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I'm considering purchasing my first home and don't know which move would be the smarter one. I have two pets, a small dog and cat, and two children. My oldest is about to start college and won't be home often, my youngest is only 11. I'm currently looking at two houses: A smallish 2BD, 1BT with no basement and a small attic. It has a detached garage and a medium sized yard. It's 79,900 but could probably be negotiated down to 70,000. I would want to add a fenced in yard, another bathroom, and another bedroom. It's not really so much of a fixer upper as it is something I would like to fix to match my wants/needs. A larger 4BD, 2BT with a bigger fenced in yard and a full basement and garage. This one is 139,000. Would it be smarter to buy the bigger one for almost double and leave it as it (it is a very nice house) or would it be better to buy the smaller one and accomodate it to my needs?
The correct answer is neither house and here are a few things for you to think about and why I say that. First, you stated that this would be your "first house" and so how much experience do you have remodelling a house that would require MAJOR construction with permits for the additions that you want to add? Have you EVER been thru the permitting process? Have you EVER worked with a general contractor? Can you read blueprints? Adding a bedroom, a bathroom, and fencing the yard are USUALLY way over the head of a "first time homebuyer". Secondly WHY would you NEED to buy a house THEN rebuild it to suit your needs? If you haven't heard there is a MAJOR housing slum going on across the country and PROFESSIONAL homebuilders are selling their current inventory of NEW homes for cost Grand Bay LESS, ( depending on your location and market). So why create something at a higher cost then you can find ready to move into in your local market unless you have a TON of experience or ARE a general contractor and can build for less then the general population. THEn you go to the other extreme and jump the price to TWICE as much money. A dog AND a cat do NOT "need" their OWN bedrooms. So what happened to all the 3 bedroom homes in your market? Tell me that these are your ONLY 2 options within a reasonable distance. The current foreclosure situation was CREATED by people buying TOO much house with TOO little cash and with weak credit so IF you want to join thier ranks then by ALL means, overbuy for your needs. Spend on the biggest possible house you have little use for. NOT a great plan. There are more houses on the market now then ANY time in the last 10 years (in most markets); so here is a short list of things you MAY want to consider doing... 1. Get PREapproved for a FIXED rate loan that you CAN afford NOT only the payments but also the taxs, the insurance, the water, sewer, trash, electric, heating, HOA fees, etc. Price check utility rates based on your location. Find out how much insurance and property taxs should cost. Put together a monthly BUDGET and see how much house you can afford. 2. Take the "affordable house payment number" and CHOP 30% OFF OF IT. THIS is then the REAL monthly payment you should be trying to get and THAT will tell you the purchase price range you should be looking at. 3. Interview 10 real estate agents in you city. If you live in a small town then MAYBE only 9 but you get the idea. Most real estate agents have NO CLUE about what a REAL bargain on a house is. First clue is IF they say things like "cute", "charming", etc. then they are SELLING a product and are looking for THEIR best interest in the form of a commision check. A GOOD agent will say things like "$ per square foot", "days on market", "below comps" and help you find a house that will suit your needs at a BELOW market price in better then avg market condition. House prices in MOST markets are falling and you should NOT be in a rush to buy. LEARN what you can afford, then LEARN your local market, then LEARN how to KNOW, I repeat, KNOW the numbes of the deal. Falling in LOVE with paint color or how "charming" a house is a great way for a realtor to make money and a great way for you to join the ranks of the people saying "It's the goverments fault that I am in forclosure".
My sense is that it would depend on whether you have the money to make the necessary addition of the additional bedroom and bath. To have this done may be quite costly ($20-30K or more approximately). If you don't have the money to do this, then buy the larger home which already has the space you need, if you qualify for the higher price. Even though it is more expensive, it might be worth not having the hassle of improving the other home. The other factor will depend on your real estate market, as well as the location of the two homes. The old adage, "location, location, location" is not just words. You need to look at what school area each home is in and other factors relating to the re-sale value. I would recommend having a buyer agent who is knowledgeable about the market. Your agent can do a market analysis on both homes to assure that you don't pay too much. You also need to be prequalified by a lender. If you decide on the small home, it may be possible to get a loan that will finance the improvements you want to make. The FHA 203K loan does exactly that. It used to be kind of clunky with a lot of requirements, so almost no one did these. But the process has been streamlined so it is now easier. Nevertheless, you will need to find a lender who can do this type of loan, which may be difficult. Wells Fargo in my area does this type of loan. Basically under this type of loan the appraiser will appraise the home as if all of the improvements have already been made. The difference between the amount you are actually paying for the home and the appraised value (after improvements) is what you would have to work with to make the improvements. You will need to get bids for the improvements to see how much they will cost. In many ways this is like getting a construction loan for a new home. Then you will make "draws" to pay the contractors do make the improvements. Hope this helps.
Just remember that adding on isn't so cheap anymore and the price of building is shooting up. You also have to be sure that you can build where you want to build and do what you want to do to the smaller house. There may be restrictions of one type or another so you might want to contact where ever you get your building permits. It's smarter to buy what you can afford and something that won't depreciate quickly. Property is over priced and losing value quickly these days. Be very sure to not get yourself in upside down with your loan like so many others these days.
#2 You don't want to have to go through all the mess of redoing the house. Add-ons can get very expensive very quickly. You could end up paying more for the add-ons then for the bigger house. You would also have to live in that space while they are doing all that work and believe me it will be a headache. Get the place you can be comfortable in from the beginning it will really save you alot in the end.
The realtor should have specific information about what the houses in the neighborhood sold for. You need to see an appraisal of the property. The value really depends on the housing market in your town. In my neighborhood the houses are selling for the same amount as they were 3 years ago. No real growth in market value. My friend is in Florida and the $250K homes in foreclosure are selling for about $80K
First off where are you finding these houses, i live in pregon and a one bedroom goes for like 175,000 I would go with the smaller on elisted at 79,000 that you think you could get for 70,000 with the smaller house you will have smaller taxes, smaller utility bill, smaller monthly mortgage payment, easier to re-sell.