My husband and I will be moving to Ogdensburg, New York, area code 13669 in June due to a job relocation. We are signing for 2 years. While on a community tour, we saw a lot of vacant houses in the area that are up for sale. We were very surprised to find that houses there are so in-expensive. They range from $50,000 to $100,000 for a 3 beds 1 bath house. However, they are really old, 50 years and up and in need of repair.
So not prepare for a big financial commitment, we asked around for rental places but there were not many houses that are up for rent. The weekend that we were there, the local realtor took us to a well furnished home with 3 beds and 1 bath. The monthly rental is $800. The owner would pay for water and we would have to pay for everything else. We love that this place is furnished because we don’t have any furniture. If we moved into a new, empty house, we would have to buy new furniture and appliances and might not be able to take them with us if we decided to move to the West Coast after the contract is up.
My questions are: 1). Given the situation, should we buy a house because we can afford to put down more than 35% down payment? 2). Is it wise to buy an old house when we only plan to stay there for 2 years? 3). Should we buy into an area where there are many houses that are up for sales?
If you are only planning on staying for 2 years I would not purchase a home. Rent, save your money, do your research, and buy when you feel you're settling into the area that will be your home for more then 2 years.
Whether you decide to rent or buy, I would make sure it is a block or real brick home.
Wood frame homes, especially those 50 years plus contain "extra" dry wood - which burns like lightning...fast.
Also make sure if there are burglar bars, that there are release keys from the interior.
Important as well, is to check out areas. Ask the Realtor where would she live if she was just starting out..buying or renting a first home. Ride neighborhoods. Go online to local police crime sites . Do you homework.
Thank you all for your advices. I have never own a house before and there are many questions i want to ask. They might sound stupid but i would rather ask than not knowing.
I was looking at some of the listings in the area. Some houses have metal roof and others have shingle roof. I personally have not heard of a metal roof before. Could someone tell me what's the ideal roof to have for this area??? Also, is vinyl siding consider wood frame home?
Definitely rent right now. NOW - while you have no pressure, go get a few books for y'all to learn ALL about houses (kinds of roofs, kinds of siding, etc, etc). I actually like Housebuying for Dummies as a good place to start... The other thing is - while you're living there, start going to Open Houses to see what houses are like (or Model homes, etc). Take this 2 years to educate yourself - and really start noticing home layouts when you visit friends - ask alot of questions about what they like, don't like, flow of the house, etc..... Enjoy those cold NY winters.... (I don't know where you're from, but moving from CT - it's just alot colder up there, than down here.... )
Posts: 3715 | Location: Northern Virginia, USA | Registered: May 29, 2003
I'm not in the norm on this thread. We had a 100 year old house constructed out of wood, my father was a fire fighter and we never had a fire or worried about the house burning down because it was constructed out of wood, 99% of the homes in MA are wood construction. Second I am always for buying over renting if you can afford to buy, renting is throwing money away, your paying the mortgage for the owner when you rent. If you can afford to buy I'd buy then in two years if the market is still horrible you could "rent" the house out and let the renters pay the mortgage if the market has balanced out or better you could make a profit on selling the house, as long as the area is decent and not a crime ridden area then I'd go for it, make small updates to it while you live there for the next two years like painting, painting the kitchen cabinets, using granite tiles for the counters etc, we had an estimate of 3k for granite slab counters if we do the granite or quartz tiles it will cost us a wopping 300.00 big difference there are ways to improve the look of a place on a budget.
Oh sweetie, just say NO. It sounds like a good deal but two years is a very short time to own a home and then try to sell in today's market. You could possibly wind up stuck with a home you couldn't sell. Renting for two years is a good thing in this phase of your life. Home ownership will come along when the time and market is right for you to be settled in one place for awhile.
Posts: 211 | Location: Oregon | Registered: Dec 29, 2007
A metal roof is an "upgraded" roofing material because it usually has at least a 50 year life span. Because of it's long life and the specialized labor needed to install, is more expensive than a shingle roof. With regard to the noise factor, good insulation is key and should result in no more noise than with a shingle roof.
Shingle roofs can give out in as little as 10 years depending on the manufacturer and material as is happening in the "older" section of my subdivision (and those were marketed to the prospective buyers as being 25 year shingles). Granted, the shingle is probably just builder grade and you could find much better quality shingles on the market that actually would last much longer.
Metal roof - poor or no cell phone reception. Can be noisy with weather.
Like someone using a cell phone at home is a make or break item......LOL
Personally, I've never seen an documentation about reception, but I'm sure it could affect the signal. There's a lot of metal roof construction in this area on some VERY expense houses.
I looked into the advantages/disadvantages, and the biggest factor is weather (hail); but that's a regional thing. Talking with a number of people in the neighborhood who have metal roofs, they say it's no different from shingle in the noise category....that's what they have insulation for. Their houses have the appropriate amount and enjoy lower heating/cooling costs as well.
Bottom line = it's a matter of personal preference. As with anything, do your OWN research and make the best decision as it pertains to you.
Being able to use a cell phone at home would be a make or break deal for me. I haven't had a land line for a couple of years and have no intention of ever having one again.
If you are only being in that locality for only two years, It would not be economically sound to buy a home in that area. Any accountant would tell you that. Better to rent. Sorry I would pass on that one.
Most financial advisers will tell you that if you know you're going to be in an area only two years then you're better off to rent. Put the money you'd use on your down payment into something that will earn more money for you. I'd rent an unfurnished house/apartment and purchase the minimum inexpensive furniture. For a couple thousand dollars you can get a dinette, sofa, bed, dresser, and probably more. Then when it's time for you to move just sell instead of paying to move it. You'll come out ahead. Besides, if you rent a furnished place, the furniture won't be any better.
As to the house you posted I would not buy it because it only has a 100 amp circuit breaker. That is not enough electricity for me. Especially during the Christmas Holidays. I would say no less than a 200 amp circuit breaker is what is needed now a days. Especially with a Swimming pool. I say if you want to buy get a book about buying your first home and check out all the things that you would want. If you do buy make sure you have a home inspection done so you know the home is sound and not a money pit. Buying VS. Renting has its pros and cons and you will get many different oppinions. I will tell you being a military wife we have bought many homes for only Two years at a time and have never regreted one decision we made. We have had to rent a couple but within a year we sold it to the renter. It is up to you but do your homework. I love my metal roof and I have cell phone use in it. I have no regrets there either.
lightitup
Posts: 12 | Location: Virginia | Registered: May 04, 2008
Whether you decide to rent or buy, I would make sure it is a block or real brick home.
Most brick homes are built on a wood frame except for really, really old homes.
There's nothing wrong with buying an old house. IMHO they're built better than new homes and the wood is higher quality than the wood they use now and they didn't use particle board.
Older homes weren't built using nail guns. When you use a nail gun there's no feedback that you actually hit solid wood. So with alot of new homes the roof decking isn't attached properly to the roof joists because of this.
Also, the craftsmanship, over-all, is better in older homes.
Look what happened when hurricane Andrew hit Florida in 1992. Many of the destroyed homes were shoddily constructed and the building codes were inadequate.
Thank you for addressing my questions. Special thanks to Debit for recommending "Housebuying for Dummies." I am half way through the book
My husband and i have decided we would rent for the two years that we are here. As previously stated, we've been in contact with a realtor who was showing my husband a couple of houses and a rental. The realtor is also managing the rental property on behalf of the owner who is now in England. The rental is inclusive, 3 bedrooms, 2 baths priced at $800/mo. It's a big house for my husband and i but we couldn't find another rental in the area.
The monthly rent is somewhat pricey compare to the value of the house. We are talking to the realtor into lower the monthly rent. If he's able to do this for us, should we pay him a comission and if so, how much?
(I don't know where you're from, but moving from CT - it's just alot colder up there, than down here.... 
)
