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Buying a house

UNHrider

UNHrider

Monkey
Apr 20, 2004
479
2
Epping, NH
No one has mentioned it yet, and I have no idea what land costs in your area (or if there is any), but look into building a new house. You get to decide everything which is a good and bad thing, and lessens the likelihood of having to replace appliances, roofs, etc in the near future... In my area the prices to build and buy an existing similar house were fairly close.

The walking the neighborhood idea is great, as is being aware of seasonal happenings. We were looking to buy and built during the winter. This spring we moved in and started hearing what sounded like an airport. Turns out we completely forgot about the fact that there is a drag strip and race track about 5 miles from our house. doesnt bother me much as it isnt too disturbing, but still i never thought about it prior.
 
S

sokoloka

Monkey
Sep 14, 2005
160
1
San Diego / London
Question for you homeowners - at what age did you buy your first home? Was it a condo/townhome/single family?
I'm currently working overseas for the next 6-8 months, but would like to purchase a home when I return to California. I'm tired of paying a monthly rent that's essentially a mortgage payment.
 
kazlx

kazlx

Patches O'Houlihan
Aug 7, 2006
6,985
1,957
Tustin, CA
sokoloka said:
Question for you homeowners - at what age did you buy your first home? Was it a condo/townhome/single family?
I'm currently working overseas for the next 6-8 months, but would like to purchase a home when I return to California. I'm tired of paying a monthly rent that's essentially a mortgage payment.
Click to expand...
I was 27, bought a SFR in Orange, CA. 3br and I rent out the other two rooms to offset the mortgage. I'm 30 now.
 
CrabJoe StretchPants

CrabJoe StretchPants

Reincarnated Crab Walking Head Spinning Bruce Dick
Nov 30, 2003
14,163
2,484
Groton, MA
I was 24. Bought a 3 bed, 2 bath ranch, 1450sq. ft., 2 car attached garage, and pool on 2 acres. Put the minimum down payment required to get the mortgage (5%)....results in higher monthly payments than if I put 20% down, but no way I could have had that much saved so soon after graduating college. That and the sooner I got in a house, the sooner I stopped throwing money away renting.
 
kazlx

kazlx

Patches O'Houlihan
Aug 7, 2006
6,985
1,957
Tustin, CA
I did the same...5%. 20% on a $400K house...no way. Plus, cost of renting + money saved from writing off interest + rental income = very affordable place to live...with a garage that's mine.
 
OGRipper

OGRipper

back alley ripper
Feb 3, 2004
10,654
1,129
NORCAL is the hizzle
I was 41 when I bought a single family house in San Francisco last May. I've been able afford to buy for the last 5-6 years or so, but prices were just insane here, and I enjoyed the easy life of a renter. I waited for prices and interest to come down to the point where it became time to either pull the trigger or move. Then I took my time and bought a place that needed some work, and was a short sale. Very happy so far, and my fingers are crossed that I timed it pretty well.
 
SkaredShtles

SkaredShtles

Michael Bolton
Sep 21, 2003
65,740
12,760
In a van.... down by the river
The Joker said:
<snip>
Find me schools at the same par, in equivalent neighborhoods, for the same px range. Despite my best efforts, I have only found 2-3 houses in Littleton and Centennial that we would even want to see. Those two were both going to need ~$30k of work minimum to get it to a place we would even be comfortable living in.
Most are in need of new carpets at a dead minimum, and we would be putting hardwood downstairs instead of new carpet we will likely pull later. I tried listening to you, but we're not finding anything in our range there.
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There is a reason prices are less in HR. :D
 
jimmydean

jimmydean

The Official Meat of Ridemonkey
Sep 10, 2001
41,213
13,346
Portland, OR
If I ever buy another place it will be my zombie proof shack on acres. Next time I will buy property and build a sweat equity unibomber shack with uber-shop detached and 100% off the grid.
 
Pesqueeb

Pesqueeb

bicycle in airplane hangar
Feb 2, 2007
40,328
16,792
Riding the baggage carousel.
sokoloka said:
Question for you homeowners - at what age did you buy your first home? Was it a condo/townhome/single family?
I'm currently working overseas for the next 6-8 months, but would like to purchase a home when I return to California. I'm tired of paying a monthly rent that's essentially a mortgage payment.
Click to expand...
I was 24-25ish, wifey would have been 22-23. There is no way we would have gotten either of our two homes loans in today's environment. Money talks of course, but your going to need at least 20% down and have good-excellent credit, especially if your young.
 
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bean

Turbo Monkey
Feb 16, 2004
1,335
0
Boulder
The MLS is a complete mess, but that can work to your advantage. My wife and I found a screaming deal on a place because the listing agent put it in the Denver MLS instead of the Boulder MLS. So it didn't show up in any Boulder searches. Unfortunately after spending six months on the market it got a contract the day we were going to put in our offer.

One suggestion is to search over your price range, particularly for places that need some work or have been on the market for a while. The place we ended up buying was substantially above our maximum. However, with some negotiation it ended up being right in the middle of our budget. It didn't show well because a lot of cosmetic issues that were easily fixed.
 
kazlx

kazlx

Patches O'Houlihan
Aug 7, 2006
6,985
1,957
Tustin, CA
Also consider that a lot of people (wimmenz are notorious for this) are immediately turned off if they walk in somewhere and like it because of the paint color or something easily fixable. Just like Bean did, there's a lot to be said for negotiating on houses that don't show well. If you get a good deal, moving wall isn't all that expensive....usually.
 
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B

bean

Turbo Monkey
Feb 16, 2004
1,335
0
Boulder
Pesqueeb said:
I was 24-25ish, wifey would have been 22-23. There is no way we would have gotten either of our two homes loans in today's environment. Money talks of course, but your going to need at least 20% down and have good-excellent credit, especially if your young.
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20% down isn't a requirement at all. You can get by with 3-5%.
 
johnbryanpeters

johnbryanpeters

Hero
Sep 27, 2001
36,103
16,550
Making moss sad in New Haven, Vermont
sokoloka said:
Question for you homeowners - at what age did you buy your first home? Was it a condo/townhome/single family?
I'm currently working overseas for the next 6-8 months, but would like to purchase a home when I return to California. I'm tired of paying a monthly rent that's essentially a mortgage payment.
Click to expand...
30, in 1976. $30,000 for two houses (one now defunct) and thirty acres. Paid off some years back and has somehow grown to 75 acres.
 
dump

dump

Turbo Monkey
Oct 12, 2001
8,224
4,479
OGRipper said:
I was 41 when I bought a single family house in San Francisco last May. I've been able afford to buy for the last 5-6 years or so, but prices were just insane here, and I enjoyed the easy life of a renter. I waited for prices and interest to come down to the point where it became time to either pull the trigger or move. Then I took my time and bought a place that needed some work, and was a short sale. Very happy so far, and my fingers are crossed that I timed it pretty well.
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Congrats man, that's great. If I recall the location tags from 10 years ago, you were in the east bay previously. What area of sf?
 
dump

dump

Turbo Monkey
Oct 12, 2001
8,224
4,479
johnbryanpeters said:
30, in 1976. $30,000 for two houses (one now defunct) and thirty acres. Paid off some years back and has somehow grown to 75 acres.
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It's stories like this that make young men cry. Adjusted for the 2012 market, I wonder what something comparable would cost.
 
Serial Midget

Serial Midget

Al Bundy
Jun 25, 2002
13,053
1,896
Fort of Rio Grande
Pay attention to dollars per square foot, you can install your own granite anything and the market has yet to reach bottom.

I've decided to bank my loss on sale and become a renter again because I don't see the value in short term home ownership. With your work history, loss of income and current economy - do you really want to be tied down to what my become a depreciating asset? Think hard. :)
 
Serial Midget

Serial Midget

Al Bundy
Jun 25, 2002
13,053
1,896
Fort of Rio Grande
I bought my first home when I was 26. In today's market I don't feel buying is a sound option unless you plan to be in the home for 10+ years.

sokoloka said:
Question for you homeowners - at what age did you buy your first home? Was it a condo/townhome/single family?
I'm currently working overseas for the next 6-8 months, but would like to purchase a home when I return to California. I'm tired of paying a monthly rent that's essentially a mortgage payment.
Click to expand...
 
stoney

stoney

Part of the unwashed, middle-American horde
Jul 26, 2006
21,616
7,276
Colorado
Serial Midget said:
Pay attention to dollars per square foot, you can install your own granite anything and the market has yet to reach bottom.

I've decided to bank my loss on sale and become a renter again because I don't see the value in short term home ownership. With your work history, loss of income and current economy - do you really want to be tied down to what my become a depreciating asset? Think hard. :)
Click to expand...
Aware of cost/sq ft, as is my agent. It's like buying a bike... Buy the frame/house, then build to your spec. Do your own labor to save on adtl costs. He and I have talked about it quite a bit.


As for my work history, I'll be the first to admit I got in over my head at the investment bank. I'm already performing top 20% in my new role. Plus, given its position within retirement services we actually do better when the market is going down....With my current commission rate and pipeline, I'll be making what I was pre-IB and with less hours.

Wifey also just got approached by her current employer and another client business to work as a vendor starting next month. Between the two, she is looking at probably $50k/y from working at home. That doesn't include her current business, so that should be a very good addition. Plus we can expense a percentage of the interest and mtge payments (amongst other things) because she is working from home.

We'll have more solid numbers next month, but it looks like our overall pay cut will only be ~45%. That places us at about our pre-IB levels in a location with 70% the COL. I've done the math with conservative numbers, and everything looks just fine. Absolute worst case, we have enough funds in our retirement accounts to pay the mtge for near 7 years.

While my employment over the last year has been very volatile, when I am employed (I was only unemployed for 4 months) I am a prolific saver. Have you never read my financial diatribes?
 
stoney

stoney

Part of the unwashed, middle-American horde
Jul 26, 2006
21,616
7,276
Colorado
The ranch is too much. I'm trying to stay around $100/finished sq ft.
 
stoney

stoney

Part of the unwashed, middle-American horde
Jul 26, 2006
21,616
7,276
Colorado
jonKranked said:
stoney - just write a book about your college exploits then you'll be able to afford any house you want .
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I'd also by divorced and probably in jail. Unfortunately, most of the paper trail was deleted when I had the Stoney login wiped. It would be funny to get that stuff all consolidated. Tucker Maxx eat your heart out.
 
stoney

stoney

Part of the unwashed, middle-American horde
Jul 26, 2006
21,616
7,276
Colorado
Well, we're under contract. 4 bed, 4 bath, ~2500 sq ft, backyard big enough to put in a pump track without taking over.
 
Full Trucker

Full Trucker

Frikkin newb!!!
Feb 26, 2003
10,553
7,646
Exit, CO
Congrats, very nice.

To back up what SS said about K-C Ranch, it is very nice. The LBG's P's just bought a place in there and the neighborhood is great. And private singletrack? Well... duh.
 
stoney

stoney

Part of the unwashed, middle-American horde
Jul 26, 2006
21,616
7,276
Colorado
It's in HR. It does have a pretty decent sized backyard, so I will be putting in a pump track. I have about half of the backyard to work with, which will be nice. I will need to build some landscaping around it to make it Wifey approved, but it shouldn't be too hard.
302 Found
That is my inspiration for landscaping, which is Wifey approved. I will need to do a little bit of flattening, but it shouldn't be too hard.
 
stoney

stoney

Part of the unwashed, middle-American horde
Jul 26, 2006
21,616
7,276
Colorado
CrabJoe StretchPants said:
Perfectly suitable for a couple with 1 child on the way. Well done.
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One will be my wife's office, and we are planning on having two kids. Basic math champ. We aren't intending to 'upgrade' houses, so we bought want we want knowing our future plans, where we want it. Nice try to be your normal troll self, but you're really just being a bitch, again.

As for costs, it's just over 2.5x my current income. We are not factoring Wifey having any income forward, so that was a big factor on price for us. Plus the mortgage is so low, that worst case scenario we have almost 5 years of payments on top of living expenses. Everything is within my noted rules for financing and buying a house, so I'm quite happy.
 
CrabJoe StretchPants

CrabJoe StretchPants

Reincarnated Crab Walking Head Spinning Bruce Dick
Nov 30, 2003
14,163
2,484
Groton, MA
The Joker said:
One will be my wife's office, and we are planning on having two kids. Basic math champ. We aren't intending to 'upgrade' houses, so we bought want we want knowing our future plans, where we want it. Nice try to be your normal troll self, but you're really just being a bitch, again
Click to expand...
Buying process got you a bit butthurt, eh?

Relax chief. I was mainly referring to the 4 baths for only 2,500sq ft. I'm assuming its actually 2 full and 2 half, though (not 4).
 
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