Monday, July 31, 2006

What determines Property Value?

One of the issues I have with buying a loft downtown is the proximity to some of Detroit urban projects. I was all set to make an offer on a unit so, as most wimps do, I asked my dad to come down to check it. Apparently I gave him poor directions because he ended up making up his own and took a freeway exit behind the development. It turns out that one of the rougher housing projects in the city was about 5 blocks behind were I was thinking about buying. I was curious to see how this would impact property value, because I like to believe the developers have some idea of what they are doing, so I did some research. One of the articles that I found said that many studies have concluded that supportive housing does not impact the value of properties in the area. I am not sure whether that is true or not because I have to believe that who ever wrote that article has never been to the Brewster projects in Detroit or, for that matter, would survive if they did but, none the less, I hope that person is correct because the place I have reserved is not real far down the road. Article Link

Friday, July 28, 2006

Car Insurance in a Big City

It has just been brought to my attention by my insurance woman that upon moving into the beautiful city of Detroit my car insurance is going to almost double. What a kick in the teeth. The city of Detroit offers these tax abatements that look great on paper but after dealing with all the other bullshit the city has going on like a fee for trash pickup, income tax, and of course the insurance increases brought upon by a new zip code you end up paying out even more. I am so irritated by this whole debacle I am about to say piss on it and live in my f*cking truck. Should I have never left my parents house.

Tuesday, July 25, 2006

Getting out of a Purchase Agreement

In an attempt to sleep better at night I was looking for a way to get out of my purchase agreement if I got cold feet around the time of closing. In my research I came across an article on Realty Times that for the most part says I am stuck. As sort of a consolation to your new 1000 square foot ball and chain the article offers ways to deal with buyer's remorse. Some of the more irritating ideas are that once you move in you will like the house. Asinine. Or the old cliche "time heals all wounds". More sound advice. The article is actually rather informative up to the patronizing ending. Now, if you will excuse me I have to go vomit , it seems cold feet is setting in months befor my closing.

Monday, July 24, 2006

Buying a New Construction Home

I have a tremendous amount of anxiety about buying a loft that is not even built. It would be so much easier if I could see the finished product rather than just a floor plan. I have been scouring the web looking for helpful hints for what to do in this situation and I came across an article that gives some helpful hints if you are looking to buy a new construction home. Unfortunately, I found the article after I signed my purchase agreement but I do have some contingency clauses that would allow me to escape if things look bad.