Possibly buying our first home and need some perspective!

posted 3 years ago in Home
Post # 3
Member
525 posts
Busy bee
  • Wedding: October 2014

@phillypheet:  During my summer job I had a peek into the housing market… a lot of people just purchase a “starter” home for a few years and then either upgrade to their dream home (or close to it) or will completely overhaul there small house into a customized home they otherwise couldn’t afford. 

If you watch those ‘property virgin’ shows they may give you some perspective as they are always saying that your first home is rarely your dream home.

Post # 4
Member
545 posts
Busy bee
  • Wedding: June 2013

@phillypheet:  We bought a five year home, three years ago. It’s 1500 sq ft, 3 bedrooms (though 1 is really tiny, like yours). It was at a really good time to buy and the house has gone up in value substantially since we bought it. We bought it in a great neighborhood where we could make a ton of money just renting it out – it’s 1 mile from the downtown, 3 miles from the university, and stores, restaurants, bars, elementary and middle school are all in walking distance. Bus lines are 2 blocks away. We bought it because we felt fairly confident in our ability to sell it or rent it when we need to move or need a bigger place, because not only is the house old, but solid, the neighborhood is really amazing. The more time we’ve spent in it though, we’ve realized we could stay here for a very long time. Many people with families in our neighborhood live in similar space just fine!

Post # 5
Member
1016 posts
Bumble bee
  • Wedding: August 2014

A lot of us can’t afford our dream home! It’s no big deal. My dream home is an open concept bungalow on an acreage or in the forest somewhere…yeah I live in a condo way out in the suburbs! lol 

I wouldn’t worry about the size either, our place is under 900sqft and we have 3 adults and 3 dogs living here with space to spare! 

Post # 6
Member
2882 posts
Sugar bee
  • Wedding: May 2014

A lot of people buy starter homes, and there is absolutly nothing wrong with that.  It gives people time to figure out the home ownership thing with out as big of square footage for things to go wrong in.  For example, if you need to replace a roof, its a roof over 1100 Sqft instead of a roof over 2000 square feet, which is just going to be cheeper.  You’ll get use to doing things like shovling snow (depending on where you are) mowing the yard (depending on where you are) and general maintances. 

What I would suggest, though, is after you purchase it, if you think this is a five year home, put money away that will allow you to help buy your next home in five years.  Also, all if you plan on selling, make sure updates that you make are friendly to everyone, not just what you want.  It might be awesome to turn the spare bedroom into a hooka bar, or media room with a full wall TV, or a million other things that you like, but you need to think about your future. 

Post # 7
Member
2429 posts
Buzzing bee
  • Wedding: March 2012

We just purchased our first house, closed escrow on 12/11.  We bought it from my mom but paid current market value, not like we got a huge discount.  But it’s in the perfect location for us, house prices are on the rise, and they’re currently doing a big construction/freeway project that should finish in the next 5 years that will also make home prices rise.  Now it’s not anywhere near my dream home.  It’s 1100 sq ft. 3 beds, 2 baths, good size back yard but smaller kitchen and dining room.  One of the bedrooms is tiny, we barely fit the nursery furniture in there but it would work for a baby.  Our plan is to be here for about 5 years, I’d love to move before our kid starts school (I’m currently pregnant) but if not the schools here are awesome.   It works for a starter home and if we decide to only have the one kid it will be fine forever.  Things would get tight with two kids here but we could make it work.  I had no problem buying a starter home with the intention of fixing it up a little to resell in the future. But I also made sure that if somethng happened and we were unable to afford to move we would be able to make this house work for us.  It’s a totally scary process but now that we’re through it I’m so happy to actually own a house and not be renting anymore.

Post # 8
Member
2062 posts
Buzzing bee
  • Wedding: August 2012

@phillypheet:  Our first home was a our dream home. Kind of.

We had to do a ton of work to get to where we love it. Now, life is taking us elsewhere and we have to move out. Sometimes, I wish we would have bought a starter home. I will know more when go to sell because we have basically “flipped” it so it may make us money?

Bottom line: I think a starter home may be a great decision.

Post # 9
Member
6273 posts
Bee Keeper
  • Wedding: October 2013

@phillypheet:  i searched for my house from november to april, 5 months.  everyone said when you find the one, you will know.  i found a lot of maybes.  but when i did find the one, i knew it was it.

i know people who spend a year looking for the perfect house.

now, with mold, i would get out of there sooner than later.  but i would also wait until you find one you love instead of compromise.

 

Post # 10
Member
278 posts
Helper bee
  • Wedding: August 2014

I’m in this same situation we are looking at homes based on FIs income alone due to my loans and not wanting to be house poor. Where we lIve is a pretty expensive area, cost of avg house sold is about $370k. Our budget is obviously less than that being new grads. We have found newer “up to date” houses- likely not well crafted that are small 1200 sq feet. I know that if we buy one like that we will have to move in 5 years or whenever we want kidS. Now we are exploring the option of older, larger home. For almost double the size but would need a little work. nothing structural but paint, new appliances, maybe counter tops. I think if I am able to stay in this house longer I will be better off in the long run even if it’s a lot of work at first. Good luck to you !

 

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