Q&A: Should i buy a small house in one of the nicest neighborhood?
Question by lala: Should i buy a small house in one of the nicest neighborhood?
or buy a normal house in a normal suburb.
say a small house in cities, like beverly hills, Montecito, Malibu etc. can go up to 800k
but with 200-300k i can get a nice house in a suburb in Atlanta.
I figure if i have say 1M to buy a house, i should get one in the nice neighborhood right? Since the house and lot price will almost double in 10 years
whereas a 200k house in an Atlanta suburb will go up in 20-50k if lucky it doesn't depreciate.
am i right in this logic? please tell me your opinion.
btw, im self-employed and make close to 250k annually.
Best answer:
Answer by CA MLO
The bigger question is can you buy anything with your self employment status. First make sure your income will qualify; you will need the last 2 years of tax returns with all schedules and you will only be able to use that income which you report. This means that what you make and what you claim are 2 different things, so check before you leap, you may be surprised.
After you figure out how much you truly qualify for, then you can address the issue of where to buy. Always at minimum, get pre-qualified from an experienced loan officer first.
Give your answer to this question below!
July 19th, 2010 - 03:38
It’s your call. Do you want a house that you can call home or do you want an investment? Are you married or expect to be? HUGE!
My choice would be the little house in the nice neighborhood that has potential to appreciate. Whatever you buy I assume you expect to live in it.
Obviously, you don’t care what part of the country you call home so it is really your choice. Remember that friends and family are important so I wouldn’t just buy in another state even if I thought it could make a lot of money!