I think you've answered your own question in putting your concerns in writing. If you think the road, the traffic volume, the updating, etc. are concerns, so will a future buyer. You can correct the kitchen issue by throwing some money at the project but you can't change the location. That $8,000 tax credit is going to seem tiny in comparison to the potential issues down the road. I wouldn't buy anything just because of the credit, which may or may not be extended.
I'm not sure where he's looking but in central Pinellas to the northern part of the county there are some very decent houses for sale betweeen $140-165k. Most won't have pools so I don't know if that will sway your son one way or the other. I just took someone out this weekend looking for something like he's looking for focusing on Dunedin. We looked at about 10 houses & my buyer made an offer on a very nice house listed at $150k.
If your son doesn't already have an agent & if I can be of any help you or he can contact me by email or phone.
Prudential Tropical Realty
727-799-2227 ext 223
My organization works with clients like your son to get them into a house that they want to get into...please check out our our website or please feel free to contact us.
I agree with James and Annette. Don't base your purchase on the tax credit, which may or may not be extended. In making your list of pros and cons which ones out weigh the others? The days of "flipping" for a quick turn over are over (thank goodness). He needs to look at what he can live with, what he can improve, and what's not fixable. Living on a main road has a lot of obstacles to overcome- getting in and out of your driveway, safety for children, & noise level to name the main ones. Being in his 20's this will most likely not be your son's only home. These concerns will become his obstacles when he goes to sell down the road, even if he completely updates the inside.
Have his agent do a custom search based on what he's looking for, maybe broaden the area a little. If you are not working with an agent already, I have a free service called â€œListingbookâ€, which I provide for my clients. It is like a back door into the MLS which updates daily: price changes, solds & withdrawns, allowing you to really be able to follow and learn the market. I set up a basic search according to your guidelines. Once you are in, you can change the parameters as you need. If this is something you would be interested in let me know.
Broker Associate, GRI, CDM
Prudential Tropical Realty
Chances are better than 50/50 that there will be some sort of buyer tax credit for 2010. We shall see exactly what Congress can do.
I think he should not let the tax credit be the driving force when buying a home. He should take his time and get the home he wants to live in for years to come.
What a historic position this is for your son. Good home values, low interest rates, and the first time home buyers' credit, all combine for great home buying opportunities. Work closely with your professionals. Good job, and good luck with your offer!
James has provided you excellent advise. At the price point in which you are looking there are good properties available.
I specialize in Dunedin, Palm Harbor and Tarpon Springs single family homes. Take a look at what is available by searching the same way I do. Sign up for a free account at http://www.MyListingbook.listing.com
One word of caution..if you see a home you really, really like, you need to know others will really, really like it too. Homes of good value willl sell quickly.
ReMax ACR Elite Group, Inc
727. 420. 4041