For buying a house, how much do you consider it's resale value and ease?

Would you buy a house you loved for a price it was worth, if you knew reselling it would be difficult?

Example: There is a house we love. It's within our price range for two reasons. One, it was a modular home (not, NOT a mobile home. It has a solid foundation, is 3000sqft, it was just made in a factory and assembled on site), and two, it backs up to a wash making it a floodzone. It hasn't ever flooded. It has over 2 acres so even if it DID flood over that wash, the house is at the other side of the property. However, these things would make it more difficult to resell. . . Do we pick a property we love that has everything we could want, but one that will be difficult to resell, or pick something that doesn't have as many things but would be easier to resell?

If you plan on it being your forever home then it would not be important, but if you do plan on selling then you should seriously consider the resale value.

I think resale depends entirely on if you plan on being in the house long term, or if you may need more space in the future.

Would I plan to stay in this house when my kids were grown, or would I want to downsize? (Barring any unexpected job transfers or things like that, of course).

I think if you're planning on being in the home 10-15 years, resale may be more of a consideration. But if you plan on being in the house for the forseeable future, then it would be less for me.

Do not buy it, you will not be able to get flood insurance. And if it floods you are screwed! And resale is super important because you never know if you will need to sell.

Quoting ILOVEWINE:" Do not buy it, you will not be able to get flood insurance. And if it floods you are screwed! And resale is super important because you never know if you will need to sell."

We can get flood insurance on it. We would have to. It's available, it's just not cheap.

And yeah, that's the question we're asking ourselves. How important is the risk of needing to sell. It would sell, it just would take longer to find a buyer.

Quoting The Doctor:" I think resale depends entirely on if you plan on being in the house long term, or if you may need more ... [snip!] ... may be more of a consideration. But if you plan on being in the house for the forseeable future, then it would be less for me."

See, we like it because it seems pretty set for us. We wouldn't outgrow it, but it's not crazy huge either.

However, there is always the chance that my husbands job could change and we'd need to move, which is why we're hesitant.

Quoting she nan igans:" See, we like it because it seems pretty set for us. We wouldn't outgrow it, but it's not crazy huge ... [snip!] ... However, there is always the chance that my husbands job could change and we'd need to move, which is why we're hesitant. "

Hmm.

If his job transferred him, would you be stable enough to be able to find a place to reside where his job is while you wait to sell your house, or would it be necessary to sell the house before relocating? I think that would be how I would look at it, then.  

Quoting The Doctor:" Hmm. If his job transferred him, would you be stable enough to be able to find a place to reside where ... [snip!] ... house, or would it be necessary to sell the house before relocating? I think that would be how I would look at it, then.  "

Well, we know it would be difficult to rent out as well, given it's on over 2 acres. It horse property, so a large lot next to lots of other homes with horses.

Sigh. I think we probably won't do it. It's just too much of a risk if we had to resell it. But we do love it so, haha.

<blockquote><b>Quoting she nan igans:</b>" We can get flood insurance on it. We would have to. It's available, it's just not cheap. And yeah, ... [snip!] ... we're asking ourselves. How important is the risk of needing to sell. It would sell, it just would take longer to find a buyer."</blockquote>


Make sure you double check! We put an offer on a house we loved, but because we were in a risky area for flooding the bank wouldn't loan us the money because they wouldn't insure it/:

Quoting ILOVEWINE:" <blockquote><b>Quoting she nan igans:</b>" We can get flood insurance on it. We would ... [snip!] ... loved, but because we were in a risky area for flooding the bank wouldn't loan us the money because they wouldn't insure it/:"

Yeah. The insurance would be through the FEMA flood insurance, which is required for them to loan the money for the house (FHA loan). I really don't think it will happen though. It looks like the cost of insurance for both building and contents would be over 3k a year, which is just too much for it to be worth it I think.

<blockquote><b>Quoting she nan igans:</b>" Yeah. The insurance would be through the FEMA flood insurance, which is required for them to loan the ... [snip!] ... cost of insurance for both building and contents would be over 3k a year, which is just too much for it to be worth it I think."</blockquote>




Ya that's really expensive! You will find something else you love!