Talk to a good realtor who knows the market. They should be able to give you sound advice. The rental market may be high because too many cannot qualify for loans, which is good for a potential buyer. And while schools may not be important to you, they may be to a future purchaser. A good realtor should be able to cover all these areas with you. And, no, I'm not a realtor.
Isn’t better to be in a good school district because it is easier to sell later?
Not sure, but I believe the opportunity to have a better quality of life would be to live in Florence versus Darlington.
If both don’t mind the drive I’d probably do this as well. My wife did mind the commute where we live so we bought closer to town as opposed to the suburbs. We’re in a good spot and now I’ve changed jobs and don’t have that commute but I never minded driving anyway.
Just went through this. We wanted Camden in a bad way, had a fantastic Realtor, got us in on quite a few houses in & around Camden. Unfortunately, a bidding war! Realtor called us late one evening about home being listed next day, dropped everything, we left NC @ 6AM, pulled into driveway @ 10AM, Realtor's phone rings, under contract, approx 15% over asking w/backup offers building. Home purchased sight unseen off the internet. Over & over, this was our M.O. See a house, write a contract, bidding war. Lost two on cash offers w/o home inspections.
Eh....Its more an issue of supply and demand. Just a few weeks ago when I checked, there was something like 36 houses on the market in Florence between 150-250K, and I am ballparking those numbers. I dont remember the exact count but it was shocking how few houses were even on the market and nothing has changed since. There is just almost no inventory right now.
Err...that's what I said. There is a low supply of lumber, hence the dramatic increase in lumber prices. New construction has had an additional $24,000 on average in new home cost. So existing houses are selling FAST. The repairs for existing homes is much cheaper than building new.
We bought in Florence, can’t complain. Funny that someone pulled this thread back up. Life was a lot simpler in 2017.
Still throwing money out the door. Renting is never the better option financially. It may fit your motive better, but it's not better on your wallet.
Definitely disagree on never. When my parents retired they rented for 6 months periods in a couple of places in Florida to assist in deciding where to relocate. If they had just bought in the first place they would have been out significant money in needing to sell and move again. My daughter attends USC. Renting is cheaper than university housing and it makes no sense to buy a house or condo for a couple more years and then sell after tying up money and have the additional risk for such a short term situation. There are costs involved in real estate transactions including the realtor and closing expenses. In short term situations renting can make better financial sense.
Probably in most cases, buying is the better option. Stating absolutes is, IMO problematic. Different situations may call for different actions.
I've known two people to buy houses for their college student children. Both rented space to housemates to help with expenses. I don't believe either of the people who did this ever regretted it. They came out flush.
I've heard of people doing this as well. Each family has to run the numbers and see if it works for them.
Yep, did several projects about 5 years ago for a guy who's kid was a student at Clem's Son. He told me he ran the numbers and it was a no-brainer. He built a 4 bedroom 2 bath house, common kitchen and living room. What he got in rent for the other 3 bedrooms allowed his son to live rent free. Three months after completion, he came back and said I'm doing another one. A year later he did another. What started out as a way to eliminate rent for his son turned into a great business opportunity. Nice guy, the only knock is he's a tater. 😃 Their money is still green 😉
