Wasn’t this a BAD buy?
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First οff I know іtѕ nοt mу сhοісе!
Mу parents bουght a house thаt іѕ οnlу 1900 square feet аnd UGLY οn thе outside аnd іn a neighborhood thаt everyone іѕ trying tο mονе out οf. Thе house hаѕ a small laundry room аnd kitchen.
thе neighborhood іѕ аll junky аnd lіkе i ѕаіd thеrе аrе TONs οf houses fοr sale. Mу friend hаѕ family thеrе аnd ѕhе ѕаіd thе kids trow rocks іn thе cars!
Itѕ a four bed 2 bath fοr аbουt 160,000 (ѕο cheep I thіnk thаt whу thеу bουght іt)
Hοwеνеr, don’t уου thіnk thаt ѕіnсе іtѕ a undesirable neighborhood, аnd thе house isn’t bіg аnd іtѕ NOT BRICK thаt іt wаѕ a bаd сhοісе?
Nο resale value rіght?
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If they’re happy and they like the house it’s not a bad decision for them. I’m sure they don’t think it’s ugly and think they got a great deal too.
It’s probably not a bad investment as long as they plan to hold onto it for a while. Soon enough the other homes in the neighborhood will sell and in a few years the values will start to come back. At that point, they’ll be thankful they bought in this market.
It’s very hard for people to overpay for homes these day because most appraisers are being very conservative with values and banks won’t let you purchase a home for more than it’s worth (as long as you’re getting a mortgage to buy the home with).
What are you talking about a 1,900 sf home is a nice size home and who cares if its not brick most homes are wood and $160,000 is not cheap, your lucky you have a home to live in, a lot of people are loosing their homes and a lot of people have no place to live.
Maybe it seems like a bad decision to you but that doesn’t mean it is.
Even though the US housing market doesn’t seem like it will be making a recovery in the next 5 years or so, it’s still a cheap time to buy right now. 1900SF for 2 people (and you, if you live there too) isn’t that small. Also, depending on how much land you have and whether or not it’s allowed, your parents can always add an extension to the home or put money towards renovations.
If they purchased it to live there long term, then no it’s not a bad buy. If they were hoping to flip it, then yes it’s a horrific buy. But just because a home isn’t made with brick or concrete does not mean it’s bad. Homes up to 4 stories (condos especially) are wood-frame and only 5-6 stories and up require concrete, so I don’t know where you get the impression that a home made from anything other than brick is bad. Also, just because everyone is selling has no impact on your parents home so long as they’re not hoping to sell it.
As for resale value, it depends. Are they living there for another 10 years? If so, the neighborhood might change. Seedy areas all over the country are often injected with developer money to clean up the neighborhood. Seedy area now might be new and trendy down the line.