|
Advice, support needed! House hunting stinks right now.
| Posted By |
Message |
|
|
Advice, support needed! House hunting stinks right now.
So we have been waiting to sell our home for a very long time (bought in 2008 and with the crash you know how that went; we are out a ton of money  ). We've severely outgrew our starter home so we put our house on the market and thankfully we're in contract. Only problem is this market is a major nightmare for a buyer right now. I'm losing hope on ever finding anything. We lost 2 houses already due to being over bid and looked at over 30 houses already. One we thought we loved, we did an inspection and it turns out there was termite damage which I'm honestly very concerned about and am contemplating walking. I don't know what I'm asking for really. Any support I guess or tips to help us with our search. I'm feeling very discouraged and very overwhelmed by this whole process. This market is very hard for a buyer and there's hardly any inventory. We are working with a realtor but it all feels so hopeless. I lost so much money on my first home that it's nearly impossible to get into a bidding war on something. I also need to be very strict in regards to our budget so it's hard.
Message edited 11/14/2017 8:53:59 PM.
|
Posted 11/14/17 8:51 PM  |
| |
|
Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
|
|
Advice, support needed! House hunting stinks right now.
Termites are everywhere on Long Island, so I'm not sure that should be a deal breaker for you. Are the sellers willing to treat the termites and fix the damage? If so, then I wouldn't walk away from a house that you loved.
I bought a house with extensive termite damage. The owners had treated for the termites, but never fixed the extensive damage (like it's amazing the house was still standing because the main support had been eaten away). We had them treat again even though there was no evidence of current infestation, and then we had a significant amount take off the sale price so we could repair the damage ourselves, because it was the main support and we wanted to make sure it was done right.
When we sold our old house, the inspector found some termite damage that we didn't even know about, but no active termites. We just replaced the beams in the basement for the buyers that showed some damage. It wasn't a big deal because the damage was minor.
Obviously you have to do what you're comfortable with, but it may be worth asking what the sellers are willing to do about the termites.
|
| Posted 11/15/17 8:51 AM |
| |
|
|
|
Re: Advice, support needed! House hunting stinks right now.
Posted by starbrightgirl8
Termites are everywhere on Long Island, so I'm not sure that should be a deal breaker for you. Are the sellers willing to treat the termites and fix the damage? If so, then I wouldn't walk away from a house that you loved.
I bought a house with extensive termite damage. The owners had treated for the termites, but never fixed the extensive damage (like it's amazing the house was still standing because the main support had been eaten away). We had them treat again even though there was no evidence of current infestation, and then we had a significant amount take off the sale price so we could repair the damage ourselves, because it was the main support and we wanted to make sure it was done right.
When we sold our old house, the inspector found some termite damage that we didn't even know about, but no active termites. We just replaced the beams in the basement for the buyers that showed some damage. It wasn't a big deal because the damage was minor.
Obviously you have to do what you're comfortable with, but it may be worth asking what the sellers are willing to do about the termites.
The inspection was yesterday so nothing has been discussed yet but our realtor said we would request it to be fixed and the price lowered as part of the contract. I'm just not sure about the house in general though. It's a expanded cape so rooms are on different floors and the master is on the 2nd floor. I don't know how comfortable I feel putting my kids downstairs by themselves (I have 2). So that in itself is making me unsure. That combined with finding termite damage is giving me a bad gut feeling. However the rest of the house is gorgeous, updated and on a decent sized property.
Message edited 11/15/2017 9:00:58 AM.
|
| Posted 11/15/17 9:00 AM |
| |
|
|
|
Re: Advice, support needed! House hunting stinks right now.
Posted by KevinNKristin8-15-08
The inspection was yesterday so nothing has been discussed yet but our realtor said we would request it to be fixed and the price lowered as part of the contract. I'm just not sure about the house in general though. It's a expanded cape so rooms are on different floors and the master is on the 2nd floor. I don't know how comfortable I feel putting my kids downstairs by themselves (I have 2). So that in itself is making me unsure. That combined with finding termite damage is giving me a bad gut feeling. However the rest of the house is gorgeous, updated and on a decent sized property.
Ah, that's a different thing. If you're unsure about it, then you don't want to get stuck in a contract for a house you're not thrilled about. Make sure it's not just cold feet, but if you really don't love the house, then walk.
|
| Posted 11/15/17 9:10 AM |
| |
|
Mrs&MrsK
i need sleep ;-)
Member since 2/14 2008 total posts
Name:
L
|
Advice, support needed! House hunting stinks right now.
what areas?
seems like some areas get 10000 people for an open house
other areas get 10.
|
| Posted 11/15/17 9:14 AM |
| |
|
chilltocam
LIF Adult
Member since 11/11 9141 total posts
Name:
|
Advice, support needed! House hunting stinks right now.
It is very tough for a buyer right now - I feel you pain. We put our house up for sale on a Tues, had an open house that Sat and had 5 offers over asking on Sunday! It was crazy. But, that meant I had to find a house FAST! I looked at over 50 houses, had an accepted offer on one but then the sellers decided not to sell (because they couldn't find a place to move to) and lost another house in a bidding war. I am going through the inspection process now on a house that I love - and hoping everything works out (there was some minor, old, termite damage, but the inspector said there are no active termites).
It's hard out there right now, for sure. I felt completely overwhelmed too. It gets to the point where you think you will never find the right house - but you will. Do you have to be willing to compromise on some things? - most likely. But, you will find one that makes you happy and checks off all "need to have" the boxes
Message edited 11/15/2017 9:44:47 AM.
|
| Posted 11/15/17 9:43 AM |
| |
|
|
|
Re: Advice, support needed! House hunting stinks right now.
A few things here:
1) Is this going to be a long-term home for you? I know you said you lost money on your first house, which was more of a starter home. And that does suck, no way around it. But as I tell my clients, a home is more than just a financial investment. If the first house you bought was a good home for you, if you and your family were happy there before you outgrew it, isn't there value in that? And if this next home is going to be a long-term house/forever house for you (and yes, I know you can't predict the future), then I wouldn't worry too much about the future financial investment value of the home you are buying. I would worry more about how it will work for your family and whether it is the right home for you. Worry about the things you can control, not what you can't. Right now, it's a seller's market (although I think it may be starting to level off). So homes are worth a LOT more today than they were in 2010, for example. If and when you ever want to sell, it may be a hot seller's market/bubble, or it may be a buyer's market/post-bubble. But you don't know and you can't control it. If today, a home is worth x dollars in the current market, because buyer's are willing to pay it, then that's what it's worth!
2) As far as the market in general, I find a lot of my buyer clients get so disappointed on what they can afford in this hot seller's market and can't believe what houses are going for. But everyone has a budget and a target area, and you just have to educate yourself on what your budget will buy in the target area in the current market. You can't compare it to what you could have bought 6 years ago or what people buy on HGTV in Texas or wherever. You just have to choose the best house from among your options. Yes, you don't want to "settle" (as people often say on this site). But there's a big difference between "settling" (overlooking a major flaw, rushing into something), and being realistic (accepting a "less than perfect, less than dream house"). If you have seen 30 houses, you should have a good idea of what is available in your price point in your towns of interest. How does the current house you are considering compare to houses you've seen? Is it the best option you have seen so far?
3) When evaluating the house, I would also try to look at the things that can't be fixed or changed. You mentioned it has a big property size, for example. That's a plus you don't always find with a house and it's not something that you can add on or change. Layout is a big issue, too, but re: the bedrooms - how old are your kids? Will they be old enough to stay downstairs in the next year or so? Is there another temporary solution until then (having them share a room upstairs)? If the house will work long-term, and the bedroom issue with young kids is a short-term issue, maybe it's worth overlooking.
4) As far as termites - I agree with previous poster that every house on LI either has termites, has had termites, or will have termites. It's just a fact of life here. Is there termite "damage" to the house, or just "evidence of termites." With the latter, the seller usually just pays for a termite treatment and gets a one year contract that transfers to the buyer. If there is damage, is it minor, and the seller can easily fix it (replace part of a beam) or is it major structural damage? Either way, I disagree with your realtor that you can lower the contract price at this point. When issues come up during an inspection, you can request repairs, or sometimes the sellers will offer a credit in lieu of repairs, but you are usually not re-negotiating the price (especially if it's a straightforward issue that can be remedied). In this competitive market, you need to tread lightly as a buyer in how you treat the home inspection. If something like termites come up, it's fair to ask the seller to address it (your bank will require it), but you have to be realistic in what you demand. And unless it's truly extensive termite damage to the actual structure of the house, I wouldn't worry. And if that's the only issue that came up, I'd say it sounds like a pretty clean inspection and a good house!
|
| Posted 11/15/17 10:02 AM |
| |
|
|
|
Re: Advice, support needed! House hunting stinks right now.
Posted by Mrs&MrsK
what areas?
seems like some areas get 10000 people for an open house
other areas get 10.
I must be in a hot area! I'm looking to stay in sachem schools so we've primarily been looking in Ronkonkoma,Holbrook, Holtsville. I'm willing to look anywhere with a good school district at this point though. We have also seen houses in Bohemia and connetquot schools, but still this market is so limited and good houses are getting grabbed hours after they are listed. Very frustrating for a buyer right now!
|
| Posted 11/15/17 10:12 AM |
| |
|
|
|
Re: Advice, support needed! House hunting stinks right now.
Posted by Christine Braun - Century 21 American Homes
A few things here:
1) Is this going to be a long-term home for you? I know you said you lost money on your first house, which was more of a starter home. And that does suck, no way around it. But as I tell my clients, a home is more than just a financial investment. If the first house you bought was a good home for you, if you and your family were happy there before you outgrew it, isn't there value in that? And if this next home is going to be a long-term house/forever house for you (and yes, I know you can't predict the future), then I wouldn't worry too much about the future financial investment value of the home you are buying. I would worry more about how it will work for your family and whether it is the right home for you. Worry about the things you can control, not what you can't. Right now, it's a seller's market (although I think it may be starting to level off). So homes are worth a LOT more today than they were in 2010, for example. If and when you ever want to sell, it may be a hot seller's market/bubble, or it may be a buyer's market/post-bubble. But you don't know and you can't control it. If today, a home is worth x dollars in the current market, because buyer's are willing to pay it, then that's what it's worth!
2) As far as the market in general, I find a lot of my buyer clients get so disappointed on what they can afford in this hot seller's market and can't believe what houses are going for. But everyone has a budget and a target area, and you just have to educate yourself on what your budget will buy in the target area in the current market. You can't compare it to what you could have bought 6 years ago or what people buy on HGTV in Texas or wherever. You just have to choose the best house from among your options. Yes, you don't want to "settle" (as people often say on this site). But there's a big difference between "settling" (overlooking a major flaw, rushing into something), and being realistic (accepting a "less than perfect, less than dream house"). If you have seen 30 houses, you should have a good idea of what is available in your price point in your towns of interest. How does the current house you are considering compare to houses you've seen? Is it the best option you have seen so far?
3) When evaluating the house, I would also try to look at the things that can't be fixed or changed. You mentioned it has a big property size, for example. That's a plus you don't always find with a house and it's not something that you can add on or change. Layout is a big issue, too, but re: the bedrooms - how old are your kids? Will they be old enough to stay downstairs in the next year or so? Is there another temporary solution until then (having them share a room upstairs)? If the house will work long-term, and the bedroom issue with young kids is a short-term issue, maybe it's worth overlooking.
4) As far as termites - I agree with previous poster that every house on LI either has termites, has had termites, or will have termites. It's just a fact of life here. Is there termite "damage" to the house, or just "evidence of termites." With the latter, the seller usually just pays for a termite treatment and gets a one year contract that transfers to the buyer. If there is damage, is it minor, and the seller can easily fix it (replace part of a beam) or is it major structural damage? Either way, I disagree with your realtor that you can lower the contract price at this point. When issues come up during an inspection, you can request repairs, or sometimes the sellers will offer a credit in lieu of repairs, but you are usually not re-negotiating the price (especially if it's a straightforward issue that can be remedied). In this competitive market, you need to tread lightly as a buyer in how you treat the home inspection. If something like termites come up, it's fair to ask the seller to address it (your bank will require it), but you have to be realistic in what you demand. And unless it's truly extensive termite damage to the actual structure of the house, I wouldn't worry. And if that's the only issue that came up, I'd say it sounds like a pretty clean inspection and a good house!
wow! Thank you! This is helpful. My first house unfortunately was a mistake we got stuck in for years. It's 2 bedroom with the strangest layout imaginable. So thrilled to finally be getting out of there, I'm sorry to say. When we bought we were originally looking to flip it because it had such good potential in a really great area but it's so underwater at this point there's no point in staying.
As far as this house I am willing to make compromises and the bedroom thing bothers me but my daughter is 6 so I think she would be ok downstairs. My son is 3. The termite thing freaks me out because it's actual damage. They don't think it's structural but I still worry. That combined with the fact that this house has been sitting 6 months while others are selling the day they are listed has me a little freaked out. My gut tells me to walk away but at the same time I'm not sure if I'm just being too paranoid. Either way this house is our forever home so I need to be happy there.
We do have a contractor going out to look at the termite damage so we are not counting this home out completely
Message edited 11/15/2017 10:29:57 AM.
|
| Posted 11/15/17 10:18 AM |
| |
|
Mrs&MrsK
i need sleep ;-)
Member since 2/14 2008 total posts
Name:
L
|
Re: Advice, support needed! House hunting stinks right now.
Posted by KevinNKristin8-15-08
Posted by Mrs&MrsK
what areas?
seems like some areas get 10000 people for an open house
other areas get 10.
I must be in a hot area! I'm looking to stay in sachem schools so we've primarily been looking in Ronkonkoma,Holbrook, Holtsville. I'm willing to look anywhere with a good school district at this point though. We have also seen houses in Bohemia and connetquot schools, but still this market is so limited and good houses are getting grabbed hours after they are listed. Very frustrating for a buyer right now!
yes we have looked in those areas. and are seeing that too.
i think we will end up getting a house that was less desirable (a few fixes etc) and then make it what we want.
|
| Posted 11/15/17 10:53 AM |
| |
|
ChilisWife
God Bless America
Member since 5/05 3571 total posts
Name:
A.K.
|
Re: Advice, support needed! House hunting stinks right now.
We went through the same thing and ultimately decided to just stay in our house and renovate it because it just wasn't worth moving into a house that we either couldn't afford, or didn't love. I know staying isn't an option for everyone. But it's true, some houses get 10 offers the first day and some just sit and sit - doesn't seem to be any rhyme or reason. Honestly I tend to believe in listening to my gut and for a big purchase like this you have to do what "feels" right.
|
| Posted 11/15/17 6:54 PM |
| |
|
LInMI
LIF Adult
Member since 7/10 1800 total posts
Name:
|
Re: Advice, support needed! House hunting stinks right now.
It took me 2+ years to find a house. The market is so tight. We put in 5 offers all over asking and lost in bidding wars.
It's a tough market. Sachem covers are large area. Are you willing to look in Nesconset and Lake Grove?
|
| Posted 11/16/17 4:14 PM |
| |
|
lightblue
LIF Adult
Member since 1/17 2249 total posts
Name:
|
Re: Advice, support needed! House hunting stinks right now.
This sounds similar to what DH and I experienced when we purchased our home, my only advice is don't settle. We kept getting outbid on houses and were frustrated and bid on the house we have now and got it...while I like our house I'm not crazy about the location- we aren't going anywhere though unless it's out of state.
|
| Posted 11/16/17 5:07 PM |
| |
|
NYCGirl80
I love my kiddies!
Member since 5/11 10413 total posts
Name:
|
Re: Advice, support needed! House hunting stinks right now.
We sold our house over the summer and were not finding anything we loved. I was extremely stressed about finding another house and settling. I did not want to be unhappy in another house and have to sell again. I wanted our forever home.
Then life ultimately got in the way. We had to close on our house but could not buy a new one. We wound up renting and we are so happy we did. We will start looking at houses again in the spring, but in the meantime, we no longer have a timeline or rush to buy. We can take as long as we need to find our "forever home." Meantime, we got to try out a new neighborhood...and best part? Every time something breaks we don't have to pay to have it fixed! We just call the owners! 
My advice is not to settle. If it doesn't feel right, then it's probably not right. Keep looking.
Message edited 11/17/2017 2:42:37 PM.
|
| Posted 11/17/17 2:42 PM |
| |
|
newlywedT
LIF Adolescent
Member since 9/11 792 total posts
Name:
|
Re: Advice, support needed! House hunting stinks right now.
Posted by Christine Braun - Century 21 American Homes
I know you said you lost money on your first house, which was more of a starter home. And that does suck, no way around it. But as I tell my clients, a home is more than just a financial investment.
We might have to take this to heart.
We're looking in Brooklyn right now and am interested in a tiny house (1,800 sq ft - my coworkers are from other states and their homes are 3k sq ft)
According to Zillow, it was bought back in 2004 for 400k, now they are looking for about 3.5 times that amount.
WAY WAY overpriced....we think we will NOT be able to recoop the cost that we will pay.
But its close to my wife's parents who will be willing to drop off/pickup DD at school (when she starts Pre-K and so on) and watch DS until DS is ready for school too (he is 2 now).
The local elementary schools are good, but middle school and up are not.
For high school we'll have to either move to another area or they will have to test into one of the specialized schools.
But we're not ready to pull the trigger because I really think it will be tough to sell the house for the same amount that we would pay - but like you said its more than money.
We could move to a cheaper place/get a cheaper home, but then we'll need a nanny - and usually its nicer to have family raise your kid. (not always, but usually)
Message edited 11/20/2017 3:28:42 PM.
|
| Posted 11/20/17 3:26 PM |
| |
|
CSK
LIF Adolescent
Member since 9/11 892 total posts
Name:
|
Advice, support needed! House hunting stinks right now.
I hate to say this, but keep in mind in the new tax reform where they say they are cutting our taxes.... property tax may no longer be deductible along with state and local taxes, and interest deductability may be limited based upon the size of the mortgage.
|
| Posted 11/20/17 4:03 PM |
| |
|
KGools
Happy
Member since 9/06 9532 total posts
Name:
Kim
|
Re: Advice, support needed! House hunting stinks right now.
Posted by KevinNKristin8-15-08
Posted by Mrs&MrsK
what areas?
seems like some areas get 10000 people for an open house
other areas get 10.
I must be in a hot area! I'm looking to stay in sachem schools so we've primarily been looking in Ronkonkoma,Holbrook, Holtsville. I'm willing to look anywhere with a good school district at this point though. We have also seen houses in Bohemia and connetquot schools, but still this market is so limited and good houses are getting grabbed hours after they are listed. Very frustrating for a buyer right now!
TONS of houses for sale in Oakdale right now. Might want to consider expanding your search to there as well if you are considering Connetquot. All varying price ranges.
|
| Posted 11/21/17 9:50 AM |
| |
|
PennyCat
Just call me mommy :)
Member since 7/08 19084 total posts
Name:
Jib
|
Re: Advice, support needed! House hunting stinks right now.
We looked on the north shore (Nassau) for YEARS before we found the absolute perfect home. We had the benefit of being able to buy before listing our home. I think the best advice though is, your realtor needs to be a shark. We used a few over the years and missed out on homes... had to do a lot of our own homework.... we’d see a home on mls and within a day it would be in contract. Real estate in town is very competitive!
The realtor we ultimately used was incredible. She got us into homes immediately after realtor inspections so we’d literally be the FIRST in. The house we went with had so much foot traffic the first day it came on the market and we ultimately were in a bidding war with a bunch of other families. We found the process intimidating at first, but when we saw the house we got, we just knew it was perfect because of all the experience we had looking at so many homes over the years. That’s how we knew the bidding war was worth it to us, and then coming out on top. I know we wouldn’t be living here without the help of our amazing realtor, though.
|
| Posted 11/21/17 10:23 AM |
| |
|
|
|
Re: Advice, support needed! House hunting stinks right now.
Posted by newlywedT
Posted by Christine Braun - Century 21 American Homes
I know you said you lost money on your first house, which was more of a starter home. And that does suck, no way around it. But as I tell my clients, a home is more than just a financial investment.
We might have to take this to heart.
We're looking in Brooklyn right now and am interested in a tiny house (1,800 sq ft - my coworkers are from other states and their homes are 3k sq ft)
According to Zillow, it was bought back in 2004 for 400k, now they are looking for about 3.5 times that amount.
WAY WAY overpriced....we think we will NOT be able to recoop the cost that we will pay.
But its close to my wife's parents who will be willing to drop off/pickup DD at school (when she starts Pre-K and so on) and watch DS until DS is ready for school too (he is 2 now).
The local elementary schools are good, but middle school and up are not.
For high school we'll have to either move to another area or they will have to test into one of the specialized schools.
But we're not ready to pull the trigger because I really think it will be tough to sell the house for the same amount that we would pay - but like you said its more than money.
We could move to a cheaper place/get a cheaper home, but then we'll need a nanny - and usually its nicer to have family raise your kid. (not always, but usually)
On the "it's way overpriced" point - just know that Zillow is not always the most accurate source. And even if that's true, do you know if the house is in the same condition as it was in 2004, like nothing's been touched? Perhaps it's been significantly updated/renovated. If not, keep in mind that real estate is not stagnant. The 2004 market was very different than the 2006 market which is different than 2010 and is different than 2017. Plus, in areas like Queens or Brooklyn, neighborhoods that may have been less desirable may have grown to become more desirable over the years. Who would have thought that Long Island City, for example, would be a hotbed of high end real estate today?
So you really have to look at the value of the home compared to what similar homes in that area are selling for TODAY (like last 3 months) to know whether a house is priced right or overpriced. It may pain to you to pay triple what someone paid in 2004, but that doesn't mean that the price doesn't represent the true market value.
But yes - you got my point. I will personally say that my own home (bought in 2008) was a bit pricier than we hoped to pay, and honestly probably $25K or so more than we thought it was worth in that market. But we looked long enough that we knew it was the best house we could find in our budget, and it had everything we wanted/needed and more, including things we thought were long-shots. It was close to family, in a good school district, good for our commutes. So we ponied up and paid what the sellers wanted, and I have never regretted it. We are very happy here and plan to be here long-term. It really is the perfect house for us. So I'm always glad that we didn't pass on the house on the principle of it, because we didn't think it was worth that much from a logical/financial standpoint. It's a good family home, and in many ways, that's priceless.
Also, timing is everything in terms of a real estate "investment." We haven't done any major renovations to the house -- just freshening up, such as paint and flooring. But if we sold it today, we would definitely get what we paid for it, maybe a little more, even. If we sold it in 2011, we would have lost money. So you can never predict when you will want or need to sell, and what the market will be like then.
|
| Posted 11/21/17 3:00 PM |
| |
|
MST9106
My life:)
Member since 6/06 9589 total posts
Name:
|
Re: Advice, support needed! House hunting stinks right now.
Posted by Christine Braun - Century 21 American Homes
Posted by newlywedT
Posted by Christine Braun - Century 21 American Homes
I know you said you lost money on your first house, which was more of a starter home. And that does suck, no way around it. But as I tell my clients, a home is more than just a financial investment.
We might have to take this to heart.
We're looking in Brooklyn right now and am interested in a tiny house (1,800 sq ft - my coworkers are from other states and their homes are 3k sq ft)
According to Zillow, it was bought back in 2004 for 400k, now they are looking for about 3.5 times that amount.
WAY WAY overpriced....we think we will NOT be able to recoop the cost that we will pay.
But its close to my wife's parents who will be willing to drop off/pickup DD at school (when she starts Pre-K and so on) and watch DS until DS is ready for school too (he is 2 now).
The local elementary schools are good, but middle school and up are not.
For high school we'll have to either move to another area or they will have to test into one of the specialized schools.
But we're not ready to pull the trigger because I really think it will be tough to sell the house for the same amount that we would pay - but like you said its more than money.
We could move to a cheaper place/get a cheaper home, but then we'll need a nanny - and usually its nicer to have family raise your kid. (not always, but usually)
On the "it's way overpriced" point - just know that Zillow is not always the most accurate source. And even if that's true, do you know if the house is in the same condition as it was in 2004, like nothing's been touched? Perhaps it's been significantly updated/renovated. If not, keep in mind that real estate is not stagnant. The 2004 market was very different than the 2006 market which is different than 2010 and is different than 2017. Plus, in areas like Queens or Brooklyn, neighborhoods that may have been less desirable may have grown to become more desirable over the years. Who would have thought that Long Island City, for example, would be a hotbed of high end real estate today?
So you really have to look at the value of the home compared to what similar homes in that area are selling for TODAY (like last 3 months) to know whether a house is priced right or overpriced. It may pain to you to pay triple what someone paid in 2004, but that doesn't mean that the price doesn't represent the true market value.
But yes - you got my point. I will personally say that my own home (bought in 2008) was a bit pricier than we hoped to pay, and honestly probably $25K or so more than we thought it was worth in that market. But we looked long enough that we knew it was the best house we could find in our budget, and it had everything we wanted/needed and more, including things we thought were long-shots. It was close to family, in a good school district, good for our commutes. So we ponied up and paid what the sellers wanted, and I have never regretted it. We are very happy here and plan to be here long-term. It really is the perfect house for us. So I'm always glad that we didn't pass on the house on the principle of it, because we didn't think it was worth that much from a logical/financial standpoint. It's a good family home, and in many ways, that's priceless.
Also, timing is everything in terms of a real estate "investment." We haven't done any major renovations to the house -- just freshening up, such as paint and flooring. But if we sold it today, we would definitely get what we paid for it, maybe a little more, even. If we sold it in 2011, we would have lost money. So you can never predict when you will want or need to sell, and what the market will be like then.
NewlwedT: Please don't take this in a disrespectful way but you have to be absolutely insane to buy now in Brooklyn or Queens. I just bought on SI South Shore area with Blue Ribbon schools below a million and a new construction. However, it IS an investment and if you have the money, go for it. But you're definitely not getting what you're paying for. You'll probably have to put in another $100-$200K to make that house decent. Good luck!
To OP: I suggest you walk away and find something that you're comfortable with. Even if it has moderate termite damage. If you have a gut feeling to walk away, WALK. Good luck!
Message edited 12/9/2017 7:45:09 PM.
|
| Posted 12/9/17 7:42 PM |
| |
|
newlywedT
LIF Adolescent
Member since 9/11 792 total posts
Name:
|
Re: Advice, support needed! House hunting stinks right now.
Posted by MST9106
NewlwedT: Please don't take this in a disrespectful way but you have to be absolutely insane to buy now in Brooklyn or Queens. I just bought on SI South Shore area with Blue Ribbon schools below a million and a new construction. However, it IS an investment and if you have the money, go for it. But you're definitely not getting what you're paying for. You'll probably have to put in another $100-$200K to make that house decent. Good luck!
I agree - prices are INSANE!
The house we are looking at is a simple 3 bedroom with a SHARED DRIVEWAY and its way over a million :(
But we need to move to Brooklyn for family help (and my work might have me start traveling again so I will be out of the house mon-friday) so my wife will need someone who can stay overnight.
Being a few blocks away from her parents would be good.
|
| Posted 12/13/17 5:01 PM |
| |
|
Potentially Related Topics:
Currently 752810 users on the LIFamilies.com Chat
|
Long Island Bridal Shows
|
