JediDefender.com Forums
Community => Watto's Junk Yard => Topic started by: JesseVader08 on February 3, 2006, 09:45 PM
-
My wife and I are experiencing some sticker shock about house prices since we've decided to move to a new city.
We paid $160,000 for our place, a nice-sized 1750 sq ft simple bungalow/rancher style house. In Kelowna, BC, Canada, the houses we're looking at are between $350,000 and $450,000!
For those of you that own your living space, what did you pay?
-
My girlfriend and I bought a one bedroom loft on the third floor of a building right on the edge of downtown Dallas.
It's about 1,100 square feet but it's pretty open and the ceilings are 12 feet high, they were freshly rennovated and the building and units are very nice. We paid right around $165,000.00. They came down around $5000.00 off the asking price, threw in a washer and a dryer, and gave us a second parking space (there were 15 spaces for sale and they were selling for $7,500.00 each).
They're building so many new buildings around and fixing up downtown so much right now that we're hoping to be able to sell in three years for close to twice what we paid.
-
Well, we paid $250,000 (if I remember correctly) for our 6,000ft-ish house. Thankfully, the previous tenants did not complete some of the rooms which were started during the house's renovation in 1998. Had they completed the rooms, the house would have been unaffordable for us, at about $450,000-$500,000.
-
Well I know for a fact here in California I will never be able to afford a house. I would have to stop collecting toys and stop eating. Both I cannot do. ;D
-
We just bought a 2400 sq ft 4 BR, 3 BR Rambler for $212,000. We bought almost the same thing 3 years ago near Saint Paul, MN for $211,900 :P
-
In Minneapolis, our first home was $130,000 in 1998. It was 1300sqf. We put $18,000 into improvements, and sold it in 2001 for $220,000. It was a 1928 story and a half, 3br 1ba, with central air and a detached alley access 2 car garage.
We moved to Salt Lake and bought a 2100sqf. home in 2001 for $219,000. It's a 1937 story and a half Tudor. We remodeled, pouring about $120,000 into it. It's worth around $440,000 today. It's now a 5br 3 ba with central air, tuck under single garage.
-
Almost 3 years ago, we paid $260,000 for a 1500 sq ft ranch style home here in LA. Today, it appraises for $550,000, and it ain't that impressive. :P
-
So I'm guessing living in a relatively small town has it's advantages when it comes to the amount of house you get for the money?
-
You can get more square footage for the price if you want to live in a small town or in a suburb.
Personally, I wouldn't be able ot stand that - hence paying $165K for a 1,100 square foot place right downtown.
Personally I'm perfectly happy in a smaller place but in an urban area like this until I can afford the, 2,000 - 2,500 square foot place without having to flee for the suburbs.
Just the 7 minutes I spend walking to work versus being stuck in traffic for a half hour makes it worth it to me.
-
We built a new 2300 sq. ft. home in 2002 for $165,000. Have since added a sunroom, fence and landscaping. We'll probably stay here for a while.
-
We built a new 2300 sq. ft. home in 2002 for $165,000. Have since added a sunroom, fence and landscaping. We'll probably stay here for a while.
Good price for a new home of that size - I take it you live in the midwest?
-
We built a new 2300 sq. ft. home in 2002 for $165,000. Have since added a sunroom, fence and landscaping. We'll probably stay here for a while.
Good price for a new home of that size - I take it you live in the midwest?
We live in North Carolina -- just north of Charlotte. We were able to build just before the big building boom here. We also were in the builder's final phase in this development -- so we were able to take advantage of some incentives they were offering. The housing prices in Charlotte are outrageous. Our home would easily cost 300k in some parts of Charlotte. Taxes and schools are good in our town/county -- yet we're only 15 minutes from uptown (they don't call it downtown) Charlotte.
-
Well, we paid $250,000 (if I remember correctly) for our 6,000ft-ish house
Good LORD!
In Seattle, you can't even buy a 1200 sq ft 2 bedroom condo for that. I am so jealous.
-
yet we're only 15 minutes from uptown (they don't call it downtown) Charlotte.
That's awfully positive of them.
-
Jesse,
You need to clarify a point on the square footage. Many homes either don't have a basement or the square footage doesn't include the basement in the square footage of the house as it is listed by real estate agents. That varies by market.
By way of explanation: A 2000 square foot two storey home will have 1000 sq ft on the main floor and 1000 sq ft on the upper floor. If there's a basement it's about the same size (yeah, usually a little smaller but for ease of calculation...) so an additional 1000 sq ft. In total you have 3000 sq ft. but in some markets it may be listed as 2000 sq ft because the basement isn't considered (for tax purposes or whatever) as part of the listing information.
Either way you picked a damned expensive place to live. We've looked at Kelowna in the past as well and honestly the housing, for what you get, is nuts.
To answer the original question, we're building a house currently, 1200 sq ft per floor, including a basement (so 3600 sq ft total) and it'll run us about $280,000 when all is said and done. That's brand new though, with high efficiency furnace, central air, central vac, hardwood floors in kitchen/dining room/foyer/breakfast area. The basement however is not finished.
-
The basement however is not finished.
But you'll be "finished" when you start filling up that basement and the Mrs. sees how much stuff you truly have! :P
Back to the topic at hand, I believe when we bought our house (2001), we paid about $180,000 for it. It is a 4 Bedroom, 2 Bathroom split-level house (built in 1987) - about 2100 sq.ft. total.
Since we bought it, we've replaced all the bedroom carpet with Pergo, repainted/remodeled both bathrooms, built a deck (http://www.jedidefender.com/yabbse/index.php?topic=4603.0), and totally re-landscaped the backyard.
Upon the latest inspection/appraisal we had done (last summer for insurance reasons), we learned that it is now worth about $265,000 now so we are pleased. and planning on staying put for a while. :)
-
yet we're only 15 minutes from uptown (they don't call it downtown) Charlotte.
That's awfully positive of them.
Yeah, they seem to think is sounds so much more positive and upbeat ::)
-
It is a 4 Bedroom, 2 Bathroom split-level house (built in 1987) - about 2100 sq.ft. total.
Since we bought it, we've replaced all the bedroom carpet with Pergo, repainted/remodeled both bathrooms, built a deck (http://www.jedidefender.com/yabbse/index.php?topic=4603.0), and totally re-landscaped the backyard.
Upon the latest inspection/appraisal we had done (last summer for insurance reasons), we learned that it is now worth about $265,000 now so we are pleased. and planning on staying put for a while. :)
Jeff -- with your rapidly expanding family sounds like you guys are set it in the housing department. Its nice that you don't have to worry about looking for a larger home -- yet ;)
-
The basement however is not finished.
But you'll be "finished" when you start filling up that basement and the Mrs. sees how much stuff you truly have! :P
Shhh, it's my 13th anniversary today, don't jinx it :-X
-
Jesse,
You need to clarify a point on the square footage. Many homes either don't have a basement or the square footage doesn't include the basement in the square footage of the house as it is listed by real estate agents. That varies by market.
"Varies by market" is right. I was so confused about the square footage when we started looking because in Kindersley the basement isn't included in that amount. So a 1750 sq ft bungalow is actually 3500 when including the basement. However, in Kelowna, the only part that isn't included in the "official" square footage is an undeveloped part of the basement, ie. the furnace/utility room. So a 1750 sq ft house could be 3500 if the basement isn't developed, but if it is, the total may only be 2000 sq ft. Annoying to say the least.
We've since started looking in Winfield, a town 10-15 mins north, and the houses can be up to $100,000 cheaper for the same house in Kelowna. That's a lot of SW figures my friends.
-
Since we bought it, we've replaced all the bedroom carpet with Pergo, repainted/remodeled both bathrooms, built a deck (http://www.jedidefender.com/yabbse/index.php?topic=4603.0), and totally re-landscaped the backyard.
Your pictures aren't linked on page two anymore, sunshine. >:(
-
Your pictures aren't linked on page two anymore, sunshine. >:(
Apparently, links don't last forever...
Try these:
http://www.jedidefender.com/images/jlsdeck/sidedeck.JPG
http://www.jedidefender.com/images/jlsdeck/landing.JPG
http://www.jedidefender.com/images/jlsdeck/sideview.JPG
http://www.jedidefender.com/images/jlsdeck/back.JPG
http://www.jedidefender.com/images/jlsdeck/backview.JPG
-
Wow seems like you guys in the US get good deals on houses as well
The current place i'm in cost us $315000 and its just on 320 sqm which works out to around 3444 sq ft , block size is only 700 sqm but its closer in to stuff, our previous place we built in 96 was on an acre of land and around 3000 sq ft all up it only cost us $187000 we sold it last year for $320000.
-
Man, that deck kicks ass Jeff!
Makes you feel all warm and fuzzy on the inside when you build something like that with your own bare hands, doesn't it?
-
We got an old bungalow (100 years old) in intown Atlanta for a steal 6 years ago, at $54,000. We did about $30,000 in renovations, so now we're looking at, maybe in a couple of years, getting 4 times what we paid. :o The house next door, formerly home to a wanted guy named "Angel", just sold for $259,000, and its a similar construction.
Seems so amazing, until I hear about how ridiculous the market has been in California during the same time period. I shutter to even check home prices there. Overheated! Same in other big cities. It is good to note just how much more house you can get in other areas, but I like where I am now.
Things may cool a bit now, since interest rates were so low for several years.
-
House prices are so hard to determine. In the Northeast where we live, it is one of the top markets in the Country. Right before 9/11 we bought a home with 1700sqft. It was a split on a 1/2 acre of land. 3 Bedrooms, 2 Baths, 2 Car Garage, Finished basement, Open Concept Living, Dining, Kitchen with 20 foot high ceilings, Fireplace and a nice small deck in the back. Price? $129K. Our mortgage at the time was financed with a 8.25% 30 year loan. Two years ago we refinanced for 5.125% and signed a 20 year mortgage. So our mortgage dropped from $800 to $600 a month. Our house was just listed at having a $250K value according to the town. That doesnt even count as the $25K we put in for home improvements over the last year. We had considered just recently moving into a bigger house which would force us to move a bit farther away. We could of sold the house 6 times over in a week, so people do have crazy money to piss away. Either wait til prices drop or move a good distance from the city like we did I dont see how people can afford them nowadays unless you make 6 figures or both the wife and yourself working ??? It aint easy.
-
Ooh, another big difference between the US and Canada with respect to homes:
In the US your mortgages tend to be very long term at relatively "low" rates. North of the border rates are typically higher though we just signed a very good rate at 5.3% for 10 years. Prior to that the longest I'd held was a 5 year mortgage which is considered long term here. Banks won't usually give anything longer than 10 years so seeing those 20 or 30 year mortgage terms is pretty amazing. I'd love to have Jim's mortgage that much is certain. BTW, I negotiated fairly hard on the mortgage as well, the "listed" interest rate for a 10 year mortgage is 7.4% :o
Another huge difference between the US and Canada as I understand it is that your interest on the mortgage is tax deductible in the US. In Canada it is not (you REALLY want socialized health care?) so there's no tax break there at all. Mind you I believe you pay tax on your income tax return whereas we do not. I'd prefer the US option.
-
I'd love to have Jim's mortgage that much is certain.
The only thing that sucked about getting our low mortgage is that we refinanced 4 times in one year. Because at the time rates kept going down. Fortuneately the closing costs were not too bad each time since we stuck with the same bank, lawyer etc. With 18 years left on the mortgage we are finally seeing the principal grow. We actually hope to have it paid off within 10 years.
Best advice someone gave me and i'll pass along is: try to stick in just one extra payment a year on the principal. You'll drop several years off.
Owing a house is a no brainer IMO. We rented for the longest time and it really is just pissing money down the drain. A couple pieces of advice for new home buyers. Pay off all your credit cards beforehand. Have enough down payment to eliminate your PMI. And put as much cash down when you purchase even if it means taking money that was put away for other reasons. I unloaded all my accounts from childhood, trust funds, stocks, etc. This allowed me to put 30% down right off the bat. Sure we were totally broke for about a year but it was all worth it. We had no kids at the time, our cars were paid off, etc.
I actually went to some finance classes beforehand regarding buying a home. They can offer some excellent no brainer ideas.
-
Something we did the second time we bought to eliminate the PMI (Private Mortgage Insurance) was to get an 80-10-10 loan. We got a primary mortgage for 80% of the value, a 2nd mortgage for 10% and we put 10% down. Saved us about $140/mo on our mortgage. I think they also have 80-15-5 loans too. Why pay the PMI if you don't have too?