Home Buying in Ruskin>Question Details

Gap71950, Home Buyer in New York, NY

I am looking to retire in Ruskin, Fl. In 3 years. I am considering purchasing within the next 12 months.

Asked by Gap71950, New York, NY Tue May 21, 2013

Ideal home would have been built within 10 years excluding homes built in 2005 & 2006. Looking for home under 140,000. Where are the deals new or existing. If I buy land can I build a 1400 sq. ft home for under 120,000. Last question is there loan money for 10 to 20 percent down?

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If you are excluding home built in 2005-2006 because of the Chinese drywall issue you may be eliminating a good number of great options unnecessarily. You see, enough time has passed that most chines drywall homes have been identified and sellers are required to disclose this information when they list the property.

Additionally, I would recommend that regardless of the year constructed that you present all offers on homes of recent construction with a "Chinese Drywall" addendum. This document should simply state that should inspections reveal the presence of this material that you have the option of walking away from the contract without any penalty. This should cover you on the issue and perhaps increase your possibilities.

New construction is always a good option but it may not represent the best value for buyers. This is why investors are eagerly chasing down resale homes and not seeking new construction. Weigh the pros and cons of this carefully.

I'm not that familiar with the Ruskin market but there are locations in Southwest Florida in which you can find 2000-2008 constructed, 3/2/2 homes in the $90k to $100k range.

Hope this is helpful information for you.


1 vote Thank Flag Link Tue May 21, 2013
There are still homes available in Ruskin and Sun City Center for $140,000 and also vacant lots available in affordable ranges but building for $140,000 or under would probably be challenging and you need to talk to a building contractor to get a better feel for those costs. There are still loan programs for 10-20% down depending on the property and your qualifications but for a construction loan you would have to contact a qualified lender. I have lived in Ruskin since 1985 and would be happy to help you find your dream home.

Cathy Griggs
Keller Williams South Shore
0 votes Thank Flag Link Sun Jun 30, 2013
There are homes in the $140,000 price range. It might be more challenging finding land and building, however, when you choose a Realtor to work with, a search can be conducted. Yes, there is loan money for 10-20% down depending upon credit score, ratios of income to assets and liabilities, etc. I have had a home in Ruskin for the past 7 years and there is opportunity. It is quite competitive in this price range and these types of homes do not stay on the market for very long.

As for Chinese drywall, I listed 49 town homes in one community in Ruskin built in 2006 and 2007. This community did not have Chinese drywall, however, there is an addendum for disclosure/discovery with an opportunity to also hire an expert for testing if you are uncomfortable.

Jennifer Bennett
Sarasota Realty
0 votes Thank Flag Link Tue May 21, 2013

We have many, many ALL CASH investors buying up properties in Tampa Bay.

In the past 90 days in Ruskin there were 16 non-Short Sale homes sold (similar to your price and type )and 13 of of those sales were to ALL CASH buyers. These are the active listings of non-short sale newer homes so it looks realistic that you can buy a nice newer home under $140k:


You may have better luck with a property restricted to Owner-Occupant buyers...Fannie Mae, Freddie Mac and HUD owned foreclosed homes.

To have a new home built it would most likely cost above $155k. Also you have to be careful to watch for extra CDD Taxes and HOA fees because they can add an extra $2k or more to your annual housing costs.

All the best,
Alma Rose Kee, PA
Future Home Realty
0 votes Thank Flag Link Tue May 21, 2013
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