Catholic FAQ


Latest Threads
newest posts



Go Back   Catholic Answers Forums > Archive > Archive > Faith and Finances: 2014
 

Welcome to Catholic Answers Forums, the largest Catholic Community on the Web.

Here you can join over 400,000 members from around the world discussing all things Catholic. Membership is open to all, Catholic and non-Catholic alike, who seek the Truth with Charity.

To gain full access, you must register for a FREE account. Registered members are able to:
  • Submit questions about the faith to experts from Catholic Answers
  • Participate in all forum discussions
  • Communicate privately with Catholics from around the world
  • Plus join a prayer group, read with the Book Club, and much more.
Registration is fast, simple and absolutely free. So join our community today!

Have a question about registration or your account log-in? Just contact our Support Hotline.

 
 
Thread Tools Search Thread Display
  #1  
Old Feb 18, '12, 4:13 pm
mojc mojc is offline
New Member
 
Join Date: January 10, 2010
Posts: 11
Religion: Roman Catholic
Default Buying the most expensive house on the block

So as a catholic family we have 6 kids 6 and under and probably more to come, hey we have 10 years of fertility left. We are in need of another house and in buffalo, the market has not really been hit so the prices are very competitive. We do want nore space and found a house that was totally renovated on a street that has much smaller and cheaper houses. The next cheapest house was sold for 65000 less and of course there are houses that went was an even bigger comp differential.

I know the old saying that yiu never buy the most expensive house on the block (which in this case isnt that expensive) as you can never re coup or renovate and get anything back. But if thr house is right and renovations done, is it a bad move? The street isnt terrible but not anything great either, but it is a safe area. Of course my realtor says to run from the most expensive house on a street.

But for 8 people and growing it fits the needs for the next 7-10 years where any other house comprable in a nicer area is almost impossible to find or out of uur price range.

Thoughts? Wait for a better investment? Try for a remarkable price?
__________________
www.menofjc.com
Listen to the Men of Jesus Christ podcast. FInd it and subscribe in iTunes.
  #2  
Old Feb 18, '12, 6:10 pm
1ke 1ke is online now
Forum Elder
 
Join Date: May 25, 2004
Posts: 24,694
Religion: Catholic
Default Re: Buying the most expensive house on the block

You should look at a house as a lifestyle choice, not first and foremost as an investment. If you buy the house, stay in it, and it fits your needs-- why do you care how much it appreciates or depreciates? You don't. Do you expect to move frequently? If so, then RENT the nicest house in the neighborhood.
__________________
Pax, ke

ke's universal disclaimer: In my posts, when I post about marriage, canon law, or sacraments I am talking about Latin Rite only, not the Orthodox and Eastern Rites. These are exceptions that confuse the issue and I am not talking about those.
  #3  
Old Feb 18, '12, 6:12 pm
armywife armywife is offline
Regular Member
 
Join Date: June 24, 2004
Posts: 758
Default Re: Buying the most expensive house on the block

It wouldn't bother me (we are in the same boat as I'm preggers w/ #7) as long as I knew we would be in that house FOREVER. If it's an older neighborhood, the houses are often different price ranges/sizes.
  #4  
Old Feb 18, '12, 6:19 pm
mojc mojc is offline
New Member
 
Join Date: January 10, 2010
Posts: 11
Religion: Roman Catholic
Default Re: Buying the most expensive house on the block

It will not be a forever home, it actually will be more of an interim home for maybe 6-10 years. I want to be able to move into a part of the area with a piece of land and that is not financially feasible at this time, so the investment portion does play a role.
__________________
www.menofjc.com
Listen to the Men of Jesus Christ podcast. FInd it and subscribe in iTunes.
  #5  
Old Feb 18, '12, 6:30 pm
dcrowmik dcrowmik is offline
Junior Member
 
Join Date: April 19, 2008
Posts: 322
Religion: Catholic
Default Re: Buying the most expensive house on the block

Buy it now. Even the most expensive house on the street will go up in value over the next 7-10 years. If you can, hold on to it when you buy the next one.
  #6  
Old Feb 18, '12, 6:53 pm
mojc mojc is offline
New Member
 
Join Date: January 10, 2010
Posts: 11
Religion: Roman Catholic
Default Re: Buying the most expensive house on the block

even if its priced $65,000 over the 2nd most expensive house on the street?
__________________
www.menofjc.com
Listen to the Men of Jesus Christ podcast. FInd it and subscribe in iTunes.
  #7  
Old Feb 18, '12, 7:32 pm
dcrowmik dcrowmik is offline
Junior Member
 
Join Date: April 19, 2008
Posts: 322
Religion: Catholic
Default Re: Buying the most expensive house on the block

Quote:
Originally Posted by mojc View Post
even if its priced $65,000 over the 2nd most expensive house on the street?
What's the average price per square foot of the comps and what is the price per square foot of the one you're thinking of? If the one you're thinking of is larger than the average comps you might find that the $65,000 is not too out of line for what you're getting.
  #8  
Old Feb 19, '12, 3:19 am
MtnDwellar MtnDwellar is offline
Regular Member
 
Join Date: September 17, 2009
Posts: 2,371
Religion: Catholic
Default Re: Buying the most expensive house on the block

The adage of not buying the most expensive house on the block applies to houses that do not have significant features that justify the price. For instance, if a home is more expensive because of the decorating, ie flooring, wall covering, fixtures, etc. but appears similar in a listing regarding number of bedrooms, baths, sq. feet, etc., better to stay away.
  #9  
Old Feb 19, '12, 4:30 am
Texas Roofer Texas Roofer is offline
Regular Member
 
Join Date: September 7, 2006
Posts: 4,756
Religion: Catholic
Default Re: Buying the most expensive house on the block

Quote:
Originally Posted by dcrowmik View Post
What's the average price per square foot of the comps and what is the price per square foot of the one you're thinking of? If the one you're thinking of is larger than the average comps you might find that the $65,000 is not too out of line for what you're getting.
I second this, a larger house should be sightly less per square foot, as they do not have a stove/washer/dryer/frig per person. If the opposite is the case the house carries a large premium and thus it is a high risk investment. Bad investments seldom help the buyer, this may or may not be a bad investment but it needs heavy thought. After all it is unlikely to sell out from under you.
  #10  
Old Feb 19, '12, 11:45 am
mary bobo mary bobo is offline
Senior Member
Forum Supporter
 
Join Date: May 19, 2005
Posts: 8,515
Religion: Catholic
Default Re: Buying the most expensive house on the block

Quote:
Originally Posted by dcrowmik View Post
Buy it now. Even the most expensive house on the street will go up in value over the next 7-10 years. If you can, hold on to it when you buy the next one.
Don't be too sure that the value will go up. It has been quite a while since that has been the case in most areas.
__________________
Praying for all CAF intentions.
  #11  
Old Feb 20, '12, 7:18 am
jc-servant jc-servant is offline
Regular Member
 
Join Date: January 12, 2005
Posts: 1,390
Religion: Catholic
Default Re: Buying the most expensive house on the block

Quote:
Originally Posted by mojc View Post
even if its priced $65,000 over the 2nd most expensive house on the street?
This sounds like a huge price disparity. I say skip it. A problem with houses is the "location, location, location" issue. Will you reach most of those who can afford the more expensive house if it is not located in a comparable neighborhood? When all of the houses are above a certain upper middleclass price point then the area's amenities and "feel" can change also. The $1,000,000 house in a comparable area will likely have a country club or better parks or stores or schools nearby. The same house surrounded by more modest homes is another matter.

My mother used to say that it is better to be the least expensive house on an expensive block than vice versa. A declining area can pull more value from the most expensive house on the block and a modest home in a great/popopular area can often command top dollar and sell faster because it allows people to "upgrade" their lifestyle for less money while obtaining the perks of the wealthier neighborhood. A city near me is so in demand because of their schools that people routinely place contracts without viewing the entry level homes so long as online photos and info don't show a huge red flag! I tried for months to view houses there, but repeatedly people snapped them up (in a soft market) and took a chance at losing the $100 or so given to place the initial contract hold pending inspection.
__________________
Joyful, joyful, we adore thee!
  #12  
Old Feb 20, '12, 11:17 am
SamH SamH is offline
 
Join Date: June 10, 2009
Posts: 16,829
Religion: Catholic
Default Re: Buying the most expensive house on the block

Quote:
Originally Posted by dcrowmik View Post
Buy it now. Even the most expensive house on the street will go up in value over the next 7-10 years. If you can, hold on to it when you buy the next one.
Very doubtful. The construction industry predicts at least three more years of declining values and lousy housing market in general. They don't predict it will end in three years either, that's just all the further out they were willing to predict.


If its not your "forever home" don't buy it.
  #13  
Old Feb 20, '12, 5:06 pm
IrishAm IrishAm is offline
Regular Member
 
Join Date: August 21, 2007
Posts: 1,760
Religion: Roman Catholic
Default Re: Buying the most expensive house on the block

Quote:
Originally Posted by SamH View Post
Very doubtful. The construction industry predicts at least three more years of declining values and lousy housing market in general. They don't predict it will end in three years either, that's just all the further out they were willing to predict.


If its not your "forever home" don't buy it.
Ditto, ditto . . . A wise man has spoken here . . . (SamH, not me . . . :-) )
__________________
Tiber Swim Team 1971
  #14  
Old Feb 20, '12, 6:25 pm
TheRealJuliane TheRealJuliane is offline
Senior Member
 
Join Date: October 11, 2010
Posts: 19,026
Religion: Roman Catholic
Default Re: Buying the most expensive house on the block

Quote:
Originally Posted by mojc View Post
So as a catholic family we have 6 kids 6 and under and probably more to come, hey we have 10 years of fertility left. We are in need of another house and in buffalo, the market has not really been hit so the prices are very competitive. We do want nore space and found a house that was totally renovated on a street that has much smaller and cheaper houses. The next cheapest house was sold for 65000 less and of course there are houses that went was an even bigger comp differential.

I know the old saying that yiu never buy the most expensive house on the block (which in this case isnt that expensive) as you can never re coup or renovate and get anything back. But if thr house is right and renovations done, is it a bad move? The street isnt terrible but not anything great either, but it is a safe area. Of course my realtor says to run from the most expensive house on a street.

But for 8 people and growing it fits the needs for the next 7-10 years where any other house comprable in a nicer area is almost impossible to find or out of uur price range.

Thoughts? Wait for a better investment? Try for a remarkable price?
That makes me a bit leery, honestly. Is the neighborhood starting to turn into a "tear down, turn around" type of situation, where people buy for the lot, tear down the old house and put up a new custom home which can then be resold? If that is the case, your house would be the oldest renovated house and people might want their own custom home instead of yours. The gap between your prospective house and the one that sold most recently is HUGE.

On the other hand, if someone does not want the grief of building, then you might resell easily.

On the 3rd hand, if it's a good value and you really think you will stay for a long time, well...

Your realtor has seen these things before. I'd try to listen, or you may regret it.

  #15  
Old Feb 21, '12, 3:56 am
bscastro bscastro is offline
Prayer Warrior
 
Join Date: February 28, 2006
Posts: 713
Religion: Catholic
Default Re: Buying the most expensive house on the block

Hey there...I'm in Buffalo, NY too! LOL we've probably met!

God bless,
Bryan
__________________
The Lord is kind and merciful.

I believe one of God's most under-appreciated gifts to us is the Sacrament of Reconciliation.
 

Go Back   Catholic Answers Forums > Archive > Archive > Faith and Finances: 2014

Bookmarks

Thread Tools Search Thread
Search Thread:

Advanced Search
Display

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Forum Jump



Prayer Intentions

Most Active Groups
8479Meet and talk,talk talk
Last by: Weejee
5153CAF Prayer Warriors Support Group
Last by: Vim71
4429Devotion to the Sorrowful Mother
Last by: daughterstm
4037OCD/Scrupulosity Group
Last by: eschator83
3864SOLITUDE
Last by: Prairie Rose
3762Let's empty Purgatory
Last by: daughterstm
3332Petitions Before the Blessed Sacrament
Last by: Amiciel
3288Poems and Reflections
Last by: tonyg
3225Catholic Vegetarians & Vegans
Last by: 4elise
3116For seniors and shut- ins
Last by: Weejee



All times are GMT -7. The time now is 9:19 am.

Home RSS Feeds - Home - Archive - Top

Copyright © 2004-2014, Catholic Answers.