Opinions on Buying a New House

Old 02-01-2021, 07:24 AM
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Don’t think of it down grading! Getting your finances in order is an UPGRADE!
You will have less stress and a secure future for your Family. You’d be surprised what you can do in a couple of short years if you are smart with your money,
You can always buy more toys...
Old 02-01-2021, 07:33 AM
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Originally Posted by LongIslandFisherman View Post
The low rates have increased home prices here by 20% recently the rates recede prices will probably stabilize and go down....people buying now might be in difficult position in a few years if they want to re-sell....strongly suggest a home purchase, in the current market, be someone's forever home....
I'm also a possible buyer, I have serious concerns on listing prices and borderline hysteria I'm seeing in SWFL. Keep the Caution comments coming, my gut says to sit this out for a minute. I'm CONSERVATIVE/FRUGAL financially- I have a $20k bayboat as a reference point.
Old 02-01-2021, 07:44 AM
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I vote for option #2. My wife and I are 30 and debt free except for our mortgage. Without a ton of debt we weathered this past year (pandemic, first child born, loss of a job) pretty well financially. We had plenty of stress but paying the mortgage was not one of them.
Old 02-01-2021, 08:29 AM
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I am also in a similar situation in Charleston SC, home prices are crazy high with little to no inventory. A house on my street just went under contract in 48hrs with three offers all over asking price, and the house was priced high initially. We purchased our first home 3 years ago with the intention of buying or building a larger home as our family expanded. Now with a 2 year old, and thinking about another child, we feel that a larger house will be a must with child number two being in the works in the next few years. I am thinking about buying a lot a little outside of town and building a new home on a few acres. I would have to rent in the mean time which would be a temporary additional expense but we have money set aside to do so. Also our child would more than likely have to attend private school based upon where we decide to build, so another added expense. What do yall think about selling while the market is hot and building? Interest rates are low but building materials are high.
Old 02-01-2021, 08:42 AM
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I've never seen the allure of big houses. Everything is more costly: maintenance, utilities, taxes, etc. No matter the size of your house, you only spend your time in certain parts of it, typically. I grew up in a very small one-story house. I now live in a two-story house around 2500sqft. with wife and two kids. I could easily live in a smaller house. Now, I will say, it's nice to have a big lot, i.e., space outside. As far as building a new house goes, I don't think I could ever put up with that frustration. Unless you're building super high-end(and paying accordingly), you'd have to find one of those unicorn contractors that isn't a total shitshow to deal with. As for location vis a vis schools, I'm a big fan of public schools for many reasons but the cost of private is a key concern. If I found myself needing more space, I'd just add on to my current house when the market cools a bit. Right now, you'll get hammered.

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