We are Buying a Loft in Charleston WV - Options?

[mcgervey]

Breedloves,

I forgot to mention, Solution One would probably recommend that you do a home equity on your wife's home. If you have enough money down, I doubt financing will be difficult at all. It won't be a traditional mortgage, but they would probably finance it requiring some of the money put in escrow to finish the space.

Again, call Solution One, I'm sure they could lay out several options for you.

You can get their number by just googling Solution One Mortgage.

nick022, I don't know where you're coming from, but property in general is still much cheaper in Charleston than it is pretty much every other city. I've seen conflicting reports as to the cost of living here, even though I know from experience it's pretty low compared to other places. But one thing that really cannot be argued, is that property is much cheaper than all major cities. The taxes here are pretty high though, so be sure to factor in property tax to any decision you make regarding your mortgage payment. Simple online calculators are not going to factor in your insurance (which is reasonable here) taxes (arguably are not).

As far as "deals" on downtown loft space, that would depend what you call a deal. I'm sure they're out there. Loft space in Charleston is not in high demand. But the only loft space I've really even seen advertised (granted, I have never been in that market), was around the new Appalachian Power Park. I'm sure, due to the park, that property has gotten more expensive than comparable loft space without a view of the park, but it would still be a pretty nice area to have a loft in if you ask me. Walk across the street to the park, or a block to the Clay Center, or a few blocks to all the downtown shopping and restaurants on Capitol Street, or the Charleston Towne Center Mall.

Good luck.