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If you've got reasonably priced natural gas, heat pumps generally aren't cost effective.
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Jul 31, 2015 17:38
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Yeah, it's not that bad. Probably just a new furnace and A/C unit.
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Jul 31, 2015 17:44
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It's me I'm the new hoa president. Time to raise dues and outlaw fun. Actually the first order of business is to help out the lady next door who had to sell her place because of some bullshit 2.5k assessment
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Aug 1, 2015 04:28
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krysmopompas posted:It's me I'm the new hoa president. Spin the Twister Spinner and ban that color!
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Aug 1, 2015 06:06
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OSU_Matthew posted:The quote, however obscene, greatly works in your favor--take the credit and just do it all work yourself after closing, simple as can be. If you're looking at that quote and think that's anywhere near reflective of the work/skill involved, then you probably deserve to be bilked outta every dime ya got. While the bulk of the list isn't hard, there is a slight chance that the grounding might be. I can't imagine it being $1400 hard, but maybe? There's also the cost of the permit, which isn't listed as a line item but I'd assume the electrician isn't going to cover that out of the goodness of their heart. I think there was some talk about breakers in there too, and if protection on those six circuits means GFCI breakers and it was some weirdo panel like Stab Lok or something, those suckers are like $100 a pop so materials costs could be WAY more than you'd think too. No, I'm not the guy that did up the quote.
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Aug 1, 2015 13:29
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krysmopompas posted:It's me I'm the new hoa president. First order of business should be to disband the HOA.
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Aug 1, 2015 14:02
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Antifreeze Head posted:While the bulk of the list isn't hard, there is a slight chance that the grounding might be. I can't imagine it being $1400 hard, but maybe? Depends heavily on the age of the house and the existing wiring type. Of all the stuff on your list I'd definitely leave that to a licensed electrician, since that's what's going to possibly save your house/life if you gently caress up elsewhere.
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Aug 1, 2015 18:30
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I didn't see it in the OP, but what is the general consensus on online refinancing? Who are the most recommended lenders for this? I'm sitting on a 6% interest rate from 2008 and I really would like to lower my monthly payment.
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Aug 1, 2015 19:33
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So I just tried to replace the filter in my furnace for the first time and discovered my previous owner basically cut a hole in the side of the vent going to the furnace so he could jam just one 14"x20"x1" instead of using two 16"x20"x1" filters in a V formation like the manual shows... This is typical of the type of poo poo I've been finding around my house since I moved in here back in May. My home inspector even looked at the "hacked" furnace filter and said, "Hmmm... this is upside down." Do never trust your home inspector. Do never trust your realtor. Do never trust your lender. Do never buy.
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Aug 1, 2015 22:12
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I'm thinking of buying a home about a year from now, and I'm starting up a spreadsheet to try to predict the upfront inspection and renovations that would need to happen with virtually any home. Inspection General home - $400.00 HVAC - $200.00 Electrical - $200.00 Plumbing/sewer - $100.00 Termite/pests - $100.00 Radon/asbestos - $200.00 Renovations Change locks - $50.00 Air ducts - $300.00 Carpet cleaning - $200.00 What am I missing? Are my estimates off? Again, I'm aware that there's going to be like two dozen more renovations that need to happen to whatever specific home I end up purchasing, but I'm trying to figure out what are the "universal" upfront repairs/cleaning/whatever needed. Also, I've started watching Holmes Inspection and I'm goddamn terrified.
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Aug 1, 2015 23:13
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surf rock posted:I'm thinking of buying a home about a year from now, and I'm starting up a spreadsheet to try to predict the upfront inspection and renovations that would need to happen with virtually any home. We just walked away from a home purchase that looked like: Electrical (fix ground, install new breaker box, fix a couple hosed up outlets) - $1600 Roof (it was a recent tearoff that the seller hosed up) - $2700 Plumbing (old poo poo was around a century old, new poo poo in renovation was installed by idiots who didn't think to actually bother looking at the plumbing code) - $10,000 Asbestos, air ducts, and siding all needed a little help that probably wouldn't have been all that expensive, but once we got to that point we stopped calling in contractors. We got that far, realized our lender capped credits at 3% of purchase price, and gave up. Your estimates can be very off, and I don't think there's any good way to budget for a "universal" post-purchasing improvement/repair list. After getting an inspection report back you can start, but then again you'll probably still be just spitballing until you get some pros in to run estimates. Also carpet cleaning isn't a renovation. Tearing that gross stuff out and replacing it with hardwood is. 
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Aug 1, 2015 23:19
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gwarm01 posted:I didn't see it in the OP, but what is the general consensus on online refinancing? Who are the most recommended lenders for this? I'm sitting on a 6% interest rate from 2008 and I really would like to lower my monthly payment.
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Aug 2, 2015 00:05
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What's the gimmick with the no closing cost refinance loans I hear advertised on the radio? If they can offer a total thing that ends up being a smaller monthly payment is there any downside to doing it?
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Aug 2, 2015 00:06
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surf rock posted:I'm thinking of buying a home about a year from now, and I'm starting up a spreadsheet to try to predict the upfront inspection and renovations that would need to happen with virtually any home. Changing locks likely costs more than $50. It might only cost that much if all of the locks are brand that is easily rekeyed (not over 50 years old) and you're willing to do it yourself (it's pretty easy), and if you don't want to replace any of them (we had a deadbolt that was kind of hosed up and simply wouldn't turn while a key was in it half of the time). Sewer inspection is probably closer to $200-300 Air duct renovations? I don't really know what that entails or why you'd need to plan on doing it. If the house has solar panels, then you should get a PV inspection. That can be another $100-$200 If you're a first time homebuyer, you should also budget for a lawn mower and a weed wacker. You can get these on craigslist probably, but that's risky. You may need to buy new hoses for your washer, and your fridge if it has one. A lot of houses have old rubber hoses that break surprisingly easily; they're a common source of flood damage. This is exacerbated by homeowners never following manufacturer's advice: you're supposed to shut off the water to your washer when it's not running, that way if the hose bursts you're hopefully there to see it and do something about it. You can buy steel-braided hoses that are much longer lasting. There are lots of little things that you can buy that will improve the maintainability of your house. You may need to replace trim and/or siding. You may need to replace seals on the roof. You may need to caulk holes that let in insects. You may need to fix gutters. You may want to install or replace door bumpers, including bumpers on cabinet doors.
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Aug 2, 2015 00:06
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Stefan Prodan posted:What's the gimmick with the no closing cost refinance loans I hear advertised on the radio? If they can offer a total thing that ends up being a smaller monthly payment is there any downside to doing it? They usually either roll the closing cost into the loan amount, give you an increased interest rate, or both. You're almost definitely not going to wind up with a smaller monthly payment. These programs are advertised on the radio because they're more profitable to the lender and sound more appealing than normal loans where people pay closing costs. Another downside: if there's a significant issue raised during inspection, it's common for the seller to provide a credit toward the buyer's closing costs. Obviously this isn't an option if you're not paying any closing costs; your only remaining option at that point is to ask for a repair, which is often not ideal. QuarkJets fucked around with this message at 00:14 on Aug 2, 2015 |
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Aug 2, 2015 00:12
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Stefan Prodan posted:What's the gimmick with the no closing cost refinance loans I hear advertised on the radio? If they can offer a total thing that ends up being a smaller monthly payment is there any downside to doing it? There are closing costs, but they would be built into the rate and not paid by you, so the rate might be a bit higher than a regular loan that you have to pay closing costs. Just compare all your options, do the math, and see what will be the cheapest in the end, but it's not a gimmick or a scam.
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Aug 2, 2015 00:14
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I just meant like if there's enough of a difference in rate that the monthly payment still ends up being smaller, it seems like it might be an ok deal even if they roll the costs into your interest rate, like if you go from 4.75 to 4 or something and they increase it to 4.25 because of the closing costs, you're still paying less per month right?
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Aug 2, 2015 00:21
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Stefan Prodan posted:I just meant like if there's enough of a difference in rate that the monthly payment still ends up being smaller, it seems like it might be an ok deal even if they roll the costs into your interest rate, like if you go from 4.75 to 4 or something and they increase it to 4.25 because of the closing costs, you're still paying less per month right? What brought you from 4.75 to 4 in the first place, though? The answer is to compare the APRs on good faith estimates for several loan programs
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Aug 2, 2015 01:03
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QuarkJets posted:What brought you from 4.75 to 4 in the first place, though? The GFE's will estimate your closing costs and it will have the APR. But you will have to do a bit more math than that. It depends a lot on how long you will be there. Remember you are not comparing the current 4.75% to the proposed 4.25% no closing cost, but the 4.25% with the 4% closing cost loan. Compare the payments and see how many months it will take to recoup the closing costs. If you don't have the ability to pay the closing costs out of pocket, see if they will roll them into the loan balance. Say your loan balance is $200K and closing costs are $2K. You would compare the payment of $202,000 at 4% vs the payment of $200,000 at 4.25% The longer you think you will be there the more important rate becomes.
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Aug 2, 2015 01:49
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Ok I know I post this a lot but it is the only calculator I know that does a decent job of estimating the actual costs involved in refinancing: http://www.mtgprofessor.com/CalculatorArticles/Refinance-Calculator.html Of note, there are a lot of blanks to fill in  Comparing the interest rate is useless, and so is comparing the APR. It's critical to account for the amount of time between refinance and sale.
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Aug 2, 2015 01:54
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Zeta Taskforce posted:The GFE's will estimate your closing costs and it will have the APR. But you will have to do a bit more math than that. It depends a lot on how long you will be there. Yeah I see what you're saying, makes sense
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Aug 2, 2015 02:16
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gwarm01 posted:I didn't see it in the OP, but what is the general consensus on online refinancing? Who are the most recommended lenders for this? I'm sitting on a 6% interest rate from 2008 and I really would like to lower my monthly payment. Stefan Prodan posted:What's the gimmick with the no closing cost refinance loans I hear advertised on the radio? If they can offer a total thing that ends up being a smaller monthly payment is there any downside to doing it? All three times I started working with a major bank (Wells Fargo/USAA/Navy Federal) and ended up closing with a random mortgage broker I found on Zillow. Instead of clicking on the contact me button, I just called the broker directly and got a better rate than shown on Zillow. I actually ended up being a big fan of independent brokers because they're highly motivated to close. All three times, I took a slightly higher rate to cover my closing costs and a few thousand dollars of my principle. All three times, my interest rate, payment, and loan balance went down as a result of the refi. The term was reset to 30 years each time, which is a little bit of a "catch." The other downside is that refinancing is a complete pain in the rear end and takes over a month of tracking documents and calling people. Of all the people I worked with, USAA was by far the worst. They missed three closing dates and then wouldn't give me back my deposit when I took my business elsewhere. Going from 6% to 4% would save you about $250/month on a $200k mortgage. That's a huge deal.
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Aug 2, 2015 02:24
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Stefan Prodan posted:I just meant like if there's enough of a difference in rate that the monthly payment still ends up being smaller, it seems like it might be an ok deal even if they roll the costs into your interest rate, like if you go from 4.75 to 4 or something and they increase it to 4.25 because of the closing costs, you're still paying less per month right? Assuming you've had the loan for 5 years already and are in the 28% tax bracket, going from 4.75 to 4.25 with $0 in closing costs at the 28% tax bracket is a no-brainer. On the other hand, the same deal but with $3000 in closing costs rolled into the loan is only worth it if you keep the house for more than 5 1/2 years. All those variables matter and it's worth doing the math. Could be good, could be bad.
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Aug 2, 2015 03:33
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Does anyone have any advice on buying a home in another part of the country? I may be relocating for work and the housing market is much better for buying than renting. I'm currently in an apartment and would be looking to purchase my first home at my new location. My company will cover a trip down for a few days to a week to look at places, but I'll be in another part of the country after that until closing. I could always make a separate trip down, but I'd like to avoid that to keep expenses to a minimum. I plan on doing my online research to find as many houses in the area that interested me then prioritize them based on preference. I'll also need to find a realtor to work with to look at the homes when I'm down there. Once I head down I imagine I should decide on a couple backup options in case there are issues with the inspection or someone beats me to an offer. After that I imagine that getting the inspection, submitting an offer, and getting a purchase agreement can all be handled remotely. Is there anything else that I should or need to do while physically in my new location? Are there any caveats to handling everything remote after finding a house? Any other suggestions from someone with experience in this?
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Aug 3, 2015 04:26
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Fetko posted:Does anyone have any advice on buying a home in another part of the country? I may be relocating for work and the housing market is much better for buying than renting. I'm currently in an apartment and would be looking to purchase my first home at my new location. My company will cover a trip down for a few days to a week to look at places, but I'll be in another part of the country after that until closing. I could always make a separate trip down, but I'd like to avoid that to keep expenses to a minimum. Why not just rent for a bit until you know the area and then buy? If real estate is all about location then you don't know the first thing about it yet.
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Aug 3, 2015 04:35
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Bozart posted:Why not just rent for a bit until you know the area and then buy? If real estate is all about location then you don't know the first thing about it yet. I've been to the area several times. I'm fairly familiar with the location already. Still, this is an option I considered. It's really my backup plan if my initial search doesn't work out. I'm not planning on buying unless I'm happy with the place.
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Aug 3, 2015 04:52
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So you plan on finding the perfect house in something like 5 days, potentially giving the seller (unknown) leverage over you if they decide to counter, and you're not going to be present at all during your inspection period? None of that sounds like a good idea.
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Aug 3, 2015 07:22
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Fetko posted:Does anyone have any advice on buying a home in another part of the country? I may be relocating for work and the housing market is much better for buying than renting. I'm currently in an apartment and would be looking to purchase my first home at my new location. My company will cover a trip down for a few days to a week to look at places, but I'll be in another part of the country after that until closing. I could always make a separate trip down, but I'd like to avoid that to keep expenses to a minimum. Be prepared to change your mind. We just made our second such move and the first time my wife picked our home over the Internet, but this time we weren't even close. We prefer old established neighborhoods and ended up with a new home in a different part of town. Call and talk to your coworkers about the town and where to live. You can also ask your realtor, the Internet, and police department. Try to gather as much information on crime and neighborhood statistics as possible, before you go look. We made a list of must haves, and must not haves for our realtor. Doing so allowed her to shorten the list of neighborhoods and homes fairly quickly. Be clear on a budget and your long term expectations. We knew we wouldn't be staying. Knowing this pushed us back down the market 50-75k to keep us in the sweet spot of the market. We managed to buy homes in two days both times. If you are not staying you have to buy something you can sell, not your dream house be prepared to settle.
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Aug 3, 2015 12:25
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Fetko posted:Does anyone have any advice on buying a home in another part of the country? We were moving to an area where I had lived before, and we had several friends and relatives in the area who had bought their first houses in the area. I asked them if they could have done it without living nearby, and every one of them just kind of shook their heads. As nice as it would have been to only move once, we want to find a place to live long term, and that did not seem likely if we bought right away. So we found an apartment that does short-term leases and we're touring houses now. Does your company guarantee anything if you have to move again in a few years?
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Aug 3, 2015 18:01
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I agree with the other posters that said to rent first, but if I had to buy I would probably second what Captain Cool said and do a short term lease while you look to buy. Renting a furnished place for a month or two while you look would probably make life a lot easier. And U-Pack and other moving companies will hold onto your stuff for a month or two and I don't think they charge much.
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Aug 3, 2015 18:24
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Bought a house knowing I'd have to replace the electrical panel. Home inspection guy estimated 2-3k. First estimate from a electrician came back at 7k. It's embedded in a brick wall so he says they have to do a bunch of extra poo poo. Also, the roof estimate came back 4k above what I thought it would be. Awesome.
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Aug 3, 2015 22:35
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Erdos posted:Bought a house knowing I'd have to replace the electrical panel. Home inspection guy estimated 2-3k. First estimate from a electrician came back at 7k. It's embedded in a brick wall so he says they have to do a bunch of extra poo poo. Keep getting estimates. I had a landscaper estimate at 5.5k, two others estimated at ~1.5k for the same work.
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Aug 3, 2015 22:41
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baquerd posted:Keep getting estimates. I had a landscaper estimate at 5.5k, two others estimated at ~1.5k for the same work. I am, but I'm trying to get this all done before I move in and most of the other companies can't even come out for an estimate for another week and a half. Some of them flat out told me they don't do "non-standard" electrical panel installs.
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Aug 3, 2015 23:05
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Erdos posted:I am, but I'm trying to get this all done before I move in and most of the other companies can't even come out for an estimate for another week and a half. Some of them flat out told me they don't do "non-standard" electrical panel installs. Why do you need to replace it? Why do you need everything done before you move in?
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Aug 4, 2015 00:07
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Erdos posted:I am, but I'm trying to get this all done before I move in and most of the other companies can't even come out for an estimate for another week and a half. Some of them flat out told me they don't do "non-standard" electrical panel installs.
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Aug 4, 2015 00:53
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Ropes4u posted:Be prepared to change your mind. We just made our second such move and the first time my wife picked our home over the Internet, but this time we weren't even close. We prefer old established neighborhoods and ended up with a new home in a different part of town. Yeah, I have a list of places already in a couple different areas near where I work. Also planning on providing the realtor what I'm looking for. I planned on getting advice from people there. Both those who have relocated and have been there a while. I don't think crime is an issue in the neighborhoods I'm looking at, but I'll definitely take a look. Not sure how long I will be staying. There are a lot of places that look nice for 25-50k under my preferred budget, and more under my max. Good news is that the rental market is good and should last if I decide to do that instead of selling. Captain Cool posted:We were looking at doing this recently. We had some friends who managed to do it, though they were moving to a different part of the country than we were. I'd be more comfortable if I had bought before I think, but we'll see. Renting for a few months is on the table. If I get relocated by the company, yes. They have a good homeowners relocation program that assists in selling the current house, looking for a new one, and covering the closing costs. Now if I decide to leave, that's all on me. Hashtag Banterzone posted:I agree with the other posters that said to rent first, but if I had to buy I would probably second what Captain Cool said and do a short term lease while you look to buy. Renting a furnished place for a month or two while you look would probably make life a lot easier. And U-Pack and other moving companies will hold onto your stuff for a month or two and I don't think they charge much. I hadn't thought about renting a furnished place while I look. I'll have to look into that. Sounds like a good compromise. The relocation program that I'll most likely get covers moving my stuff, and will optionally store for a month with approval. That shouldn't be a tough sell. I can always pay out of pocket if I need more time.
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Aug 4, 2015 01:44
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gently caress everything about buying a house, I quit. Sunday open house wasn't open, couples wandering around like lost sheep through the neighborhood. We go there today with our realtor, check it out, and prepare an offer, and then the owner says whoops, we know we said we were looking at offers on Tuesday but we sold it already. GAHHSAHFKJSG
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Aug 4, 2015 03:14
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Okay. So. I'm in a weird position. My husband and I have a joint monthly income of $6500. We have a total debt of $800 (his student loans). I have $40k in cash for a down payment, with $65k in mutual funds from a generous and well invested trust fund. My spouse has an 800~ FICO score. But me? I have no FICO score. He has only graduated in May, and got his job as an RN in May of 2015. I have worked for over 4 years at the same company with steady increases in pay. We decided that it would be easier, while he was in school, for me to pay our rent and for him to pay the utilities, as they were much less. I have steady and on time payments in the rent and the cable, but in nothing else. And so, we are screwed for a loan, FHA or not, and I am lost. Our DtI ratio is about 12% at the moment, and we want to get, at the max, a $150k house. And yet, we can't get approved because my lack of a FICO score is the gigantic elephant in the room. There's a family member who could possibly front us the money (yes, I am crazy lucky), but I don't really want to take it because it feels.... wrong. We're still in the process of running through local banks, but I can't see an FHA underwriter looking past our FICO and alternate credit long enough to be able to use our incredible Debt to Income ratio. Is it even the barest hope to be able to get a no credit FHA loan? What do I do? I hate the idea of having to go open 3 lines on credit. I don't buy poo poo unless I need it, and if I need it, I save for it until I can get it. I have ADHD and fear the idea of having a credit card when my impulse strikes me, it's always been safer/better to pay with a debit/credit card. But now that's biting me in the rear end. Edit: Oh, and we found a baggie of crystal meth in one of the houses we were looking at. Fun times! Effexxor fucked around with this message at 03:24 on Aug 4, 2015 |
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Aug 4, 2015 03:22
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Open a credit card and have your spouse keep it, occasionally using it and paying it off right away. You'll have a FICO score and be eligible for basically any conventional loan program What happens if you put your name on one of your spouse's cards? Also, if you have a family member who can front you the cash and you feel guilty about it, then just offer to pay them back like you would with any bank. Being a cash buyer greatly simplifies the buying process, you should definitely try for that if you can QuarkJets fucked around with this message at 03:54 on Aug 4, 2015 |
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Aug 4, 2015 03:52
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QuarkJets posted:Open a credit card and have your spouse keep it, occasionally using it and paying it off right away. You'll have a FICO score and be eligible for basically any conventional loan program That's a consideration, but our $525/month rent (thank you Nebraska) will be likely going away soon as our slumlords are going to try to sell our place. :/ I could get a credit card, but apparently I'd need two other lines of credit to get anything good in the next 3 months, at the earliest. And as for me being on one of his cards, I think it would be the same, except I'd only have to get two more lines of credit and possibly hurt his card. Which we can do, but. drat, I just don't want to have to if I don't need to. And yeah... ngl, I'm considering the family member option. It does get awkward since my half brother didn't have that option offered, though he didn't need it, and the fact that the family member is technically only related to me and not the half brother. So. That could cause friction.
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Aug 4, 2015 03:58
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