Post Number: 61
|Posted on Sunday, June 10, 2007 - 11:22 pm: || |
Are there any good websites for learning how to purchase a house? House buying for Dummies. I finally am making a decent wage and it has been recommended to me by quite a few people that this is the best time to do it. My credit is good and a lot of my friends and family work construction.
I am slightly intimidated by the idea. I would want to live in the City but I have heard a lot of horror stories of people buying homes here.
Also, how are property taxes, if you guys don't mind sharing. One of my friends lives near Wyoming and the Lodge. He pays almost 4,000 a year. Another person on the East side I know only pays $400.
Also, is it difficult and/or expensive to get permits for renovations. It seemed when I interned for the City a year ago, half the time the printers broke down and contractors couldn't get the permits printed. I felt bad for the women in the permit office for what they had to deal with as far as supplies and computers. They constantly had machinery breaking down and could not get IT people out to fix things. They were all complaining about how the Mayor could take a trip to Africa but when contractors want to invest in a permit, they couldn't even print them up.
Post Number: 1270
|Posted on Sunday, June 10, 2007 - 11:39 pm: || |
Taxes are based on the value of your home at the time of purchase. If you hold onto a house your taxes will be less over time (don't make much sense to me, but thats the beauty of proposal A).
Be sure you know what you are getting into before you buy. If you don't live in Detroit now, you can expect your income taxes to increase. Your insurance (home and or vehicle). Will most likely be higher as well.
The plus side is you get a much better constructed home, and more for your initial investment by buying an older home in Detroit.
Post Number: 64
|Posted on Monday, June 11, 2007 - 12:42 am: || |
I am currently renting in the City. Seems silly when house are so cheap right now. Not sure if I am ready for that kind of commitment though.
Post Number: 319
|Posted on Monday, June 11, 2007 - 12:44 am: || |
I would recommend corktown values have stayed pretty steady and are likely to go up. Houses are great, and you live in one of the closest neighborhoods to downtown plus taxes don't seem to kill you in this area. Other recommendations would be Hubbard farms and Woodbridge. From my searching my self I have found that the closer to downtown the more stable the housing market is. where as houses that were 119,000 in rosedale have dropped tremendously by almost 40,000 and are still falling. If you want urban living Corktown is the spot to be! I love walking on the riverwalk every day and the riverwalk has almost ligitimized the ren cen as a spot in detroit for retail and theater.
Post Number: 320
|Posted on Monday, June 11, 2007 - 12:52 am: || |
first step to buying is find a realtor you can trust who knows detroit. They will sit down and talk you through alot. Also check out all online resources. when you find your area track it for a while so that you know if houses are selling or if the market is stagnet. I prefer www.realestateone.com mapping but there are many good sites. Also check appliances(hot water, Furnace) roof and building structure. Think about if you would prefer frame or brick; tudor victorian or colonial. Make a list and search based on criteria. www.Realtor.com is also a good resource. Buying in corktown, check out www.Oconnordetroit.com
Post Number: 347
|Posted on Monday, June 11, 2007 - 1:28 am: || |
Here are some tips, which helped me, in no particular order.
1) Select or target particular areas and neighborhoods that interest you. Take random tours of the same, at different times and on different days. This will allow you to see first hand what the neighborhood is like.
2) Obtain crime reports and other data about your target communities. Learn about the area and the public services (i.e. closest hospitals, police stations, grocery stores, gas stations, freeway access, even what day garbage is picked up).
3) List out in detail the qualities you are seeking in a neighborhood. Also list any "showstoppers" to eliminate the areas that won't meet your specifications.
4) Independently take photographs and notes of the areas you are considering. Voraciously learn everything you can about the communities that you are interested in. After all, the selected community will ultimately be where you probably will be spending many years of your life.
5) If possible, and if you have safe opportunity, attempt to make acquaintance with the local residents of the target communities. Many people are proud of their communities and will gladly share information.
6) Don't rely solely on Real Estate professionals. Remember, they are a type of salesperson with all that entails. Use common sense.
Post Number: 928
|Posted on Monday, June 11, 2007 - 6:40 am: || |
first step to buying is find a realtor you can trust who knows detroit.
Remember that unless you have entered into an agreement with a real estate agent specifying that he/she will represent you, all other real estate agents represent the sellers and may not be in a position to give you unbiased advice.
Post Number: 65
|Posted on Monday, June 11, 2007 - 6:46 am: || |
Cool, lot's of good advice.
Post Number: 9378
|Posted on Monday, June 11, 2007 - 10:10 am: || |
A fair number of neighborhoods have some type of ocmmunity association. Depending on where you are looking you may want to contact the association and see if you can sit in on a meeting or talk with some of the members. Granted they will probably talk up their neighborhood a bit but it may give you a feel for the people in the area and the level of commitment to the neighborhood.
Post Number: 1689
|Posted on Monday, June 11, 2007 - 10:40 am: || |
Buying *anywhere in the area* including in corktown, check out www.Oconnordetroit.com
fixed that for you. they are a pleasure to work with.
(Message edited by gravitymachine on June 11, 2007)
Post Number: 728
|Posted on Monday, June 11, 2007 - 10:49 am: || |
Post Number: 1210
|Posted on Monday, June 11, 2007 - 11:02 am: || |
I recommend "Home Buying for Dummies." Read that and the process will seem much less intimidating. Also, talk to a couple of local real estate agents. Hiring a buying agent can smooth out the process and help you avoid land mines. Oconnor Detroit and Margaret Palmer immediately come to mind, although there are others.
Post Number: 130
|Posted on Monday, June 11, 2007 - 11:16 am: || |
You might even ask your landlord. . . .
Post Number: 3636
|Posted on Monday, June 11, 2007 - 11:34 am: || |
I bought my last house, an old vic, at an auction.
Paid under 20k. Camped out in a few rooms while working on the rest. Did lots of renovations myself, no permits. NOTE: DO NOT ATTEMPT to do wiring yourself without training!
(Until they make it easy, why would you waste half of your day waiting for some woman to tell you that the printer is broken and then on top of that, pay for the privilege?).
Because my purchase price was very low, my taxes were very low.
Post Number: 69
|Posted on Monday, June 11, 2007 - 11:55 am: || |
Thanks Jim. You definitely have some experience with rehabbing buildings and dealing with the City.
You did too good of a job. My apartment is really comfortable, making easy for me to not look into buying property. If you're game, when the summer semester slows down, grab a cup of coffee or something.
We still need to talk about the park. I am sure you are thrilled with it's current state. Do you know what groups are the most recent to trash it. I can bring it up to the police this Midtown Alliance meeting and may we can get some tickets issued. I also want to bring it up at the Central District meeting.
Post Number: 41
|Posted on Monday, June 11, 2007 - 12:11 pm: || |
Give me a call ... www.renovatefirst.com. We deal primarily in renovation financing. While there are certain areas in the city to avoid, I would agree with many that have indicated Corktown as a viable place to purchase a home. Our programs provide financing based on a property's value after renovation, and the Corktown area has shown to have solid prices during the last 12-24 months. Ask for Amy J. I could put you in contact with some realtors I know if you'd like.
Post Number: 132
|Posted on Monday, June 11, 2007 - 12:31 pm: || |
Sorry for the confusion, Lukabottle. You should contact him directly.
Post Number: 316
|Posted on Monday, June 11, 2007 - 2:02 pm: || |
Are you looking only in the Midtown Corktown areas?
I am about to list my house on the market soon.
It's on the far east side near E. Warren and Cadieux.
1100 sq. ft frame house, 3 bedrooms, built in 1949. I am the second owner of the house.
Nice quiet neighborhood and a reasonable price.
Let me know if you would like the full details.
Post Number: 1
|Posted on Monday, June 11, 2007 - 5:44 pm: || |
Realestateabc.com is an excellent site that explains all aspects of the home buying process.