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I need help! I just moved to the area a few weeks ago and have temporary housing while I look for a permanent place to move to. I'd really like to be centrally located and the Five Points neighborhood is very appealing to me as it is similar to the neighborhood I moved from in Denver. After looking at several rental properties, it seems as though the prices are kind of high for what you get and it would even make sense for me to buy right away vs. sell and eventually turn it into an investment property. There are some townhomes for sale in the neighborhood that are within my price range, but they are priced at about $197/sq ft which seems pretty steep for the area and housing market right now. What do those of you who live here think about the housing values in this neighborhood and potential rental market? Would you recommend buying vs renting????
That said, it's a great area. Why not rent and see if you like it? I would.
That's what I was planning to do, but with the rental prices in the area as high as they are, I figured I might as well pay as much per month on a morgage and be gaining equity in a place rather than having my money go towards nothing...
Plus, I'm one of the lucky ones right now that probably can qualify for something
That's what I was planning to do, but with the rental prices in the area as high as they are, I figured I might as well pay as much per month on a morgage and be gaining equity in a place rather than having my money go towards nothing...
Plus, I'm one of the lucky ones right now that probably can qualify for something
If you only keep the place for a short amount of time, this is a **** poor plan. The majority of the money from your mortgage payments (for the first few years) is ALL interest. Hardly any principle gets paid (ie, no equity for you). Not to mention the closing costs and taxes.
Better off renting if you're not sure. If you want more on this, go post a new thread in the personal finance forums.
I'd rent for a year while you get the lay of the land and develop a full understanding of the neighborhood market. You can learn a lot in a year. Then be ready to pounce on something you know if a good deal in an area you are confident you like. Good Luck!
Location, location, location. Five Points is a great, walkable neighborhood, near downtown, and with great neighbors. People really want to live there. I loved it when I lived there and that was in the 90's.
It is great living here... neighbors are neighbors wherever you go though We have barking dogs on the left and feral cats on the right Parking and driving the narrow streets can be interesting as well. On the other hand, some streets have block parties, and on some streets everyone parks on the same side of the road (i.e. lower Bickett - how thoughtful!) And then Five Points on the other side of Glenwood is a whole 'nother scene. (Nicer and pricier!) I agree with renting first, if possible.
I agree with the suggestions to rent first. You might like it, you might not (I do, but that's just me). I also agree with the above comment about narrow streets and parking. Best of luck, whatever you decide.
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price per sq ft
We have barking dogs on the left and feral cats on the right 
Parking and driving the narrow streets can be interesting as well. On the other hand, some streets have block parties, and on some streets everyone parks on the same side of the road (i.e. lower Bickett - how thoughtful!) And then Five Points on the other side of Glenwood is a whole 'nother scene. (Nicer and pricier!) I agree with renting first, if possible.
