topic Re: Feeling stuck in a starter home in Community Chat

Feeling stuck in a starter home

novamc1 — Sun, 04 Nov 2018 17:51:24 GMT

https://www.seattletimes.com/business/real-estate/more-homeowners-find-their-starter-house-becoming-their-forever-house/

Re: Feeling stuck in a starter home

nana59 — Sun, 04 Nov 2018 18:15:35 GMT

bought our starter home in 1976......still here...remodeled once.....just never felt the need to move....already willed it over to our children!

Re: Feeling stuck in a starter home

SurferWife — Sun, 04 Nov 2018 18:19:36 GMT

I’ve never cared for the term “starter home”. A home is a home, whether it’s you first or fifth.

Re: Feeling stuck in a starter home

Sweetbay magnolia — Sun, 04 Nov 2018 18:32:51 GMT

Very interesting.

Housing is crazy where I live (near you, I think, @novamc1). We bought a beautiful, level, home built by a local, on a nice lot that no one seemed to want because why? A modest home on a generous lot. Now that is perfection! With trees and native soil and a little creek!

DH and I joke about the people we see buying huge homes on no land, "but they have granite countertops"!!!

Reminds me of the Tubes 1980's song - "What Do You Want From Life?"

Re: Feeling stuck in a starter home

Abrowneyegirl — Sun, 04 Nov 2018 18:45:38 GMT

I think there is also a certain amount of "sticker shock" people experience after buying their first home.

Agent fee's

Inspections

Apprasial fee's

Title search

etc

is easily $15,000

Now start adding in moving expenses.

Start up utilities

Taxes

All the 'little things' you need after you move...

ANOTHER $$$$$$

Add in time and effort of gathering and submitting paper work, appointments and so on...

It is NO fun!

Re: Feeling stuck in a starter home

saltysails — Sun, 04 Nov 2018 18:54:56 GMT

I have told my children to never buy a house you do not love, as you may get stuck there.

Re: Feeling stuck in a starter home

SahmIam — Sun, 04 Nov 2018 20:19:21 GMT

I get it. We went backwards as far as I'm concerned, house-wise. We downsized because of a life event and knowing we would only be living on DH's income. We don't really care for our area, however... the schools are good, the younger children made friends (friendships that are going on 10 years now), it's safe, etc.

But we don't like the house. The area is changing and not for the better and we're stuck.

Putting money into this house angers us because we know it isn't worth it. There are many serious issues happening to our area/our county and we want out but....the cost is the issue.

A week ago I had a meeting with Realtors and homeowners as well as some county people regarding these issues. We were going over long-term development reports for our county and what shocked many was the fact that OUR community is considered to be ENTRY-LEVEL housing for the county. $350,000 is entry level. The median price of a home (it includes condos and TH since you do buy them) is $450,000 now. Take OUT the condos and TH and the price jumps to $800,000 as the average price for a single family home in our county. New TH's (mine is 31 years old) are starting at $550,000, $460,000 and $600,000 all around us. Recently, 5 of the TH's in my community sold for under $290,000; all were original homeowners from 30 years ago and all paid around $17,000-$25,000 for the TH when new. Trust me, these are NOT well made homes in any shape or form. The issues we are having are a nightmare and costly and yet....you're stuck if you want to be safe and not have your house condemned. We are cramped and well, they're great for 1-2 people and a child if you want a family but after that....you WOULD move up to another home.

Can't do that now, So, I agree with the article in every way. It stinks; it really does.

*TH stands for Town House.

Re: Feeling stuck in a starter home

tansy — Sun, 04 Nov 2018 19:40:13 GMT

This happened to us in southern California in the 70s due to rising prices and the interest rates. That was a major driver to our moving to the Seattle area where we were able to afford a nice home near good schools. How times change.

Re: Feeling stuck in a starter home

AuntG — Sun, 04 Nov 2018 19:44:44 GMT

One challenge I'd be willing to take on is living in a 750 square foot home. I would however want a dry basement for storage and laundry.

Re: Feeling stuck in a starter home

GAQShopr53 — Sun, 04 Nov 2018 21:23:33 GMT

@novamc1 wrote:
https://www.seattletimes.com/business/real-estate/more-homeowners-find-their-starter-house-becoming-their-forever-house/

@novamc1 I can see where a person would feel stuck...as time goes by neighborhoods change and sometimes for the worst. The hubby and I purchased our first home on the west coast and it was labeled a "starter home" because of the lot size and square footage making it ideal for a small family of 2-3 people. I did not consider it a starter home as it was a great size and at the time we did not want the maintenance of a big yard.

However, over time you acquire a lot of stuff and I can see where one would want/need a bigger home to "house" those items. When we finally settled down and became empty nesters, I would have loved to go back and live in a house the size of first home.

Re: Feeling stuck in a starter home

CinNC — Sun, 04 Nov 2018 21:39:39 GMT

Interesting topic. One of my facebook friends has a friend who is a realtor and discusses "exit strategy" when purchasing a home. Atlanta area.

Re: Feeling stuck in a starter home

Shelbelle — Sun, 04 Nov 2018 21:43:13 GMT

I love my first home, been here 40 years.

Re: Feeling stuck in a starter home

catwhisperer — Sun, 04 Nov 2018 23:25:57 GMT

Be fortunate to even have a home and not be homeless nowadays.

Re: Feeling stuck in a starter home

proudlyfromNJ — Sun, 04 Nov 2018 23:47:56 GMT

@Shelbelle wrote:
I love my first home, been here 40 years.

@Shelbelle. I agree. 35 years here. Going nowhere.

Re: Feeling stuck in a starter home

blackhole99 — Mon, 05 Nov 2018 00:01:59 GMT

Location, location, location. Beautiful big home in a development, no way, shack on many acres, winner.

Re: Feeling stuck in a starter home

BirkiLady — Mon, 05 Nov 2018 00:27:10 GMT

@SurferWife wrote:
I’ve never cared for the term “starter home”. A home is a home, whether it’s you first or fifth.

When we purchased our first home in 1969, I don't recall anyone referring to it as a "starter home." Most were surprised we didn't begin in an apartment. We had saved during our three-year engagement and planned ahead. We knew we would both be students and working full-time for a couple of years; money would be tight. It beat renting until our first transfer took us out of State. To us, it was a good investment. In our other homes in other states, they were also good investments.

But "home is were the heart is" . . . it doesn't matter which home number you own!

Re: Feeling stuck in a starter home

SilleeMee — Mon, 05 Nov 2018 00:57:44 GMT

Things turned out in way for me to be forced into my first home because of a death in the family after which I assumed the loan. At the time I had intended to sell but then I became ill and had to go on disability. So here I am in my starter-home-turned-forever-home.

Re: Feeling stuck in a starter home

SeaMaiden — Mon, 05 Nov 2018 01:05:22 GMT

@catwhisperer wrote:
Be fortunate to even have a home and not be homeless nowadays.

@catwhisperer Amen! People complain about everything!

Re: Feeling stuck in a starter home

VaBelle35 — Mon, 05 Nov 2018 01:18:43 GMT

In my development, many people buy our townhouses as starter homes. They are either about to have a baby or have a baby. The intent is to move up to a single family home as the baby gets older.

I see a lot of people staying, making bedrooms in the basement, because they can't afford to buy a single family home.

Re: Feeling stuck in a starter home

Its Me LuLuBelle2 — Mon, 05 Nov 2018 03:54:06 GMT

@blackhole99 wrote:
Location, location, location. Beautiful big home in a development, no way, shack on many acres, winner.

@blackhole99, man, that's the truth. My husband grew up in what's now a very affluent area of NY. It was just a bedroom community of NYC when he was a kid (his dad and uncle built the house in the 50's), but is now a very desirable area as it's a 1/2 hour train ride into mid-town Manhattan.

We lived in another county North of his childhood home - about 45 miles away. Prior to my FIL having a severe stroke and having to go into a nursing home for several years before he died and my MIL getting vrey sick, they had been financially stable, but medical issues quickly started going through their savings. My MIL was terrified she would lose her beloved home. My husband and I talked it through and decided to take out a second mortgage on our house so we could buy hers at fair market value. My MIL was over the moon that she got to keep her home (although we owned it and we paid all of the taxes), and she paid utilities only - she lived her life out there. When she passed away, we did some renovations to her home and moved into it and sold ours. We paid the 2nd mortgage and were free and clear.

We are on 4 acres of property in Westchester County, NY. Our taxes are crazy high, but we have no mortgage and the home value today is mind boggling. Every now and then a realtor has popped in and asked if we'd like to sell. No, we don't (we love this house). But the numbers they have quoted us for our little 1,600 square foot Mid-Century Modern home built in the late 1950s boggle our minds. Location, location, location, indeed (and 4 acres is a real bonus)!