Recent comments in /f/Connecticut

iwanttobehappy2022 t1_jacddfg wrote

There’s no demand to. People there wanted to keep the population small, not dense, not developed because they prefer it that way. The property is worth more like that and there’s demand for that. New construction can destroy the vibe of the area so they retrofit.

There’s no demand for any of those there. People won’t move there if they build that stuff there. Think of the upper outer cap and Nantucket.

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velociraptorbaby t1_jaccmcj wrote

I would focus more on how much can you save for a down payment and how long will it take and mortgage calculations. Income itself means nothing because everyone spends their money differently. Make sure you can afford the monthly mortgage. We had to be extra frugal saving for the house just to get the money for down payment but easily afforded our monthly and could go back to our normal spending habits.

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PTunia t1_jacchbm wrote

People can get into owning a house if they know exactly what they are up against budget wise. There is no per hour magic number. It depends on the town, the size of the house, etc.

Firstly, try to make a budget based on your NET income. Figure out what you are comfortable with to pay for your monthly bills. Electricity is the worst utility bill. It will only go up, so be prepared.

Add all the fixed expenses for the house and the varied ones.

Fixed= mortgage

Varied= Taxes (go up every year in my town), Electricity, Heating, Cable, Internet, cell phone, Insurance, maintenance....give yourself a lot of leeway. IF you're "handy" with repairs, you will save A LOT on owning a house. If you're not, you better have some $ saved up for unforeseen repairs. You need to paint things, replace things ( doors, roof, electrical, plumbing) repair faucets, shower heads, things that just come undone over the years, keep up the yard or pay for it.

I've owned a few houses. My first one was at 23 yo. I had to get roommates when I was single. With roommates you save a little but NOT 1/2. Then as bills go up, you need to increase their rent. Bottom Line: Invest in a house in a good location, and keep the Mill Rate for Taxes in m ind. People are not as crazy to buy in a town with high taxes, or a crime ridden town. Over the years the smaller homes, under 1500 sqft have done better weathering Recessions and other market issues. Meaning they go up in value, don't cost much to heat or air condition, and most people can afford them.

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la_ct t1_jaccb3y wrote

Household income varies tremendously in this area. If you’re wondering how to afford something start with significant down payment, significant retirement savings, and speak to your bank. Always budget and stick to it that will help you.

We live in FFC, HHI ~750k, 1.5M house bought 13 years ago and renovated/enlarged, 30% down, cash flow renovations, and 15 year mortgage so it’s almost paid off. Our largest expense annually by far is tax (income, property). 2 working professionals, 1 child in public school.

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mrjharder11 t1_jacbjz7 wrote

Most of the coastline proper is private property, so public access to the water is hard to come by. Town beaches charge an arm and a leg for out-of-towners to access. Furthermore, the population density doesn't demand major attractions.

There are several instances where big box stores and shopping centers have been voted down because people want the quaint shoreline atmosphere and to keep their property values up.

I don't agree that CT is underdeveloped. It's pretty crowded on the shoreline, even now on the eastern portion past Old Saybrook.

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