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AlbatrossFlyer wrote:as for being a money pit, you WILL be at home depot saturday and sunday of every weekend for the next 2 years. then pretty much every saturday for the next 5 years. then almost every saturday for as long as you own the house.

and remember this, your neighbors DO NOT appreciate sheets acting as curtains.

Home Depot is my Church......you will see me there every SUnday along with the rest of the true believers!!!! And I ALWAYS make a donation....!!!!

Dutch Harbor PH wrote:

SeattleParrotHead wrote:I gotta agree with Marcus . . Location, Location, Location . . . .

If you have an OK house in a nice location, you can always fix up the house . . .
If you have a nice house in a bad location, well . . it's gonna remain a bad loaction no matter what you do to the abode.

I can't cite any stats, but I'm willing to bet that houses in better locations appreciate faster than houses in poorer locations . . .

Appriciation aside..... In an economy like this, location can mean the difference in being able to sell your place vs. not being able to sell it....(Anybody buying homes in DETROIT for instance....????)

Again I make the agrument that all criteria boil down to LOCATION!

depends on the area of Detroit, and there are folks there buying as investments...

I'd go for #3.
My last house was not in the best location and not as big as my current house and it needed some minor repairs.
However it was nice though and cheaper and with the economy nowadays I often wonder how much extra $$ we'd have if we were still there.
Before we sold it we did a few affordable repairs such as adding central air, counter tops, new tub and sink.
All things that were affordable and also things that I wished we would have done while living there.
I'm finally starting to realize that it's not where you live but how you live.

Dutch Harbor PH wrote:

AlbatrossFlyer wrote:as for being a money pit, you WILL be at home depot saturday and sunday of every weekend for the next 2 years. then pretty much every saturday for the next 5 years. then almost every saturday for as long as you own the house.

and remember this, your neighbors DO NOT appreciate sheets acting as curtains.

Home Depot is my Church......you will see me there every SUnday along with the rest of the true believers!!!! And I ALWAYS make a donation....!!!!

Mrs SPH calls it my Home Away from Home Depot . . . . .

#1 sounds like my townhome's description ...

It really depends on what you feel comfortable with... In a townhouse you don't have to worry about the outside of the house just the inside.. so it helps if you don't have to do much inside work... However if you're a do it yourselfer you'd like the second option which gives you more freedom....

Myself I'm not very punctual with outside work so I prefer the townhouse... However it does limit my freedom somewhat in that I have rules about what I can and can't do.... (And heck, for the amount of money that I have to pay each month for "association" fees I could probably get a decent yard contractor)

A townhouse is good if you have either a small family (1 child or none) otherwise the single family home is a better bet...

Depending on the work it needs, #3, especially if you can handle minor repairs and cosmetic updates. You have to be realistic about your skills though so you don't end up with a money pit.

FunkHouse9 wrote:

surfpirate wrote:One of the first "gotchas" I encountered when I bought my first non-townhouse home was how many WINDOWS there actually were and the subsequent window treatments needed. Heck, even cheap pull down blinds added up when I got around to counting the windows.

Then a hundred other small "I never needed or thought of that when I lived in my townhouse" things popped up.

Lawnmower, edgers, wheelbarrel, rakes, shovels, garden hose, etc. general outdoor gardening.

Towels, bathmats, etc. Suddenly we had more bathrooms and all were bare.

Trash cans, indoor and out. In my section of Gaithersburg we have to pay for trash service independently ... it's not part of the county service.

Tools. I always had a small amount, but suddenly I was finding I needed much more to do all of that minor "I can do that" stuff. It added up .... hammers, levels, power tools, and dozens of other things.

Bottom line ... forget #4. Go for #3 and don't under estimate the "small things" like I mentioned above. They'll add up fast.

As a personal side note to you, any thoughts on Montgomery Village? It's the "just okay" location area in #1. It is in a better part of MV beyond the golf course.

I don't know anything about that community, sorry. I did think of another thing though ...... sidewalks and/or a good community playground park area within walking distance. We don't have sidewalks in out neighborhood ... yet ... it's still on the county budget for this year though, and in a few years my daughter will be walking to her high school so I'm hoping they'll put those sidewalks in soon.

When our kids were young, the neighborhood playground was an every day must. And when they were learning to ride bikes, it was nice to have the playground and bike paths to teach them on rather than in "the street". Our backyard is fenced, which is nice for the dogs and also to know that the kids are safe in our yard. I'm actually having a small patio/basketball court put down this week in the backyard (paving 1/3 of it over) so that they can go "outside" to play and remain in our yard. I want to know that they are safe and nearby and that their friends will come to our house to play rather than wonder where my kids have wandered off to, so I'm figuring a small basketball court is a good investment for the age they are now.

FunkHouse9 wrote:

surfpirate wrote:One of the first "gotchas" I encountered when I bought my first non-townhouse home was how many WINDOWS there actually were and the subsequent window treatments needed. Heck, even cheap pull down blinds added up when I got around to counting the windows.

Then a hundred other small "I never needed or thought of that when I lived in my townhouse" things popped up.

Lawnmower, edgers, wheelbarrel, rakes, shovels, garden hose, etc. general outdoor gardening.

Towels, bathmats, etc. Suddenly we had more bathrooms and all were bare.

Trash cans, indoor and out. In my section of Gaithersburg we have to pay for trash service independently ... it's not part of the county service.

Tools. I always had a small amount, but suddenly I was finding I needed much more to do all of that minor "I can do that" stuff. It added up .... hammers, levels, power tools, and dozens of other things.

Bottom line ... forget #4. Go for #3 and don't under estimate the "small things" like I mentioned above. They'll add up fast.

As a personal side note to you, any thoughts on Montgomery Village? It's the "just okay" location area in #1. It is in a better part of MV beyond the golf course.

Hmmm, MV, golf course. I can't picture it. I'll need to google that.

A few things:
1. The needs a lot of work comment for #3. Is it structural things that need to be done (new roof, new siding, etc) or is it things that would be nice to have done (new kitchen, new windows, redo a bathroom)? Home maintenance is one of those things that is more like a marathon than a sprint. There always seems like 3-5 projects you want to start on. Some small, some big. And, I don't know about proficiency with a hammer but you'd be surprised at home much you can do with a little (or a lot) of reading, Internet surfing (not p***) and practice. Trial and error comes into play also. My wife and I replaced all of our cabinets a few years ago and that included take out the old ones, removing the countertops and doing some plumbing. We thought it would be a big job and while it was, we are still married and it got done.
2. I thought when you were BN'er of the week, you mentioned you went to private hs and were considering sending your kid there when she's (I think she was a she) older. I could be completely wrong on all this so if I am, ignore it. If not, you may want to think about that decision in relation to this decision. Of course, you have some time until all that.
3. And like everyone said, don't buy more than you can afford and, imo, try to live close to where you work or close to a tech center; which is probably easy to do in Montgomery County. You don't want to live so far away that you spend hours commuting. But you probably know this.

Definitely take private school tuition in mind when you are buying a house. Tuition generally increases a little each year, and don't underestimate the hidden costs of school such as sports, enrichment programs (piano lessons, etc.) fundraisers, and other fees. Schools are the biggest nickel-and-dimers EVER and the further your child gets in school (and if you have more children) the more time you spend at school and other activities. While you will be nickel and dimed happily knowing your child is getting an ideal education, it kicks your a$$.

I was actually thinking about this last night wondering what I would do in your situation if I could re-do the decisions I've made. With everything but having my own yard (so the kids could just go out back in play), I would really LOVE a really nice townhome in an ideal, as long as the additional ameneties of the townhome were worth it (don't forget HOA fees!!). Aside from that, I would have been much more diligent about saving and waited just a tad longer for a better house in a better location. Remember, you are in this for the long haul (there's a reason why mortgages are for 30 years which is now longer than most marriages). Don't just buy a house/townhome because it seems like the right and married thing to do. Ask yourself what you have to gain or lose by waiting one year, or two, or more.

Hockey Mon wrote:Hmmm, MV, golf course. I can't picture it. I'll need to google that.

A few things:
1. The needs a lot of work comment for #3. Is it structural things that need to be done (new roof, new siding, etc) or is it things that would be nice to have done (new kitchen, new windows, redo a bathroom)? Home maintenance is one of those things that is more like a marathon than a sprint. There always seems like 3-5 projects you want to start on. Some small, some big. And, I don't know about proficiency with a hammer but you'd be surprised at home much you can do with a little (or a lot) of reading, Internet surfing (not p***) and practice. Trial and error comes into play also. My wife and I replaced all of our cabinets a few years ago and that included take out the old ones, removing the countertops and doing some plumbing. We thought it would be a big job and while it was, we are still married and it got done.
2. I thought when you were BN'er of the week, you mentioned you went to private hs and were considering sending your kid there when she's (I think she was a she) older. I could be completely wrong on all this so if I am, ignore it. If not, you may want to think about that decision in relation to this decision. Of course, you have some time until all that.
3. And like everyone said, don't buy more than you can afford and, imo, try to live close to where you work or close to a tech center; which is probably easy to do in Montgomery County. You don't want to live so far away that you spend hours commuting. But you probably know this.

The place is walking distance from Watkins Mill HS. Since you're a Seneca guy, you'll probably know where I'm talking.

RE #1. Needs a lot of work means, for the purposes of the discussion, that the place hasn't had any updates in 20 years. Old appliances, old carpets, old paint/paneling/wallpaper. Perhaps some cosmetic repairs. To make the interior pleasant, we'd need to spend money we won't have for the forseeable future.
RE #2. You are correct about that. Schools have been a part of the discussion in all of this. In terms of high schools, I've got over a decade before that comes about and I'm sure we'll have moved again by then.
RE #3. The place is 10 minutes from my job. I'm currently 30+ away.

As an update, we submitted an offer last night and it was accepted. My question was rhetorical because we were already pretty set on the place we're getting, but I'm happy for the input.

We now have a contract on a quite large townhouse. The interior is amazing! So much better than everything else we've seen. It's like a brand new place. Assuming the inspection goes well, all it needs is curtain rods/blinds. The price is right, especially for what we're getting. It's probably cheaper because of the location. For this county, it isn't the best location, but compared to other parts of the DC area, it's probably still average or above. Our particular spot should be fine. Plus my commute will be a third of what it is now. Outlying areas of the community aren't places I'd walk alone at night, but I suppose these days you shouldn't do that anywhere around here. The place we liked second best was $50k more and wasn't nearly as nice. None of the other 60 or so places we looked at really compared to the two. Money will be tight for a while, but we weren't going to get anything nice for any cheaper. We are counting on the (comfortably) "affordable in 3-5 years" theory, but I think it will be a little sooner than that. It essentially has no yard. However, right outside the door is a good sized grassy area that is community maintained which will basically serve as our ample yard.

So out of the "Price, Size, Location and Quality," the only thing we are sacrificing on is the location, but even this location provides added convenience. Hopefully it will prove to be a good choice!

FunkHouse9 wrote:

Hockey Mon wrote:Hmmm, MV, golf course. I can't picture it. I'll need to google that.

A few things:
1. The needs a lot of work comment for #3. Is it structural things that need to be done (new roof, new siding, etc) or is it things that would be nice to have done (new kitchen, new windows, redo a bathroom)? Home maintenance is one of those things that is more like a marathon than a sprint. There always seems like 3-5 projects you want to start on. Some small, some big. And, I don't know about proficiency with a hammer but you'd be surprised at home much you can do with a little (or a lot) of reading, Internet surfing (not p***) and practice. Trial and error comes into play also. My wife and I replaced all of our cabinets a few years ago and that included take out the old ones, removing the countertops and doing some plumbing. We thought it would be a big job and while it was, we are still married and it got done.
2. I thought when you were BN'er of the week, you mentioned you went to private hs and were considering sending your kid there when she's (I think she was a she) older. I could be completely wrong on all this so if I am, ignore it. If not, you may want to think about that decision in relation to this decision. Of course, you have some time until all that.
3. And like everyone said, don't buy more than you can afford and, imo, try to live close to where you work or close to a tech center; which is probably easy to do in Montgomery County. You don't want to live so far away that you spend hours commuting. But you probably know this.

The place is walking distance from Watkins Mill HS. Since you're a Seneca guy, you'll probably know where I'm talking.

RE #1. Needs a lot of work means, for the purposes of the discussion, that the place hasn't had any updates in 20 years. Old appliances, old carpets, old paint/paneling/wallpaper. Perhaps some cosmetic repairs. To make the interior pleasant, we'd need to spend money we won't have for the forseeable future.
RE #2. You are correct about that. Schools have been a part of the discussion in all of this. In terms of high schools, I've got over a decade before that comes about and I'm sure we'll have moved again by then.
RE #3. The place is 10 minutes from my job. I'm currently 30+ away.

#1. Then don't buy it. Not only will your house need those things, your kid will need things, too.
#2. Don't be so sure. Our 3 year house is going on 6 years, and will likely see 7 or 8 before we move. Time gets away from you. An unforseeable medical condition (two, actually) were things we had to deal with and pay for instead of making improvements to our home.
#3. That would be a rockin' commute. I spend over an hour on the road before I get to work after dropping off two kids at various places around town. I would *love* a ten minute commute.

Make sure you read the HOA rules carefully.

Our only townhouse experience was an end unit in a small complex. We lived there three years with zero problems. They were pretty flexible about letting us plant an herb garden along the side, setting up soccer nets for our son, and placing our deck set out on the lawn when we were having BBQs.

The big surprise came in the third year. We have a Harley and had used it many times with no problem. Then a kid started riding a dirtbike up in the woods behind the complex and suddenly we had a note about the HOA prohibiting "recreational vehicles". They kept insisting that they didn't care that DMV does not classify motorcycles as "recreational", for HOA purposes they are. We were challenging them on it, even had free legal advice from HOG (not Larry) and several attorney friends. It could have been a messy (but fun) little battle but then we were relocated anyway.

Lesson: read the fine print.

Good job, sorry I missed this thread completely, was out of town.

I am in the mortgage biz, if you need any free advice contact me.

Rates are great and hopefully, you did buy what you can afford today and what you can afford, should someone loss a job.

docandjeanie wrote:Good job, sorry I missed this thread completely, was out of town.

I am in the mortgage biz, if you need any free advice contact me.

Rates are great and hopefully, you did buy what you can afford today and what you can afford, should someone loss a job.

I have I believe 20 days to secure my financing. I am pre-approved right now with one place and am looking at about 4.75% with 1 point. I hope to shop around a little, but have very little time to waste.

buffettbride wrote: #2. Don't be so sure. Our 3 year house is going on 6 years, and will likely see 7 or 8 before we move. Time gets away from you. An unforseeable medical condition (two, actually) were things we had to deal with and pay for instead of making improvements to our home.

Seconding this- Tom bought this house thinking he would stay 3-5 years, then move up. Well, life happened. He'd been here six years when we met, and when I moved the deal was to leave the state about a year and a half later (that would have been October of 2007). The market got a little tougher about a year in, so we started remodeling to make it easier to sell. I've been here over three years now, and even after a complete remodel, I'm not sure we could sell the house at all. Most of the comps within the last six months were foreclosures going in the 25-30K range. We're looking at at least another five years, a short sale, or walking away.