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If I were to buy a house is there a reason to not buy outright vs loan keep stock in Exxon? I'm looking to save driving 1.5 hours five days a week and 3 hours for my gf. Rent is currently $910 a month, looking at house for $70-90k range. House payments look like they would be $600-700 with 20% down depending on flood insurance rulings and gf can pay $250 a month that I would put back to savings. Between driving and rent looks like it would benefit around $600-700 a month? Thanks for advice
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Sep 17, 2013 19:45
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| # ¿ May 15, 2024 02:34 |
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For updates to the fema flood insurance maps and how the effects flood insurance costs, who would you call? I can't really figure out wtf the maps mean or a good answer. I think the rates are suppose to be updated in October for the area I'm looking so I guess if everything gets foreclosed on in the area I'll know...
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Sep 19, 2013 02:20
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There is a house with three travel trailer hookups renting at $300 a spot listed for $120k. I'm guessing land and house appraise for $80-90k with room for three more hookups with electricity and water ran. I'm guessing this wouldn't qualify for a conventional loan. What would I be looking into? I have $40k cash and first time buyer
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Sep 20, 2013 14:48
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Oh god I put a bid on a trailer with a 50x150 lot, septic system, on unrestricted land. Dale Earnheart mailbox???
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Sep 23, 2013 02:54
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Seller took the bid! $20k for a trailer with unrestricted land on a street with homes at $100k and older people. Also, 0 taxes since under $75k and rent for this place in current condition with minor repairs is $700 a month. This could get hilarious fast.
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Sep 24, 2013 02:20
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Hey it beats this place for $28500 http://houma.craigslist.org/reo/4004809757.html What I got. Includes appliances. Saves my 2 hours of driving and me 1 to work. Also $950 plus $250 rent. Ill paint and redo flooring. http://www.century21.com/property/161-west-201st-street-galliano-la-70354-C2120813710-A10948826
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Sep 24, 2013 16:12
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When the mortgage and rent is the same you'll still probably have at least $100-200 more in expenses on a house not in the mortgage than the rent. Set aside money for a water heater, central air, roof replacement. Also don't ignore lawn work as "free." Tools and time cost money.
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Jan 13, 2014 05:48
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Dik Hz posted:So landlords lose money on average? Landlords will let you pay a lot on busted a/c units, dishwashers, and water heaters through electrical bills before a home owner would have long changed it. Also, when it is yours you don't buy the cheapest possible to rent out.
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Jan 15, 2014 03:55
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couldcareless posted:So my fiance and I are about to accept the seller's offer on a house we like and begin the inspection period. It's a full renovation this past summer, had been a Katrina house that wasn't gutted until May, got a termite certificate and a mold assessment, both which seem to check out. This is our first home purchase ever, so is there any good general advice for getting a thorough inspection out of this? Get your head in the attic and below the house. You'll see mold and rot. Inspectors are lazy.
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Feb 11, 2014 14:05
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It was $750 for a title search and lawyer to do the paperwork for when I bought my property.
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Mar 14, 2014 04:00
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Pool repair for $2500? I would get a second opinion. My parents pool is 45'x30' and the liner typically ran around $5000. It now has the metal walls rusted out from the ground being salty and caving in. A new pull would be $30k, but because you have to tear out the old concrete deck that is failing and the inside before making a new pool, $40k! They can't even water outside or fill the pool so it gets to just slowly cave in itself now...
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Mar 30, 2014 04:40
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PuTTY riot posted:The concrete deck is visible and appears to be in really good shape. The pool is also full, so I'd have to assume there's no major leaks. My pool isn't quite that big and is a standard rectangle shape, concrete walls and sand bottom. The home inspector and 203k consultant gave me the same replace the liner ballpark number. I live in Mississippi so labor costs are probably much cheaper too. My parents are in north texas that has a per capita income around $30k. If the pool has water and the pump is running great. If the pump isn't running then that can be $300-500 for the part. I'd just assume a minimum of $2000 to fix the pool to where you can swim in it and a higher figure of $5000-7000. Can you force them to clean up the pool in closing or something or ask for $5000 in pool cleanup and available for swimming costs?
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Mar 30, 2014 18:47
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Prefab when it is on land you own it is no different than a site built. Double wide cannot use a normal loan unless brand new then sometimes it can. Mobile homes will usually only appreciate for the land but the home depreciates.
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Apr 15, 2014 23:22
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Can the sellers not buy a poo poo hole vanity and toilet off craigslist and throw some vinyl floor down to make them happy? Just don't secure it down much and then you can change it when you get it.
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Apr 17, 2014 00:07
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If you don't close your garage door your home value just flows into the streets and into the drainage!
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Apr 25, 2014 22:08
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ExtrudeAlongCurve posted:Home value really only matters when you buy or when you sell anyway. Worrying about your home value when you are living in it just sounds very stressful. I bought a trailer on a piece of land because first $75k of property is tax exempt for this reason. $0 in taxes a year. I'm young so it will avoid a lot of expenses that mean nothing to me at this point in my life.
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Apr 26, 2014 00:08
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If you buy a cheap house the roof and electrical would be my main inspection areas. Leaking roof means tons of rot which is slow as molasses to repair yourself. I bought a $20k trailer on normal neighborhood lot then put $20k in. My bills are same as smaller apartment and interior is nicer after all the work. I gained a ton of time and gas money from it. Also 100 yr old lady across the street is awesome. Gives us wine and rum cake often.
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Jul 16, 2014 21:28
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PuTTY riot posted:A double wide? Assuming you bought the land it sits on too? How old is it? Single wide 2 bed 2 bath so bigger rooms. Yes I got the land on it and it was a 1993 so it was built to the most recent standards of 2x4 walls.
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Jul 19, 2014 16:08
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skipdogg posted:Man I loving hate the term "building equity". I've Wow. I'll take my trailer with homestead exemption. $75k in value is tax exempt here so I pay 0 tax.
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Jul 31, 2014 19:13
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skipdogg posted:To be fair I live in Texas where this is no state income tax, but we do pay higher property taxes to compensate. I moved from texas and would rather have state income tax. I'll take 1% income tax over a property tax that would be on par of 8% income tax.
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Aug 1, 2014 01:25
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Jastiger posted:
I'll buy flood insurance when it doesn't fund Fema giving out $500k command vehicles across the country, pay out for other disasters that don't pay into it (tornados), and isn't basically a reset on a loan and actual insurance. It seems better to buy a lovely house and self insure instead of a nice house in flood insurance.
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Aug 1, 2014 01:27
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Insurance goon here! Floods are the most common disaster people suffer from!
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Do they make zero turn ride on vacuums for houses over 5000 square feet?
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Aug 2, 2014 00:17
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If it is your first house having $10k set aside is a good idea. You will probably need at minimum $1k for tools and yard stuff. Decent push mower $250, weed eater $100, shove, rakes, trash cans, leaf blower $150, etc. Throw in a water heater failing, wife wants a new dish washer/washer/dryer, etc it all adds up. It does not take much to have to spend $10k on a house you buy especially if the roof or something major needs replacement. I'd say at a minimum have $5k ready at all times for a house repair.
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Aug 6, 2014 18:21
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Conference room dinner table and furniture.
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Sep 2, 2014 19:16
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You can get a decent top freezer GE fridge with an ice maker for $500. Just put in $100 more and get a new fridge. You don't need a french door or bottom freezer $2k whatever the hell reason people buy them things.
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Sep 5, 2014 04:09
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I did a cashe sale with lawyer and real estate agent. Agent just showed, submitted bid. Lawyer did the title check back as far as possible, handled both parties signing, and filed with the parish. He basically was the title company in our instance.
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Sep 10, 2014 03:14
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Leperflesh posted:Look on the bright side. With that size of a propane leak, you could have had a major fire or explosion. "Custom flame heated porch for the family to gather around at night"
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Sep 18, 2014 03:04
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Can you not just redo the shingles on the sun porch?
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Sep 19, 2014 04:39
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a shameful boehner posted:First tree guy comes by to quote on cutting back some overgrowth in a honey locust tree that's overhanging my roof ($500) and help trim some dieback on a silver maple in the backyard ($650), recommends "deep root" fertilizer. Never mind the roots are exposed. Total cost (with fertilizer) $1,550. I suspect that's high so I get a second opinion from a different company. Rent a pole saw and do it yourself
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Oct 14, 2014 13:39
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moana posted:DIY! Just make sure you get that black spray stuff from home depot to cover up the cuts on the tree. Lots of trees and shrubs will heal up wounds pretty quick. If you ever read roundup instructions it says to spray within a minute of a cut to have a chance of getting it. The dead stuff is probably more at risk of infection than cutting it off.
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Oct 14, 2014 18:10
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What did you do? Park a lot of broken cars out front or something?
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Nov 4, 2014 00:38
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$450k house with upkeep of a run down Winnebago??? What the...
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Nov 4, 2014 23:38
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Why would it matter if you got into the house the day before it was valued or the day after? You will still pay taxes on the new value I'd assume unless you get one year of taxes at old value which would matter almost nothing.
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Dec 17, 2014 01:14
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FYI: If you live in oilfield area study the effects on housing in the 1980's. Dallas, Austin, San Antonio, Houston will be a train wreck shortly. I live in an offshore area in south louisiana so I'll be in for a mess. IF I am still employed though I will be licking my lips after the retirement packages, contractors, and layoffs start up over the next year.
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Dec 22, 2014 04:49
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EC posted:I should add that there's a couple of other financial reasons we'd like to get rid of it as well. During the summer time (which is like, 8 months here in LA) we're spending LOTS of money to keep the yard mowed. Not even really landscaped, but it costs a lot to mow two acres. On top of that, our internet bill is close to $200 for a relatively slow connection. So getting away from those costs would help us enormously as well. Where do you live in south LA? I had a little bit of similar work on a trailer, if you are in the Larose area maybe I can send you the guys who helped me info. They charged $25 an hour for work.
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Jan 29, 2015 03:37
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LemonDrizzle posted:I cannot for the life of me understand why anyone would reject a house on the grounds of its interior decor given that it's not especially hard, expensive, or time-consuming to redo. Worry about the things you can't easily change/fix like size, layout, structural integrity, and location. A lot of damage of time gets caught by doing updates. Think of how many people go to redo a shower/tub and find water or termite damage. Now imagine going 50 years without doing any updating and lucking out with not finding any of that. If so, go play the lottery.
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Feb 5, 2015 13:58
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I paid 0 tax on my $20k house and lot that i put $20k in. GG paying taxes on $300k houses.
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Apr 6, 2015 04:52
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Andy Dufresne posted:I stalked through your old posts in this thread to see which corner of the world this was possible in. I'm glad to see you chose home ownership over Exxon stock. $96 a share price sold and saved $1000 a month renting since January 2014. Would have lost 12% on the stock otherwise. Freed up income has accelerated 401k contributions. I can say 0 regrets and need another hurricane free season or two to come out very ahead.
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Apr 7, 2015 14:11
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A house is not an investment. Any paying just payment when you save the rest can be good. If you get laid off and have 12 months of payments ready is a lot nicer than paying max and being broke after a couple. Don't pay minimum then invest in risky startup companies. When rates go up your payment will and risky companies losing access to bond market can blow them up too.
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Apr 7, 2015 19:29
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| # ¿ May 15, 2024 02:34 |
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I just put an offer in a house due to transfer at work. The loan options sound like what was going on in 2006. I got 4.125% 1% down, granted 2% free, and pmi until 20%. I'm going with this and instantly paying to 20%. The no pmi was 4.625% 1% down, granted 2% free, and no pmi. Who in their right mind is buying these mortgages up? Doing 20% down gave up the 2% grant and was the same interest rate. Crazy first time home buyer loans.
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May 31, 2017 00:33
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