate on a cost effective mindset and take what's in the house and add your own decor in.
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| Posted 11/23/15 1:29 PM |
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NYCGirl80
I love my kiddies!
Member since 5/11 10413 total posts
Name:
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Re: Which home to choose?
Sounds like you'd be settling with either house. I know you're in a time crunch but I'd keep looking. You don't want to be in a situation where you're looking to sell and buy again in a couple of years b/c you didn't wait for "the house."
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| Posted 11/23/15 2:24 PM |
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Re: Which home to choose?
Thanks everyone, I think we are going to pass on both and just suck it up, and keep looking. Its sad because houses in that particular section dont come on the market very often and when they do, they can sell quickly. Ugh.
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| Posted 11/23/15 3:23 PM |
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LotsaLuv
Us
Member since 6/10 4094 total posts
Name:
F
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Which home to choose?
House #1. The good thing with ranchs is in the future you could always add another floor making it into a colonial. Even though the dining & living are small, it's nice to have the one big room. The extra money will be nice for renovations or additional unexpected expenses.
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| Posted 11/23/15 7:17 PM |
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jellybean78
:)
Member since 8/06 13103 total posts
Name:
Mommy
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Which home to choose?
House #1 or keep looking.
$500 a month in carrying charges is nothing to sneeze at.
You can always do an addition later on if need be.
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| Posted 11/24/15 9:31 AM |
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Re: Which home to choose?
Well too late, we went back and forth on House # 1 and put in an offer just to see what the counter would be.. its already gone,,seller accepted an offer over asking price and the inspection is tomorrow. Oh well.
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| Posted 11/24/15 10:06 AM |
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Paramount
Sweet!
Member since 7/12 4287 total posts
Name:
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Re: Which home to choose?
100% no question house #2.
Why would you buy a house that is cramped and is "ok"?
It sounds like you would be HAPPY in #2 for many reasons.
BAsed on what YOU are saying, #2.
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| Posted 11/25/15 12:24 PM |
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FranM
And so it goes....
Member since 9/05 2217 total posts
Name:
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Which home to choose?
I would keep looking If you want a potential Mother Daughter I would look for a High Ranch or Big Split
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| Posted 11/26/15 11:54 AM |
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ChristinaM128
LIF Adult
Member since 8/12 4043 total posts
Name:
Christina
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Re: Which home to choose?
If you don't want to move again, ranch all the way! Who wants to deal with stairs after a certain age (I don't want to deal with them in my 30's!). We exclusively looked at ranches.
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| Posted 11/26/15 10:18 PM |
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