What do you think of this house for a starter home?

[ScrimpAndSave]

MLS

I am having my realtor take a look at the comps...I am almost positive everything around it is selling for around $170,000-$175,000.

[Ima saver]

My husband could build that house for about $125,000. I don't know what the land is priced at? I think it is cute for a starter home.

[ScrimpAndSave]

It's in a sought after township (Palmer Township)...and I know that buying lots of land is very expensive. I've never seen a lot this size under $120,000. But of course...I don't know the specifics.

[swanson719]

Way over-priced... I'd take a longer commute and a cheaper house. It's a lot easier to save money when you're not paying $1500 a month in a mortgage. Gas isn't that big of a difference. $190K+ for a house isn't a starter in PA.

[disneysteve]

I think the whole concept of a "starter" home is a marketing ploy concocted by the real estate industry. Convince people that they should buy a home as soon as they can even though they know the house won't meet their needs for more than a few years. Then they'll have to upgrade to a bigger, more expensive home, generating another round of commissions in the process. Get folks to repeat the cycle every 5-7 years and theoretically, one agent could sell the same house 4 or 5 or 6 times in a career.

We bought our house in 1994. It wasn't our dream home (whatever that is). It was something that we could comfortably afford at the time. It had a decent amount of space, not that we wouldn't love a bigger kitchen, a spare bedroom and more storage, but we're managing just fine here. We have no intention of moving until we retire. Just because we would like, could use and can afford something more, we see no good reason to upgrade.

Certainly, there is nothing at all wrong with moving because your needs change - more kids than you anticipated, a new job, an ailing parent that you need to care for, etc. The idea of buying a home knowing that you aren't going to stay there long, though, just never made sense to me. Why spend the time and money just to turn around and do it again after 3 or 4 or 5 years? I'd rather wait until you can buy the "keeper" home rather than the "starter" home.

[mommyof4]

It's a cute house, but seems a bit high to me? I live in a house that is newer than that one (1966), 2100 sq feet upstairs, 5 bedroom, 3 bathroom, and five acres of land with outbuildings, and it only is valued at $175K. I know that there is a difference in land prices between you and Iowa, but is there that much?

[ScrimpAndSave]

Mommyof4 - yes there is a big difference. I don't think I live in a "high cost of living" area...but it is certainly desirable.

[ScrimpAndSave]

Disneysteve, I said starter home - but I guess I shouldn't. It's in an area that I would love to stay in...and I am tenured in a job where I don't plan on leaving. I don't think that there are any time constraints on how long I could live in the home. Especially since I do not want children. Ever.

[momof1in150]

Originally Posted by mommyof4

It's a cute house, but seems a bit high to me? I live in a house that is newer than that one (1966), 2100 sq feet upstairs, 5 bedroom, 3 bathroom, and five acres of land with outbuildings, and it only is valued at $175K. I know that there is a difference in land prices between you and Iowa, but is there that much?

Yes, there is a HUGE difference between the Midwest and the East Coast.

[ScrimpAndSave]

Mommyof4, I couldn't touch your house for less than $450,000 around here...and that is if it needs upgrades from 1966...

[mommyof4]

Originally Posted by ScrimpAndSave

Mommyof4, I couldn't touch your house for less than $450,000 around here...and that is if it needs upgrades from 1966...

We've already done that- new laminate flooring, remodeled kitchen, bathrooms, retextured walls, new window, the whole 9 yards. I think I'll be staying in the midwest- I didn't know housing was so expensive on the East coast.

[disneysteve]

Originally Posted by mommyof4

I live in a house that is newer than that one (1966), 2100 sq feet upstairs, 5 bedroom, 3 bathroom, and five acres of land with outbuildings, and it only is valued at $175K.

Our house was built in 1964. It is a 3-bedroom, 2-1/2 bath colonial on 1/4 acre with a 1-car garage. It is worth about $275,000. We're in NJ. You simply can't compare housing prices from different parts of the country because the markets vary quite dramatically. Around here, $175,000 would not get you a single home and you'd probably have a tough time finding a town house for that price unless it needed a lot of work.

[ScrimpAndSave]

Steve...are your property taxes crazy, too? I know that the housing prices where I live aren't much different from where you are...but the property taxes seem to be a little bit better around here. My dad's house appraises for $300,000 and the property taxes are about $4,500 a year...I bet it would be even more in NJ.

[DebbieL]

Personally, it doesn't do a thing for me. Kinda blah, and the bedroom must be pretty small with the fact they've got a single bed on an angle in the corner. The kitchen looked okay. Some of the other ones you've posted in the past looked cuter to me, but everyone's taste is different of course (that's what makes life fun).

For the posters who think it's too expensive: this house would probably be over $400K where I live (and no I don't think it's worth it, but that is the sad situation at the present time here). I'm hoping our housing bubble bursts pretty soon

[ScrimpAndSave]

It isn't as cute as the other houses because I am now looking in a much, much lower price range.

[disneysteve]

Originally Posted by ScrimpAndSave

Steve...are your property taxes crazy, too?

Yes. We pay about $7,000.

[ScrimpAndSave]

Ouch.

I'm about 2 miles from the NJ border and it is so amazing to me that property taxes are so different in just that small amount of distance.

[disneysteve]

Originally Posted by ScrimpAndSave

Ouch.

I'm about 2 miles from the NJ border and it is so amazing to me that property taxes are so different in just that small amount of distance.

It isn't really a state thing. It is very much local. I could stay in NJ and move a few miles and get much more house for the money and pay far less in taxes, but municipal services wouldn't be as good, schools wouldn't be as good, etc.

[geojen]

I can't believe the difference in property taxes between where you live and here in the midwest--we pay 2600 on 6 acres with a big barn and 2 other outbuildings.

[geojen]

Oops, forgot to mention that I think the house definitely has potential. I think it is cute, but the slanted ceilings would drive me nuts!