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SDEaves
Participant[quote=ltsdd]I would not go for the town house. The HOA fees will add at least another 20% to your monthly payment. So, if you could afford to get a $360K town house in SR then you could certainly afford a SFR somewhere else without MR and HOA fees for about $430-440K.
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Thank you, this is a really good point.Participant[quote=svelte]
My commute is 25 minutes, not 1 hour (though I would do 1 hour for the right job).
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Hi there!
Thanks for all your advice so far on my post. Just curious if you know anyone that commutes from SM to the Tierrasanta/Kearny Mesa areas? How far do you think that commute is? I have tried driving the commute only a few times to get a feel for it and clocked in at about 35 to 40 minutes. Not sure how accurate that was? Figured I’d ask a local who probably knows it a lot better than I!Participant[quote=Rhett][quote=SDEaves]Our price range is not very much, up to 360k.[/quote]
You can buy a townhouse in Scripps Ranch for $360K? Unless you are talking about those older ones in the southwest parts of Scripps Ranch, I don’t think you could find even a 2BR townhouse for that price. Those older ones make me nervous – I’ve looked at a few and I’m always shocked that the termites have not eaten them to the ground. Way too much wood.[/quote]
Yes, you can.
Participant[quote=bearishgurl][quote=UCGal]I vote townhouse. If you have children you don’t want a long commute keeping you away from them during their waking hours…[/quote]
[quote=paramount]Townhouse.[/quote]
HOA dues of $200 mo ++, especially combined with MR of $250-$400 mo on a “townhouse” literally KILLS the budget of young families just like this one! These are the prime reasons for foreclosure/short sale and walkaways of FTB’s, IMO.
Another problem is that if they purchase a townhouse, $200-$600 per month of their housing expense will NOT be used to pay down the principal of their mortgage and help them build equity. In addition, townhouses and condos have historically not appreciated at anywhere near the same rate as SFR’s, making it harder for a FTB such as the OP to “move up” when they can qualify for a larger mortgage. Thirdly, they would be subject to “special assessments” of thousands of dollars, especially in complexes over 20 years old.
I understand that the townhouses in the areas mentioned are more conveniently located to the OP’s work, but LM (91941) isn’t more than 15 to 25 mins to Tierrasanta, depending on traffic. It’s not like it’s a long commute. It’s certainly worth considering.
The trick will be to find a property that will work for a family of 5 which doesn’t need too much cash outlay in repairs for at least the first year of ownership. The average age of an SFR in 91941 is about 55-60 years old. If this buyer wants an SFR of =>1500 sf, they may have to be patient, handy or both. If they are, it will be well worth it for them to try to get one of these well-built gems while the mtg rates are this low, IMHO.
SDEaves, last weekend LM Village hosted their their biggest event of the year, their annual Oktoberfest.
http://gothere.com/LaMesa/octoberfest.htm
Since you can find parking now :), why don’t you take your kids over there to look inside the “real” (parked) locomotive and take some pictures of them on it. Then walk up and down LM Blvd and check out the antique stores and consignment shops. You’ll find plenty of places to eat there, as well. If you have time, walk up and down Date Ave, at least a couple of blocks. You will be amazed at the 100+ year-old date trees lining both sides of the street! The trolley runs through there as well, right alongside the train tracks. There are lesser-expensive streets just west of Windsor Hill (less than a mile west of the village and just east of the SD/LM border) and also south of that historic area in the area served by La Mesa Dale Elem (also a good school). Overall, it is a nice place for kids to grow up in.
Hopefully there is some current inventory over there to view. I haven’t looked in awhile.[/quote]
Sounds like a great plan for this weekend! Thank you!
Participant[quote=bearishgurl]SDEaves, the Piggs would need to know your price range to help you better. If you COULD qualify to purchase near Cowles Mtn (92119), LM/Grossmont (91942) or Fletcher Hills (92020) to get a (larger) 2000+ sf two-story on a bit larger lot, these tract homes are better for families and are very accessible to SR-52 which would make your “commute” very short.
You need to figure out how much more house $200-$300 month in HOA dues will buy and add it to the mtg amt that you already qualify for. If handled and presented to your underwriter correctly by your loan officer, you might be able to get more living space WITHOUT a long commute.
The schools in San Carlos, LM and FH are far preferable to those in Tierrasanta, IMHO, and all of those communities have several well-known parks and trails that YOU, as a homeowner, won’t have to pay for every year in the form of MR.[/quote]
Thank you so much for your detailed advice, it’s been extremely helpful. Also, thank you to everyone else’s advice as well- we are taking notes! Our price range is not very much, up to 360k.
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