WannaBeAMom11
LIF Adult
Member since 1/11 7391 total posts
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House Hunting Stress - Venting
I am scared to buy a house but mostly I am scared that I will move in and find out it wasnt a great investment.
School Disctricts have me freaked out too. I live in Bay Shore now with Brentwood SD and we want out. BUT I know the area and the pros and cons and have to say I am used to the area.
I keep changing my search area. Right now we have Oakdale, Sayville, Bohemia, E. Islip, Islip, Bay shore, W. Islip, Babylon, N. Babylon, W. Babylon, Deer Park, and Lindenhurst.
We found a house dh loves in N. Babylon, I think the backyard is too small but I am hearing bad things about N. Babylon. Problem is I commute to NYC everyday and am worried about adding more time onto my commute and taxes are way too high.
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Re: House Hunting Stress - Venting
Sorry you are finding the process so stressful!
Personally, I think you can't look at buying a house as strictly a financial investment. If you only plan to own it a couple of years and then resell, well then of course resale value has to be a big consideration in your purchase. But if you plan to make this a long-term primary residence for you and your family, you have to also look at what you want and what works for your family. Yes, real estate is an investment -- it's most people's largest financial asset -- but it's also so much more than that.
And remember - You are buying at a time when prices are still relatively low, and interest rates are very low, so it really is a great time to buy from a financial standpoint.
You can't change the location, lot size, or the layout (at least not easily, as to the last one), so if anything about those items gives you pause for a house, it will likely be an issue when you want to reselll. So -- if the house backs up to railroad tracks or sits on a main road, or if the lot size is half the size of every other house in the neighborhood, those would be things to look at. But cosmetic finishes and upgrades can usually be added pretty easily, and can be done over time, so those are things you don't need to be as concerned about. And in fact, if you do those things over time, it will help you build equity in your house.
One thing about your commute -- are you sure you are going to be at your job or working in NYC forever? I always ask this of my customers, because I know many people (me included!) who bought a house when they were doing a commute to the city, but later switched jobs and the commute became a non-issue. Also, your towns are all relatively close together -- it's not like you are looking at Nassau towns v. Suffolk towns. Only you know how far is too far for comfort with your commute, but maybe that issue is not as big of an issue as you think.
School districts: What's "good" is subjective, so definitely do your own research on this (the various rankings, school district offerings, etc.). For resale value - houses sell in every school district. Some have better reputations than others, which could mean that the same house in one SD is worth less than if it were in another SD. But houses sell in all school districts if they are priced right. I think doing your research will bring you comfort.
Also, working with a knowledgeable realtor in your areas can also really be valuable to you, since you are feeling unsure/overwhelmed.
Final advice: I find that my customers who have a more focused geographical search area (limited to one or two towns) - even if their budget is limited - tend to find the house they buy quicker and more easily. It's just less overwhelming. So you may want to look at the towns you are considering, which are numerous, and narrow your search down a bit.
Good luck! Let me know if I can answer any questions.
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