23 September 2008, 11:18 am
my family is looking to buy a house in the $250k range. we found a really nice house for 375k, has 6 bedrooms, 4bathrooms a huge backyard (must be .50 acres) and it's in a very nice neighborhood (2 blocks down are million dollar homes). The house's price was originally $700k 3 years ago and now it's half price. It's bank owned. The area it is in it's newly developed and there will also be a mall built nearby. Should we buy the house even though the monthly payments will be apprx. $2000? we are currently renting for $1300/mo and the $2000/mo mortgage doesn't look like a huge amount to us but it's not in our comfort zone either. Does this sound like a good investment for the risk? Forgot to mention the house is only 3 years old, and has a patio in the middle (house is kinda like a square shaped) and a balcony facing the patio from the master bedroom! Pretty much the nicest house i've ever seen (other than cribs on mtv) I need some advice on whether we should buy that house or buy a smaller and cheaper house (that should also increase in value in that area). The location is Elk Grove, Ca for those who know the area. any advice appreciated thanks!... Read More »
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