have very good credit, minimal debt, and this will be our first home purchase (FHA loan). His parents house was built in 1992, and the houses we are looking at are comparable in price, but are much larger, and built within the last 4 years. Should we take advantage of the buyers market, and buy a different house? Or settle and buy his parents house?
Hi Slpknt--You'll be taking advantage of the buyer's market, regardless of which home you choose. You're not saying, are you, that your future in-laws are pricing their property above the market? Have your in-laws had their property on the market for awhile? If you do decide to buy it, have your realtor do a market analysis on it (or get an appraisal) to reassure yourselves that you're not overpaying.
I agree with my colleagues here--the most important thing to remember when buying real estate is location. I would personally rather have an older, smaller house (that I can update and add on to) in a great area, than a brand new, large house in a less desirable area.
Now, if neither of these houses is in a great area, keep looking. That will give you a good excuse to refuse the "generous" offer of your in-laws to sell you their house. Hopefully, your fiance can make this pronouncement without causing bad feelings. Actually, this is a good barometer of how things are going to go over the next 20-30 years in your relationship, so look on the bright side. It'll be a learning experience!
In any event, if you don't like the in-laws' house, just say no. Let them put it on the market and sell it to someone else. The last thing a newlywed couple needs is to live inside the daily source of ill-will. This is not just his leaving up the toilet seat or squeezing the toothpaste from the middle!
Happy House Hunting and best of luck in your marriage. When's the date?
Louise Warring, e-PRO, CSP, CNS
Coldwell Banker Residential Real Estate
This is a tough question, especially if your fiance's parent are putting a little pressure on you to purchase their home. Questions you should ask yourself would have to include some personal ones, like, "If we don't buy their home, what would the personal repercussions be over time?" I really think you should try to remain as objective as possible, though. If you feel you are "settling" for less than what you really want if you buy their home, step back and take a couple deep breaths, because you'll feel even worse 5 years from now! That's key! You need to do what's right for you! Try to think a few years ahead, and make sure the home you choose will still be appropriate. Whatever home you decide to buy, do get a proper home inspection by a reputable inspector. Get a proper appraisal. Get as educated as you can about the area, the builders, other comparable properties, conveniences of amenities (or lack thereof!), schools, etc. This is where a good Realtor could help you.
It depends on what you want. Do you like a more established (trees) neighborhood? Which location do you like better and is more convenient for you? Are there HOA's in either community? If so, make sure that they are financially sound and make sure you know what they offer. If you have kids or are planning on having kids-is the 1992 house going to be large enough for a few years? is either neighborhood known for its schools, places of interests, shopping, etc. If so, that may be the neighborhood that will have better resale down the road. Chances are, since this is your first home, that you will resale at some point. If you haven't done so already, put a pros and cons list together.Hope this helps. -Jen Girard-Re/Max Professionals
Buying a house is a personal choice and buying is an emotional decission. Only you can decide how to answer this question. My best advise is to meditate over it. The property that suits the needs of you and your family will be the right house for you.
Ron and Debbie Albert
Coldwell Banker
Bigger and newer does not always equal better. What about location? This is one of the most important factors in real estate. I would also consider the lot size. A huge house on a small lot has a lot of limitations.
I don't ever think a buyer should settle. Hopefully your fiance is on board with you on this decision and you take your time to view every possible option. Don't forget that real estate value is mostly about location, location, location, followed by square footage. Also, if you continue to consider your fiance's parent's home, I might recommend that an appraisal be completed. It's difficult sometimes to do business with family and friends so hopefully everybody involved is able to separate this business at hand.
Best of Luck in your decision and enjoy the opportunity to make a great buy.
Kay Pearson, CRS
Associate Broker
Nettles Coastal Realty
9803 S. Ocean Drive
Jensen Beach, Florida 34957
kay@nettlescoastalrealty.com
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