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Slimy Hog posted:This (and other posts) makes way more sense, I was confused why someone would poo poo on renters in a thread full of folks who may be purchasing their first home and likely are renters currently. Sorry for coming in hot. What region are you shopping in where prices are going down? (Excluding of course the season dips)
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Feb 19, 2023 06:53
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Harminoff posted:Thanks all! Kinda figured but wanted to check. You 100% want to REALLY want a pool to make it worthwhile. It is always more expensive than you think it will be. In addition to possibly paying someone to clean it/balance chemicals/etc every week, you also are going to have some kind of surprise larger cost almost every year. Some kind of equipment break. Cover problem. Etc. We have a pool right now but are selling/moving cross country/buying soon. We will not be buying a house with a pool.
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Feb 19, 2023 09:48
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With modern automation and a saltwater pool, the day to day maintenance is almost nil. I spend 10 minutes every week doing the water test and other checks, if that. The time commitment isn't really a problem. The real gotcha is when things break- you get to spend Pool money. Oh, rope on the cover broke? $400, thanks. Salt generator? $700 please. It is an actual pit to toss money in. An enjoyable, worth it, well-used refreshing abyss of spending.
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Feb 19, 2023 15:04
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My wife's family are big water/pool/swimming people and when they bought a house with an in ground pool when my wife was like 3 they figured out that by filling it in the amount of money they saved on insurance, maintenance, and a little bit of tax could pay for them to join the local country club which included recreational pools and pools for laps. Plus not having to worry about toddlers and infants drowning, and having a bigger yard and garden space.
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Feb 19, 2023 16:37
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KYOON GRIFFEY JR posted:My wife's family are big water/pool/swimming people and when they bought a house with an in ground pool when my wife was like 3 they figured out that by filling it in the amount of money they saved on insurance, maintenance, and a little bit of tax could pay for them to join the local country club which included recreational pools and pools for laps. Plus not having to worry about toddlers and infants drowning, and having a bigger yard and garden space. They’re probably still out ahead even when they subtract a nominal amount for more ear infections due to the public pool water
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Feb 19, 2023 21:48
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yeah but the country club probably frowns on nekkid pool fuckin' with your significant other 
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Feb 20, 2023 01:12
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Anyone who maintains their own pool is too grossed out to ever gently caress in one
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Feb 20, 2023 02:58
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Ornery and Hornery posted:yeah but the country club probably frowns on nekkid pool fuckin' with your significant other Tell me you're not married without...
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Feb 20, 2023 03:24
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Harminoff posted:It's essentially broken up into two rooms. This is the other one late to the party, but this is the platonic ideal of the "bonus room" that you'll find in a lot of 90s-era constructoin. My wife's childhood bedroom was in one of those, and I ended up crashing in it for a very awkward summer right after we got married but before the lease on our new place was ready. Cold in the winter, hot in the summer, poor ventilation.
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Feb 20, 2023 06:13
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Ornery and Hornery posted:yeah but the country club probably frowns on nekkid pool fuckin' with your significant other this dude is not married and does not own a pool
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Feb 20, 2023 14:31
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First ever offer sent. Offer denied. Now that the first ever has been done this gets easier right? Just a whole slew of emotions over the last 24 hours.
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Feb 20, 2023 19:06
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George H.W. oval office posted:First ever offer sent. Offer denied. Now that the first ever has been done this gets easier right? Just a whole slew of emotions over the last 24 hours.
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Feb 20, 2023 19:25
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We are about to put in another offer! (First two we striked out, hopefully 15k over is good on this one!) One thing that I would recommend people do, is talk to your lender on estimates on monthly payments and closing costs. When i used online calculators they were off. We actually got an accepted offer last year, but didn't do this first, and the true monthly turned out to be $300 a month over what we thought it was going to be, and had to pull out We got all the estimates now, and are good to go (though we will be pretty much broke after all the closing costs )
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Feb 20, 2023 20:21
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Harminoff posted:We got all the estimates now, and are good to go (though we will be pretty much broke after all the closing costs Sorry about your roof caving in and your water heater exploding at the same time, OP
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Feb 21, 2023 03:55
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Hadlock posted:Morbidly curious but Il is that a 30 day cruise for $100 total or $100/day for a while there was a hilarious trick where cruise ship casinos counted as 'travel' on credit cards. So you would buy 5000 dollars of gambling credit each day on your credit card, play one round of slots, cash out all of it as chips, and deposit the chips as cash to your bank account, which you then use to pay off your credit card. With the right travel card it was possible to be net positive for the whole cruise.
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Feb 21, 2023 04:26
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Hello! I'm early in the process of home buying and I want to make sure I understand the mortgage interest tax deduction correctly. I realize this might be a stupid question, but I've been living overseas for a while and my taxes have been weird for the past 7 years, and home ownership hasn't really been a part of calculations. Let's say I take out a loan for $110,000 and end up paying about 3,000 in interest on it in the first year. I go to file my taxes and take the full deduction on my $3000 of interest that I accrue - does that mean I would get a full $3000 back when I file my taxes that year? Sorry if this feels like a stupid question, it just seems like a 'to good to be true' part of the calculations that I must be misinterpreting.
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Feb 22, 2023 17:12
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road potato posted:Let's say I take out a loan for $110,000 and end up paying about 3,000 in interest on it in the first year. I go to file my taxes and take the full deduction on my $3000 of interest that I accrue - does that mean I would get a full $3000 back when I file my taxes that year? No, and if you're talking about loans in that general price rang it's all 100% irrelevant as the standard deduction will vastly exceed your mortgage interest deduction so you won't be itemizing anyway.
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Feb 22, 2023 17:14
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road potato posted:Hello! I'm early in the process of home buying and I want to make sure I understand the mortgage interest tax deduction correctly. I realize this might be a stupid question, but I've been living overseas for a while and my taxes have been weird for the past 7 years, and home ownership hasn't really been a part of calculations. In short, a tax deduction refers to a deduction from your taxable income. So like if you make 50k a year but paid 5k in mortgage interest that year, you're instead taxed as if you made 45k. Tax brackets make the rest of the math a little complicated to get into, but essentially it means you pay a percentage of that 5k less in taxes (which could translate to a refund if you paid throughout the year as if you were being taxed on 50k). You won't get that full 5k back. As Motronic said, depending on other deductions you may have, if you're only paying 3k in mortgage interest for the year, then you're likely going to be better off doing a standard deduction (around 13k for single filers), so you shouldn't really care about mortgage interest deductions.
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Feb 22, 2023 17:42
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road potato posted:Hello! I'm early in the process of home buying and I want to make sure I understand the mortgage interest tax deduction correctly. I realize this might be a stupid question, but I've been living overseas for a while and my taxes have been weird for the past 7 years, and home ownership hasn't really been a part of calculations. A deduction reduces your taxable income, so you would only be saving X% of that $3000 where X is your marginal tax rate. But like road potato pointed out, you would need a lot of other deductions to make this work; the standard deduction is larger than it used to be so most people aren't deducting mortgage interest at all
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Feb 22, 2023 17:43
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It's a deduction, meaning it reduces your taxable income by $interest. And unless you're really talking about numbers in the 5-10x range of what you posted, your standard deduction will be larger. The big bump to the standard income tax deduction makes the mortgage interest deduction nearly useless. edit: beaten repeatedly like Motronic's Rover
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Feb 22, 2023 17:45
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You can also deduct up to $10k of property tax and state income tax. That makes it a bit easier to get over the standard deduction.
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Feb 22, 2023 18:12
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If you're eyeballing a $100k mortgage, you aren't paying $10k in property and/or state income taxes either.
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Feb 22, 2023 18:21
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Everyone posted:Clear and helpful answer to the question Thanks y'all! I appreciate the help.
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Feb 22, 2023 18:26
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I've decided to punt the decision on house buying a year down the road so i can build up more cash to make a down payment.
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Feb 22, 2023 19:21
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Panzeh posted:I've decided to punt the decision on house buying a year down the road so i can build up more cash to make a down payment. Hey us too! Was looking at a place for $250,000 Would need $35k at closing (10% down) I mean we have it, but then would have like $5k left. Another year of aggressive saving so we are more at ease.
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Feb 23, 2023 01:58
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You should be able to find a mortgage with 5% down if you shop around. Whether this is a good idea or not is up to your personal situation and local market.
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Feb 23, 2023 04:41
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Anyone have PNC bank as a servicer? My loan just was sold over there. Really like the simplicity of my old servicer.
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Feb 23, 2023 04:48
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Dik Hz posted:You should be able to find a mortgage with 5% down if you shop around. Whether this is a good idea or not is up to your personal situation and local market. 5% with no pmi?
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Feb 23, 2023 05:03
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KYOON GRIFFEY JR posted:this dude is not married and does not own a pool Of course I don’t own a pool - I don’t even own a home
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Feb 23, 2023 08:26
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Harminoff posted:5% with no pmi? I am curious because yeah the no PMI thing is what I’m looking for. Didn’t see anything like that at the first banks and credit unions I checked.
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Feb 23, 2023 08:28
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Locally I’ve been seeing PMI at a comparatively reasonable $80ish monthly at 10% down, so don’t totally rule it out
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Feb 23, 2023 16:23
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I just moved back to Florida and will probably be living here for good (which city remains to be seen). Given that I'm starting to think about buying a home or condo instead of just renting. I've read the OP but I really don't have an idea of what step one needs to be. With renting, I'm used to the first step being browsing listings to find the best home I would like to live in. Now I assume instead I need to find out what I can afford. Can someone recommend an app or website that kind of walks you through this and is also a bit of a tutorial? Babbys first mortgage calculator, basically. Or really, any other suggestion for step motherfucking one.
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Feb 23, 2023 18:50
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Ramrod Hotshot posted:I just moved back to Florida and will probably be living here for good (which city remains to be seen). Given that I'm starting to think about buying a home or condo instead of just renting. I've read the OP but I really don't have an idea of what step one needs to be. With renting, I'm used to the first step being browsing listings to find the best home I would like to live in. Now I assume instead I need to find out what I can afford. Can someone recommend an app or website that kind of walks you through this and is also a bit of a tutorial? Babbys first mortgage calculator, basically. Or really, any other suggestion for step motherfucking one. Despite looking like a scam website from the early 2000s this site is actually a pretty decent resource. https://michaelbluejay.com/house/
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Feb 23, 2023 18:56
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Ramrod Hotshot posted:I just moved back to Florida and will probably be living here for good (which city remains to be seen). Given that I'm starting to think about buying a home or condo instead of just renting. I've read the OP but I really don't have an idea of what step one needs to be. With renting, I'm used to the first step being browsing listings to find the best home I would like to live in. Now I assume instead I need to find out what I can afford. Can someone recommend an app or website that kind of walks you through this and is also a bit of a tutorial? Babbys first mortgage calculator, basically. Or really, any other suggestion for step motherfucking one. There's a lot to go over, but you could give this a shot and come back with specific questions. https://michaelbluejay.com/house/ Common advice given on affordability is your housing expenses should be around 28% of your gross income, and total debts (cars, student loans, consumer debt) including your mortgage shouldn't be over 43%. Those numbers are sometimes not reasonable for high cost of living areas. If you have no debt, the housing expenses can be more... but that's a generic rule of thumb and a ton of factors go into mortgage underwriting/approval. First step would be to figure out a budget, and then areas you would like to live, and then go from there. Don't forget about things you don't pay as a renter like property taxes, and homeowners insurance(which is expensive in FL), etc. Over 700 dollars of my monthly mortgage payment goes towards homeowners insurance and property tax escrow.
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Feb 23, 2023 18:57
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Ramrod Hotshot posted:(which city remains to be seen) Step 1 is to figure out where. Not just the city, the exact neighborhood(s). It's the one thing you can't change about a property you purchase.
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Feb 23, 2023 19:09
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Ornery and Hornery posted:What region are you shopping in where prices are going down? (Excluding of course the season dips) I'm a moron so I've decided to save enough for a down payment in Boulder Colorado which means my down payment will be around the same as the average home price in Arkansas. Luckily I just found an article with a speculation that matches my anecdotal data that home prices are dropping here.
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Feb 24, 2023 03:49
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skipdogg posted:There's a lot to go over, but you could give this a shot and come back with specific questions.  (I love that this guy's site remains one of the better calculators on the internet for guiding a very common major purchase decision)
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Feb 24, 2023 07:00
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Michael Bluejay thank you for your award winning website!
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Feb 24, 2023 16:20
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Appraisal came in 90k over our offer of 605k. Hilariously looking back at the listing price history, the owner listed it at 700k originally. Lol holy cow we got lucky
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Feb 24, 2023 16:54
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Slimy Hog posted:I'm a moron so I've decided to save enough for a down payment in Boulder Colorado which means my down payment will be around the same as the average home price in Arkansas. That doesn’t seem like a downward trend and also the pieces of the article itself identify trends which would lead to higher prices like pent up demand and constrained supply. Even if we assume those to not be direct or significant factors (compared to, idk, investment firms snatching everything up, aliens, etc.), they still imply pricing won’t decrease. I hope the prices go down for you so you can find a home but I don’t think it’s likely that Boulder home prices decrease at a significant and constant rate.
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Feb 24, 2023 17:45
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