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DC house hunting fun: At $450,000, we found an 1,100sq. ft., 3-bedroom, 1-bath Cape Cod less than a mile from a train station in a nice Maryland neighborhood with great schools and low crime. The layout is really funky, kitchen would need a revamp, and it has an unfinished basement (good for laundry/storage due to low cieling; cost prohibitive to dig out in order to make it 'habitable'). For $495,000 we also found a 1,200 sq.ft., 2-bedroom, 3.5 bath, row house in a hot transitional DC neighborhood. Also less than 1 mile from a train station but the house is located in a corridor with high crime (e.g., shootings) and bad schools. It's "updated" with renovations we don't like but aren't sure that it'd be worth ($) the hassle to redo at this point. We have no idea why the previous owners thought 3.5 baths was a good use of space. We have a lot of soul searching to do. DC market is hot and prices keep going up. It's a fun place to live, especially if you don't have school age kids, but high crime and underperforming public schools make us consider the Maryland "suburbs" more. We don't have kids but DC is appealing in that it offers free pre-k education for ages 2-4 (whereas preschool in Maryland would run us a good $15,000 per year). There's a chance that if we bought into the neighborhood referenced above the home prices would continue to rise, so MAYBE we'd be in a good place if we sold in 5-7 years or however long after taking advantage of free preschool, but I suppose you never know and prices could stay flat and we'd be breaking even if we were to sell after that many years? Reminds me of that commercial (car? bank?) where the young couple is living in Brooklyn and they're all "we'll never have kids"..."we'll never live in the suburbs"...etc. Adult decisions are not fun.
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Sep 14, 2015 20:55
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Tortilla Maker posted:DC house hunting fun:
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Sep 14, 2015 23:29
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Tortilla Maker posted:Reminds me of that commercial (car? bank?) where the young couple is living in Brooklyn and they're all "we'll never have kids"..."we'll never live in the suburbs"...etc. Adult decisions are not fun. Side note: that commercial is hosed up: https://www.youtube.com/watch?v=O1Z91YkPatw Every time he says he's never going to do something, he does it immediately afterwards. So if the last thing he says is "I'll never leave you," then what are we supposed to think? Does homeowners cover deadbeat dads?
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Sep 15, 2015 03:57
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Anyone have a good points calculator? My friend needs one.
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Sep 15, 2015 07:05
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Bozart posted:Side note: that commercial is hosed up: I like to think that every time I see that commercial, it's not a duplicate viewing, but the guy's next try at having a family. I AM NEVER GETTING MARRIED (again)
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Sep 15, 2015 19:23
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canyoneer posted:I like to think that every time I see that commercial, it's not a duplicate viewing, but the guy's next try at having a family.
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Sep 15, 2015 19:29
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Hey, guys... I think I want to buy a house. I'm still willing to be talked out of it at the moment, but here's some of my details. I live by myself in a very expensive city. I've been paying 1045$ a month in rent, out of a 50k salary. After moving out here, leasing a car, and fixing all my teeth now that I have dental insurance, I'm actually able to save money. Ideally, I'd start contributing more to my retirement fund again, but a couple friends of mine have figured out that they could buy a house and pay less on their mortgage than they were paying for rent. The idea was already tempting to me, but it's become a lot more plausible, now that I got a 10k raise. That's an additional 800 a month that I didn't have before. That means I should be able to save enough money to handle almost any issues that could pop up, or even consider a more expensive house. Housing options around here are EXTREMELY limited - most are out of my price range (350k and up), and traffic is so terrible that I can't really move very far out past where I work. About the best I can do is in the 200k range. More than I'd like to spend, but a decent price for the area. That's for a three bedroom / two bathroom house, 1500-1800 sqft. It's a lot of money - but so is rent. I don't have any debt. I have a lease on a car that's costing me 3k a year. In two years from now, it'll be up, and I can either get a new lease, or purchase that car for 12k. Other than that, I don't have any major expenses coming up. The way I see it, I'm in a pretty decent position. I like my job and don't plan on leaving any time soon. I could potentially save money every month this way, and once I had a good amount set aside, start paying extra on my house and pay it off early. It feels like the house would be a good investment as well. The extra space and freedom I'd get with a house would be appreciated, too. Anyone want to try to talk me out of this?
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Sep 16, 2015 00:32
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A house is not a substitute for a retirement fund. You should work out your budget so you can pay for housing AND contribute to retirement, then tackle the question of whether a house purchase is a good idea. It really needs to be two different questions if you want to keep from kidding yourself. Also if a 3/2 within a reasonable commute of your work is only $200-350k, I'm not sure it's such an expensive place as all that 
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Sep 16, 2015 00:48
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The only thing you didn't mention but matters most is how much you currently have saved.
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Sep 16, 2015 01:00
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Zero The Hero posted:I live by myself in a very expensive city. I've been paying 1045$ a month in rent, out of a 50k salary. After moving out here, leasing a car, and fixing all my teeth now that I have dental insurance, I'm actually able to save money. Ideally, I'd start contributing more to my retirement fund again, but a couple friends of mine have figured out that they could buy a house and pay less on their mortgage than they were paying for rent. The idea was already tempting to me, but it's become a lot more plausible, now that I got a 10k raise. That's an additional 800 a month that I didn't have before. That means I should be able to save enough money to handle almost any issues that could pop up, or even consider a more expensive house. A $10k raise does not mean you can afford a more expensive house, my god. $10k is replacing a roof. $10k is a bad sewer line. What car do you lease? Any chance of saving money there by buying something used instead? Apart from everything else, I vote no on buying a house because you're single. If your plans at ALL include possibly getting hitched in the next 10-15 years, you will likely need to move or want to move because your partner doesn't like the house/it's not in a good school district/etc. My vote goes to: move into your friend's house when they buy it, because they will give you a cheapo deal on rent since they're saving so much money. Then when their hot water heater explodes and they have to replace all of the walls and subflooring because of the water damage, you won't be on the hook for it.
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Sep 16, 2015 01:12
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Alternately, find a partner who says "whatever, I'll send my kids through Chicago Public Schools and deal with it" though he's a teacher and is willing to handle the challenge. (Personally, I'll set aside what I need to cover private school it I need to, but I sure as hell ain't moving to the suburbs.)
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Sep 16, 2015 01:17
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The HOA fees were raised before I have even made the first payment. Only $21 a month more at least.
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Sep 16, 2015 02:02
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minivanmegafun posted:Alternately, find a partner who says "whatever, I'll send my kids through Chicago Public Schools and deal with it" though he's a teacher and is willing to handle the challenge. Aren't private schools in Chicago comparable in tuition to a good college? So you're paying more for the housing and the school? To each his own.
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Sep 16, 2015 03:01
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slap me silly posted:A house is not a substitute for a retirement fund. ... Also if a 3/2 within a reasonable commute of your work is only $200-350k, I'm not sure it's such an expensive place as all that Fair statements, but part of my logic here is that I'll actually be saving money monthly, since my mortgage payment is likely to be lower than my rent. I'm not saying that I'll put money into one instead of the other, I think getting the house will help me get more into my retirement fund sooner. As for the price, well, I realize it's a lot cheaper than some of the more expensive cities in the country, but it's twice what my parents paid for a larger house several years back just an hour's drive from here. That house is worth 130k now, but the discrepancy is still huge. Before I moved into the expensive apartment I'm in now, I was paying 350 a month for my half of a house in another city. Andy Dufresne posted:The only thing you didn't mention but matters most is how much you currently have saved. This is also fair, but how much I would need to save up is one of the questions I plan on asking if I don't get turned off to the idea and find out a bit more about the housing here. moana posted:A $10k raise does not mean you can afford a more expensive house, my god. $10k is replacing a roof. $10k is a bad sewer line. I don't really see why a 10k raise isn't relevant. If I get a house paid off in 10 years, I'm way ahead of the curve. And 10k over 10 years is 100k. I'm not saying my price range just increased by 100k or anything, but I was probably only pulling in an additional 500$ after all of my bills, including rent. Now, after taxes, it's going to be something like 1100. So where previously I was thinking I'd have to get a mortgage with a payment of something like 700$ a month to feel safe, now I feel like I could do 900-1000. I'm not really saving any money by getting a house at that point, but it is probably a better investment in the long run. I really was opposed to the idea of a lease when I was first looking into it last year, but I really do think it was the cheapest option for a reliable vehicle. The prices on used cars I was seeing was only 2 or 3 thousand less than a new car, but with 100k miles already on it, or things of that sort. My lease is really not bad at all, it came out to 9000$ over 3 years. And the car that cost 20k MSRP will be available for 12k at the end of the lease(contractually), so I didn't lose much by leasing. I really don't plan on getting married any time soon. Even if I did, I wouldn't have kids. Even if I did, it's in a fantastic school district. And if my theoretical wife still isn't satisfied, she can buy a new house with her own money, because I'm DEFINITELY not marrying a broke woman. Seriously though, even if I sold my house five years down the road, I would likely make a profit. That sounds like a gamble by itself, but considering that the chances of me leaving that soon are already pretty low, I think it works out.
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Sep 16, 2015 03:44
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Zero The Hero posted:going to save money by buying a house yeah good luck with that
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Sep 16, 2015 04:01
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I am looking into buying! Here is my logic, and questions, and anybody who takes some time to give me thoughts is appreciated I currently live with my parents, paying no rent. It's a great situation as it is very close to work, and the parents are fine to live with. But, I have a girlfriend (also living with her parents) and we are at the point in our relationship where we want to live together. Because we like each other. And no, neither wants to move in with the other's parents. I will not be buying with her, it will all be in my name. I have savings for retirement I won't be touching. I make a high salary in a stable job, and that amount is going to slowly increase. Given the need to live somewhere and my high salary, I'm looking into buying, and my thought is.. multi-family! Duplex or triplex. I dont want or need an entire single family house, and of course the extra income would be great (in addition to helping me get approved for a greater mortgage). I live in Southern California, and the cheapest duplex in a livable area near me is ~$550k. Based on mortgage calculators I can afford $650k. Real estate is high now, but I see no reason to be confident prices are going to go down, and given the catalyst of needing to move anyways, it seems as good of a time as any to not wait and go for it now. Given the relatively low stock of plexes, and the competition with investors who buy cash, as far as I can tell the properties go super quick, and on the market right now I see nothing I'd even want to buy. But, price per sq ft on single family is just as high, and really with a single family vs duplex I'm just buying extra rooms I don't need and could instead be renting out. But there are 20x as many single families available! So, any feedback? Is it worth trying to fight for a plex? Should I even buy? I don't plan on living in this thing forever but it seems a good starter to a portfolio, and down the road when I want to move I could buy a normal single family and rent out this plex
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Sep 16, 2015 04:03
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You have a far too rosy and naive view of home ownership. When you pay rent, that's the maximum you will spend that month on housing. When you own a house, mortgage+tax+insurance is the minimum you will pay that month. A decent rule of thumb is that you'll spend 1-2% of the home's value each year on maintenance (either directly or through deferred maintenance on replacing your furnace/roof/appliance at the end of their service cycles) Anyone who calls a house an "investment" is either uniformed, bad at math/investments, or a realtor (sometimes all 3 at once). In order to profit you've got to have enough growth in your home valuation year over year to be able to eat a 6% realtor's fee, as well as closing costs/loan origination fees. I bought my house from a dude who had lived there for a couple years, and then needed to move out of state for a job. Market values were down, so he didn't have the stomach to sell it. He rented it below market in order to cut his losses, and when he sold he walked away with like $2k in cash at the end of it, and he paid way more than $2k in just HOA fees over 6 years (not counting insurance, taxes, interest, or maintenance). With your income, you are taking a crazy gamble by buying a house. Just put it in the stock market and get a roommate.
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Sep 16, 2015 04:04
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Nifty posted:my thought is.. multi-family! Duplex or triplex. People do it and it could work, but if you're not actually interested in all the challenges of both, it's a bad idea and you will get fed up, frustrated, and regretful.
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Sep 16, 2015 04:06
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canyoneer posted:I bought my house from a dude who had lived there for a couple years, and then needed to move out of state for a job. Market values were down, so he didn't have the stomach to sell it. He rented it below market in order to cut his losses, and when he sold he walked away with like $2k in cash at the end of it, and he paid way more than $2k in just HOA fees over 6 years (not counting insurance, taxes, interest, or maintenance). So you're saying he lived in a home rent free for six years?
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Sep 16, 2015 04:08
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Zero The Hero posted:mortgage payment is likely to be lower than my rent. This is the wrong comparison. Rent is on one side, but on the other is the mortgage payment, plus cutting the grass, plus furniture, plus yard tools, plus a new water heater, plus a roof repair, plus the likelihood that property taxes will go up, . . . It's nowhere near being a purely financial decision - just don't kid yourself that there aren't a ton of extra expenses when you own the place. I think I've posted this before, but here's one of the few (or maybe the only) correct rent vs. buy calculators on the entire internet: http://www.mtgprofessor.com/calculators/Calculator6a.html
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Sep 16, 2015 04:20
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Radbot posted:So you're saying he lived in a home rent free for six years? No, he left the transaction with $2k in cash, and probably paid way more than that as a down payment 6 years previous. Factor in interest, insurance, taxes, maintenance and HOA fees as his "rent" and I really doubt that he came out ahead vs. renting and putting money in an index fund over the same period.
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Sep 16, 2015 05:14
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canyoneer posted:Anyone who calls a house an "investment" is either uniformed, bad at math/investments, or a realtor (sometimes all 3 at once). In order to profit you've got to have enough growth in your home valuation year over year to be able to eat a 6% realtor's fee, as well as closing costs/loan origination fees. You're completely ignoring the savings compared to renting. I just don't see why I would pay an additional 300-400 a month for the privilege of not having my money go towards equity. Any purchase that saves you money in the long run is an investment.
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Sep 16, 2015 05:40
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Please elaborate on how you estimated the savings from owning compared to renting. It's a complicated question and if you're just looking at the mortgage payment vs. the rent payment you are loving it up.
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Sep 16, 2015 05:46
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Zero The Hero posted:Seriously though, even if I sold my house five years down the road, I would likely make a profit. Zero The Hero posted:You're completely ignoring the savings compared to renting. I just don't see why I would pay an additional 300-400 a month for the privilege of not having my money go towards equity. Any purchase that saves you money in the long run is an investment. moana fucked around with this message at 06:04 on Sep 16, 2015 |
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Sep 16, 2015 05:58
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moana posted:lol you're a goddamn idiot, you just came here for validation. Post your numbers and your current assets, not the future chickens you're counting right now. Why make a topic just to harass the posters?
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Sep 16, 2015 06:03
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Zero The Hero posted:Why make a topic just to harass the posters? Please read the thread title
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Sep 16, 2015 06:05
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There are people who should buy a house. You are not one of them. We are unbiased loving and kind posters telling you that you would be making a colossal mistake to purchase a house. This is fantastic advice from people who have been there, done that, and are trying to talk you down from a ledge that you seem to insist on jumping off of. There is no reason we are telling you this other than from the goodness of our hearts. We want to save you pain and trouble. You're welcome, ya doof.
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Sep 16, 2015 06:11
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Anyone ever use Lenda? Looks like an underwriting startup, they're promising me a no-cost cashout refinance at a competitive rate. https://www.lenda.com/ Probably they're paying the closing costs using their startup seed money, lol, but if anyone is looking to refinance it might be worth it. Or does someone have a better option that can get 4.25 for a 30yr (other than Sebonic or eRates)?
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Sep 16, 2015 06:19
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I'm not setting up an account, but I'm not entirely sure what the hell the service that Lenda is providing is from their website? From what I can tell it has absolutely no reference to NMLS, federal, or state licensing to operate as a mortgage lender and the idea of an "underwriting startup" doesn't really make sense given how the industry works/regulatory requirements. The about us page is... interesting. This seems to be just a lead aggregator like Lending Tree or whatever.
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Sep 16, 2015 08:13
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Zero The Hero posted:You're completely ignoring the savings compared to renting. I just don't see why I would pay an additional 300-400 a month for the privilege of not having my money go towards equity. Any purchase that saves you money in the long run is an investment. Can you be specific regarding how much you believe home ownership is going to cost you? Did you only look at the cost of a mortgage vs the cost of rent, or did you remember to include taxes, insurance, hoa, maintenance, and all of the other major expenses associated with home ownership? Real financial advice, always contribute to your 401k up to the cap of any offered matching amount, and always cap out on your Roth IRA (or Traditional IRA if you feel like your taxes are just crazy high despite living in an era of historic low tax rates). And then contribute beyond that; 10% going toward retirement is probably the least that you should do, especially when you're young. After that, perform a real analysis of the cost of home ownership, including maintenance; it is almost definitely going to cost more than what you're paying now in rent. Set aside that much money each month and see how comfortable it makes you feel. Then randomly subtract off $10k from your remaining funds because as a home owner you'll have to be able to deal with poo poo like that. If you still feel comfortable then congratulations, you're ready to be an idiot like the rest of us, go find a realtor
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Sep 16, 2015 08:55
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Zero The Hero posted:You're completely ignoring the savings compared to renting. I just don't see why I would pay an additional 300-400 a month for the privilege of not having my money go towards equity. Any purchase that saves you money in the long run is an investment. There are some advantages to home ownership, namely having the freedom to change whatever you like, and the sense of permanence and not having to worry about if you've gotta move next year. But it is a lot, financially. Initially, not much of your money is going towards equity. My particular situation, I was renting for around a thousand bucks. Right now I've got a mortgage for 650 a month. Of that, about a hundred bucks is actually going towards my ownership stake in the house, the rest is caught up in insurance, interest, and taxes. So, I pay an extra hundred a month to equity, otherwise I'll wind up paying nearly the entire value of my house in mortgage interest over 30 years (at a very low interest rate too). So, 750 a month base, plus bills are more expensive because heating and cooling an entire house vs apartment sucks. Throw in surprises like fifteen hundred bucks for new windows (which would have been a lot more if I hadn't done them myself), termites, 600$ for a new water heater soon, several hundred in random electrical upgrades, a couple hundred for new toilets, painting the garage, new bathroom fan and re routing the ducting, adding ceiling fans, taking care of landscaping, and so much more I can't remember off the top of my head, all in the last year. Not to mention the time commitment, say goodbye to your weekends. Buying a house does have a lot of benefits, but most people don't look honestly at the drawbacks or think about these kinds of things. Renting is a fantastic financial option, don't be snookered into thinking a house is some sort of savings bank. The people I bought my house from only got 5k back when they sold it, after 20 years of paying a hefty mortgage. I think they had to keep taking money back out to fix the roof, upgrade the electrical, etc.
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Sep 16, 2015 12:11
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and "Can change things" turns into "uh, I need to change this because it hasn't been updated or fixed since the house was built" Oh poo poo, I need to replace a hardwood floor, 3 toilets, tile a few rooms, replace carpet in 5 rooms, refinish the cabinets, hire a painter, hire a landscaper, and apparently I have to pay to "winterize" my lawn irrigation system, which I probably need to get fixed because it was installed incorrectly 17 years ago and no one ever did anything about it.
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Sep 16, 2015 13:48
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moana posted:There are people who should buy a house. You are not one of them. We are unbiased loving and kind posters telling you that you would be making a colossal mistake to purchase a house. This is fantastic advice from people who have been there, done that, and are trying to talk you down from a ledge that you seem to insist on jumping off of. There is no reason we are telling you this other than from the goodness of our hearts. We want to save you pain and trouble. You're welcome, ya doof. I wish the OP contained a table of first-time buyers' expected vs. actual expenditures at a couple points in the process. Like 1. At first feasibility spreadsheet 2. At offer 3. At close 4. At close + 6 months 5. At close + 2 years I bet it would tell a pantshitting story. Who am I kidding, people would still say "I'm smarter than these other 37 idiots."
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Sep 16, 2015 15:14
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QuarkJets posted:[...]did you remember to include taxes, insurance, hoa, maintenance, and all of the other major expenses associated with home ownership? Like closing costs! Make sure to factor in the thousands of dollars you're just throwing away right at the start! And then again at the end! I did a spreadsheet of all the costs and related items I could come up and did a check into the future, assuming what I would've saved monthly renting went into a basic savings account, and it barely made sense for me to buy assuming I'd stay 8 years, much less 5 - even with rent money being a "black hole". That doesn't include quality of life bits, like changing your place versus not having to worry about poo poo breaking. I highly recommend setting something like that up before buying. You can also lose money on a house - it can depreciate in value. That does happen.
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Sep 16, 2015 15:52
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Oh yeah and 75% of the first 10 years of payments are just interest since its front loaded. I'm about to pass 5 years of payments on my $1500 mortgage and I've paid off a cool $10k of principal in that whole time. Do never buy.
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Sep 16, 2015 15:57
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Zero The Hero posted:Why make a topic just to harass the posters? They're not being mean for no reason, it's just that this discussion has just happened already a billion times in this thread. I was in a situation pretty close to yours about 3 years ago and wound up buying way on the small side of my original intended price range (like 40% of what the bank approved me for) - It wound up being a smart choice, because my company got bought by a competitor and our office was closed. Suddenly what seemed like a 100% stable job was gone. Obviously this type of event won't apply to every profession, but something to think about... poo poo happens, be extra cautious. My vote would be to get your retirement and savings situation squared away, and then reconsider where you stand in 1 year. People here will be very helpful if you do some homework, spreadsheet out your situation and people can point at things you're not considering.
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Sep 16, 2015 16:13
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I honestly don't understand who's buying all the $500k+ shitbox homes in Denver. My wife and I make decent money ($130k combined) for the area and, after factoring in emergency fund, taxes, insurance, water price differential in the mountains, the PMI we'd have to pay if we didn't get a down payment loan from her parents, - even a $250k house (pretty much the cheapest habitable structure in the Denver metro area) could run $1,800/mo. Granted, we're being conservative and preparing for one of us to lose our jobs, just in case, but there just don't seem to be enough well paying jobs for people to be buying the homes in this area at any level of affordability. Anyways, we just got a new septic quote - all in, we're quoted $22.5k. This seems high as it also assumes the drainfield is installed on the flat, at-grade-with-rest-of-house portion of the lawn, not the steep hill in the back. We're bringing out the engineer who gave the original $16k quote in 2013 to update/re-estimate tonight. He threw out $20k on the phone but wanted to come out to reevaluate. Due to this higher price, we figure this offer would be fair - $260k (asking) - $20k (septic) - $5k (floor joists) - $5k (deck safety upgrades/code compliance) = $230k. I'm sure that will be a hard pill for the seller to swallow, but I'm hoping they'll go for it as I'd imagine not many folks looking at homes in this price range have $30k in cash out the gate to start making repairs, and selling a mountain home gets infinitely harder once snow starts to fall. They also have clearly disclosed on the listing that this work would require $16k, at least, hopefully scaring others off. I told our realtor this and she said she's "working on it" - is there anything else we need to do to make sure the seller sees this new offer? Lastly - does it make sense just to offer $230k without further info, or would it make sense to detail every single thing wrong with the house above a $100 repair, cross out the 80% of it we're not asking for help on, and use that as justification for the lower price? I know sellers may not want to hear about the issues due to disclosure laws, but maybe it'd help to see we're not asking to replace the EOL furnace, to repair the basement water damage, to regrade the land around the house to reduce flood risk, etc.
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Sep 16, 2015 16:46
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Captain Windex posted:I'm not setting up an account, but I'm not entirely sure what the hell the service that Lenda is providing is from their website?
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Sep 16, 2015 16:56
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Zero The Hero posted:You're completely ignoring the savings compared to renting. I just don't see why I would pay an additional 300-400 a month for the privilege of not having my money go towards equity. Any purchase that saves you money in the long run is an investment. You are getting harassed because people are trying to save you tens of thousands of dollars and avoid bankruptcy, preserving your ability to buy a house in 5 years when all your poo poo might be in order. Read the first couple posts about the renting is throwing away money argument. You shouldn't buy a house. uwaeve fucked around with this message at 17:10 on Sep 16, 2015 |
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Sep 16, 2015 17:00
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Radbot posted:Lastly - does it make sense just to offer $230k without further info, or would it make sense to detail every single thing wrong with the house above a $100 repair, cross out the 80% of it we're not asking for help on, and use that as justification for the lower price? I know sellers may not want to hear about the issues due to disclosure laws, but maybe it'd help to see we're not asking to replace the EOL furnace, to repair the basement water damage, to regrade the land around the house to reduce flood risk, etc.
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Sep 16, 2015 17:00
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