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Buying A Home


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JRV

 
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Is it a bad idea to buy a home in an area that has a bunch of foreclosures? On the one hand you can usually get a good deal on a home in that kind of area but on the other it can be kind of creepy to see the entire area with for sale signs up.

Good or bad?
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gagnerants

 
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I don't know much about homes and all that since I'm only 19, but with this economy and the foreclosures, it would seem the right time to get your dream home or close to it. That is if you can afford the cost of the payments and everything then I think it is wise. But I have to agree you part of what makes a house into a home is the neighborhood, nothing is more creepy than empty houses.
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Quote:
Originally Posted by JRV View Post
Is it a bad idea to buy a home in an area that has a bunch of foreclosures? On the one hand you can usually get a good deal on a home in that kind of area but on the other it can be kind of creepy to see the entire area with for sale signs up.

Good or bad?
It's a great time to buy a home. Although property values are still plummeting, it is definitely a buyer's market.

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Quote:
Originally Posted by cwa107 View Post
It's a great time to buy a home. Although property values are still plummeting, it is definitely a buyer's market.
exactly, there dirt cheap so nows the time to buy.
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BlueMac

 
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Quote:
Originally Posted by dabears34 View Post
exactly, there dirt cheap so nows the time to buy.



Seeing as you have the finances to pay the mortgage if necessary.

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JRV

 
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I figured it was a great time to buy since property value is going down but is there anything that may happen to the neighborhood if the other homes never sell? I mean there is no risk of a redevelopment type thing is there?
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gagnerants

 
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If the homes do not sell around you that means a lower price on your home, and for as redevelopment goes I do not know, I kinda doubt it in this type of market.
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It's really impossible to say without know the details of the home and community. In this economy there's lots of people losing their homes in all kinds of communities. Buying a home is a serious and expensive purchase. If you haven't already, do some reading up on it because there is much to know and consider. I imagine there's people already publishing books about buying home specific to the current situation.

What I do know if that if I were in a position to buy a home and confident I would be there at least a few years (should be a factor regardless) I would definitely be home shopping. Maybe in a few years from and I just have to hope the prices don't bounce back too much.

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Arustik1

 
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Quote:
Originally Posted by gagnerants View Post
I don't know much about homes and all that since I'm only 19, but with this economy and the foreclosures, it would seem the right time to get your dream home or close to it. That is if you can afford the cost of the payments and everything then I think it is wise. But I have to agree you part of what makes a house into a home is the neighborhood, nothing is more creepy than empty houses.

+1 on buying the home you want...seems like innna few years economy is gonna bounce back up which will cause home prices to skyrocket.

Get what you want now!
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Arustik1

 
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If there are a lotta foreclosures in the area...id suggest offering a lowww lowww price.
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Do you want to live in that area?
Good local Schools, Doctors, shopping?
Does the house have the floor plan you prefer ~ Indoor out door flow ~ view from the living area windows ~ Too much or too little garden / yard area.
Age of plumbing, electrical work, roof and foundations ~ any need replacing?
Can you fix, broken windows, locks, leaks etc. How about wallpapering and painting?
Is good internet access available in the area?
OK that quick and incomplete list is after a life time of owning houses
All the best whatever you decide.

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