In my mothers day, just 20-30 years ago around 1980, they would buy a house and that was it. Buy a house, if you out grow it, sell that one and get a new one. That's how some people still do it. I on the other hand am glad I didn't follow that path. In the last recession when thousands and thousands of people lost their job to cuts, they lost their houses too. They lost everything and their credit was ruined.
I want to simplify this but each area is different and each budget, so I will say first, what "not" to do, that will narrow things.
The banks which got stuck with thousands of unpaid houses, also are stuck with maintaining properties, this can be an advantage to the right person, or another trap for the wrong person. I've seen people spend their savings on fixing a house to sell, and it never sells, unless they take a hit, which means posting the price lower than what they spent. Quick rich schemes of flipping houses is a "never do". The material prices are unreal, then there's contractors for each job, inspections, and unforeseen problems like weather, piping, cooling, wood rot, foundations, flood damage, could be anything, but always something. Even if you do flip a good buy, 20 years later the neighborhood around the house could drop, price drops, because of the surrounding area.
I know a guy who gets a house property, then rents it out. He seems stressed most of the time, and thinks his improvements to the houses will always be top notch, which we will see in 10 years. There might be a tax benefit. To him the property is his, and the people living there are just paying the mortgage so he can use the equity to buy another house, and do it all over again. That's also the kind of man you would be "leasing a house" from most likely, or the previous resident.
Building a house or facility is my thing. I'm creative and want to build a new space for myself to work. I want some land, not hard to get, and build a type of "Prefabricated Structure", with a large warehouse studio work space next to it. If you have time, research "Prefabricated Architecture" and its prices in Google and it should pull up some very wonderful designs. I'll do this to have a place stateside to stay in. I plan on fitting it with green tech, a self sustainable facility, with my own fittings of course. My idea of home is really an awesome large open place to work and create, display and collect, with a tech filled office, and on the side, a place to sleep.
Buying a new house. My brother in law has his real estate Lic. in this state. He bought a "new house". A house where they build "the whole neighborhood" at the same time. See, a company building 20 houses or more at once has done all the research for you. They know the condition of the neighborhood and what's going on around it, which is why the multimillion dollar project is going ahead. So, he bought one, say for $200,000 at the get go, when it was still wood framed, then when it was finished, lived there, waited a year and half or until the rest of the houses were finished, listed it to sell for $260,000, still considered new, and made 60k or so.
More on that later, this post is ended.
Posted in: The Local Blog
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