Buy or Rent? (Chapel Hill, Franklin: for sale, real estate, apartment)

[wolverine]

I am now in Michigan and plan to Stay in Chapel Hill for 5 years for PhD program in UNC.

Now I am considering buying a house (Condo, Townhouse or House?) and my budget is under 400K. Since I have no idea about real estate in Chapel Hill, I am worrying about losing money when I sell it after 5 years.

Could any one give me some tips about this?
Would I better buy a house or just rent one for 5 years?

I know it is much more convenient to pay rent every month, but it seems wasting money as well.

Thanks for reading!!

[mm34b]

According to CNN Money.com, The median home in 2005 for the town of Chapel Hill was $263K. The rate of increase in value over a 2-5 year period was 5.78%.

[DebbieF]

You are right there about wasting money. I know a builder that has built wonderful Luxury Condo's in the heart of it all just off Franklin Street. If I can help you with any info just let me know. Their are all little shops underneath. I believe their are a few left for sale. They even have a rooftop patio that has an awesome view. Many people are choosing to do that same thing while they are here studying. Good Luck with everything.

Regards,

Debbie Forghetti

[wolverine]

Debbie,

Thanks for your comment.
Would you let me have some info about the condos on Franklin street?

Thanks.

[DebbieF]

I will send you a private email about that info. Do you know how to check your private messages? At the top where it welcomes you, and your name. It says private messages, just click there. Good Luck

Debbie

Wolverine,

You don't have to worry to worry about losing money. Their is nothing like this in that area. They expect these to really go up in price. These builders have been featured in numerous magazines. All have roof top balconies. Top of the line appliances. There was a total of 38 units, and now there is 4 left. 1-362,000 2-365,000 3-375,000 4-700,000
If by chance you can make it here for a visit on May 4th there is a ribbon cutting ceremony. You can meet the builders at this. I have sent my contact info to your personal message. Feel free to contact me anytime. I would love to help you.

[sarcat]

If you can swing 400K in Chapel Hill, buy.
Recent article in N&O states:

BY THE NUMBERS
$367,299
The average closing cost of a new home last year, including condominiums, townhouses and single-family dwellings.

$581
The average weekly wage needed to rent a two-bedroom apartment.

$575
The average weekly wage for all private-sector jobs.

$71,500
The median family income in Orange County -- $13,500 higher than the state's median family income.
http://www.newsobserver.com/160/story/418170.html (broken link)

And with the enforced "no development beyond" belt around the town and nightmare development process, Chapel Hill is an artificial island where housing prices are going to continue to rise.

http://www.newsobserver.com/161/story/348693.html (broken link)
http://www.newsobserver.com/264/story/394575.html (broken link)
http://www.newsobserver.com/264/story/413203.html (broken link)
http://www.newsobserver.com/161/story/411399.html (broken link)
http://www.newsobserver.com/264/story/410266.html (broken link)
http://www.newsobserver.com/264/story/355685.html (broken link)
http://www.newsobserver.com/161/story/355847.html (broken link)
http://www.newsobserver.com/161/story/311579.html

[wolverine]

Thanks for comments everyone. From internet research, I found that the price of house is usually rising faster than condo or town house. Is this true in Chapel Hill as well?

Many thanks for the future advice!!!

[DebbieF]

It actually depends where you are as to which is rising faster. The price of the condos in Chapel Hill off of Franklin Street will rise for sure. That is an awesome investment for you. You could always lease it out instead of sell and make alot of money that way. I know one that is being leased for over 1800.00 a month. Best of Luck to you.

Debbie