(January 20, 2014 at 3:27 pm)Minimalist Wrote: The question with real estate is always: "Location, location, location."
Neighborhood. Traffic. Schools ( even if you don't need them a future buyer might ).
I live in the next neighborhood over currently (about half a mile from this place) and have cousins that live in the townhouses next to this community - the neighborhood in general is good and my cousins say the condos are quiet and well-maintained.
The complex entrance is off a very busy road but the unit itself is as far away from the road as you can get - maybe a quarter mile. You can't even hear the road from the unit. Behind this unit is a single-lane drive as part of the complex, then the complex property line and then an apartment complex behind some trees. It's not the greatest view or anything but there's not a unit peering directly into this one, though I don't know how often the drive behind this unit is used.
Good schools, but no middle school is listed.
Quote:Do a search for comparable units in the area that are advertised as having been upgraded and see what the prices are. Recent sales are better than real estate listings as the sales give the actual price rather than a wish.
How do you do a search for recently sold properties? Meh, screw it, I'll just ask my Realtor.
Quote:Subtract your cost from the recent sales prices for comps and see if the difference covers your improvements. Remember to factor in that you will have lived there for 3-5 years essentially rent free if you proceed. You can calculate a reasonable cost savings for that by multiplying your current rental costs by 12 and figure out how many years it will take.
Not currently paying rent; I'm living with my folks and they're letting me save the equivalent of monthly rent to my down payment fund, so there's that.
Oh, forgot to mention that the HOA fee is about $195 and that covers exterior maintenance, landscaping, commons, water, sewer, garbage and my total mortgage (assuming 5% which is higher than what I'd probably get) plus HOA fees would be about $790 a month.
Teenaged X-Files obsession + Bermuda Triangle episode + Self-led school research project = Atheist.
