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Unless you are in an area where SFH is really not an option (near-urban areas), renting is almost always better than condos. IMHO at least. You get all of the downsides of apartment living and very few of the upsides. Here's an anecdote for you: My brother bought a condo in 2008 at about $120k. It's now worth maybe $95k. It's in a nice location, close to a train station so he can commute to Chicago easily but so are a bunch of apartments nearby. Plus, he remodeled the kitchen, put in new hardwood flooring throughout, and did minor remodels to the 1.5 baths in it. It's still going to go for maybe 100k. It would've been so much easier if he and his wife had rented instead. Would've saved a ton of hassle at least since their place isn't much different than an apartment anywhere else. The only upside (aside from public transit) was his association was pretty cool with him doing anything he really wanted (the re-models and allowing satellite dishes on the roof).
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Apr 30, 2012 20:59
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Are townhouses generally considered better than condos, or do they have the same "not a real house" problems?
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Apr 30, 2012 21:37
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I consider them to be better, as there is less pooled infrastructure compared to a condo. A townhouse has its own plumbing, electrical etc at least and no elevators or laundry rooms or anything like that. This should mean the HOA fees are less awful. You're still screwed when half of the development stops paying their fees though.
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Apr 30, 2012 21:41
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Townhouses suffer less than condos for the aforementioned reasons by sanchez. The association fees are still a huge thing though and why anyone considering condo/townhomes should always request more information on the status and history of a HOA before considering one. A townhouse still means that you'll be giving up some of the freedom a lot of people crave when they want to own their own place (ability to remake as they see fit, adhere to come association's rules, etc), just not as much as a condo owner will. Whether that's a deal breaker for you is personal preference.
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Apr 30, 2012 21:54
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Thwomp posted:My brother bought a condo in 2008 at about $120k. It's now worth maybe $95k. It's in a nice location, close to a train station so he can commute to Chicago easily but so are a bunch of apartments nearby.
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Apr 30, 2012 21:57
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gvibes posted:Whereas, per Case Shiller, if he had bought a SFH in 2008, it would be worth $80k-$92k now, depending on when in 2008 he purchased. I'm not sure what your point is. I suppose my point is (and I should've mentioned it) is that he's going to try and sell it now. If they had just rented, they could've saved a bit more for a house they could weather price fluctuation in. Now they are stuck eating all the re-modeling costs cause they thought buying is always a good thing and renting is throwing money away.
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Apr 30, 2012 22:01
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Thwomp posted:I suppose my point is (and I should've mentioned it) is that he's going to try and sell it now. If they had just rented, they could've saved a bit more for a house they could weather price fluctuation in. Now they are stuck eating all the re-modeling costs cause they thought buying is always a good thing and renting is throwing money away. The point from that story is do never buy, not do never buy a condo.
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Apr 30, 2012 22:20
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FISHMANPET posted:The point from that story is do never buy, not do never buy a condo.
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Apr 30, 2012 23:33
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How does this thread feel about Affordable Dwelling Unit purchases? It's mostly a northern Virginia thing, although I think the program exists a lot of other places under different names. The main gist is if you have under a certain yearly income and have under a certain amount of monetary assets you can apply to receive an ADU home. The homes are usually townhouses and sell to you for about (appx) 50% off the normal housing price in that community. The perk is the house is yours to do what you want with, you pay on the mortgage that is about half of what it would be, and as long as you stay in it for so many years (usually 15+) you make back everything plus what it would sell for normally. Anything less then the year requirement and you earn appreciation on a limited graduated scale and the home returns to the program for purchase by another ADU program member. I think it's a really good deal for people who make the cut requirements wise and are determined to stay in the area (and home) for a significant amount of time. But it's still a home purchase and do never buy, etc.
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May 1, 2012 00:35
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squidtarts posted:Are townhouses generally considered better than condos, or do they have the same "not a real house" problems? I am buying basically a townhouse (closing tomorrow) and the things listed above were essentially my pro and con list. I don't want to remodel or add things, I hate being outside so I don't want to do my own landscaping, etc, so what might be cons for some weren't for me. It was all pros. I do have the advantage of having relatives who have lived in the association for a few years (my uncle is the HOA president) and thus knowing that it's not a bunch of crazy people, though.
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May 1, 2012 01:58
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Untagged posted:How does this thread feel about Affordable Dwelling Unit purchases? Why are you looking at the program? The max allowable income is really low since it is affordable housing for poorer people. If you have a family and kids and just don't have the income I sort of get it, but if it's just you and you are looking for a cheap way to get into a home it makes no sense. I can't imagine that the homes are very well maintained since the people living in them technically can't afford them at their market value. Honestly I think you are just better off living further west wherever your price range is met like everyone else in northern Virginia does.
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May 1, 2012 02:58
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Sophia posted:I am buying basically a townhouse (closing tomorrow) and the things listed above were essentially my pro and con list. I don't want to remodel or add things, I hate being outside so I don't want to do my own landscaping, etc, so what might be cons for some weren't for me. It was all pros. I do have the advantage of having relatives who have lived in the association for a few years (my uncle is the HOA president) and thus knowing that it's not a bunch of crazy people, though. HOAs are the only con for my husband and I. We give no fucks about yards or building either. Townhouse really seems to fit our style, and is far more affordable than detached housing in NoVA. I keep wavering about this huge decision, though I know that the numbers logically work in our favor. Husband's income more than covers our expenses (as our savings didn't shrink through 5 months of my being unemployed), and he just got a raise. I now have a stable local government job, which means my salary will be there for savings/oh poo poo expenses. We both like the area, don't plan on having children, and we've lived together in one apartment for 4 years already (the rent goes up about 7% every year  ) We both have good credit, great insurance, reliable cars, and our only debt is student loans. The places we've been looking at will cost us about the same as our current rent, with taxes, HOA fees, etc factored in (15 year mortgage). Numerically I can't see a downside, though I know there are always a billion things that could go wrong.
squidtarts fucked around with this message at 03:10 on May 1, 2012 |
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May 1, 2012 03:06
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squidtarts posted:HOAs are the only con for my husband and I. We give no fucks about yards or building either. Townhouse really seems to fit our style, and is far more affordable than detached housing in NoVA.
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May 1, 2012 03:10
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The only reason I would buy a place with an HOA (again) and think it's any slightly bit sane of a financial decision would be if I felt the money I spent was worth it over renting a comparable place in the same market and I really, really didn't want to think of moving or didn't mind setting down some serious roots (for a long-lasting career, for example - possibly not even for a marriage given the wonderful odds of those working out). Maybe if you're in a horribly dense area where you could literally be a millionaire but have no way to buy a place without a co-op agreement or HOA it might make sense, but at a certain point I'd try to just go up one market segment or so in what I'm renting instead of buying in the range I'm currently renting. Also, if you're going to buy a condo, make it a highrise or something that's got some decent noise proofing between neighbors above, below you, and around you. That does have some semblance of value from your usual rental apartment at least.
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May 1, 2012 04:11
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Realjones posted:Why are you looking at the program? The max allowable income is really low since it is affordable housing for poorer people. If you have a family and kids and just don't have the income I sort of get it, but if it's just you and you are looking for a cheap way to get into a home it makes no sense. I can't imagine that the homes are very well maintained since the people living in them technically can't afford them at their market value. Actually most participants here get brand new homes. And you actually have the ability to pick what you want and buy it directly, not just be given the next house on the list. Even if you are single, I see it as a way to purchase a new home in a nice neighborhood for about half off. A friend of mine just got a brand new townhouse in an "upscale" community for $137k. Bare-bones of amenities to be sure, and they had to buy their own oven, fridge, and washer/dryer. But the townhouse nextdoor was selling for $320k. Now if they sell it within the year requirement they can only make back so much, but if they wait the full term and sell they can sell it and keep the full profit. Its up to you if you want to take a previously owned home, or wait for a brand new one in a new development.
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May 1, 2012 04:26
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Just to add my 2 cents to counter the anti-condo/townhouse vibe - I absolutely love my suburban townhouse. The pros for me: I have full control of the interior decorating, I gutted the bathroom and half the kitchen when I moved in, repainted every surface in it, replaced every fixture and piece of hardware, redid all the electrical sockets and re-oriented a couple of the doors so they open in a way that makes more sense to me. It's tiny, which means I can clean it top to loving bottom in about an hour and a half. I'm a single dad for now so all I need is room for me and my kid. I'm a car guy, and it has a 2 car attached garage, which is great. If I ever move it will be to get a 3 or 4 car garage. The layout is great both for insulation properties and for minimum neighbor infringement. My common wall puts my bedroom against my neighbor's patio, both my bedroom closets against my neighbor's living room, and my daughter's room is against a bathroom and neighbor's garage. They were really smart to make it so the types of rooms that are common wall are opposite use, and seldom occupied at the same time. I play movies cranked up to 11 and none of my neighbors have ever even heard me let alone had a problem with it. It's well built, all the walls were dead square and on exact nominal sizes so remodeling was a piece of cake. I ordered my kitchen countertop 1/8" short just to make sure it would fit, and filled the tiny gap on each end with caulk. I laid my bathroom tile against one wall and I didn't have to trim any tiles or fill gaps with grout along the front of the tub or the opposite wall. I took the doors off for painting and didn't mark or organize them, and they all fit right on the hinges and frames no matter where I re-hung them. It's also well insulated so I didn't even use heat for most of the month of April. My gas and electric bill was $58 this month. Worst bill I've ever had was $130. My friends break $300 in their apartment regularly. In the summer my a/c can chill the whole house down to 72 degrees in about half an hour, and is cheaper to operate than the gas heat in the winter. I have grass and tree allergies, so I despise yardwork. Yet if I want to change something, I just ask the HOA and if they approve they just sic the landscapers on it. I had a bush that was too close to the house and the entrance of my garage, and it was alive with insects and bees during the warmer months, making it very annoying in my garage. I had to roll my windows up before pulling in or I'd get 2 or 3 bees in the car as I parked. I asked and a week later the lanscaper was ripping it out. The HOA actually thanked me because as soon as the bush was out they could see that it was damaging the siding. My HOA is very active and proactive, so they are on top of repairs but are also very budget conscious. I get a lot for my HOA fees, including water, sewer, garbage, snow removal, landscaping, and insurance on the roof and structure of the building (drywall in is my responsibility). The HOA has a hard limit on how much it can raise fees annually and they have never even come close to it although fees have gone up from $156 to $203 in the 6 years I've lived here. So I live in a cheap, quiet, well maintained, nicely decorated to my exact tastes, non-bothersome townhouse with decent neighbors. My costs are controlled and I'm very content. It has cost me more than renting but it's a luxury worth every penny, and it's significantly lower cost both monthly and in purchase price than a comparable house in my area. In my experience at least, it has many of the pros of home ownership, and many of the pros of apartment living. It's not for everyone but it's definitely for me.
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May 1, 2012 07:20
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My mother died, leaving her home to my brother and I. The house is fully paid for, and in reasonable condition. Now that the estate has closed, I intend to buy out my brother's interest, and make it my primary residence. My credit score is good, and I have no outstanding debts. Considering what she paid for the home seven years ago, I shouldn't be shelling out more than 50k, with closing costs included. What I'm wondering is: Will the process differ from getting a regular mortgage loan, and if so, how?
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May 3, 2012 03:01
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StinkingWolf posted:My mother died, leaving her home to my brother and I. The house is fully paid for, and in reasonable condition. Now that the estate has closed, I intend to buy out my brother's interest, and make it my primary residence. My credit score is good, and I have no outstanding debts. Considering what she paid for the home seven years ago, I shouldn't be shelling out more than 50k, with closing costs included. I am just pulling numbers out of my rear end here, but let's run with them. You are estimating the house is worth $200k, so you need to give your brother $100k. You have $50k saved and need the other $50k to pay your brother. Is that proportionally correct? If so, and I am not an attorney, but here's how I would go about it. I would take the house over in both names, give my brother the 50k and a promissory note for $50k, then get the house put in my name and my name only. Then, I would do a $50k home equity loan for the minimum amount of time necessary to pay it off and give my brother the promissory payoff. Now you own the home free and clear in 2 or 3 years or whatever, you don't deal with family drama, and you still get to write off your interest. E: forgot to mention, depending on the estate, you may be able to make it easier. let it mellow fucked around with this message at 04:20 on May 3, 2012 |
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May 3, 2012 04:18
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StinkingWolf posted:My mother died, leaving her home to my brother and I. The house is fully paid for, and in reasonable condition. Now that the estate has closed, I intend to buy out my brother's interest, and make it my primary residence. My credit score is good, and I have no outstanding debts. Considering what she paid for the home seven years ago, I shouldn't be shelling out more than 50k, with closing costs included. Loan process is basically the same, the only (minor) hurdle is you'll need to provide documentation showing you legally inherited the property to avoid some waiting periods that would normally apply for cash out refinances. Death certificate and a copy of the will is usually fine. I assume you and your brother are both currently on title?
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May 3, 2012 21:46
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Captain Windex posted:I assume you and your brother are both currently on title? Yes. I have a copy of the executor's deed, as well as all of the paperwork pertinent to the closing of the estate and barring of creditors.
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May 3, 2012 22:07
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StinkingWolf posted:Yes. Should be fine. Are you already living in the property? These types of applications can sometimes raise concerns about occupancy for the bank depending on your current housing situation and how conservative the bank is. My bank is fairly conservative and we wouldn't consider it as a primary if you're not already living there. YMMV of course. If you are living there now I would suggest updating your address with your employer, current banks, etc if you have not already done so. Seeing a different address from the subject property on your bank statements and pay stubs is usually a pretty big red flag on a refinance.
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May 3, 2012 23:06
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My husband and I are looking at jumping into purchasing a home. We live in a city where the area we want to live can really only go up in value (google Hilltop Tacoma for some fun stories, if you like), and the houses we've been looking at are ~$90k-130k. Ideally, we would like to find a place that has at least 2 bedrooms and 1.5 bath so we can rent out to a student/AmeriCorps/sister-in-law/what have you for say $300-400 a month. We are currently sitting at just over $50,000 in savings plus $6,000 in a money market account that we are not touching (except to add to), and our combined income from 2011 was slightly over $40,000 (and is steadily increasing as I am able to take on more clients as a self-employed dog trainer, plus with a converted garage or basement, I can add group classes). We're both 27 years old and have been living to a pretty strict-but-comfortable budget for the past 3 years (since our marriage, basically), and we are able to bank an average of $800/mo into savings. We have no debt from credit cards or student loans (combo of Americorps helping pay and a major car accident settlement from when I was 17 paid for school), and our credit scores are ~725. I guess the question is, should we do this? We know we can, but it's the should that is the scary question. We both want to stay in Tacoma permanently. I'm growing my client base right here, and he's committed to where he works for the next few years - while plotting out a masters in teaching so he can work at the schools here. I don't know what the "ideal candidate" for home ownership looks like, but it's sounding like all systems are go. I think I just want to know what the outside world's opinion is before I say "hey let's commit to this." He's ready to jump in right now. I'd like a stranger's objective opinion first. Thanks!
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May 4, 2012 01:06
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I'd say no, but I err on the side of extremely cautious. What are your expenses every month? What do you have in retirement? What do you actually net? What would happen to your net if, at the end of 2012, none of the federal tax breaks are renewed (payroll tax break and bush tax cuts)? Edit: I'd also like to add that "The area I live in can only go up in value!" mindset is partially what got people into the whole housing mess.
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May 4, 2012 01:16
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If you're going to buy, do it now. Interest rates aren't getting any lower. You're in a position to put 20% down and not waste money on Mortgage Insurance, so yeah, go for it. 50K in savings is plenty of cushion. If you're ready to buy, I say go ahead.
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May 4, 2012 01:26
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For the most part you seem like you're in good shape. But there are a couple of red flags in what you had to say:ButWhatIf posted:We live in a city where the area we want to live can really only go up in value No no no no no. There is no place on earth where this is true. You cannot predict the future and neither can anyone else. There are places where a precipitous decline in property values is less likely, and other places where it is more likely, but certainty is impossible and in any case it is best to plan for, at best, breakeven and at worst, significant decline. If your plans include something like "if we decide we hate it/want to move/have five kids/get a new job, well, we can always sell it in three years and that will be possible because surely it will have gone up in value" then your plans are flawed. If you plan to buy this house and live in it for the rest of your lives, however, then its future value is largely irrelevant. quote:so we can rent out to a student/AmeriCorps/sister-in-law/what have you for say $300-400 a month. Having extra space isn't a bad idea, especially if you plan to have kids. But you should understand that being a landlord is A) a huge hassle, B) often expensive, C) totally unreliable, and D) rarely profitable. Your tenant has legal rights which can make it difficult to evict him or her if there are problems; you are exposing yourself to damage, both intentional and unintentional; your insurance may be higher, your maintenance costs are almost definitely going to be higher, and you must be able to absorb periods of vacancy. That said, based on your finances, I believe you can afford your full payment and other costs without the added income of a tenant, so that mitigates things. quote:our combined income from 2011 was slightly over $40,000 (and is steadily increasing as I am able to take on more clients as a self-employed dog trainer, plus with a converted garage or basement, I can add group classes). Using portions of your home to run a business can save you money on your taxes!!! Except it may be completely illegal, depending on your local zoning laws, it may require you to purchase additional insurance (and you should do so regardless to protect yourself from lawsuit), and in any case you may find that you'd rather use your garage or basement as living space. Running a business out of your home can really undermine its function as a private space and refuge from the world, too, but that's more of a personal thing. Leaving that aside, since you are self-employed, you can expect a bank to apply more scrutiny to you in terms of financial qualification for a loan. At the very least, they will need two years of good records documenting your income, and will tend to err on the lower side of your income figures. I think you should not plan on making more money with your dog training business. If you do, that's great, but don't plan on it when figuring out what you can afford. In fact, I think it would be a very good idea to have a fallback option if your business fails. Everything may look great right now, but as you are surely aware, there are many hazards to a small business, even aside from the general marketplace you're competing in; a legal problem could force you to close up shop for reasons entirely outside your own control, at any time, and you should make sure you're financially in a position to deal with that. (That means preserving an emergency fund, too.) quote:plotting out a masters in teaching so he can work at the schools here. My wife got a masters degree and wants to teach at the schools here. Unfortunately for her, it's been over four years and she's been unable to land a teaching position. Part of this is due to her subject (art) and part is due to California's pillaging of its once-great higher educational system, but most of it is due to it just being very difficult indeed to break into teaching. Make sure you and your husband are being realistic (financially) about his chances, and have a fallback plan if he can't immediately land a position - or can only get part-time work - once he gets his degree. All that said, I'll reiterate that I think you're in very good financial shape and can certainly afford payments on a $100k loan, and you have a good cushion to handle emergencies. Take your time looking at houses, get a realtor, consider getting a mortgage broker, be careful and cautious and try to be clear-eyed about anything you like (do not fall in love with a house, it can blind you to its flaws).
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May 4, 2012 01:45
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ButWhatIf posted:My husband and I are looking at jumping into purchasing a home. We live in a city where the area we want to live can really only go up in value (google Hilltop Tacoma for some fun stories, if you like), and the houses we've been looking at are ~$90k-130k. Ideally, we would like to find a place that has at least 2 bedrooms and 1.5 bath so we can rent out to a student/AmeriCorps/sister-in-law/what have you for say $300-400 a month. We are currently sitting at just over $50,000 in savings plus $6,000 in a money market account that we are not touching (except to add to), and our combined income from 2011 was slightly over $40,000 (and is steadily increasing as I am able to take on more clients as a self-employed dog trainer, plus with a converted garage or basement, I can add group classes). We're both 27 years old and have been living to a pretty strict-but-comfortable budget for the past 3 years (since our marriage, basically), and we are able to bank an average of $800/mo into savings. We have no debt from credit cards or student loans (combo of Americorps helping pay and a major car accident settlement from when I was 17 paid for school), and our credit scores are ~725. I feel like such a similar situation. Me and the Wife are 27, looking to buy a house in the Chicagoland Suburbs. She is a teacher, I am a video editor, probably save about 2K a month tops when we're both working full time, but her teaching job (Kindergarden) sometimes cuts her pay in half depending on if there are enough kids for a full section and can work full time each year. No car payment, no student loans, and she is looking to continue he education which is apart of being a teacher anyway. The houses we are looking at are in the 250K range, and with a 20% down payment our total costs per month would be $1500 w/ taxes and insurance and stuff like that. We'd still have enough for about a 15K emergency fund, but I hope we'd never have to go into that. So yeah, we could buy a house if we wanted to. We currently pay $1100 a month in rent for a 1 bedroom, and we'll need something bigger if we have kids which means spending $1500 a month most likely anyway in rent around here. But we don't know if we should. We want a single family home, but it seems like we'd be screwed if one of us lost our jobs. When it would probably be fine. It also seems like a huge loving decision. Part of it is that we haven't seen a home we've fallen in love with yet (though one was close), but it seems like now is a good time to buy.
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May 4, 2012 02:37
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I am considering purchasing solar panels for the house I bought in December. There are two main reasons I'm looking at this: 1. I want to save money or at least hedge my bets against the energy market. I'm in San Diego and sun is plentiful. 2. I pay PMI. I actually have almost enough money in the bank to get my LTV to 22% to apply out of PMI but due to some family health conditions I want to make sure I keep extra money in the bank in case medical bills go nuts. My understanding is that in California there is some law where the assessed value of your home is increased by whatever solar equipment is installed, but that the resident doesn't have to pay property tax on the increased assessment. Theoretically this increase to assessed value would help me get closer to 22% (unless I'm missing something). I have a proposal from a reputable local installer for a 16-panel system for around $29k ($20,500 after the federal tax credit). Problem is, that the only finance program they offer is a lease - or I can pay for the whole thing up front (no thanks). I was curious to see if anyone knew of loan programs targeting solar panel installations or what my options were for home improvement loans.
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May 4, 2012 04:34
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various goons posted:lots of helpful input Thanks everyone, it's so nice to get outside input. Addressing a couple items: Yeah, it's true that there's really no way to know if value will go up on a neighborhood. The value has gone up in our eyes simply because my husband loves working here and I'm loving my client base here as well. It'd be nice if the city itself would also see how great it is, but we're not exactly banking on that. This is really a plan for a permanent foundation, not a hope for future $$$ on selling it. The tenant idea mostly came out of a desire to help out my sister-in-law, who is paying waaay too much in rent right now. It'd be a nice buffer to have a little help on the mortgage through renting, but we're going in with eyes open. It's not a necessity, just something we'd like to be able to do. The business part I'm not concerned about. Absolutely it's going to require additional research and insurance and I'm fully aware it will likely not add any major additional income for quite some time; it's just an option I am very much looking forward to having in my occupation. I do have a secondary job as well, and the goal is to (eventually) be able to phase it out as my client load increases. I expect the banks to be looking pretty closely at our income - I'd be doing the same in this post-bubble climate! We've been pretty meticulous about record-keeping. It went more or less hand in hand with the budgeting we do. My husband's masters in teaching is a long-term goal more than anything else. He knows the city's teacher hiring practices better than most - his current position is a director at an educational non-profit and he works very closely with a few student advocacy groups - so he knows what he's getting into. His current job wants to hang onto him for as long as they can, so there's no worry of not having a safety net there. Basically what's being said is kind of what I figured: it might be a good idea to kinda cool his jets a bit. I think we should go for it, but definitely not rush. Even if there's a couple places we like right now, it doesn't mean those places won't still be there in a few months, or even something that suits us even better.
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May 4, 2012 17:11
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We found a new house that is amazing (backs up to a green belt off Fauntleroy in West Seattle) and put an offer on the first day of listing (which was yesterday). Here's hoping we hear back by the morning when the seller reviews! Seriously excited for this:  
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May 8, 2012 23:47
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What's the interest rate forecast for the summer? Don't all rates rise a bit during June?
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May 9, 2012 01:21
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I am still under the impression that now is the best time to buy, rent, and wait it out if you can. Like that famous Warren Buffet quote that I am paraphrasing buy when people are scared and things are cheap. But a random thought I read on the internet that has unsettled me a bit was one involving what happens to all the baby boomers houses when they start dying off en masse? Will many suburbs start entering lower income territory now that the generation thats following them isn't going to be able to afford the same quality life style of their boomer parents?
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May 9, 2012 03:15
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CatchrNdRy posted:What's the interest rate forecast for the summer? Don't all rates rise a bit during June? I can't think of a reason why they would be better than they are now. Today was a pretty amazing day for pricing as it were.
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May 9, 2012 03:31
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Kneel Before Zog posted:But a random thought I read on the internet that has unsettled me a bit was one involving what happens to all the baby boomers houses when they start dying off en masse? Will many suburbs start entering lower income territory now that the generation thats following them isn't going to be able to afford the same quality life style of their boomer parents? So many things could happen in that kind of time-frame that I think it's pointless to really worry about it. The US has a fairly stable population distribution compared to a lot of other developed nations, so I think other effects will take priority, like the general state of the economy.  I do think that in the future, certain types of suburbs just won't be built anymore.
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May 9, 2012 06:00
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Kneel Before Zog posted:I am still under the impression that now is the best time to buy, rent, and wait it out if you can. Like that famous Warren Buffet quote that I am paraphrasing buy when people are scared and things are cheap. No, it's gonna get worse way sooner, when these people realize their eyes aren't good enough to drive and they'll try and find something where they can maybe walk to the store or take a bus or something. Suburbs, at least the type we've been building since WW2, are so hosed it's not even funny.
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May 9, 2012 06:54
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Spamtron7000 posted:I have a proposal from a reputable local installer for a 16-panel system for around $29k ($20,500 after the federal tax credit). Problem is, that the only finance program they offer is a lease - or I can pay for the whole thing up front (no thanks). I was curious to see if anyone knew of loan programs targeting solar panel installations or what my options were for home improvement loans.
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May 9, 2012 09:36
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FISHMANPET posted:No, it's gonna get worse way sooner, when these people realize their eyes aren't good enough to drive and they'll try and find something where they can maybe walk to the store or take a bus or something. Haha holy poo poo, you're killing me! Is this how you think the elderly cease driving?  There's usually only two ways an elderly person stops driving in the US: 1) Multiple accidents 2) Family intervenes, usually not a pleasant scene
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May 9, 2012 13:34
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FISHMANPET posted:No, it's gonna get worse way sooner, when these people realize their eyes aren't good enough to drive and they'll try and find something where they can maybe walk to the store or take a bus or something. I really doubt it, it's just not a trend anyone has ever seen. Old people don't suddenly decide to sell the house they've lived in their whole life and move to the inner city. No, if they sell, they move to a suburb in Florida or Arizona and drive until they total their car and die in the flaming wreckage.
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May 9, 2012 13:36
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I've been hearing a lot about it from the blogs I read. I think what's more likely is the kids have a sit down with mom and say "Hey, stop driving you old coot, and hey, move out of that suburban poo poo hole" (because the youth aren't moving to the suburbs our parents grew up in). I know my mom is going to do it, she's sixty now and plenty fine for driving, but we've talked many times about her moving into a city where she's not forced to drive. Maybe she's a lot smarter than the average old bear, but I'm not going to be surprised when it happens en masse.
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May 9, 2012 15:39
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Around here it goes one of two ways. Either for lease signs start popping up all over the neighborhood or the very wealthy swoop in, buy four lots, and build a house with a one foot border of yard around it and giant bay windows pressed up against the fence. (Houston)
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May 9, 2012 15:55
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FISHMANPET posted:I've been hearing a lot about it from the blogs I read. I think what's more likely is the kids have a sit down with mom and say "Hey, stop driving you old coot, and hey, move out of that suburban poo poo hole" (because the youth aren't moving to the suburbs our parents grew up in). Mom, perhaps. Dad, no way in hell.
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May 9, 2012 16:35
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