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Old 01-29-2008, 11:30 AM   #11
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I live in Stansbury Park now but have a house in Taylorsville that I bought about 9 years ago. 5 bed, 2.5 bath, 2100 sq ft and paid $100k for it :) I rent it out now, but I would head elsewhere.

Where do you work? This may help with a shorter commute. Also check out that utah realestate site, you can narrow your search down quit a bit.
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Old 01-29-2008, 11:34 AM   #12
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You also need to look at the lot size. Do the houses come on a large plot of land? I know here in VA home values have skyrocketed. My home is 2400 sq ft on a 1/4 acre lot. My sister's home is 1800 sq ft on a 2 acre lot and her home is priced about $100,000 more because of the land she has with it. If you want to know how much of a house you can afford, DO NOT TALK WITH A RELATOR! Go to a financial advisor who has real estate experience. Most relators will steer you to the most expensive house that you feel you can afford. Finacial people will look at all your assests and give you a better plan for affording a home and still be able to live in it and plan for retirement, kids college etc. They can also help you plan now for the eventual home purchase in several years so that when the time is right you will be ready with the money.
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Old 01-29-2008, 11:40 AM   #13
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You also need to look at the lot size. Do the houses come on a large plot of land? I know here in VA home values have skyrocketed. My home is 2400 sq ft on a 1/4 acre lot. My sister's home is 1800 sq ft on a 2 acre lot and her home is priced about $100,000 more because of the land she has with it. If you want to know how much of a house you can afford, DO NOT TALK WITH A RELATOR! Go to a financial advisor who has real estate experience. Most relators will steer you to the most expensive house that you feel you can afford. Finacial people will look at all your assests and give you a better plan for affording a home and still be able to live in it and plan for retirement, kids college etc. They can also help you plan now for the eventual home purchase in several years so that when the time is right you will be ready with the money.
my house right now is on 1/10th of an acre. Most houses here in my area are on 1/4 lot. yeah bigger lots means more money.
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Old 01-29-2008, 11:47 AM   #14
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If you want to know how much of a house you can afford, DO NOT TALK WITH A RELATOR! Go to a financial advisor who has real estate experience. Most relators will steer you to the most expensive house that you feel you can afford. Finacial people will look at all your assests and give you a better plan for affording a home and still be able to live in it and plan for retirement, kids college etc. They can also help you plan now for the eventual home purchase in several years so that when the time is right you will be ready with the money.
That's probably the BEST advice you could get!!!
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Old 01-29-2008, 11:48 AM   #15
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I live in Stansbury Park now but have a house in Taylorsville that I bought about 9 years ago. 5 bed, 2.5 bath, 2100 sq ft and paid $100k for it :) I rent it out now, but I would head elsewhere.

Where do you work? This may help with a shorter commute. Also check out that utah realestate site, you can narrow your search down quit a bit.
Stansbury park is cool. thats the one with the little lake and by the great slat lake.
right now i work at Rasmussen Equipment but after school i will be working somewhere else.

my goal is in 1.5 -2 years to start buying a house. is it possible yes but practicle at that age, im not sure.
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Old 01-29-2008, 11:50 AM   #16
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I just hope that by the time i need to buy a house (which i hope is in a couple of years or so) that the market is a lil better.

Don't you mean a little worse?

I'd suggest moving, if you can.

Also, being single (or newly married) there is no way you need "at least a 5 br, 2 bath" home. Space is nice, but it's expensive to buy and maintain.

A better strategy is to buy something smaller, build up the equity in your investment, and then use the equity to buy something larger when/if you need it.
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Old 01-29-2008, 11:51 AM   #17
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What do you do at Rasmussen?
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Old 01-29-2008, 11:56 AM   #18
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That's probably the BEST advice you could get!!!
where do i go to find these so called financial adviser's. i have never heard of them before. Do you find them at credit unions and banks? would a credit union and or bank be able to direct me to a financial adviser?
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Old 01-29-2008, 11:56 AM   #19
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Plus, real estate values always go up.
Well, not always. With the economy we're in now, lots of people can't get loans so people who want or need to sell their homes can't find sellers, so they have to lower the price in order to sell. I know over the last year, I've seen many houses on the market for many months just in my neighborhood alone, whereas two years ago they would have sold fast, for $300k or more. An important principle of economics is that when supply goes up, the price goes down. It works for houses, too.

I would expect home values to decline significantly in Utah in the next couple of years. A lot of those expensive homes were bought by California real estate investors, aka speculators, who will eventually sell at a loss so they won't have to pay property taxes and insurance anymore. The housing bubble has burst.
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Old 01-29-2008, 11:58 AM   #20
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Don't you mean a little worse?

I'd suggest moving, if you can.
LOL i was afraid someone was going to say that. If i HAD to move i would go to VA because they have awesome summers i have heard.
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