Question about buying a home

[October2008bride]

Hellooo everyone.

Well, since my last house thread (where we lost the bidding war) we have still been looking and are stuck. Here is the situation.

We have been looking in two particular areas.

Area 1: Lovely neighbourhood near a big park. Houses around there are nice but really expensive for what you get. Good schools, everyone has a dog or a kid.

Area 2: More ''urban'' - bigger Victorian houses, definitely not as kid friendly, but walking distance to downtown. Close to transit. More ''up and coming'' so potential for growth is better.

We have the option of buying a home in Area 1 or a home in Area 2:

House in 1: Nice home. Standard layout, 2 car parking. Probably about 1500 square feet. Kind of small rooms (master bedroom is fine). One bathroom on 2nd floor might be a bit small without room to grow). Couple who lives there now has one baby with one on the way which is why they are moving.

House in 2: Huge (i.e. 3000 square feet), beautiful home. Stunning interior. 4+ bedrooms that are massive. Gas fireplace. (I will add pics below). 1 car parking. (we only have one car). Gorgeous bathroom. Sunroom.

Clearly house 2 is a better ''house'' but the neighbourhood isn''t as established. We are not planning on kids soon at all (if ever) so that isn''t a big concern.

I know generally everyone says location location location - but I''m just wondering if there can be a balance?

Anyways - let me post some pics and let me know if you think House 1 or House 2.

Both are the same price.

 

[October2008bride]

House 1

 

[October2008bride]

House 1 Kitchen

 

[October2008bride]

House 2 formal living room

 

[October2008bride]

House 2 Dining Room

 

[October2008bride]

House 2 Kitchen

 

[October2008bride]

House 2 Master

 

[Dannielle]

They are both STUNNING

From the tone of your post it seems like you are more keen on #2?

I have no opinions, because I love them both!!!

 

[Italiahaircolor]

House 2 for sure.

 

[fisherofmengirly]

Is there one house that when you and your husband close your eyes and think of living in, seems more real? Like it''s where you''re supposed to be? That''s the house for you!

Both are lovely!!

 

[neatfreak]

I also really love 2. And I have to say that it sounds like #2 HAS a great location (walkable, close to transit, etc.) just not the type of family neighborhood that everyone usually wants.

We also love walkable neighborhoods-so that is what we are looking for. But we are looking in the bay area so we can''t afford anything nearly as nice as those! Those both are gorgeous!

 

[elrohwen]

Definitely house #2! I think if you currently had kids or were planning to have them soon the kid friendly location might be best; but for a young married couple, I would prefer location 2, honestly. Sounds great! And the house is absolutely beautiful. I live in a 1500sqft-ish place right now and it''s starting to feel smaller every year we''re in it. Go for the big beautiful house!

 

[KimberlyH]

House 2, without a doubt. I have to qualify my answer with this, though: we live in a beautiful house smack in the middle of suburbia and plan to move to a lesser house (potentially in a still gentrifying neighborhood, we have four selected and it will depend on what is available at our price point when it''s time for us to buy) because we want to be closer to our big city. We plan on having children, but would prefer to raise them where we''re moving, as opposed to where we live.

 

[Bia]

House # 1 looks like a great house! House # 2 is gorgeous (I love the color scheme). It really depends. I wouldn''t want to overpay for a house just because it''s in a more suburban neighborhood. A lot of families are moving into the more urban, trendy areas, especially here in NY, because you get a lot more bang for your buck. So...I will have to agree with everyone else, house # 2!

 

[October2008bride]

Wow - these really weren''t the responses I was expecting! I for sure thought everyone would say location location location!!

It is hard - house 1 excites me about the location, but not the house so much (yes, it is very nice and really lovely and nothing wrong with it) and house 2 is a super exciting house (i.e. when I left the first time I thought ''I WANT that house'') but the neighbourhood is more of a risk.

Hmm..

We are going to see house 2 again tonight and we''ll have to decide, because for both of them if we don''t buy the sellers are going to put them on the market again (house 1 is a private sale from a friend''s brother, and house 2 had conditionally sold and the deal fell through).

Any more opinions would be great

 

[Lauren8211]

It''s really hard to say. IMO, 3000 sq feet is way too much for me. I like smaller, cozier houses. I also like parks, because we plan on kids and dogs. I''d probably choose house #1, assuming you could still walk to downtown. (Important for me!)

If you don''t really care that much about the location (as in, you''re happy in either place) I would just go with the house you like better. You don''t need a ton of space since kids and dogs don''t seem to be part of your plan, so truly, either house would work.

 

[Burk]

I think they're both beautiful. Sounds like you really love number 2. I guess for me, I wouldn't move into a house I don't love just for location. It's hard for me to relate, though, because I live in the midwest. Is there a possibility of waiting to see what else comes on the market? Can't wait to hear what happens. We're in the process of building a house right now because we couldn't find the right house so I can relate somewhat.

 

[purrfectpear]

House #2.

The kitchen in house #1 looks like it was a budget remodel (kept old cabinets, did a "reface"). In addition, although it''s a family friendly location, the owners are already moving because they''ve deemed it too small for 2 kids. I don''t think the resale would optimal even with "location".

I would prefer the location on #2 myself, especially since you mention that you aren''t particularly planning any massive breeding.

 

[kama_s]

Close to downtown is important to me. And you say the area will develop soon. That said, I also love the cozy feel of house #1, and 1500sqft is more than enough if you dont plan on having kids. They both look amazing, so ultimately it's going to be about what's most important to you.

I'm SO curious to know what neighborhoods the two houses are in (I have my guesses!). We've been talking a lot recently about buying a house, probably in the next 2 years.

 

[allycat0303]

Hi October,

This is a really hard decision!!!

I picked my house uniquely based on location. Having lived in an apartment where the location was less then ideal, we were really looking for something in a good place.

I would ask myself: "What is the single most important factor in my house" List, all of your answers in order of priority. And if the first answer on the list doesn''t apply to any of the houses, keep going down the list until your important factor clicks with the house.

Some other questions I would ask myself:

a) Is neighborhood 1 one of those old, established, loooong running things? Like Westmount in Montreal? Where houses hold their value NO MATTER WHAT?
b) Is this your forever house? How long are you planning to stay?
c) How much time do you spend in the house?

Incidently, I worry about those up and coming neighborhoods. We had an area like that in Montreal which was highly hyped as being the next *Westmount, Outremount, urban, for up and coming professionals etc." All of the houses were very expensive at developement, and now (4 years later) has slumped down. It never lived up to what it was *supposed* to become and now the houses have dropped dramatically. They are virtually unsellable.

 

[PaulaW]

I really love house 2. It looks like quality and elegance throughout. If it''s in an up and coming area, I think that''s a wonderful bonus.
I agree with the budget kitchen remodel that purrfect said... corners cut like that could be elsewhere in the house.

 

[Hudson_Hawk]

Date: 4/28/2009 10:18:11 AM
Author: october2008bride
Wow - these really weren''t the responses I was expecting! I for sure thought everyone would say location location location!!


It is hard - house 1 excites me about the location, but not the house so much (yes, it is very nice and really lovely and nothing wrong with it) and house 2 is a super exciting house (i.e. when I left the first time I thought ''I WANT that house'') but the neighbourhood is more of a risk.


Hmm..


We are going to see house 2 again tonight and we''ll have to decide, because for both of them if we don''t buy the sellers are going to put them on the market again (house 1 is a private sale from a friend''s brother, and house 2 had conditionally sold and the deal fell through).


Any more opinions would be great

You answered your own question.

 

[kama_s]

Date: 4/28/2009 11:09:57 AM
Author: allycat0303

Like Westmount in Montreal? Where houses hold their value NO MATTER WHAT?

Ohhh, I''d DIE for a house in Westmount!

Mr. Kama is from Montreal West, but I dont think he''d want to go back and settle in the same area.

Sorry to threadjack

 

[Loves Vintage]

It would be house no. 2 for me too!! I love the light fixtures and chandeliers and floors and windows and ceiling height and the space!

Regarding your surprise at the lack of "location, location, location" responses, I don''t think you''ve told us anything necessarily bad about the location!! If house no. 2 is in a terribly crime-ridden location, then I would have second thoughts about it.

Does one have a bigger yard than the other or are they about the same? Oh, and, do you have any more pics? I love looking at houses!!

 

[movie zombie]

buy the house that will be your home for many years to come. the days of flipping to make a profit are over for a long time.

mz

 

[fleur-de-lis]

Date: 4/28/2009 10:18:11 AM
Author: october2008bride
Wow - these really weren''t the responses I was expecting! I for sure thought everyone would say location location location!!


It is hard - house 1 excites me about the location, but not the house so much (yes, it is very nice and really lovely and nothing wrong with it) and house 2 is a super exciting house (i.e. when I left the first time I thought ''I WANT that house'') but the neighbourhood is more of a risk.


Hmm..

Since you keep mentioning it (but it''s not something that comes through those photos of the house), just how sketch is Neighborhood 2, anyhow??



(Walkability''s great, but if your neighbors have cars up on blocks but think it''s not that bad because their overgrown weeds have become high enough that you can''t really see the Rustmobile from the street, and the drunken teenagers outside the liquor store on the corner don''t seem to mind the general deshabille of the block, you might not be happy no matter how cute the interior of your house is.

)

 

[MichelleCarmen]

I wouldn''t pick either.

Since I do have kids around, good parking, parks and schools are manditory, I would tend to gravitate toward that location, however, 1500 square feet would be too small if a couple had more than one child. I live in a 2300ish square foot house (not sure the exact sq ft) and it has four bedrooms and 2.5 baths and it''s the smallest we could go! We tried 1,900 square feet and were too cramped.

The reason I wouldn''t pick #2 is the living room looks too narrow.

Both houses do look nice. Best of luck finding a great home!

 

[April20]

If Area 2 is up and coming, you won''t be able to afford that house in a few more years. I saw this happen in many neighborhoods where I live. Ten (or even five) years ago, you could pick a house up for almost nothing because the area was still transitional. You can''t touch those neighborhoods for less than double or even triple the cost now.

If you''re willing to be an urban pioneer, I''d buy house 2.

 

[allycat0303]

Date: 4/28/2009 12:11:48 PM
Author: kama_s

Date: 4/28/2009 11:09:57 AM
Author: allycat0303

Like Westmount in Montreal? Where houses hold their value NO MATTER WHAT?

Ohhh, I''d DIE for a house in Westmount!

Mr. Kama is from Montreal West, but I dont think he''d want to go back and settle in the same area.

Sorry to threadjack

Kama_s: Your fiance is from the West Island? That''s pretty cool! I don''t know if we are talking about the same place though. Westmount is a area of downtown montreal, it''s pretty fameous for being a) english b) Lots of jewish people c) Insanely wealthy. The west island is known for being english and wealthy. Westmount is beautiful, lots of old, historic buildings, but you pay alot for living in *westmount*

Incidently, are you from Montreal? That would be too cool! I''ll have to start another Kama_s thread, but this time so you can tell us all about yourself.

*end threadjack*

 

[tigian]

House #2!
Since it is walking distance to downtown, I think it sounds perfect for a young couple. It looks like it has a lot of character which is personally what I will be looking for when the time is right for us.