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Author: inparadise Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 127680  
Subject: Re: When can I qualify for a loan? Date: 4/27/2013 8:26 AM
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Evan,

Even if you can not qualify for a Roth, can't you still put funds into a conventional IRA without deducting it?

BUT, it would help me to actually know what Rayvt would actually suggest.

There is no perfect time to buy, but you are approaching this from an informed POV which will give you the best chance of succeeding.

Since one of your goals is appreciation, I will tell you things that are desired by most people when they buy a house. There are mistakes that can be made that will limit your ability to sell later on. I can't say I've ever looked into the WI market, however, so view these suggestions with that limiting filter.

1. In a single family home 3 bedrooms is much better than two. And 1.5 baths HUGELY better than 1. However, if you see opportunities in the home to re-purpose a den to a third bedroom by adding a closet, or put up a non bearing wall in a large room to section off a third bedroom, then you will add significant value to your two bedroom bargain. And if there is extra space on the other side of a bathroom wall, where you can piggy back on to the plumbing to add a master bath next to the hall bath, or space to add a shower to a half bath, those are relatively low cost to equity boosters as well. If a house is very reasonably priced, dare I say cheap, look to see if the reasons it is low priced is due to correctable issues or fatal flaws that can not be changed. And one of those potential fatal flaws is location, location, location. A bad location will overwhelm the best house. Watch out for traffic patterns and what is around you.

Let me give you a real life example. We are currently in negotiations on a 2 bedroom/1.5 bath home. It is located well, even with river frontage and year round views. The seller is a contractor and has done everything to high standards. There is a huge walk in closet in the MBR, one that is the size of some small bedrooms and adjacent to the hall bath. We would put in a toilet back to back with the existing one, sharing the same waste pipe, a sink and a good sized shower, giving this property a much needed master bath. Further, he added on a fabulous windowed room on to the kitchen, a room they are calling the family room. There is already a good sized living room, and even a stunning third room they use as a craft room that is not attached to the house, but connected by the deck. So plenty of space to hang out, even if I convert the family room to the dining room and put up a wall between the current dining room and kitchen to make a third bedroom.

Had the contractor done this, taking his home from a 2/1.5 to a 3/2.5 br/bath, it would have sold quickly. Instead, it never makes the cut off on buyers search lists. Most buyers have no vision. You need to create it for them.

2. Particularly in cold wintered WI, you want a garage. Two car would be best. It doesn't matter that you expect to use the bus. Future buyers will not.

FWIW,

IP
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