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Yeah arguably I'd do a 6 month sublet. 3 months in you'll just barely know the best three grocery stores in your neighborhood and you'll be going full tilt at your new job
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May 6, 2024 04:00
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Watch out for property tax in Cook County too. It's >2%/yr if I recall correctly. What part of Chicago are you looking at?
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May 6, 2024 06:55
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Yeah, my advice would be way different if you were working in the loop, Oak Brook, or Naperville and that's just going down 290/88. Chicago is a huge sprawling city and you definitely need to get your bearings before you buy anything.
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May 6, 2024 14:27
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As part of the sale, the sellers and we need to true-up on property taxes. How much should they credit us? Well it's simple, really! Taxes are paid quarterly so you just need the bill that will be issued in July (that's the one that covers last Jan-March) and October (which covers last April-June). Not a time traveller? You can estimate the amount by looking at the updated house assessment which came out in March and multiplying it by the rate which will be set sometime in June, assuming the current budget passes. It's all fine — there is a number in the Closing Disclosures which is close to our best guess about what it should be after talking to the tax office. But boy what an utterly bonkers way to conduct city business.
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May 6, 2024 17:48
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I would not buy a house in a new city on a new job offer. I would want to make sure that job was definitely going to be a job I wanted and could stand and that they wanted and could stand me, for at least a year, first. Also, figuring out what parts of a new city I like and want to be near and around is a good idea too. That said: there can be strong tax incentives to get a large capital gain back into a property. https://www.irs.gov/taxtopics/tc701 tl;dr, you owe tax on the amount of a capital gain for your primary residence above $250k for an individual or $500k for a married couple; but, you can avoid that tax by rolling over your capital gain into a new primary residence. It's called a 1031 exchange. https://www.irs.gov/pub/irs-news/fs-08-18.pdf
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May 6, 2024 18:02
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Worth noting that my understanding is that there's a lot of rules around 1031 exchanges (using an agent, exchange has to happen at the same time, etc.) and some hassle/fees associated with that - so it's probably only worth it if your cap gains on the previous house are notably over the exemption.
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May 6, 2024 18:12
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1031 exchanges do not apply to personal property and cannot be used to defer gains on the sale of your primary residence
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May 6, 2024 18:19
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All good advice, and yeah, we aren’t planning on buying right away but making sure it’s possible and in the cards for the future. We’re hoping Skokie/Evanston/Glenviewish. Maybe Des Plaines but the commute is getting a little long at that point. I’ll be working in Lincolnwood, near the big mall there.
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May 6, 2024 18:22
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Fanged Lawn Wormy posted:We’re hoping Skokie/Evanston/Glenviewish. Maybe Des Plaines but the commute is getting a little long at that point. I’ll be working in Lincolnwood, near the big mall there. That will make things a little easier up there. But it ain't cheap so again I'd suggest getting to know the areas to know whats worth paying for and what isn't.
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May 6, 2024 18:30
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Yeah it's worth noting that there's no tax "advantage" to renting or Airbnb That said, moving out of state I'd just eat the cost and make sure you're in a neighborhood you want to be in You can always rent out your old house too; if the job doesn't work out you have a plan B to move back and you get to keep your old mortgage. Not everyone wants to be a landlord but it's certainly an option
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May 6, 2024 18:31
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Hadlock posted:Due diligence is a NC custom/scam If the title wasn't perfect: "House-buying thread - it is a custom/scam"
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May 6, 2024 19:42
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Ungratek posted:1031 exchanges do not apply to personal property and cannot be used to defer gains on the sale of your primary residence Hmm, you're right, the guy I knew who did it just happened to be a real estate agent and now it clicks he was doing it with investment property But also here in the SF bay area we have some different thing where you can sell and move within the bay area and maintain your cost basis for prop 13 and some other tax poo poo that makes it advantageous to not just rent for a year if you're gonna stay in the region
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May 6, 2024 19:53
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doingitwrong posted:It's all fine — there is a number in the Closing Disclosures which is close to our best guess about what it should be after talking to the tax office. But boy what an utterly bonkers way to conduct city business. I get a headache whenever I deal with our tax collector. Our most recent bill says “Real Estate Tax Bill 2022” with half due July 1, 2023 and half due Jan 1, 2024. Why is it 2022? What period of time does this bill cover? Why is this so confusing?
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May 6, 2024 20:11
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Speaking of taxes, what's the best way to find a CPA to handle home-related costs and expenses? I had to move some money from brokerage accounts and am paying a bunch of bills and poo poo for closing and contractors, and I just want to dump it all in a CPAs lap and let them deal with it (and file my taxes while they're at it). I have no word-of-mouth referrals. Just find any generic CPA on Yelp or should I look for something specific? LA if it matters.
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May 7, 2024 05:55
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Leperflesh posted:Hmm, you're right, the guy I knew who did it just happened to be a real estate agent and now it clicks he was doing it with investment property if you're already in region you presumably have a much better handle on market conditions, customs, amenities, etc than if you are moving out of region
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May 7, 2024 19:13
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Goons posted:Due Diligence Stuff When we sold and left NC for MI in 2020, our agent had had multiple 6 figure DD payments going out with some of her offers. It was downright stupid and one of the reasons we looked out of state (in addition to the stupid levels of growth the Triangle was about to see).
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May 9, 2024 17:04
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I love how we are three days in on this offer, the title company has sent out a big bold red "include these email addresses on all correspondence" and the mortgage company has sent out a big bold red " include these email addresses on all correspondence" and they just...don't include each other despite appearing to have employees who are in a full-time coordination role.
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May 9, 2024 20:58
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I was having a suspiciously smooth time moving home. My wife and I put our home on the market, had viewings inside a week and an offer at the full asking price within 10 days of it going on the market. The offer that we put in on a home a few miles away from where we’re currently living was accepted within about 30 minutes. Now I’ve managed to run face first into the UK’s Stamp Duty Land Tax. I own a flat in London from before I got married which I occasionally use when working down there. Because we’ll own two properties, my solicitor is insisting that we’re liable for an additional £24,000 in taxes on the property we’re buying, despite there being an exemption for replacing your main home. Emails were exchanged, which culminated in me finding the appropriate page of examples in the SDLT manual. My solicitor was unconvinced as he’s not qualified to give tax advice. I now have to go and get a tax accountant to give a professional opinion (at £300/hour with a 2 hour minimum) which will almost certainly just be a copy-paste of the example from the government tax manual.
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May 12, 2024 08:44
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Lol at the solicitor giving tax advice right up until you push back.
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May 12, 2024 12:48
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toplitzin posted:When we sold and left NC for MI in 2020, our agent had had multiple 6 figure DD payments going out with some of her offers. Ugh the wife has read these horror stories, but supposedly it’s gotten better the past year. If I can’t back out due to bad inspection reports, is it a thing to bring an inspector with you to open houses? Would an inspector be willing to do unofficial inspections? Likely would ruffle feathers but I give no fucks about that part. Found a super awesome house, went contingent…. And now it’s not. Why??????? RIP someone’s DD money. Also the realtor I found, whom I like and will probably work with, said some bullshit about houses “are sold in the condition they are in” which is not the same as “as is”  We’ll I’m dumb I guess and will be moving to The triangle area like everyone else.
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May 12, 2024 21:11
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Tnuctip posted:Also the realtor I found, whom I like and will probably work with, said some bullshit about houses “are sold in the condition they are in” which is not the same as “as is” They pretty much are, or have been in a lot of areas. The house that needs work obviously needs work and that's what the seller priced in. It's not being priced as if its in perfect shape and waiting for you and your inspector to itemize the amount of work it needs and negotiate to get that much off. That's a much more recent development. I get it for things you/the seller can't really tell until after the septic or sewer is scoped, etc like "whoopsie, the seller did not take of $15k for the sewer line it needs that they couldn't have known it needs" But "needs new windows" - yeah, we all know it needs new windows. That should already be reflected in the selling price. Whether sellers are doing so or buyers are recognizing it is a sifferent story and seems much less common these days. But to get the right deal you have toplay the stupid game(s). <taps thread title>
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May 12, 2024 21:58
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How long is a reasonable time estimate to have someone cut some drywall holes and run Ethernet and some outlets, patch the wall, and paint the whole interior? Is that like a week-long job?
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May 13, 2024 02:02
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PRADA SLUT posted:How long is a reasonable time estimate to have someone cut some drywall holes and run Ethernet and some outlets, patch the wall, and paint the whole interior? Is that like a week-long job? How long is a piece of string? (we have no idea how big your house is, how difficult the runs will be, how many rooms, how much trim to paint, ceilings or not, etc, etc, etc ad nauseum)
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May 13, 2024 02:09
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Anywhere between $700 and $5000 I agree this is very much a string length question Budget $2000, maybe
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May 13, 2024 02:33
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Hadlock posted:Anywhere between $700 and $5000 Congratulations on answering a time question with a money answer. I know your posting style is posting confidently without knowing anything but answering 'how long is a piece of string' with 'about 135 grams' is a new achievement
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May 13, 2024 02:37
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Motronic posted:How long is a piece of string? (we have no idea how big your house is, how difficult the runs will be, how many rooms, how much trim to paint, ceilings or not, etc, etc, etc ad nauseum) Also how big the team is. If it's one dude by his lonesome it's a longer task than a team of four working together, and if it's one dude working 8 hour days it's a shorter job than me doing that poo poo for a few hours every day after work.
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May 13, 2024 03:26
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in a well actually posted:Congratulations on answering a time question with a money answer. Hadlock's posting style is an extension of his parenting style. It works so well even his kids won't call him Dad. (USER WAS PUT ON PROBATION FOR THIS POST)
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May 13, 2024 12:48
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Jesus gently caress, why is everyone so hostile today?
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May 13, 2024 13:46
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Postin' 'bout postin'
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May 13, 2024 14:41
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PRADA SLUT posted:How long is a reasonable time estimate to have someone cut some drywall holes and run Ethernet and some outlets, patch the wall, and paint the whole interior? Is that like a week-long job? Patching the drywall typically takes 2-3 days for dry time, but might be sped up to a day using hot muds. The painting adds a day if they are a pro pretty much regardless of the amount. Those guys can fly. The cable running and possibility of opening so many holes it adds drywall time depends on how many and how far you need to go. I'd guess 1 say personally. In total, 4-5 days, maybe?
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May 13, 2024 14:43
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PRADA SLUT posted:How long is a reasonable time estimate to have someone cut some drywall holes and run Ethernet and some outlets, patch the wall, and paint the whole interior? Is that like a week-long job? Are you sure that you will need to do drywall work after running the network cabling? Because a competent installer with attic or crawlspace access above/below the rooms where you need the network installation to happen should be able to fish the cable to where it needs to go without leaving any holes that require patching. I would highly advise not using the same contractor for cabling that you do for drywall patching and painting. Drywall work in particular is touchy and practically an art form. I would also suggest not terminating the network cabling until after the painting is complete, since painting will involve pulling off all the plates anyway, and there is a (small but unnecessary) risk that paint and drywall dust mucks up the keystone jacks
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May 13, 2024 15:08
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PRADA SLUT posted:How long is a reasonable time estimate to have someone cut some drywall holes and run Ethernet and some outlets, patch the wall, and paint the whole interior? Is that like a week-long job? Depends on a bunch of stuff as other have posted. I can tell you that if I was doing the job myself, as joe homeowner with a reasonable selection of homeowner power tools, it would probably take me an entire week of after work/weekend time. Not full 8 hour days. I would expect a professional to be out of there in 3 working days tops. Probably 2 days if it's a 2 man team. A pro is going to have better tools, better technique, and a quality paint sprayer. I'm going to be fixing mistakes, rolling paint, and working inefficiently. Lots of variables though. Painting goes a lot faster if you don't have to worry about protecting surfaces. I've seen 2 people paint an entire 3500 sq ft new construction home with a sprayer in a single day, but they don't have to worry about carpets or a bunch of prep work or anything
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May 13, 2024 15:44
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NYT put this calculator back out. Just looking at my home it is $120k cheaper to buy at my 2.75% rate over 10 years and $95k cheaper to rent with a 7% rate you see today. Is It Better to Rent or Buy? A Financial Calculator https://www.nytimes.com/interactive/2024/upshot/buy-rent-calculator.html?smid=nytcore-android-share
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May 13, 2024 17:06
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TooMuchAbstraction posted:Jesus gently caress, why is everyone so hostile today? Happy Monday to everyone? :wtcbfc:
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May 13, 2024 19:29
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Summer is heating up, and apparently home sales too. Two in our immediate vicinity went for 10% over list after also being listed about 10% over Zestimates. Either some of these folks are coming in with all-cash (when we were nosy at the open house, saw someone in Robinhood gear, perhaps a west-to-east coast transplant), or folks are settling into the reality of 7%+ rates again. I shudder to think about where we'd be at financially if we had waited. Since we bought in 2020, our house's value is up 22%. $SPY is up 30%, inflation 16%. Good to have gotten on the house-owning train like it was the last helicopter out of 'Nam, but also a reminder that buying isn't investing. I'm betting a bunch of the older residents here are going to cash out this summer; one woman who we talk to regularly is caring for her ailling husband. He can only get out once a month due to the stairs and his health. Lots of elder care neighborhoods & condos keep going up in the DC area, good job developers on meeting that need??
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May 13, 2024 19:37
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I'm not familiar with this person or their account. I would personally push for a ban this appears to be a pattern across multiple subforums against multiple users over at least the last year based on their posting history.
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May 13, 2024 19:51
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Hadlock posted:I'm not familiar with this person or their account. I would personally push for a ban this appears to be a pattern across multiple subforums against multiple users over at least the last year based on their posting history. Buddy, if you're throwing your lot in with Everdave, you've already hosed up. But then again given your love of racist rear end eugenics practices like IQ tests I guess we shouldn't be surprised by your lack of critical thinking skills (or dumbass posting).  (USER WAS PUT ON PROBATION FOR THIS POST)
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May 13, 2024 20:16
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I'm not going to get in to this again, but don't put words in my mouth please. I'm for public schools having gifted and talented programs. I've never made any claims about the topics you're presenting.
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May 13, 2024 21:35
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Elmnt80 posted:Buddy, if you're throwing your lot in with Everdave, you've already hosed up. But then again given your love of racist rear end eugenics practices like IQ tests I guess we shouldn't be surprised by your lack of critical thinking skills (or dumbass posting). what is this. everdave has nothing to do with this thread, or BFC in general. if someone has a problem with Hadlock personally take it to PMs or admin emails or SAD, this isn't the thread or subforum for it. mod action is gonna ramp strongly if this derail continues edit: p.s., this post did NOT get probed in a well actually posted:Congratulations on answering a time question with a money answer. because although it was pretty aggro and I wouldn't argue with someone pressing buttons on it due to that, it was actually making a germane point in response to an on-topic post in the thread pmchem fucked around with this message at 23:18 on May 13, 2024 |
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May 13, 2024 22:48
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Hadlock posted:I'm not familiar with this person or their account. I would personally push for a ban this appears to be a pattern across multiple subforums against multiple users over at least the last year based on their posting history. mods will handle this. if you have a particular grievance send it to BFC mod PMs, BFC feedback thread, or admin email (last resort).
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May 13, 2024 22:50
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