2br versus 3br detached

M

Maserson

Active member
Hello.  New poster to this board.  And new to home buying as well.

The wife and I are having a running discussion of what would be the best value for a starter home in Irvine.

Pertinents:
We have two small kids 2 years old and under
My work is stable and the long term plan is to raise the kids in Irvine
We prefer single family residences with a emphasis on privacy, i.e. no common walls, no motorcourt, etc. We can live with smaller lots and older homes. We're trying to avoid HOA's >150 or equivalent Mello-Roos.

The question:
Should we start with a 2br or stretch the finances a little for a 3br?

Our arguments for a 2br:
It's obviously cheaper. The kids are small and they can share a bedroom. We can live it in for >5 years then consider reselling to move into something bigger.

Our argument for a 3br: we're not sure but wondering if the rate of appreciation for a 3br will be significantly higher than a 2br?  I've tried reviewing Redfin, Zillow, Trulia etc to compare trends of 2br versus 3br's but I have not been able to find a site that separates single family residences from condo's and townhouses.

Opinions?

Thanks!

 
eyephone: we were looking as as 850k but would be more comfortable in the 7's.

paperboyNC: thanks. Yes, we've noticed the 2br's seem to move slower. Would hate to be stuck in the same situation if/when we decide to sell in the future.
 
I'll tell you that 3rd homes are easier to sell and easier to rent as they have a bigger buyer/renter pool.  You do not want to be buying and selling homes very often because transaction costs are high with real estate.  There are several neighborhoods in Irvine where you'll be able to buy a 3rd detached home in the 700s (and a detached home in some neighborhoods).  PM me your email address and I'll run an two MLS searches for you....one with detached condos and the other one with detached homes.
 
At this price point you definitely could afford most 3 BR homes and even the older ones with a driveway. At this time if you are planning to stay for 15 years which is typically 3 times longer than the average then you might want to pick the HS of your choice first before finding that that perfect home. There is only a small handful of floor plans from the earlier era and your goal is to find one that is least butchered up by amateur remodelers.
 
USCTrojanCPA: thanks. We've still got 6 months on our rental lease, I may take you up on your offer later this year.

Irvinehomeshopper: we've been seeing a few open houses and yes, some bizzaro remodels.

Thanks for replies, very helpful.
 
Maserson said:
USCTrojanCPA: thanks. We've still got 6 months on our rental lease, I may take you up on your offer later this year.

Irvinehomeshopper: we've been seeing a few open houses and yes, some bizzaro remodels.

Thanks for replies, very helpful.
Click to expand...
No problem, feel free to PM me whenever you are ready.  It's always good to start narrowing things (which villages and/or which floor plans you like best) down before you plan on actively looking.
 
3br over 2br definitely.

At your price range, you should be able to find resale stock that fits your parameters.

If you can afford it, my philosophy is to get a little more space than you need because you never know what you may need it for (hence a 3CWG over a 2-car garage, a 5br instead of a 4br, living+dining+great room over just great room).

Welcome to TI and good luck on your search.
 
We were in a similar situation, have decided to go for three beds. Simple reason is they r easy to sell, and appreciate more than 2 bed rooms in my opinion.
 
Aside from an investment standpoint, which suggests that 3br is a better buy, what you really don't want to do is to put yourself in a situation where you'll be forced to have to sell and move up in 5 years because 2bd will not suffice for 2 growing kids. There is no guarantee on how the market will be later. Better to get a 3bd now and have that luxury to decide whether to move or stay when the time comes.
 
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