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Home Buying |OT|
- Thread starter Ourobolus
- Start date
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Ash Sparrow
Banned
Only almost everyone I know who rents hates it, mainly because landlords bleed you dry, when their property tax goes up your rent increases. They barge in all the time, you have to deal with other wack tenants or stupid rules and uncertainty of your lease expiring and the landlord wanting to rent the place to someone else.
NervousXtian
Thought Emoji Movie was good. Take that as you will.
Just saw this thread, wife and I are in the market for our first house here in Portland.
Just started the process, got pre-approved, finishing up that side.. looked at a few houses but holding out for the right fixer-upper at that low low price.
I can tell already it's going to be a frustrating and long process.. but with the rates today our mortgage+insurance+tax will be about the same as we pay in rent now.
Just started the process, got pre-approved, finishing up that side.. looked at a few houses but holding out for the right fixer-upper at that low low price.
I can tell already it's going to be a frustrating and long process.. but with the rates today our mortgage+insurance+tax will be about the same as we pay in rent now.
NervousXtian
Thought Emoji Movie was good. Take that as you will.
So we are putting an offer on a short sale today, it'll be our first offer.. we are prepared for disappoint, as it's a short sale.
House is rough, but price is great, and if we can 203k the thing and finish the basement and re-do the kitchen it'll be a terrific value for the price.
Now the waiting game.
House is rough, but price is great, and if we can 203k the thing and finish the basement and re-do the kitchen it'll be a terrific value for the price.
Now the waiting game.
Mr.Squirrel
Tom
How long is the build process?ive thought about going down this route.
I'm pretty sure that will depend on the builder. You would need to talk about that. It is definitely something you need to keep in mind, because if you are financing the construction loan (as we did), then every month longer that it takes is more interest you have to pay on that construction loan. When we signed the sales contract, we put in a clause that required the builder to pay for our month-to-month rent if the build process took longer than 6 months. I think this helped move things along. It ended up taking about 5.5 months to complete the house.
Lol, you're right. I mean, I've seen some passable units for that price range, but the majority are going to be $250K +
Actually in the process of making an offer on a unit listed for $234,900. This process is taking longer than expected, so I've been able to save a little more and make a bigger down payment, so I've bumped up my upper limit. I absolutely love this unit and think it's being listed for a fantastic price. A little concerned, because I believe this will make my mortgage payments ~$1,600 - $1,700, which is a few hundred higher than I wanted, but I believe I can still make do. Bring home $3,200 a month with my main job, get an additional $100 a month with adsense, and have a second job (my old job) that allows me to come in and work as much or as little as I want after hours during the week if I need extra cash. The unit is also perfect for a roommate situation and is in a great location with a 2 car garage, which should, hopefully, make it attractive for people looking to rent.
Zoe
Member
Yeah, that definitely wouldn't be a problem.
Circumstances chanced though, so we have to put it off for a year or so
NinjaMouse
Member
1. The maintenance issues are things that an inspector couldn't/wouldn't have found, so I can't blame them. Just silly things, like dealing with weather events and having to shell out $1000 each time for insurance deductibles. Also, maintaining a central AC/furnace gets expensive. Just to get someone to pull into your driveway is $100 these days and you can count on the repair bill being upwards of $300. And many things, unless you're in the industry, rarely have the tools/expertise to take care of on your own.
2. I haven't been sued either, but hear a few horror stories and it'll cause you to worry. Again, this comes from living in NYC where everyone has a hand halfway in your pocket anyways.
The grass is always greener on the other side. I wanted to be a homeowner...until I became one. The older I get, the more I want to simplify my life and remove risk. When something in the house breaks, I'd LOVE to shift that risk up to an owner so I can proceed with enjoying my life. Crappy neighbor? I'll move. Landlord wants me out? There's another place around the corner that I could probably rent cheaper anyways.
Another part of it is with today's work that we work in, as there's a need to be more portable. If I found my dream job across the country or even a state over, I wouldn't be able to take it due to this ball and chain around my ankle (the house).
Just an update on my current home buying experience - the first house we were looking at had mold. It probably didn't cover the entire home, but it was enough that we wanted the seller to get it professionally cleaned. He contacted a mold company and they told him what to do, but I wasn't satisfied, so we got out of that contract.
We quickly found another house we liked. It was much cheaper, about a mile closer to the metro (.5 miles from it), has a deck in the back, and a very nice, open, finished basement. We put in an offer but found out that there were three other offers so we added an escalation clause (essentially saying that we'd beat any offer by X, up to a max of Y), and ended up winning. It was more than the list price, but still less than the first house (and ultimately was appraised at $2,000 more than our offer, so it's all good).
Inspection went very well, some minor things here and there, but now we are just waiting on underwriting with the lender, and we should be closing the week after next!
We quickly found another house we liked. It was much cheaper, about a mile closer to the metro (.5 miles from it), has a deck in the back, and a very nice, open, finished basement. We put in an offer but found out that there were three other offers so we added an escalation clause (essentially saying that we'd beat any offer by X, up to a max of Y), and ended up winning. It was more than the list price, but still less than the first house (and ultimately was appraised at $2,000 more than our offer, so it's all good).
Inspection went very well, some minor things here and there, but now we are just waiting on underwriting with the lender, and we should be closing the week after next!
Haha are you me? The wife and I are in the same situation right now.
What part of town is the house? Let us know if you got it.
plasmasd
Member
I don't understand how a home is supposed to appreciate in value. The land, yes, as long as we keep spawning more people. But the home itself, if you think about it, should lower in value due to the natural order of the universe.
I agree that renting is a waste of money, but buying a home scares me.
I agree that renting is a waste of money, but buying a home scares me.
Oracle Dragon
Member
That might not be all bad, depending on who you believe Vancouver and Toronto may be due for corrections and Ottawa probably won't be that far behind
http://www.greaterfool.ca/
Manmademan
Member
A home can appreciate for a lot of reasons. There are a few neighborhoods near me with huge, elaborate stone homes that simply aren't built anymore. Those things can easily be 80 to 100 years old and look fantastic. Modern homes are notorious for falling apart in a fraction of the time.
It's rare to see any new construction here that isn't in a totally new development...no one wants to tear those homes down.
NintendoGal
Member
OK I admit to being completely clueless when it comes to home buying. I want one eventually, but with our income at around 60K (being optimistic) in the Bay Area, it's never going to happen is it?
There are a lot of mortgage calculators out there that will help you in your search. For instance, just do some quick searches on RedFin and see what pops up in the area. It's also going to depend on the interest rate you can get.
NintendoGal
Member
Every house around here that isn't a mobile home seems to be 150K and up. :/
That is why there are morgages. You don't buy the house outright unless you save forever.
Heisenberg
Member
What part of the DC area did you end up moving to? I bought a house around here about 2 years ago.
Cheverly, MD. Wanted something near the metro!
friskykillface
Banned
I used to think that i would want and live in a home for the rest of my life, but as i get older i am leaning towards the idea of condos, my friends and families that live in condos always say great things and they look great.
but then again, home owning just seems like the thing to do, i'm 23 and i am still am way away from that, but time moves fast
but then again, home owning just seems like the thing to do, i'm 23 and i am still am way away from that, but time moves fast
goldenpp72
Member
For those advising against being home owners, what do you suggest? Rent until your dead?
NintendoGal
Member
I understand that, but from what I gather, the most we'd ever be able to get is 150K MAX on the salary I listed. And that's being generous. How is it that people who make 80K can get houses that are like 300K?
They put down 20% or more. Else, they use >60% of their paycheck on mortgage payments and spend less on everything else.
NinjaMouse
Member
Thank you....someone who shares my sentiment. Let's see who enjoys being a homeowner through a job loss or worse.
So my mother wants to buy a house. Owner, in house she's currently leasing, is probably looking to sell for $600k and I'm not sure if it's cheaper to build a house, look for another, or just go with the one she's currently renting in. We do like the current house however we want to do some modifications like redo a bathroom and knock out a side of the house to do an expansion. These are the alternatives we're looking at:
http://www.trulia.com/property/3038681364-186-Colvard-Farms-Rd-Durham-NC-27713
http://www.trulia.com/property/3082640856-1409-Pinecrest-Rd-Durham-NC-27705
http://www.trulia.com/property/photos/3082618118-3910-Chippenham-Rd-Durham-NC-27707#item-23
Location is obviously Durham. Any advice would be appreciated.
http://www.trulia.com/property/3038681364-186-Colvard-Farms-Rd-Durham-NC-27713
http://www.trulia.com/property/3082640856-1409-Pinecrest-Rd-Durham-NC-27705
http://www.trulia.com/property/photos/3082618118-3910-Chippenham-Rd-Durham-NC-27707#item-23
Location is obviously Durham. Any advice would be appreciated.
Bboy AJ
My dog was murdered by a 3.5mm audio port and I will not rest until the standard is dead
Where in NYC is your home?
33-Hit-Combo
Member
Not a buying question, but renting instead, just out of curiosity, what proportion of your untaxed salary do you guys spend on renting?
I've rented my first own place for a year now (previously student shared) and I pay just under a weeks worth of undeducted wages. It's a little more than I wanted but I was desperate at the time.
I'm now looking to move on, but it's difficult to find 1 place bedrooms, so am considering paying more now.
Thanks
I've rented my first own place for a year now (previously student shared) and I pay just under a weeks worth of undeducted wages. It's a little more than I wanted but I was desperate at the time.
I'm now looking to move on, but it's difficult to find 1 place bedrooms, so am considering paying more now.
Thanks
Zoe
Member
Well, you don't have to spend a third on rent, but good luck trying to spend more than that.
33-Hit-Combo
Member
I forgot to mention that I'm from the UK, so now your percentages probably mean nothing! Sorry!
NinjaMouse
Member
Staten Island
It IS high, especially considering that third is based on your monthly gross income and I *think* that's before taxes and insurance, too. I don't know many that would recommend going all the way to that amount, though. It's just what the bank will typically approve you for. There are obviously other factors, though, existing debt, credit score, time at current job, etc.
The real rule of home buying is figure out what you can reasonably pay for, but don't forget to take in consideration home repairs, furnishings, etc. I think another poster on here hit the nail on the head (forget if it was this thread or not) when they said that first time home buying ALWAYS underestimate the cost of ownership. I'm what most would consider dramatic in my feelings toward owning a house...but I played it as safe as I could while living in a high cost of living area and I still underestimated by quite a bit.
Bboy AJ
My dog was murdered by a 3.5mm audio port and I will not rest until the standard is dead
Oh, pff, that explains it.
NinjaMouse
Member
Haha...yeah, it definitely doesn't help.
So I recently bought a house. It's a newer rambler, a 2005, but it has this strange smallish room at the front of the house, right where you walk in the front door. I'm not sure what to do with it. It's not very big (don't have the measurements, but it's probably something like 10x10ish, but that includes what would be a walkway to get to the living room/kitchen area). If it were bigger, it could pass as a living room with some chairs/table, but it barely fits a typical sofa with little room for much else. It would be a nice spot for a computer desk or something, but I don't want that right as you walk in the house.
I hate that I'm just wasting space with this room that is typically empty (just bought a new sectional, so right now it has my old sofa) and can't find any good use for it.
Anyone have one of these or seen a good use for one?
Also, there should be a Homeowners |OT|. I always have things I think I'd like to discuss in a thread like that, but there isn't one.
I hate that I'm just wasting space with this room that is typically empty (just bought a new sectional, so right now it has my old sofa) and can't find any good use for it.
Anyone have one of these or seen a good use for one?
Also, there should be a Homeowners |OT|. I always have things I think I'd like to discuss in a thread like that, but there isn't one.
Around here they call that the home teacher room. When I was looking for a house I was looking at houses they didn't have that wasted space. A lot of them do.
It just seems like an odd place for a den. I don't think that i made it clear.. It is not a room with a door that is completely walled in. Is like an entryway into the home that is open. It's basically the room you're in when you walk in the front door. I can't imagine having a computer or anything there since it's the first thing you see when you walk in.
My house has a den room that comes off from the entryway. Basically when you walk in the front door, you're in this room, there's a door to the den, a stairway downstairs and through this room you reach the main living room and kitchen.
My house has a den room that comes off from the entryway. Basically when you walk in the front door, you're in this room, there's a door to the den, a stairway downstairs and through this room you reach the main living room and kitchen.
The Take Out Bandit
Member
Damn. Hood living is crazy.
Properties here for $6k, but I'm pretty certain they've had all the wiring and plumbing stolen out of them.
Still tempting.
Properties here for $6k, but I'm pretty certain they've had all the wiring and plumbing stolen out of them.
Still tempting.
I'm in the process of buying a condo and I told my lender it was going to be my 'primary residence'. I believe that means I, technically, have to live in it for a year or so before I can rent it out. Is there anything stopping me from renting it out before hand? I know it would be impossible for me to get another mortgage and list that as my primary residence, but it doesn't seem like there would be anything stopping me from renting it out anyway.
elrechazado
Banned
In the US? The bank can technically call your loan if they find out. Them finding out is almost impossible unless you do something really dumb to let them know.
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