Refusing to buy a nice house...

[missionguitars1]

My .02...

1) API scores are HUGE in determining home values, especially when you are committed to the school you live next to (IE, no busing). Unless you're in an odd situation (IE; San Francisco) where no one cares about the schools and are there for other things (arts, work, lifestyle, etc), public school quality will drive your home price and API scores are really the only readily available data to see how the school in your area is. I grew up in Orinda (in the East Bay) and my parents bought when it was a hick town, but had awesome schools. Check out prices there now - might as well be Woodside!

2) Short term flipper + ugly yard next door + more likely than not VERY short-term financing at a high interest rate = a LOT of wiggle room at that price. Also note the point that in that small a time frame, the repairs are probably low-quality and will need to be re-done in the next 5 years. On that note, remember - you're buying the neighborhood and the dirt under the house hoping it rises in value faster than the physical house deteriorates.

3) Like Bill said - talk to the neighbors. That's right - ring the doorbell and introduce yourself. Don't even mention anything about the yard - just say you looking for more info on the neighborhood, is there noise, vandalism, ratio of homeowners to renters, etc - take the time to size him/her up, thank them profusely when you're done. You now have your answer as to whether they're nuts or not...:ROTF:

4) I made the mistake of caving into my wife and buying the "new" house (which of course is an hour's commute to work) and being stuck there for 5 years. When she finally became miserable too, I actually got a "sorry" and she agreed that being closer to where all our friends/jobs/nightlife/good schools were was more important than a "new" house...we moved back to central San Diego and haven't regretted it one bit...

[emperor_black]

Geez, if 38 years-old is "old" then you might as well just build a new house.

THANK YOU! I'll show this thread to my wife.

Thanks for the great points missionguitars1. Tonight we're driving by the neighborhood. I'm gonna try and talk to a few neighbors.

[horns666]

Dude I have a story about my home that would blow your mind..and hers. It blew my wife away and ..well, anyone that's ever seen it. It was built in 1929.

I'll get back to that later..we're doin' a family function at the moment!

[Bert]

I know what you're going through. We went through the same thing in 2000. We ended up buying a house in an affordable area that we really liked (morgan hill) and now send our kids to private school. Yeah, we pay out the ass for that school, but the house was a bargain compared to most other places in SF bay area (at the time anyway). The school has an average student:teacher ratio of 10:1.. and trust me, with these little misbehaving heathens I've spawned, it's worth every penny.

[JACKSONFREAK]

As they say in business. Location location location. If it's the right location buy it. But check the "upgrades" and if ya can find out who did them. if the previous owner did them himself. Is he a carpenter or contractor? And cabable of doing good fast work cus he has a team of guys to help him? Or is he an invester who hires a team of guys to do it. Or whatever. I knew a guy who would buy a house and fix it up . Depending on his visions for the house dictated the amount of time he lived there. He was a contractor and did the work himself. On ocassion with some of his guys. He would do minor work and upgrades all the ay up to comlplete restores and additions. So depending on what info you can come up with on the :upgrades and who did them. Don;t count the house out yet. As the better info rolls in on the house. Your wife should come around and agree with you.
Gil

[Ben...]

As I previously stated (Well, kinda), I think that the quality of a child's education is more important than how old a house is. I agree with the previous statements about talking to the community. You will find out many things just by talking to a few people.

[Joe_Steeler]

Buy the house and fuck the neighbor.

Damn Bill!! one thing at a time. Let's see if ther is some chemistry before he hits the sack with a stranger.

[emperor_black]

[Newc]

Isn't Califuckia embracing the "No child left behind/even the shitheads get As" program? If so, those scores could be bogus just to help property values.

Trade your kid's education for a nice neighborhood? Not me.


Definitely check into the repairs - maybe they were required upgrades to meet the current building codes? Maybe they wired the whole house for wireless internet and excellent cel phone reception? Maybe they lined the walls with tin foil to keep the government from reading their minds? Maybe they fortified the walls to survive a megaquake?

The neighbor may be an old guy who can't tend his yard and has shitty kids that he did everything for but they don't come to see him, they're just waiting for him to drop so they can get the house, fix it up, dress it up, then split the profit.

[emperor_black]

I got some more info on the house. The listing agent says that it was indeed a foreclosed home and that the seller has done all the upgrades using non-licensed contractors (probably illegal immigrants). however, all the upgrades were done with permits and passed all inspections.

Last night we drove around the neighborhood and the next door neighbor with the bad lawn is actually a woman in her late 30's - early 40's. We dint ring the doorbell since it was past 9, but she does not look scary.

[Rich#6]

see she just need a man to mow her lawn.

[Vass]

Isn't Cupertino where Apple is based? Might explain the high costs.

Frankly, I would keep my powder dry unless I *had* to move. Housing prices are going to get worse, not better, in the intermediate term.

We've got sellers in my neighborhood asking June 2006 type prices. If they think they're going to sell within the next year, they're in for a rude surprise.

Vass

[phill_up]

Last night we drove around the neighborhood and the next door neighbor with the bad lawn is actually a woman in her late 30's - early 40's. We dint ring the doorbell since it was past 9, but she does not look scary.

Is she built nice? On a scale From 1 to 10 how would you rate her. There may be a JCF'er close by with a mower!

[emperor_black]

Frankly, I would keep my powder dry unless I *had* to move. Housing prices are going to get worse, not better, in the intermediate term.

Vass

that is right. but rent prices are going up too. I'm already paying $1800 per month for my apartment. My kid cannot go to any good elementary school if I stay here. Its gonna go up at least 100-150 per month next time I renew. If I buy a house around $650,000, my mortage is going to be around $3500. I can also get back some money 'cause its tax-deductible. interest rates are low, some good houses are out there...I think its a good time to buy. Uncertain yes, but still good if you can hold onto a stable job.

[Norton]

Paying the double of your rent for your Mortgage is pretty reasonable, and it's pretty much what everybody does. But, are you confident that you're gonna stay on your job? We wouldn't want you to get into financial trouble.


And for the house prices, I think that it should be a good time because everybody's tryin' to sell their homes. That's the whole thing of the current Mortgage Crisis anyway. One man's (or woman's. I don't wanna be sued by those democrat feminist liberal ladies ) loss is another -insert gender here-'s gain. So, it's a good time to gain advantage from that situation.