POLL: If they were about the same price, would you rather buy...

... a house/condo that is a fixer-upper in a GREAT area of LI or a new construction (built less than 2 yrs ago) in an "okay" (not the worst, but not the best) area of LI?

Re: POLL: If they were about the same price, would you rather buy...

thats a hard decision. I would have to decide if this was a place i was going to raise children and stay for a long time. I would most likely go with the better neighbor hood in the fixer upper house.
As long as therew as money to fix the fixer upper....

Re: POLL: If they were about the same price, would you rather buy...

The fixer upper.

Re: POLL: If they were about the same price, would you rather buy...

I would probably go for the fixer upper.

If the newer one was in a neighborhood that is totally in the middle of a re-vamp, then I would consider it. Areas in Queens, Brooklyn have been going through that and now they are almost untouchable. If that were the case, I would consider it. Depending upon what's going on in the area, construction, house sales etc.

My gut would tell me to take the fixer upper.

Re: POLL: If they were about the same price, would you rather buy...

new construction

Re: POLL: If they were about the same price, would you rather buy...

It's the same price? I would probably go for the new construction. Otherwise the fixer upper is no longer the same price as the new house.

Re: POLL: If they were about the same price, would you rather buy...

That is the exact situation we were in. We took option C - buy neither and wait until next year when we can afford a larger DP on a house in a good area we plan on staying in 20+ years.

Re: POLL: If they were about the same price, would you rather buy...

Re: POLL: If they were about the same price, would you rather buy...

Re: POLL: If they were about the same price, would you rather buy...

first rule of real estate - location!

I would buy in the better area

Re: POLL: If they were about the same price, would you rather buy...

Because DH and I are very handy, I would go with the fixer-upper.
You can not de-value a great neighborhood.

Re: POLL: If they were about the same price, would you rather buy...

I have a lot of it "depends"

Which house is bigger? Which house has the bigger backyard?

Taxes?

Price wouldn't be my only thing.

Re: POLL: If they were about the same price, would you rather buy...

location, location, location

and if I was getting the fixer for under market value- and how much and what needed to be fixed

in this market I wouldn't want to pay top dollar for a fixer- it would have to be a great deal

Re: POLL: If they were about the same price, would you rather buy...

Depends on if I would have money to actual fix up the fixer upper. ALso depends what makes the one okay versus great (is it just as safe, but just not as great as far as closeness to work, stuff to do, stores,etc).

We are going newer just because neither of us is very handy and we won't have huge amounts of money for fixing up after the mortgage, etc.

Re: POLL: If they were about the same price, would you rather buy...

Definitely the fixer-upper.

Re: POLL: If they were about the same price, would you rather buy...

I would never buy a house in an "ok" neighborhood.

Re: POLL: If they were about the same price, would you rather buy...

Fixer upper. You can make changes to the house, but not the neighborhood.

Re: POLL: If they were about the same price, would you rather buy...

the fixer upper

Re: POLL: If they were about the same price, would you rather buy...

the fixer upper, Id go for whatever is in the better location.

Message edited 9/26/2006 9:32:30 AM.

Re: POLL: If they were about the same price, would you rather buy...

fixer upper, its all about location, location, location

Re: POLL: If they were about the same price, would you rather buy...

I would go with the fixer upper in a better area. I would rather fix it up to how I like it.

Re: POLL: If they were about the same price, would you rather buy...

fixer in a better area - its all about location

Re: POLL: If they were about the same price, would you rather buy...

I think it depends on your financial situation. If you can afford the mortgage AND have money to renovate, then I'd go with the fixer-upper. Also depends on how much of a fixer-upper it is -- is it in move-in condition?

While location is important, I'd examine the town. For example, Long Beach was inexpensive 15 years ago because the city went downhill...now the tiny bungalows in my neighborhood (I rent in LB right now) are going for $400 - $500K and they are TINY. Big houses are $700K and up. It's nuts! (IMO). My point is, the town you're looking in may not be super now, but if its up and coming, then you're making a good investment.

Other things to think about:
-- Is either house on or really close to a main road?
-- How is the neighborhood, in general?
-- How does the house compare to others on the block? You're better off getting the small house on the best block vs. the best house on an okay block. If you get the smallest house on the best block, your home will go up in value
-- Does either house offer anything extra? (i.e. - waterview, close proximity to the train station, etc.)

Jess, I'm doing tons and tons of research on this myself -- DH and I are about to buy a house in Island Park.

FM me if you want to talk more.

Message edited 9/26/2006 11:24:27 AM.

Re: POLL: If they were about the same price, would you rather buy...

i would hold out until i found something that i LOVED.

Re: POLL: If they were about the same price, would you rather buy...

Thanks for all your opinions on this!

I'm off to lunch now, but will answer all your questions when I get back.