Home buying advice..Newer vs old

This is a discussion on Home buying advice..Newer vs old within the Off Topic & Humor Discussion forums, part of the The Back Porch category; I am back for some more advice from the friendly loungers..I want to go ahead and express my gratitude in advance for the help :) ...

Page 1 of 3 123 LastLast
Results 1 to 15 of 36

Thread: Home buying advice..Newer vs old

  1. #1
    Member Array GoGators10's Avatar
    Join Date
    Dec 2008
    Location
    Florida's Treasure Coast
    Posts
    285

    Question Home buying advice..Newer vs old

    I am back for some more advice from the friendly loungers..I want to go ahead and express my gratitude in advance for the help :)

    This situation involves buying a new home and the two different paths in which I can take..Either way, I would be hoping to take advantage of a first time home buyers loan and also the $8000 credit I read about if you purchase a home this year

    Option 1

    Buy my parents house since they are moving

    I currently am renting my parents old house since they moved 45 minutes away and I was looking to buy and they were looking to sell and it was easy at the time and I have been here renting since August. This is the house in which I grew up in. It was built in 1993 when I was 8 years old and is really the only house I have ever known. It is a 3 bed 2 bath 1800sq foot home with a 2 car garage, 12x30 screened in back porch and updated amenities. The main part of the house is all newly tiled, has 5 year old AC unit, 4-5 year old appliances, 4 year old roof, newly renovated (2003) guest bath, all new cabinets, counter tops and sink in kitchen (2005), new carpet in bedrooms (2006) and sits on a nice size corner lot. The master bathroom is currently being renovated and is the last part of the house to be done. Also since being here, I have made quite a few changes on my own, I added 2 new ceiling fans that werent existing before, re-landscaped the entire yard, installed a new alarm system, and the kitchen, living/dining rooms, and main section of the house is getting repainted tomorrow.

    The main things I would need to do to this house to make it "perfect" to me would be

    1. Paver brick driveway and path to front door (love the look)
    2. Finish master bath
    3. Close in back porch to give more SQ footage and increase home value hopefully


    I have told me parents in the past and when they were moving out that I would be interested in buying the house and they have been hoping/relying on me I feel to buy it, but now I am really having second thoughts after looking at house prices in my area.


    Option 2

    Buy a new house that isn't as nice but it is newer. Also another thing is a big part of me wants something that is mine. Something that is newer, something I can be proud of and feel ownership in. Part of me feels that as long as I live in my parents house, I will always view it as theres. I feel I have been very successful so far in my short life and want to kinda reward myself for working my butt off and this is a great way to do so I feel. I have found 3-4 houses in areas I like that are in my price range of 80-125k and I would consider living in, and all are 2-6 years old and I am sure structurally more sound and possibly built better and more energy efficient. But I find issues with all of them of course, all mainly cosmetic issues that can be resolved, but in turn that is more money to fix. Also, I can get larger houses since most are a 4 bed 2 bath that I am looking at for this price. Also, all of the newer houses are CBS where as the current home I am in is wood frame and stucco. Are there any safety issues in that?

    Summary

    Basically this house I am in would be up to date enough where I would have to put limited money into appliances and getting it to look nice enough to be content with. I have grown up here so I know everything about the house, and have a lot of memories here and there is a definite comfort factor. I love the large corner lot it sits on, and the neighbors are all good people that are quiet and keep to themselves. Also it is close to the new part of town and all the new shopping and restaurants as well as close to a brand new I-95 exit. The negatives being, the house is 15-16 years old and my parents had said they wanted to sell it for around 100-110k. For that price, I can find a newer house, that is larger and possibly better built and more energy efficient, but with less bells and whistles for approximately the same price. Also buy getting a new house, it will feel like it is mine and not feel like I am living in my parents old home which I would be doing.

    So what would be the better path to take? Also, if I choose to move, how to I break the news to my parents without them being totally upset?

    Thanks guys!

    This picture was from February but is where I am living now


  2. Remove Ads

  3. #2
    VIP Member
    Array Hopyard's Avatar
    Join Date
    Jun 2006
    Location
    Disappeared
    Posts
    11,570
    You are in a lovely looking house. A house build in 1993 is not an old house. The advantage of the one you are in is that you really and truly know the house and its good and bad points; and know precisely what kind of additional money it might cost you. You will never know this with a newer house. Sometimes workmanship is lousy and you don't find the horrors till after it is too late. Sometimes it is Chinese made wall board you don't find out about until it is too late.

    OTOH, this one will never quite feel like it is truly your and not your parents, and they might continue to hold some emotional attachment that could cause a future conflict.

    The prices you are mentioning are very very low by the standards where I live. No 4 bedroom 1800 + sq house would sell for half that price range here.

    Only you know your interaction with your parents. If you think there won't be future problems as a result of them deep inside continuing to consider it their home, I'd go for it and have a house that I know inside out and that I know won't give me expensive surprises.

  4. #3
    Member Array oldogy's Avatar
    Join Date
    Jan 2009
    Location
    East TN&OH
    Posts
    303
    I know it is hard to pass up the eye candy you find in some newer houses but it sounds to me like you have an excellent deal there. First off you know this house, good and bad. Neighborhood is a very large factor in where you make the investment in real estate. If the area is stable, the house fits your price range, and your needs I would certainly give strong consideration to staying put. Just do it all on paper before hand so there is no question later.
    JMHO,
    oldogy
    Government is out of control
    "If gun laws in fact worked, the sponsors of this type of legislation should have no difficulty drawing upon long lists of examples of crime rates reduced by such legislation. That they cannot do so after a century and a half of trying -- " Sen Orrin G. Hatch

  5. #4
    VIP Member Array David in FL's Avatar
    Join Date
    Nov 2007
    Location
    Central Florida
    Posts
    2,342
    I'd offer one note of caution in considering buying your parent's house.

    As you know, the FL real estate market is quite depressed. That means that you're absolutely right in wanting to buy right now. It also means that there's usually a bit of a disparity between what sellers think their house is worth and what it will really bring on the market. When those sellers are your parents, you could easily end up paying a premium for the house just because you're not willing or able to negotiate quite as aggressively as you would with another seller. Even if you think they're giving you a good deal, it still might not accurately reflect the actual market.

    If you do decide to consider purchasing their house, I highly recommend that you have the value independently evaluated by at least 3 different realtors. This is a large, long-term investment and you have to be able to leave emotion out of the equation.
    "Far better it is to dare mighty things, to win glorious triumphs, even though checkered by failure than to rank with those poor spirits who neither enjoy much nor suffer much, because they live in a grey twilight that knows not victory nor defeat."

    Theodore Roosevelt

  6. #5
    Member Array oldogy's Avatar
    Join Date
    Jan 2009
    Location
    East TN&OH
    Posts
    303
    Quote Originally Posted by David in FL View Post
    I'd offer one note of caution in considering buying your parent's house.

    As you know, the FL real estate market is quite depressed. That means that you're absolutely right in wanting to buy right now. It also means that there's usually a bit of a disparity between what sellers think their house is worth and what it will really bring on the market. When those sellers are your parents, you could easily end up paying a premium for the house just because you're not willing or able to negotiate quite as aggressively as you would with another seller. Even if you think they're giving you a good deal, it still might not accurately reflect the actual market.

    If you do decide to consider purchasing their house, I highly recommend that you have the value independently evaluated by at least 3 different realtors. This is a large, long-term investment and you have to be able to leave emotion out of the equation.
    Good suggestion with one change. Spend a couple hundred dollars and get an independent professional apprasial.
    oldogy, who sold a nice piece of FL real estate at top dollar in 2006
    Last edited by oldogy; May 16th, 2009 at 12:03 PM. Reason: Date change
    Government is out of control
    "If gun laws in fact worked, the sponsors of this type of legislation should have no difficulty drawing upon long lists of examples of crime rates reduced by such legislation. That they cannot do so after a century and a half of trying -- " Sen Orrin G. Hatch

  7. #6
    Senior Member Array BradyM77's Avatar
    Join Date
    Dec 2008
    Location
    Kentucky
    Posts
    699
    Quote Originally Posted by oldogy View Post
    Good suggestion with one change. Spend a couple hundred dollars and get an independent professional apprasial.
    oldogy, who sold a nice piece of FL real estate at top dollar in 2006
    +1 That's definitely the route I would go. By the way you talk up the house you grew up in it's pretty obvious which choice you're going to make. Get a good independent estimate and make your parents an offer.
    "I didn't do it, nobody saw me do it, you can't prove anything!" Bart Simpson

  8. #7
    Distinguished Member Array Paymeister's Avatar
    Join Date
    Sep 2007
    Location
    Virginia
    Posts
    1,540
    I would encourage you to consider staying. You haven't mentioned a wife: if you have one (or a good prospect) I submit that it is at least as much her decision as she is (or will be) the Queen of the House.

    I love the large corner lot it sits on, and the neighbors are all good people that are quiet and keep to themselves. Also it is close to the new part of town and all the new shopping and restaurants as well as close to a brand new I-95 exit.
    The critical part is the neighborhood no matter how nice the house is. You've have a known quantity with your current situation and it meets your standards, but you have no idea who will be next door at a new place. I might add, though, that this looks like a very nice home - one you could be quite proud of! And the lot size may be more generous than many of the newer homes.

    [I] want to kinda reward myself for working my butt off...
    This is legit if you're debt-free and paying cash for the house. Any other situation and you're deciding which master to serve. I would encourage you to wait until you've really earned it (=debt-free and paying cash) before considering this aspect. As to the master you'll serve, you did mention a 'first time sucker' loan (see below): but will your folks consider carrying the note for you? If so, RUN, DO NOT WALK, to make that deal. Should you lose your job or become disabled, Citibank will toss you out on your duff with nary a thought, while Mom and Dad are likely to be a bit more lenient. Does this show weakness? Not in the least: think of how you want to be a blessing to your kids! Your job as an adult is to try your darndest to avoid running back to the folks for a bailout (and it sounds like you're doing well), but they *are* your folks and they care should the unfortunate occur. Think of this as an added layer of defense for the family. 'Course, interest rates are WAY low at the moment, so a decision to take on such a loan may not be a bad decision.

    ...my parents had said they wanted to sell it for around 100-110k
    Might send Dad to a realtor for an reality check if you want, though I would do it quietly myself first and see if any info he might get would be worth the awkwardness. Remember that Realtors usually take about six percent of the sale: if you buy from your folks you might offer to take on the responsibilities yourself (title company, county clerk, etc.) and take the fees off the purchase price, thus effectively reducing the selling price by perhaps six grand.

    ...a newer house, that is larger and possibly better built and more energy efficient...
    dubious... your folks' house is a 'newer' house by most standards (the '70s energy crunch changed attitudes a LOT: my folks house, built in 1955, qualified as 'older'). Larger? 1800 square feet (plus the porch) will serve a family perfectly well.

    ...but with less bells and whistles for approximately the same price.
    Add the bells and whistles you'll be expecting (since you're used to them) and the price goes up.

    ...a new house... will feel like it is mine and not feel like I am living in my parents old home...
    Turn that around: you're honoring your folks by keeping the homestead in the family. Should you decide to stay, it will be YOUR decision to stay, and nobody can criticize that. If you pay full market value, show the contract to anyone who snickers. Your new driveway, master bath and porch will make it more 'yours', too. But if you haven't made your peace with this being YOUR decision to stay, this indeed may be an irritant for a long time.

    I have told my parents in the past... I would be interested in buying the house and they have been hoping/relying on me I feel to buy it
    Your folks may feel that you've promised to buy it, and your renting will have reinforced that. You need to speak plainly with them about this. I'm not sure I would print and distribute copies of this thread, as it would suggest to them that you're seeking advice from friendly loungers rather than talking to them first, but I would distill the main points here and try to cover them. Your folks are probably OK people: heck, they produced you! It is likely that their grey hair will have some wisdom under it (speaking as a grayhair), and if you're up front with them I'm guessing they'll speak plainly with you about their expectations and concerns. Realistically, they probably want a buyer with as few hassles as possible, and a market price for their house. If you're 'on board' with that, you can either buy it yourself OR be of good help in finding them a buyer: finish the remodeling and keep the place spotless for prospective buyers. The market value question is a good one: they may be thinking of how much they've put into the house and what it cost them earlier, rather than what the market is. A quiet initial conversation with a realtor will help you to see if they're living in the real world. During your discussion with them about their needs and wants in this matter, you could suggest an appraisal: you may find that they're giving you a 'deal', or they may find that they're overpricing the place. Regardless, a frank discussion would clarify the issues for all parties.

    Side story to illustrate this: I taught high school, and if a kid could show me how I could get MY needs met while giving them something they wanted, I would always agree. For instance, I wanted them to stop talking during seat work, and the kid wanted to listen to his music. Hey, if that shuts him up, that's what I wanted! Application: if your folks voice their desires (be a blessing to you, get full value and an easy sale), you can see how you can help them meet their desires while meeting yours. If you decide to buy elsewhere and yet help them meet their needs, you aren't 'disappointing' them at all. Too, they should consider your nesting needs as well: it is likely that your dad will remember the pride of ownership he had with his first house as contrasted with living with his folks.

    I have grown up here so I know everything about the house, and have a lot of memories here and there is a definite comfort factor.
    On top of being comfortable (both physically and knowing what's under the hood), you'll be adding to your folks' legacy.

    Final point: how old are your folks? Will you be taking them in when they're needing it? If so, putting them in a familiar setting would be a very kind thing to do. I don't advocate using this as a high-importance decision-making issue, but it might be worth considering.

    Best wishes to you in your decisions! Kinda nice to be making this sort of decision instead of "homeless shelter or overpass?" decisions!

    ---------
    [QUOTE]The great jurist Sir Edward Coke, who lived from 1552 to 1634, has explained why the term mortgage comes from the Old French words mort, “dead,” and gage, “pledge.” It seemed to him that it had to do with the doubtfulness of whether or not the mortgagor will pay the debt. If the mortgagor does not, then the land pledged to the mortgagee as security for the debt “is taken from him for ever, and so dead to him upon condition, &c. And if he doth pay the money, then the pledge is dead as to the [mortgagee].” This etymology, as understood by 17th-century attorneys, of the Old French term morgage, which we adopted, may well be correct. The term has been in English much longer than the 17th century, being first recorded in Middle English with the form morgage and the figurative sense “pledge” in a work written before 1393. [from the American Heritage Dictionary][/QUOTE]
    Recently updated website: http://www.damagedphotorepair.com

  9. #8
    Moderator
    Array RETSUPT99's Avatar
    Join Date
    Jul 2006
    Location
    Central Florida
    Posts
    44,503
    Yes, you need to know today's value, but if your parents are like most parents...they'll give you a great deal. If I had all the money in 'savings' I've given my two boys (both in their 30's), I could retire twice.

    Definitely buy the house you know about.

    Where are you located? I'm in the Gainesville area.

    Stay armed...Go Gators!...stay safe!
    The last Blood Moon Tetrad for this millennium starts in April 2014 and ends in September 2015...according to NASA.

    ***********************************
    Certified Glock Armorer
    NRA Life Member[/B]

  10. #9
    Member Array Vtxdpm's Avatar
    Join Date
    May 2007
    Location
    SC
    Posts
    249
    If it were my choice, I'd stick with the house you're in. I've lived in 100 year old, 50 year old, 10 year old and brand-spanking-new houses and honestly, the ones built in the past were just more solid and better quality. Sure everyone's experiences will differ and yes, some of the materials are more energy efficient. However, brand-new homes have plenty of their own issues and some of them can be pretty serious. At least you have some experience in your current place and neighborhood.

    However, I do suggest you hire a qualified home inspector and find an honest (word of mouth) pest control company to give your folks house a thorough evaluation and uncover any hidden problems. Just because you/your parents have lived there for a long time doesn't mean that Mr. Murphy will stay away.

    Do a general home inspection, check for radon gas, have the septic or sewer system evaluated, have the hvac system evaluated, any lead paint?, asbestos? (probably not in a 1993 house but make sure anyway). Also, let the bug guys check it out, is the electrical system up to snuff? any water infiltration problems?, mold issues?, any code violations?, foundation doing o.k.?, etc.

    Remember, eventually YOU may want to sell the place and you better know what you may have to remedy in order to do so.

    Even if you decide not to buy your parent's place, when God calls them home, the place may end up in your hands anyway. Better to know what you're dealing with.

    Treat it like a home you've never seen before.

    Best of luck.

  11. #10
    Member Array GoGators10's Avatar
    Join Date
    Dec 2008
    Location
    Florida's Treasure Coast
    Posts
    285
    Quote Originally Posted by Hopyard View Post
    You are in a lovely looking house. A house build in 1993 is not an old house. The advantage of the one you are in is that you really and truly know the house and its good and bad points; and know precisely what kind of additional money it might cost you. You will never know this with a newer house. Sometimes workmanship is lousy and you don't find the horrors till after it is too late. Sometimes it is Chinese made wall board you don't find out about until it is too late.

    OTOH, this one will never quite feel like it is truly your and not your parents, and they might continue to hold some emotional attachment that could cause a future conflict.

    The prices you are mentioning are very very low by the standards where I live. No 4 bedroom 1800 + sq house would sell for half that price range here.

    Only you know your interaction with your parents. If you think there won't be future problems as a result of them deep inside continuing to consider it their home, I'd go for it and have a house that I know inside out and that I know won't give me expensive surprises.

    I agree. Unexpected cost's always come up with new purchases. I keep hearing about this Chinese dry wall and need to read into it.

    That is what I am fearing, that since this is the only house I have ever known, that I will never ever view it as mine. It just really seems like I have a ton less money and my parents are on vacation honestly. And the future conflict part, I have already seen a small amount of that. I am planning on adding a paver brick extension off the back porch for outside furniture and my grill and my mom got quite upset that I broke up the existing concrete foundation her dad had laid there for some reason. But I had the paver bricks for free and it would look much better. I just haven't gotten around to installing them due to the fact im not sure I will be here long enough to go through the hassle of installing them. Also, my dad has made a few comment when I told him I was doing things around here in the essence of "Remember whose house it is before you get anymore crazy ideas." That honestly was really what started turning me off on the whole aspect of buying it.

    The Florida housing market has been going to crap lately. Florida received a gigantic boom in population from out of state immigrants (snow birds) and now since the jobs are drying up, they are all going back home and selling their houses. There were 430 some houses for sale in my price range in Port Saint Lucie where I live and it only has a population of around 150k.

  12. #11
    Member Array GoGators10's Avatar
    Join Date
    Dec 2008
    Location
    Florida's Treasure Coast
    Posts
    285
    Quote Originally Posted by oldogy View Post
    I know it is hard to pass up the eye candy you find in some newer houses but it sounds to me like you have an excellent deal there. First off you know this house, good and bad. Neighborhood is a very large factor in where you make the investment in real estate. If the area is stable, the house fits your price range, and your needs I would certainly give strong consideration to staying put. Just do it all on paper before hand so there is no question later.
    JMHO,
    oldogy
    I agree. If I decide to move, I am going to be about as picky and selective as possible. I have drawn out in my head 2-3 neighborhoods to live in that are acceptable to me and I don't forsee any issues arising in them. Actually most are quieter and nice area's then where I live currently.

  13. #12
    Member Array GoGators10's Avatar
    Join Date
    Dec 2008
    Location
    Florida's Treasure Coast
    Posts
    285
    Quote Originally Posted by David in FL View Post
    I'd offer one note of caution in considering buying your parent's house.

    As you know, the FL real estate market is quite depressed. That means that you're absolutely right in wanting to buy right now. It also means that there's usually a bit of a disparity between what sellers think their house is worth and what it will really bring on the market. When those sellers are your parents, you could easily end up paying a premium for the house just because you're not willing or able to negotiate quite as aggressively as you would with another seller. Even if you think they're giving you a good deal, it still might not accurately reflect the actual market.

    If you do decide to consider purchasing their house, I highly recommend that you have the value independently evaluated by at least 3 different realtors. This is a large, long-term investment and you have to be able to leave emotion out of the equation.

    This is going to be a huge issue IMO. My dad has already said that he needs to make money on the house to help them purchase another since they are renting now until they find one they like, but also said he wants me to be able to have some equity in it when I buy it so if I wanted to, I could take out loans to make it perfect or just have equity in it.

    I don't even know where to begin with getting it appraised and finding out the values of it honestly.

  14. #13
    Member Array GoGators10's Avatar
    Join Date
    Dec 2008
    Location
    Florida's Treasure Coast
    Posts
    285
    [QUOTE=Paymeister;1151396]I would encourage you to consider staying. You haven't mentioned a wife: if you have one (or a good prospect) I submit that it is at least as much her decision as she is (or will be) the Queen of the House.

    The critical part is the neighborhood no matter how nice the house is. You've have a known quantity with your current situation and it meets your standards, but you have no idea who will be next door at a new place. I might add, though, that this looks like a very nice home - one you could be quite proud of! And the lot size may be more generous than many of the newer homes.

    This is legit if you're debt-free and paying cash for the house. Any other situation and you're deciding which master to serve. I would encourage you to wait until you've really earned it (=debt-free and paying cash) before considering this aspect. As to the master you'll serve, you did mention a 'first time sucker' loan (see below): but will your folks consider carrying the note for you? If so, RUN, DO NOT WALK, to make that deal. Should you lose your job or become disabled, Citibank will toss you out on your duff with nary a thought, while Mom and Dad are likely to be a bit more lenient. Does this show weakness? Not in the least: think of how you want to be a blessing to your kids! Your job as an adult is to try your darndest to avoid running back to the folks for a bailout (and it sounds like you're doing well), but they *are* your folks and they care should the unfortunate occur. Think of this as an added layer of defense for the family. 'Course, interest rates are WAY low at the moment, so a decision to take on such a loan may not be a bad decision.

    Might send Dad to a realtor for an reality check if you want, though I would do it quietly myself first and see if any info he might get would be worth the awkwardness. Remember that Realtors usually take about six percent of the sale: if you buy from your folks you might offer to take on the responsibilities yourself (title company, county clerk, etc.) and take the fees off the purchase price, thus effectively reducing the selling price by perhaps six grand.

    dubious... your folks' house is a 'newer' house by most standards (the '70s energy crunch changed attitudes a LOT: my folks house, built in 1955, qualified as 'older'). Larger? 1800 square feet (plus the porch) will serve a family perfectly well.

    Add the bells and whistles you'll be expecting (since you're used to them) and the price goes up.

    Turn that around: you're honoring your folks by keeping the homestead in the family. Should you decide to stay, it will be YOUR decision to stay, and nobody can criticize that. If you pay full market value, show the contract to anyone who snickers. Your new driveway, master bath and porch will make it more 'yours', too. But if you haven't made your peace with this being YOUR decision to stay, this indeed may be an irritant for a long time.

    Your folks may feel that you've promised to buy it, and your renting will have reinforced that. You need to speak plainly with them about this. I'm not sure I would print and distribute copies of this thread, as it would suggest to them that you're seeking advice from friendly loungers rather than talking to them first, but I would distill the main points here and try to cover them. Your folks are probably OK people: heck, they produced you! It is likely that their grey hair will have some wisdom under it (speaking as a grayhair), and if you're up front with them I'm guessing they'll speak plainly with you about their expectations and concerns. Realistically, they probably want a buyer with as few hassles as possible, and a market price for their house. If you're 'on board' with that, you can either buy it yourself OR be of good help in finding them a buyer: finish the remodeling and keep the place spotless for prospective buyers. The market value question is a good one: they may be thinking of how much they've put into the house and what it cost them earlier, rather than what the market is. A quiet initial conversation with a realtor will help you to see if they're living in the real world. During your discussion with them about their needs and wants in this matter, you could suggest an appraisal: you may find that they're giving you a 'deal', or they may find that they're overpricing the place. Regardless, a frank discussion would clarify the issues for all parties.

    Side story to illustrate this: I taught high school, and if a kid could show me how I could get MY needs met while giving them something they wanted, I would always agree. For instance, I wanted them to stop talking during seat work, and the kid wanted to listen to his music. Hey, if that shuts him up, that's what I wanted! Application: if your folks voice their desires (be a blessing to you, get full value and an easy sale), you can see how you can help them meet their desires while meeting yours. If you decide to buy elsewhere and yet help them meet their needs, you aren't 'disappointing' them at all. Too, they should consider your nesting needs as well: it is likely that your dad will remember the pride of ownership he had with his first house as contrasted with living with his folks.

    On top of being comfortable (both physically and knowing what's under the hood), you'll be adding to your folks' legacy.

    Final point: how old are your folks? Will you be taking them in when they're needing it? If so, putting them in a familiar setting would be a very kind thing to do. I don't advocate using this as a high-importance decision-making issue, but it might be worth considering.

    Best wishes to you in your decisions! Kinda nice to be making this sort of decision instead of "homeless shelter or overpass?" decisions!

    ---------
    The great jurist Sir Edward Coke, who lived from 1552 to 1634, has explained why the term mortgage comes from the Old French words mort, “dead,” and gage, “pledge.” It seemed to him that it had to do with the doubtfulness of whether or not the mortgagor will pay the debt. If the mortgagor does not, then the land pledged to the mortgagee as security for the debt “is taken from him for ever, and so dead to him upon condition, &c. And if he doth pay the money, then the pledge is dead as to the [mortgagee].” This etymology, as understood by 17th-century attorneys, of the Old French term morgage, which we adopted, may well be correct. The term has been in English much longer than the 17th century, being first recorded in Middle English with the form morgage and the figurative sense “pledge” in a work written before 1393. [from the American Heritage Dictionary][/QUOTE]
    I have a long time girlfriend, been together for 3 1/2 years and are currently employed at the same college. Cross you fingers but i am also hoping she gets the full time job she is interviewing for next week! She does not want to stay here at all for some reason. She loved it originally and out of now where just totally fell out of love with it. Only reasons I get to why is that she doesnt want a tiled living room and she is worried about our 3 year old dog getting leg problems from it LOL. And that she just thinks its dumb to buy an old house for the same price as you can get a new one for. Problem is, everyone that she talks to for advice as well as I do say to go the newer home route due to the fact that in 5-10 years when we go to sell it, it will be an old house for the area and will not get nearly the value of it. The town we live in is only 40-50 years old so no houses are really "old."

    There is no way at my age I am 100% debt free or going to be buying the house cash. I honestly have no idea how people can do that unless they have loaded parents who give them massive amounts of money or get lucky and land an amazing job. I am a full time college employee and full time student. College loans are a way of life. I am on pace to fulfill my goal and have my masters degree by 26 years old. I will have my bachelors by 24 and am currently 23 right now. But I feel I have an extremely stable job, and am actually in line to receive a raise for at least the next two years. Also my credit score is in the mid 700's.

    My dad is actually coming down tomorrow to help me paint the inside so we do need to talk more about an actual price. But he has a tendency in life to tell me what I want to hear to get me to not be interested in other things which is something I am very annoyed with and will not allow myself to get fooled with again.

    Thank you for the tons of good advice!

    My father is 50 years old and my mother is 46.

    I totally agree, I am very lucky to be in this position and am thankful everyday!

  15. #14
    Distinguished Member Array Black Knight's Avatar
    Join Date
    Jun 2006
    Location
    Charlottesville, VA
    Posts
    1,275
    If I were you I would stay where I'm at. That looks like a fine house. Your parents may even let you have it less than they would someone else (discount). Since it was built in 1993 it is not an old house at all. Back in 2003 my wife and I bought our first and so far only house. It was built in 1900 with additions built on around 1925. It has character but also a few problems normal for a house that old, nothing that can't be fixed with time and money. It is your parents house, you live in it now; there is contiuity there. Buy it from your parents. You already know the home's condition

  16. #15
    Member Array GoGators10's Avatar
    Join Date
    Dec 2008
    Location
    Florida's Treasure Coast
    Posts
    285
    Quote Originally Posted by retsupt99 View Post
    Yes, you need to know today's value, but if your parents are like most parents...they'll give you a great deal. If I had all the money in 'savings' I've given my two boys (both in their 30's), I could retire twice.

    Definitely buy the house you know about.

    Where are you located? I'm in the Gainesville area.

    Stay armed...Go Gators!...stay safe!

    Hahaha my parents have been generous, but never overly generous, which is a good and bad thing. I have been paying 100% of my bills since I was 16. The last big purchase they made was my first vehicle at 16 years old. I drove it for 2 years and he sold it and made what he put into it back so it worked out good. This is part of the reason I am not so sure they will be overly generous.

    I am in Port Saint Lucie and drive to Gainesville far to often to not live there! I bought season tickets last year and I sure racked up some miles!

    GO GATORS!

    port saint lucie - Google Maps

Page 1 of 3 123 LastLast

Links

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  

Similar Threads

  1. Buying a foreclosed home may not be a bargain (scenario, really)
    By oakchas in forum Carry & Defensive Scenarios
    Replies: 29
    Last Post: September 17th, 2010, 09:42 AM
  2. Buying a PPS tomorrow morning (hopefully)! Advice please...
    By AustinTX in forum Defensive Carry Guns
    Replies: 15
    Last Post: June 23rd, 2010, 04:56 PM
  3. Need some advice on home defense gun
    By golfnutcasey in forum Defensive Carry Guns
    Replies: 42
    Last Post: May 7th, 2010, 11:31 PM
  4. Home defense shotgun advice
    By phatty003 in forum Defensive Rifles & Shotgun Discussion
    Replies: 63
    Last Post: July 18th, 2009, 11:06 AM
  5. Buying a second G26 from home
    By rwmorrisonjr in forum General Firearm Discussion
    Replies: 3
    Last Post: April 14th, 2006, 06:42 AM

Search tags for this page

buying new home vs 3 year old home

,

real estate obtain a mortgage purchase from a family member

,

stay in old home vs buy newer

Click on a term to search for related topics.