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Why Did You Purchase Your Home?


RavensTillIDie

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Cost of House: $94/sq ft

Location: Burbs

Bedrooms: 4-5

Baths: 2 full

Year Bought: 2015

Average Cost of House in Area: $91/sq ft but there are some as high as $150 and some as low as $70

Ideal/Highest Price You'd Be Willing to Pay for House in Area: $94/sq ft. Actually went over budget

What Made You Choose Your Home: The area. Literally the only reason we went over budget. Houses there now are going off the market days after being listed when we got ours 3 months after. The neighbors bought their house 3 years ago, redid the kitchen and living room and sold it for twice as much as they paid for it a couple weeks ago. We could sell ours for almost double as much but opted not too b/c it's a sellers market and we'd overpay for making people overpay due to the market lol

Edited by JTagg7754
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  • 3 weeks later...
On 10/18/2019 at 6:25 AM, JTagg7754 said:

Cost of House: $94/sq ft

That's always an interesting way of looking at it and the appraisers seem to rely on this for a check/balance
But around here (San Diego) , there is such a huge variation in prices, I'm not sure how useful the $/sq ft is when looking at a house

For some reason, they don't take into account basements as living space, so that skews the $/sq ft numbers for areas that have fully furnished "lower levels"
We don't have basements in SoCal, but we do finish off our garages. Many folks put their laundry room in the garage, others convert them into man caves or workshops. But those square feet don't get included in the appraisal as living space

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6 hours ago, Shanedorf said:

That's always an interesting way of looking at it and the appraisers seem to rely on this for a check/balance
But around here (San Diego) , there is such a huge variation in prices, I'm not sure how useful the $/sq ft is when looking at a house

For some reason, they don't take into account basements as living space, so that skews the $/sq ft numbers for areas that have fully furnished "lower levels"
We don't have basements in SoCal, but we do finish off our garages. Many folks put their laundry room in the garage, others convert them into man caves or workshops. But those square feet don't get included in the appraisal as living space

I only listed it this way as it was a bargaining chip when we purchased the house as they were very overpriced and we used it to get the price down. You are right though as basements (mine is ~900 sq) are not included and I believe Florida/4 Season/sun rooms are not either. You definitely have to look okay comps to get this figure for sure. I wish there were no other variables when purchasing but as with most things, nothing can be that simple lol. I'm glad I purchased when I did though bc property values have skyrocketed since we purchased. Equity is a lovely thing to have!

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