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Current Law Students / Re: Question about purchase of new home
« on: August 15, 2005, 10:35:42 AM »
Hey guys, I appreciate the input.
Yeah, it's one of the townhomes right across from the 101 near the Pleasant Valley exit. The builder is D.R Horton. There will be a city-owned "sports park" positioned between the development and the 101. My place is right on the edge of the park, which I suppose could be good or bad, depending on the park's layout. I'll be going to the government center today to review their development plans for the park.
I signed for the place yesterday. I have until Wednesday to rescind. I'm still crunching the numbers and reading through the agreements and associated materials. Since my current apartment in Ventura is a very nice 2-bed 2-bath for $1385/mo, it's tough to justify the numbers required to make the switch to a $560k townhome. I'm not betting on the housing market kicking *ss the way it has over the past several years.
On the upside, since I do a bunch of independant contractor product design work out of my residence, there are some good deductions and depreciations available there. Also, the two additional rooms in the townhome are big enough to rent to professionals, and each have their own full bath. So there are some contingency income and depretiation avenues there as well. We'll see what my accountant has to say.
Although a "close of escrow contingency" is prefered, I don't think this agreement has one. I'll have to finish reviewing it, and will certainly push for one if it isn't already there.
Thanks again for your info.
Yeah, it's one of the townhomes right across from the 101 near the Pleasant Valley exit. The builder is D.R Horton. There will be a city-owned "sports park" positioned between the development and the 101. My place is right on the edge of the park, which I suppose could be good or bad, depending on the park's layout. I'll be going to the government center today to review their development plans for the park.
I signed for the place yesterday. I have until Wednesday to rescind. I'm still crunching the numbers and reading through the agreements and associated materials. Since my current apartment in Ventura is a very nice 2-bed 2-bath for $1385/mo, it's tough to justify the numbers required to make the switch to a $560k townhome. I'm not betting on the housing market kicking *ss the way it has over the past several years.
On the upside, since I do a bunch of independant contractor product design work out of my residence, there are some good deductions and depreciations available there. Also, the two additional rooms in the townhome are big enough to rent to professionals, and each have their own full bath. So there are some contingency income and depretiation avenues there as well. We'll see what my accountant has to say.
Although a "close of escrow contingency" is prefered, I don't think this agreement has one. I'll have to finish reviewing it, and will certainly push for one if it isn't already there.
Thanks again for your info.