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 at those rates, I would do whatever it took to structure my life to not require a car.
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Jan 12, 2016 23:01
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When I was 19 I had a car for a year. In 1994, I paid $2500 for one year of bare-minimum insurance on a 1979 rabbit with a stick shift. I then got rid of it because A) I couldn't get it to pass smog, and B) I was also paying my sister for her garage space and it was just too loving expensive given my hamburger job and college expenses. Insurance in an urban area for a male under 25 can be horrendously expensive.
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Jan 12, 2016 23:42
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Jesus Detroit is $10k a year? I thought Chicago was expensive back when I had a sub-25 driver on it and it was like $3500. We're down to $1600 now, and I should probably remind them I have a garage now 
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Jan 13, 2016 01:22
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Elephanthead posted:Toronto has high rates, similar to Detroit where the average rate is $10,000 a year. Yes that amount is right. Detroit is over double the nearest most expensive US city. Toronto averages $2,000 but young males typically pay double the average.
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Jan 13, 2016 02:40
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Yeah no way I was buying 10k per year in a region with such depressed wages. That would mean the average person had $7kish in claims per year? That's probably the median vehicle value.
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Jan 13, 2016 03:19
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Andy Dufresne posted:Yeah no way I was buying 10k per year in a region with such depressed wages. That would mean the average person had $7kish in claims per year? That's probably the median vehicle value.
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Jan 13, 2016 03:32
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I'm in Louisiana. I think we are in the top 3 for the country. My insurance is something like 1800 a year right now with a 6 month plan. That's with my car being registered in the cheaper parish too.
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Jan 13, 2016 05:42
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swenblack posted:Yeah, the per capita income of Detroit is around $15k/year. It just doesn't pass the sanity test. Claims Journal says ~$6000 "in some neighborhoods". The city government reports 545 carjackings and over 10,000 stolen vehicles for 2014, or a bit over 1.4 stolen vehicles for every 100 people (about seven times the national average). If those are clustered in certain zip codes, I could totally see insurance rates going through the roof for people unlucky enough to live there. For the whole city, though, no, that's just silly.
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Jan 13, 2016 06:10
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couldcareless posted:I'm in Louisiana. I think we are in the top 3 for the country. My insurance is something like 1800 a year right now with a 6 month plan. That's with my car being registered in the cheaper parish too. I can understand that though, because I'm sure it's a nightmare for insurance to replace tens of thousands of cars after every hurricane blows through and floods everything out. That kind of predictable devastation is pretty unique
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Jan 13, 2016 18:43
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My shiny new P85D (a $110K car) cost just over 4K to insure a year. No loving way anyone in detroit is paying 10K a year unless they are in Bugatti territory.
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Jan 13, 2016 20:20
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OSU_Matthew posted:I can understand that though, because I'm sure it's a nightmare for insurance to replace tens of thousands of cars after every hurricane blows through and floods everything out. That kind of predictable devastation is pretty unique Actually from what I understand it's due to the cost associated with bringing anything to court here. I don't know any details beyond that, but my assumption is due to our adherence to napoleonic code for our law which makes passing the bar here different than elsewhere.
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Jan 13, 2016 20:33
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Pryor on Fire posted:My shiny new P85D (a $110K car) cost just over 4K to insure a year. No loving way anyone in detroit is paying 10K a year unless they are in Bugatti territory. Nominating for humblebrag of the year.
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Jan 14, 2016 00:45
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Dik Hz posted:Nominating for humblebrag of the year. Already filed it away from nomination.
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Jan 14, 2016 00:47
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Not humble, just a brag. Pryor you are a boss.
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Jan 14, 2016 05:36
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Bathroom carpet. WHY???
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Jan 15, 2016 02:28
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DaveSauce posted:WHY??? For the super fun experience of your toilet catastrophically overflowing at 3 am, so you have to frantically tear it out in the middle of the night. It's great!
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Jan 16, 2016 04:59
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DaveSauce posted:Bathroom carpet.
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Jan 16, 2016 06:04
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DaveSauce posted:Bathroom carpet.  Bleach bleaches things 
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Jan 16, 2016 06:35
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No Butt Stuff posted:I'm sorry, is this normal? I feel like this is getting glossed over. It's pretty normal and I just happen to live in the highest insurance premium neighbourhood of the GTA. I got a $40 slap-on-the-wrist ticket for going 15 over two years back. It ended up raising my insurance by 25% (a little over a grand a year) for 5 years. If I knew this could happen I would've paid $200 for ex-copper or something and had it thrown out. Besides that I have a clean record. Leperflesh posted:At 23, you might do any of the following in the next ten years: Pretty much my biggest fear is change and I really want to rent but I have trouble justifying paying 1500/mo to rent when I could own a property and pay the exact same amount (and keep most of it).
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Jan 16, 2016 14:54
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ghostter posted:It's pretty normal and I just happen to live in the highest insurance premium neighbourhood of the GTA. I got a $40 slap-on-the-wrist ticket for going 15 over two years back. It ended up raising my insurance by 25% (a little over a grand a year) for 5 years. If I knew this could happen I would've paid $200 for ex-copper or something and had it thrown out. Besides that I have a clean record. Rent is an exchange where you pay for shelter and the maintenance of the property, with the money going to a landlord. Owning is taking on a massive amount of debt in exchange for paying all maintenance costs yourself, while most of your money goes to the lender. If by "keep most of it" you mean "keep a couple hundred in equity as long as the value of the home doesn't depreciate and the only way to access it is either debt to myself or getting rid of my own shelter" then yes, you're right! In other words, rent is the highest you will have to pay in a month, and it's fixed for a while. A mortgage is the lowest you will ever pay in a month, with the expectation that you will shell out tons more at random intervals. Please don't be shortsighted on this.
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Jan 16, 2016 15:48
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ghostter posted:Pretty much my biggest fear is change and I really want to rent but I have trouble justifying paying 1500/mo to rent when I could own a property and pay the exact same amount (and keep most of it). Please read the first two posts in this thread. Ownership is a PITA.
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Jan 16, 2016 16:25
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Bozart posted:Please read the first two posts in this thread. Ownership is a PITA. Then read them four more times, then read the rest of the thread.
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Jan 16, 2016 16:31
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I came into this thread all house horny, and at the end have decided to Never Buy. Thanks I guess.
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Jan 16, 2016 16:43
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ghostter posted:(and keep most of it)
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Jan 16, 2016 16:48
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slap me silly posted:Hahahahaha! Yeah dude you don't understand mortgages and the secondary costs of home ownership. Please don't buy a place in your early 20s.
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Jan 16, 2016 16:59
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Mickles posted:I came into this thread all house horny, and at the end have decided to Never Buy.
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Jan 16, 2016 19:41
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Grumpwagon posted:For the super fun experience of your toilet catastrophically overflowing at 3 am, so you have to frantically tear it out in the middle of the night. It's great! Yeah...it's pretty much an instant NO to any house with that. If we had to, the carpet would be gone in a week. Also that house just went under contract. Our market sucks...or we're being too picky. Our basic criteria are: 0.2+ acres 2000+ sq ft 3+ bed 2+ bath 2+ car garage Max price $350k There are 5 active properties in our search area. We're looking in/around Cary, NC (including Morrisville and Apex). We've only seen about 8 properties in person, and our realtor sent us video walkthroughs of a few others and they were extremely "meh." Usually ends up that they're very dated, or have wacky layouts. So all that said, when to we start compromising or just saying "gently caress it good enough?" Our realtor seems to be hung up on things like slightly off layouts, anything but 9ft smooth ceilings, etc. Certainly things worth considering, but I worry that he's trying to find us the PERFECT house... What are the things we're going to regret compromising on in 5, 10, 20 years? We found an awesome house that got an offer on it the morning after we looked at it. We're trying to get a back-up offer in, but they're asking for $3k more than list...I don't hold out hope that anything will come of it... House hunting sucks. DaveSauce fucked around with this message at 21:23 on Jan 16, 2016 |
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Jan 16, 2016 21:17
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You're going to have a really hard time there with that criteria. I've helped buy 3 houses there and purely based on school district the prices higher. Please update on how it goes. Also, I know it doesn't feel like you're asking for a lot of land, but land's at a premium here for some reason. Almost all houses I've seen with that much land worth buying are either half a mil or really old and fixer uppers, since before gentrification this was all poor farm land. Rurutia fucked around with this message at 21:29 on Jan 16, 2016 |
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Jan 16, 2016 21:25
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So, we're under contract for a house in Northern Virginia and I am shopping between lenders. Where is the point of no return with Lenders? We have a locked-in rate of 3.75% with a local lender who supposedly ordered an appraisal (VA) and who we feel tied to because our realtor says "can close fast." Quicken Loans is offering the same rate with much less in closing costs, according to both of their Loan Estimates. We haven't signed the Residential Loan Application with either of them. 30 days to close, which may be extended due to repairs needed from the Home Inspection.
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Jan 16, 2016 21:29
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Rurutia posted:You're going to have a really hard time there with that criteria. I've helped buy 3 houses there and purely based on school district the prices higher. Please update on how it goes. Yeah, we've figured that one out already...we're barely at it and there's just about nothing. We can either get a house that is nice, but has a 20 year old roof or other expensive imminent repairs (but will still sell fast and for over list), or we can get a 2005 house on a 0.1 acre plot in a cookie-cutter subdivision. We don't want a ton of land, we just want a reasonable backyard for a dog and small garden. Also, we don't want to be able to high-five our neighbors without leaving the house...
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Jan 16, 2016 21:44
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kys posted:So, we're under contract for a house in Northern Virginia and I am shopping between lenders. Where is the point of no return with Lenders? We have a locked-in rate of 3.75% with a local lender who supposedly ordered an appraisal (VA) and who we feel tied to because our realtor says "can close fast." Quicken Loans is offering the same rate with much less in closing costs, according to both of their Loan Estimates. We haven't signed the Residential Loan Application with either of them. 30 days to close, which may be extended due to repairs needed from the Home Inspection.
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Jan 16, 2016 21:49
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https://www.reddit.com/r/personalfinance/comments/418gap/bought_a_house_and_now_im_in_big_trouble_advice/ posted:Hi all, I am a first time poster here, and I really need advice.
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Jan 16, 2016 23:45
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kys posted:So, we're under contract for a house in Northern Virginia and I am shopping between lenders. Where is the point of no return with Lenders? We have a locked-in rate of 3.75% with a local lender who supposedly ordered an appraisal (VA) and who we feel tied to because our realtor says "can close fast." Quicken Loans is offering the same rate with much less in closing costs, according to both of their Loan Estimates. We haven't signed the Residential Loan Application with either of them. 30 days to close, which may be extended due to repairs needed from the Home Inspection. If they've ordered the appraisal you may be on the hook for that $400, but you may also be able to use the appraisal with a different lender. When the realtor says they prefer a lender because they are easier to work with, what they mean is they are collecting a referral fee. It's always better to find your own lender and I recommend zillow as well, it worked great for me (2.75% 5/1). It's said in this thread a lot but realtors really shouldn't be trusted to be on your side in negotiations. They don't have a fiduciary duty towards you and their ethical standards don't prevent conflicts of interest.
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Jan 17, 2016 00:22
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DaveSauce posted:Yeah, we've figured that one out already...we're barely at it and there's just about nothing. We can either get a house that is nice, but has a 20 year old roof or other expensive imminent repairs (but will still sell fast and for over list), or we can get a 2005 house on a 0.1 acre plot in a cookie-cutter subdivision. A 2000+ sq ft home on 0.1 acres? Does the property exist more than six inches beyond the edges of the house? My parents' house is 1200 sq ft on 0.17 acres and that is the minimum ratio of house to land that should be acceptable. Note: I do not advocate living in 1200 sq ft if you have children. 5:1 is a terrible people to bathrooms ratio.
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Jan 17, 2016 07:16
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My neighbor's house is 4000 square feet plus attached garage, and his lot is 0.18 acres. 5 foot setback on the sides, 20 foot out front. It's too big for the lot by any reasonable aesthetic standard, but it's typical of the new world order around here.
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Jan 17, 2016 07:39
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Brennanite posted:
You can have more than one bathroom in a 1200 sq ft house.
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Jan 17, 2016 17:13
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swenblack posted:Go on Zillow and request a mortgage quote. Call the company that gives you the lowest quote directly and ask for their best deal. 3.75% is a lovely rate, BTW. You'll end up overpaying by $43k for a median price home. The going rate for a 30 year fixed rate VA loan in NoVA is 3.25% with cash back at closing, as long as you have good credit. Also, keep in mind that your realtor gets a couple thousand dollars if they refer you to someone who sells you an overpriced mortgage. Do Jumbo Loans generally get better rates? Does cash back at closing mean 0 closing costs? It seems like were getting swindled here and I already applied for a lender from zillow and the Interest Rate it quoted me at is 3.25%. Granted the interest rates have lowered some since we locked in, but that is a huge difference.
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Jan 17, 2016 17:45
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Andy Dufresne posted:If they've ordered the appraisal you may be on the hook for that $400, but you may also be able to use the appraisal with a different lender. When the realtor says they prefer a lender because they are easier to work with, what they mean is they are collecting a referral fee. It's always better to find your own lender and I recommend zillow as well, it worked great for me (2.75% 5/1). I looked into it and I think (not sure) that a VA appraisal can be transferred to different lenders. Thanks for the pointers guys.
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Jan 17, 2016 17:46
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kys posted:Do Jumbo Loans generally get better rates? Does cash back at closing mean 0 closing costs? It seems like were getting swindled here and I already applied for a lender from zillow and the Interest Rate it quoted me at is 3.25%. Granted the interest rates have lowered some since we locked in, but that is a huge difference.
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Jan 17, 2016 18:46
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kys posted:I looked into it and I think (not sure) that a VA appraisal can be transferred to different lenders. Thanks for the pointers guys. They can. I started my loan process with Navy Fed, ended up switching. They didn't get the memo via the 5 or 6 different people I emailed, and ended up scheduling an appraisal anyways. I didn't find out about their scheduled appraisal until the day it was happening. Transferred the info to my new lender, and everything went fine.
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Jan 17, 2016 19:06
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