What do you consider a good deal on the purchase of a home?

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MrsTaxCPA_IHB

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Long time reader, first time poster. I'm just wondering what everyone thinks is a good deal on a home based on the current housing market. I just purchased a home in Irvine and have been told that I got a good deal. I would like to think I got a good deal, but I don't think I got screwed. So I just wanted to find out from the ususal posters what they consider a good deal. Thanks for your input.



P.S. I had a feeling that someone would ask what I paid so here are some details of the home I just purchased: $640k, 2,300 sq ft of living space, 6,000 sq ft lot, and the house is located in an area called The Ranch.
 
[quote author="MrsTaxCPA" date=1254391222]Long time reader, first time poster. I'm just wondering what everyone thinks is a good deal on a home based on the current housing market. I just purchased a home in Irvine and have been told that I got a good deal. I would like to think I got a good deal, but I don't think I got screwed. So I just wanted to find out from the ususal posters what they consider a good deal. Thanks for your input.



P.S. I had a feeling that someone would ask what I paid so here are some details of the home I just purchased: $640k, 2,300 sq ft of living space, 6,000 sq ft lot, and the house is located in an area called The Ranch.</blockquote>
Congrats on the purchase and welcome to the forum, thanks for your post. Based upon what you described I think you got an very good deal (especially if the home wasn't too rundown or outdated). I have an idea which home it is based upon my MLS but I won't say a word. :oX haha
 
No need to disclose more. The "Ranch" is a dead giveaway. You bought a very dated home. Not to worry because other areas will be soon added to this category.
 
$278 per sft in Irvine is pretty good.



But just remember, good deals are relative and not just based on price. Does the house have the amenities you are looking for? Do you need to put more money into it to fix it up? Does it back a busy street? The Ranch is an older area in Irvine and some of the houses are close to the train tracks but I think it has no HOA which brings your housing expense down.



Congratulation on your purchase and just remember... a good deal is the deal that you are satisfied with.
 
[quote author="irvine_home_owner" date=1254406307]Congratulation on your purchase and just remember... a good deal is the deal that you are satisfied with.</blockquote>


I second this. Congrats... and if it is a place that you will love, and a place that you can afford, then it is a great deal. That is what I want, and I believe I will have it in 2 or 3 years. So if you can do it now, more power to you. I probably won't see the same interest rates as you. A good deal is the house you love at a payment you can afford to live with, and by live... I mean having a life and not a slave to the home.



I also second the busy street part... I will never compromise on this...EVER! Oh... and 3-car garage is a must.
 
Thanks all. We feel good about the purchase, but obviously there's some anxiety as this is our very first home and dealing with the burdens of home ownership.



USC, I'm sure you know which home this is. It happens to be a home listed by Mike Dunn, master of home listing descriptions. Never met the guy, but definitely had a few laughs based on some of the threads I read about this guy.



As for the house, we're not planning on doing much to it right now as cash flow is pretty low after making the downpayment. We are planning on replacing the tile in the family room, kitchen, laundry area and entry way with bamboo flooring. Also we plan on painting the exterior and replacing the vanity in the half bath downstairs. In the future, we'd like to remodel the kitchen and the master bath, but we don't think anything else needs to be done to the house. Yeah it's older (built in 1972), but its got the space we want and we are excited about moving in. Lucky for us, the house does not back up against the train tracks, but we can hear it. We love that it has no HOA or mello roos and we definitely wanted a home in an established neighborhood.



I look forward to future discussions with all of you and good luck to all on your future home purchase.
 
<a href="http://www.irvinehousingblog.com/blog/comments/irvines-the-ranch/">http://www.irvinehousingblog.com/blog/comments/irvines-the-ranch/</a>
 
Mrs Tax CPA.



My comment earlier was not meant to be negative. All production home communities become dated every 15 years. As so much of its philosophy was based on lifestyle and trend therefore like hairstyle and fashion it eventually go out of style. Your home was designed in 1972 when architects of that era had finished the era of Mid Century Ranch hence the community name. In 20 years your home will likely become a classic just like the Mid Century Modern and Cliff May Ranch.



1972 was still an era where the team had fewer chefs in the kitchen in mucking up the purity of design. There were not a team like todays marketing specialist who governed design without design training. The chances are your home is somewhat architecturally pure but dated as in all tract environment setting.



Because of the age of the home and a community that could be a candidate for my Irvine Trivia selling price in the area must be very competitive to get notice. Even then buyers would find fault in its location. Busy streets. train track and the lack of amenity parks and recreation (even better in my book not having HOA and Mello Roos).



I would have made a similar choice looking in the older neighborhoods with a larger lot that has remodel and expansion potential.
 
And if you really just want to look at dollars, other comps in your area are higher priced with smaller square footage, so that's a plus.



And even though you don't have an HOA, you still get a park with tennis courts and access to a walking trail.



I actually like that area mainly because they do have 3-car wide plans and their lots aren't so dinky.
 
Bk, no offense taken. I understand that everyone has their opinions, that's why its fun to read the threads and get everyones input. I'm cool with the design of my house, otherwise I would not have bought it. I'm a bit old school, so I don't mind the "dated" look. It's got good bones, good curb appeal, an established neighborhood and it's not too far from the 5 or 405.



Irvine_home_owner, I agree with you. I still get the amenities without having to pay for them. There are tons of houses in The Ranch with large lots and 3 car garages. I was surprised I had not heard of The Ranch before.
 
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