Home is always a good idea to have it! America wants all the citizens to own their homes. If that home happens to be an old or new does not matter. It reflects the price too.
Just make sure you do all the inspections. Review all the reports carefully. Make sure you get all the work done by the sellers (in this market), or get the price adjustment. Now is the best time to buy a home. Please visit my website at http://www.HomesByCharo.com and read some useful articles will help you make a decision.
Long term plus
1. Pride of Home ownership
2. Equity gain
3. Tax deductions
4. Credit scores gets higher with Mortgage loans paid on time
5. Stop making your landlord rich!
Long term minuses
1. Some maintenance /up keep of home specially older homes
2. Foundations repairs if on Hayward hills in 94542 area as you mentioned
Feel free to call me at 510-381-2105 if you need further assistance
Email me at CharoBhatt@gmail.com
Best wishes to you
There is about 10 months of inventory in Hayward in the 94542 zip code. The prices in Hayward have dropped like a rock. I just reduced a listing I had for an updated home from $389K to $299K. I would say that reduction was more than a rock falling.
Please follow this thread below to see about the prices in 94542 and make your decision on whether or not you should buy there.
If I can help further, please call me at 510-279-9580
Help-U-Sell Achievers Realty
40083 Mission Blvd
Fremont, Ca 94539
When you purchase any home there will always be pluses and minuses regardless of how old it is. My first home was built in 1895 and boy did it have some things that needed fixing! But the good part is all the victorian architecture that my family loves so much!
My best advice to you is to be sure that your Realtor does their due dilligence when it comes to home inspections! Any home can look great from the outside but when you climb into the attic or crawlspace, you can unearth many surprises. Some inspection reports may be offered by the sellers, but beware that the reports are current (within the last 6 months) and done by a reputable company (your realtor should know which inspection companies are good in your area).
Best of luck to you in your home search! Oh, and as a first time buyer, be sure to check out what types of services the city of Hayward has to offer you. Most cities have home buyer assistance programs of some sort.
I don't know the exact home that you are looking at, but I can give you a little advice.
I would advise you to work with a Realtor, I would recommend Coco Lewis in Fremont, 510-505-5554 or her email is email@example.com.
If you have a good credit score (680+) and have saved a down payment of at least 10%, you are off to a good start. You will need to meet with a mortgage broker or lender to find out what you are qualified to purchase, the will do a pre-approval for you.
Are you planning on living in your home for a minimum of 5 years? Does the home that you are looking at meet your needs? If you are married with children are the schools in the area ones that you want children to attend?
Make sure that you get inspections done, if the roof has not been replaced you will be looking at that in the near future. This is an area with homes from the low 500's to over a million dollars, you need to make sure that you have a good negotiator working for you.
(+) you are able to purchase at time when the market has plenty of inventory, prices of homes are lower than they have been in years (East Bay prices have dipped), interest rates are low for solid buyers and Hayward is a good central location for everything in the greater Bay Area.
(-) difficult to qualify for a loan if you don't have good credit, without a good down payment you could pay private mortgage insurance (PMI)
I wish you the best on your home purchase!