OILFIELDTRASH
Lifer
- May 13, 2009
- 12,333
- 612
- 126
Don't lump me(American) in with this. I have a 1327 sq. ft house with my wife and we are happy. I could get a bigger house, flashy car but material things are not that important.
Don't lump me(American) in with this. I have a 1327 sq. ft house with my wife and we are happy. I could get a bigger house, flashy car but material things are not that important.
BoomerD
No Lifer
- Feb 26, 2006
- 66,385
- 14,785
- 146
These are exactly the kinds of things that YOU have to decide are important to YOU.
Older houses MAY be more solidly built, may have better craftsmanship, may have more craftsman features such as trim, ceilings, etc, but unless someone has updated the electrical, HVAC, plumbing, insulation, etc., they may be less energy efficient, may not have grounded outlets, GFCI protection, may be difficult to get cable/network connections where you want them, and so on, and so on...
Newer houses are usually built to more modern standards, better insulation, central HVAC, cable and phone to all rooms, grounded/GCFI outlets, etc., but are usually not as solidly built, have poorer craftsmanship, fewer nice touches.
I personally like the older "Craftsman-style" houses, but we still bought a newer house 10 years ago because of many of the reasons I listed above.
As for the "mature landscaping and trees," most homeowner's insurance covers damage should a tree crash into your house.
ALL neighborhoods are having the same kinds of problems with people coming and going, homes going into foreclosure, etc. That's more a sign of the economy and burst housing bubble than the age of the neighborhood.
You COULD look into foreclosed houses, and there are often some very good deals to be had in that part of the market, but they usually require a LOT of work as people thrash them before they're kicked out. That's something that has to be looked at very closely if you go that route...there's a lot of extra cost in fixing up the damage left behind.
Same boat as you, and I bought my own home given the low interest rates and 8k tax credit. Tri-level, 1800sq feet, 4 bed, 2 bath, 2 car garage w/workshop, 10,000 sqft lot.
I went with a 30 year conventional mortgage (4.75 w/half point)....ARMs didn't make sense when the 15 year fixed were only 4.2%...plus I'm thinking interest rates will skyrocket with inflation...so I'll be paying with cheaper dollars in the future.
-My sq ft. is just adequate for a single guy...I use one room for the gym, one for my home office, the master bedroom I sleep in, plus I have a guest bedroom. Guest room and 2nd bath are on the lower/home theater level....which is a benefit of the tri-level....you can have bedrooms on 2 separate levels, and yet still share the common living ares.
-One thing to keep in mind is the actual room sizes, rather than the sq foot of the house. For example, my family room is about 300sq feet, which is not big enough for a 9 foot pool table. Smaller rooms (no cathedral ceilings) however, means my heating/cooling costs are very reasonable. ***Certain design features like the grand ballroom staircase are usually only found in larger homes, so if you want those types of things, you may be limited to a certain style/size (2 story/new build/>4000sqft) house.***
-Try not to buy into a HOA unless you have no choice...which may eliminate some new construction, as many new communities have some sort of covenant/hoa setup. Same goes for townhomes. My home doesn't have a HOA, so I don't have to get "approval" to paint my house, put up fencing, or park my car in the driveway.
-Don't underestimate maintenance and repairs. Mowing, landscape, sprinkler, painting, siding, roofing, etc. are all misc. expenses for a homeowner. I generally try to use the mexicans for labor, but it still can be expensive if you aren't the DIY type.
I went with a 30 year conventional mortgage (4.75 w/half point)....ARMs didn't make sense when the 15 year fixed were only 4.2%...plus I'm thinking interest rates will skyrocket with inflation...so I'll be paying with cheaper dollars in the future.
-My sq ft. is just adequate for a single guy...I use one room for the gym, one for my home office, the master bedroom I sleep in, plus I have a guest bedroom. Guest room and 2nd bath are on the lower/home theater level....which is a benefit of the tri-level....you can have bedrooms on 2 separate levels, and yet still share the common living ares.
-One thing to keep in mind is the actual room sizes, rather than the sq foot of the house. For example, my family room is about 300sq feet, which is not big enough for a 9 foot pool table. Smaller rooms (no cathedral ceilings) however, means my heating/cooling costs are very reasonable. ***Certain design features like the grand ballroom staircase are usually only found in larger homes, so if you want those types of things, you may be limited to a certain style/size (2 story/new build/>4000sqft) house.***
-Try not to buy into a HOA unless you have no choice...which may eliminate some new construction, as many new communities have some sort of covenant/hoa setup. Same goes for townhomes. My home doesn't have a HOA, so I don't have to get "approval" to paint my house, put up fencing, or park my car in the driveway.
-Don't underestimate maintenance and repairs. Mowing, landscape, sprinkler, painting, siding, roofing, etc. are all misc. expenses for a homeowner. I generally try to use the mexicans for labor, but it still can be expensive if you aren't the DIY type.
Try living with an SO in a 750 sq ft place. I didn't feel very cramped in that place, but she did. I thought it was awesome. Not too long after that we moved into a 1300 sq ft townhouse with 2 other folks. Basically we went from a tiny apt to the master bedroom (10.5x11.5 lol). Now THAT felt cramped.
Next week we are moving into a 920 sq ft 2br/2ba. I'll finally get my electronics/PC/mad scientist lab, and my girl gets her art studio/photo developing lab. I can't wait.
Anyhoo - I wouldn't worry too much about the actual sq footage, because as I've been checking out places (literally over a hundred, houses, apts, condos etc) over the past 6 months - it isn't really the number that matters, but how its laid out.
An open floor plan feels more spacious, while a closed one feels more secure and private. Well designed layouts are nice, sometimes they put things where they don't make sense, like a kitchen where you can't open the drawers unless the dishwasher is open..... Weird place that one.
I take function over form too - think about what you are actually going to be doing. does the floorplan support that? Do you need to trek across the living room with a stinkin bag of garbage to take it out? How about cabinetry and the pantry. Thats very important for me. I need spots for all my cookware, and it won't be just on the counter or in some cupboard I need to stoop to get into. Also - Will your current furniture work here? The place I'm moving is perfect as we have just 2 small sofas (one might say 2 loveseats), a small table and another for the TV. It'll work fine as it's long and the sofas will be at the far end - giving the perfect viewing distance to the 42" screen. Its set up well for surround sound too. Speaker stands will work, and I can even do a wall install or ceiling mount. Some of the more open plans would never allow that.
Just some things to think about.
Townhouses are horrible to live in. Same deal with condos. I do not like the military barracks style housing. I REALLY don't like the common areas, or that you must be in an HOA - and you are not really responsible for the building itself, thus you have no control over things like lawn maintenance, common areas, and you have a very limited landscape area. If you are gonna spend the money it might as well be separated so you can do what you want. Also I've NEVER lived in a common wall structure where I could not hear my neighbors. Of course as I'm moving into another apt this is still an issue, but the older style construction has filled block between the units. Also I'm planning an acoustic barrier (some vibration damper on the drywall, an inch or 2 closed cell foam and then mass loaded vinyl, all covered with sheetrock. Did something similar years ago and it was night and day.
I'm not big on the Colonial style either. My experience is that the upstairs tends to get cluttered and somewhat unused if you are always downstairs. I'm not big on stairs in general.
My best experience was when my parents owned a Ranch style house. No stairs, we kept it nice because it was all in plain view, very efficient use of the space and a nice floorplan. The basement was equally huge. Too bad they don't have any basements in south FL.
Sea Moose
Diamond Member
- May 12, 2009
- 6,933
- 7
- 76
OK, in all seriousness.
If the house has airconditioning/ central air as apart of your inspections, you should have somoneone give you a report on the air conditioning. A lot of agents advertise houses with air con, and the machine might be a clapped out old piece of shit. Whats a $190 inspection vs potentially $4000 to $20,000 replacement. Central Air is the most expensive equipment on a residential property. It is worth having it checked out before you buy.
As a HVAC mechanic, i hear of people getting stung this way all the time.
If the house has airconditioning/ central air as apart of your inspections, you should have somoneone give you a report on the air conditioning. A lot of agents advertise houses with air con, and the machine might be a clapped out old piece of shit. Whats a $190 inspection vs potentially $4000 to $20,000 replacement. Central Air is the most expensive equipment on a residential property. It is worth having it checked out before you buy.
As a HVAC mechanic, i hear of people getting stung this way all the time.
Sentrosi2121
Platinum Member
- Aug 8, 2004
- 2,567
- 2
- 81
My wife and I bought my mother-in-laws side by side duplex. 3br, 1.5ba and about 1600sq' on either side. My mother-in-law still lives there, so we have no real rental 'income', but eventually when she moves on we will probably be renting that side of the house. Could be something you can consider. Especially if you're going to go on to grad school. I'm sure you could find another responsible adult to rent out the other half of the house for the mortgage of your house.
The downside will be you having to keep maintenance of both your half and the renters half. See if there is a property management company you could draw a contract up with and see what their prices are.
Just my 0.02 worth of help.
The downside will be you having to keep maintenance of both your half and the renters half. See if there is a property management company you could draw a contract up with and see what their prices are.
Just my 0.02 worth of help.
Originally posted by: Sea Moose
I am sure one of the lads on ATOT would like to help you out with this
:laugh:
I personally don't think it makes sense to buy unless you are married. One person owning a house makes finances really complicated if you ever move in with a SO.
waffleironhead
Diamond Member
- Aug 10, 2005
- 7,071
- 574
- 136
large houses are for people who spend too much time indoors. Small houses are for people who live outside of their home. at 280 and 750 ft2 each of my houses is fine for my wife and I.
Their property may foreclose then I've got to look for a new place again. I'm already set on the location I want, well at least narrowed down to two distinct areas. Townhome or condo would be a last resort option, but if it came down to that, I would continue to rent. I'm definitely avoiding "deed restricted" or HOA places, I don't want to pay for services that don't benefit me (ie they offer pool , tennis courts & gym which I may never utilize, I don't have as much trash as others or I recycle more..).
I have a decent down payment, I'm a saver and in this country that gets you screwed. I'm kinda of hoping to spend down my savings to look "poor" for financial aid for grad school. I didn't do this for undergrad and got basically no need based aid. Luckily I had some merit based aid and a job to make ends meet. With the markets lately, I'm just looking to put my money into something tangible .
Thanks for the book reccomendation.
Yea, that part came out kind of wrong... I'm going to try to explain a little better further down. Unfortunately the FRM rates have gone up lately and I don't have a lock on the low rates that there were. However, I think if I get a place where I only have to borrow a "little", I'm going to go with the lower interest ARM. If I have to borrow a "big" amount then I'll likely go with the FRM, generally if borrowing this much, I intended on staying for a longer term...Originally posted by: RaistlinZ
You shouldn't deminish your success. What difference does it make if owning your own place "intimidates" guys who still rent? Also, what difference does it make how big a guy's house is compared to yours?
Personally, I'd go with a fixed rate mortage with interest rates so low. Screw ARM's.
Thanks, those are some of the concerns I have. With people like Madoff and those other related type of schemes lately, I'm a little wary of putting any more funds into the market/something not tangible.
What can I say, I like to torture myself/I like the challenge. I was fulltime undergrad and worked fulltime, but I managed to sneak away for a month to an international destination
.I'm the "first" one of this generation in my family, so I kind of have nothing to compare to, except those of the last generation. I realize it's not a totally fair comparison because they are married with kids and in their 30s-40s.
1) I would love to have a private bath, but realistic not likely to happen because most older/smaller homes just don't have it. But I'm definitely looking for 1.5+ BA though.
2) I like this too, I'm finding my current kitchen kinda of small and have resorted to storing some goods in my living room, lol.
3)I have this now
Unfortunately doesn't seem to be very common.4) I haven't paid attention to pipes, any reason to stick with copper? Easier to repair?
5)I recently had to talk to a window salesperson (for my parents place), it was like a timeshare presentation, so I'll be looking at the windows from now on to avoid that again.
6) I've never actually parked in my garage, it just a place I like to store things like my lawn stuff, kayak and fishing gear. I could probably do the same thing with a shed, but I kind of like being able to walk into the area from the house (not have to go outside). Also think about getting a freezer so I can horde more stuffs...
It came out wrongOriginally posted by: dirtboy
Originally posted by: RaistlinZ
You shouldn't deminish your sucess. What difference does it make if owning your own place "intimidates" guys who still rent? Also, what difference does it make how bit a guy's house is compared to yours?
This.
I'd never date a girl with this kind of attitude.
Nothing wrong with the guy renting and has their priorities straight. Obviously there are times it makes sense to rent, but if they a renting so they can work minimum hours to spend the rest of their free time playing WOW, that would be a problem for me. However, that's not even very realistic of a scenario (WOW addicts are probably afraid of girls and I myself don't even play it, so 0% chance of meeting).If the guy has a better place, it just makes it easier for him to ask me to move in with him rather than the other way around (for both him and me). I'm a little dense at this too, someone I was seeing a while back was hinting at us to move into our own place, but I didn't exactly get the clue... I guess I was more asking what others have experienced where one SO's place was better and/or moving into a female SO's place (did the girl ask or did the guy ask?). Since I'm single now, it's probably all moot anyway. More of a we'll deal with it when we get to it kind of thing. And if it's really the right person, we'll figure this stuff out.
As far as the "taking advantage", I think I got a little paranoia going on from a conversation with my parents. They were telling me how some of their friends bought a house, but put it in their daughter's name (avoid probate or something else like that). Now they are a little worried about if she marries off and gets divorced later, that the house would become part of her assets, even though her parents paid/pay the mortgage. So their round about way of telling me about prenups I guess, lol. This kind of got me a little concerned with conmen, I've heard stories of little old ladies being conned out of their home. I don't exactly recall the details, but maybe that could happen to me :Q
Another plus for the rancher!
Pretty much what I am doing, except for that one time... Saw a sign for a foreclosed/bank owned home while going over to a friend's place, so I followed the signs and the place was definitely out of my budget. It was also poor design, liked home that were half the price of this one, much better.
Haven't gotten to this point yet, any pointers on how to find a good inspector? Probably get recommendations right? Most of the family has bought new builds, so not sure if they'll have one to recommend....
I've already got my two general locations down, but I do check things like how much crime. Also on the realtor's site, there is a nifty tie in with some census data, so you can get some demographics of that particular area (ie income, age, industry of employment). Sometimes it's really accurate like within .3 mile radius, but other times it is little more far spread so the data has to be taken with a grain of salt.
Will undoubtedly be going with a SFH.
I have been looking at bank owned homes because they are usually lower price, due to the need for TLC. Sometimes the places are not very bad and my dad is a handy guy
. I actually don't mind painting, replacing flooring, getting new appliances if I can get a deal on the house. Though I'm going to avoid places where it's missing plumbing and needs serious work, unless there is a serious discount. Though, typically these kind of homes will go to cash investors, because banks aren't likely going to lend money for a house in that condition. I see this, sometimes in the comps for areas my realtor sends me. So that terrible $70k house becomes a desirable $210k house. Wow, great rate! Yea, sq ft means nothing if the inside of the house is awkwardly used. I'm avoiding the "crazy" HOAs. Most places here do have some type of HOA, but I think it's just primarily for snow plowing the neighborhood, run under $200/yr typically .
Yea, the layout is very important. Awkward layouts are just awkward and I would think have bad resell value later. I'm still trying to figure out why in one home, there was a powder room (toilet only, no shower) in a bedroom on the second floor, rather than one on the first floor.
I actually have very little furniture from this place, I didn't think I would stay this long and my parents just kind of discouraged me from getting furniture as they did not think I would stay this long either. At least this makes the move easier.
Looks like another plus for the Rancher
Is this part of my normal house inspection or another separate, more detailed inspection I should get?
Usually can see the big CA thing outside and somewhat determine the age of it (of course no indicator of actual workiness).
I like this idea, but unfortunately there really aren't any duplexes in the area. There is also a few landlord/property management types that buy the houses close to campus that have good rentability.
Don't agree with the first part, but do agree with the later part.
I could probably go smaller, but I like to horde things and I have a bit of gear that I use outside that needs storage space when they are not in use.
========================
Thanks for the replies everyone, serious or not. I hope everyone knows I said "get a doggy", not "get doggy"
.
PieIsAwesome
Diamond Member
- Feb 11, 2007
- 4,054
- 1
- 0
The best house you can find at a price you are comfortable with? "Best" house is subjective, so only you know. For me it would be a combination of biggest house/nicest area at price I like.
Red Squirrel
No Lifer
Get something you like, but also consider what will happen if you eventually get married. You want extra room for growth so you don't need to move later on. Try to make it your permanent house, and pay it off as fast as you can comfortably. I recently bought a house myself and doing exactly this. My parents are in their 50's and still have a mortgage and I don't want to be in that same situation in the future.
And make sure you own the place and that it's not a semi or a condo etc. If you plan to have kids, consider that as well.
And make sure you own the place and that it's not a semi or a condo etc. If you plan to have kids, consider that as well.
I just feel like at this point, I wouldn't be able to get the "forever" home that I would be comfortable with. I don't know what may happen in the future, but I do hope I'm even better off in the future and meet a SO in similar circumstances so that we do the "American thing" and get our own mcmanision to raise a family in. However, I"m still looking at something that can accommodate a small family if things don't work out like that.
I will try to have things paid off quickly as possible, but I'm keeping a bit of reserve, just in case I lose my job or something like that. If I get it paid off, I can look at buying another property to live in or rent out
. And just to add to the old vs new home debate. Since the older homes are more established, all the development that is going to occur has likely done so, so you don't have to worry about "undesirable" construction occurring.
One of the places I looked at was newer, but apartments were literally be built in the backyard! There was a row of trees at the property lines, but apartments are multiple level, so they are much taller than those trees are. It says they are "luxury" apartments, but apartments none the less.
Your parents shouldn't give legal advice, because they are wrong. Assets you bring to a marriage are yours when you leave it. Truthfully pre-nups are rarely worth the paper they are printed on, but that doesn't mean you shouldn't get one.
However if your spouse was making part or all of the payments and the property appreciated during that time, then they are entitled to whatever portion that comes to.
The best way to protect yourself from losing property in divorce is to either not get married or pay cash up front for the property before getting married.
As far as the rest of the stuff goes, I'll just leave it alone. There are plenty of guys that own a nice house and don't play WoW. However my gf is not about to give me up so you'll have to find someone else.
shortylickens
No Lifer
- Jul 15, 2003
- 80,287
- 17,082
- 136
She cant anymore.
After all the nonsense with the banks and stuff, they arent giving out ridiculous loans anymore.
SViper
Senior member
- Feb 17, 2005
- 828
- 0
- 76
I just recently did a lot of homebuying research for my girlfriend, who signed a contract on a home. I would suggest starting with this website:
http://homebuying.about.com/
Tons of useful information.
From my experience, there is a ton of information that I learned in about 3-4 weeks and I still don't know the half of it. There is so much that goes into buying a home it started to make my head spin....and I wasn't even buying the home.
I'll list a couple of bullet points on the buying process.
New or Used Home?
- Completely up to you. My g/f went with a new home and got a pretty good deal on it in an up and coming neighborhood. The major problem with new homes is location. You probably won't find any new homes inside of a metropolitan area at all.
Plan to be in the home for 5-7 years
- This is the national average. This is key so you don't end up buying more house than you can afford by attempting to find your "dream house."
Make a list of needs and a list of wants in a house
- I wouldn't make more than 10 in each list. Bring this list to every house you go to. Rate each option on a scale from 1-10. This will bring a little objectivity to your home searches. You don't want to be woo'ed by an Olympic-sized swimming pool in the back yard to find out your bed doesn't fit comfortably in the master bedroom.
28% of your Gross monthly income for the mortgage/taxes/insurance monthly payment would be a better "Rule-of-Thumb" than 2.5x your yearly income for the total price of the house
- If you do a Google search on "mortgage payment gross income," you will find multiple sites that suggest this number. Granted, you can get more or less depending on your credit rating, market you are searching in, etc, but the research I've seen points to this number.
Signing the buying contract and getting financing are two totally different things
- This may vary for you a bit because my g/f was buying a new home and the builder offered to finance the house. If you buy a used home, the process is definitely different.
- I found this one out by stressing out at being overwhelmed with everything. They require two different negotiation sessions with two different sets of people. The best analogy I have is of buying a car (since most people have done that). You negotiate with the salesman for the end price of the car/home, features, etc, then you negotiate with the finance people (or your bank of choice) about getting the money to buy the car/home.
Don't feel bad about being a single woman purchasing a home. That is the boat I am in with my g/f. She is buying the home by herself (and making sure she can afford it), and I will move in with her. Just thing that if things go sour with your domestic partner, you will always have the house.
It's also a big accomplishment for you to do it because of the view you and most people have of the man is supposed to be more well-off. Not many women your age can say they own a home. You would always have a place to call your own, no matter who comes into your life.
Anyway, I'll get off of my soap box. If you have any questions, please ask.
http://homebuying.about.com/
Tons of useful information.
From my experience, there is a ton of information that I learned in about 3-4 weeks and I still don't know the half of it. There is so much that goes into buying a home it started to make my head spin....and I wasn't even buying the home.
I'll list a couple of bullet points on the buying process.
New or Used Home?
- Completely up to you. My g/f went with a new home and got a pretty good deal on it in an up and coming neighborhood. The major problem with new homes is location. You probably won't find any new homes inside of a metropolitan area at all.
Plan to be in the home for 5-7 years
- This is the national average. This is key so you don't end up buying more house than you can afford by attempting to find your "dream house."
Make a list of needs and a list of wants in a house
- I wouldn't make more than 10 in each list. Bring this list to every house you go to. Rate each option on a scale from 1-10. This will bring a little objectivity to your home searches. You don't want to be woo'ed by an Olympic-sized swimming pool in the back yard to find out your bed doesn't fit comfortably in the master bedroom.
28% of your Gross monthly income for the mortgage/taxes/insurance monthly payment would be a better "Rule-of-Thumb" than 2.5x your yearly income for the total price of the house
- If you do a Google search on "mortgage payment gross income," you will find multiple sites that suggest this number. Granted, you can get more or less depending on your credit rating, market you are searching in, etc, but the research I've seen points to this number.
Signing the buying contract and getting financing are two totally different things
- This may vary for you a bit because my g/f was buying a new home and the builder offered to finance the house. If you buy a used home, the process is definitely different.
- I found this one out by stressing out at being overwhelmed with everything. They require two different negotiation sessions with two different sets of people. The best analogy I have is of buying a car (since most people have done that). You negotiate with the salesman for the end price of the car/home, features, etc, then you negotiate with the finance people (or your bank of choice) about getting the money to buy the car/home.
Don't feel bad about being a single woman purchasing a home. That is the boat I am in with my g/f. She is buying the home by herself (and making sure she can afford it), and I will move in with her. Just thing that if things go sour with your domestic partner, you will always have the house.
It's also a big accomplishment for you to do it because of the view you and most people have of the man is supposed to be more well-off. Not many women your age can say they own a home. You would always have a place to call your own, no matter who comes into your life.
Anyway, I'll get off of my soap box. If you have any questions, please ask.
Blackjack200
Lifer
- May 28, 2007
- 15,995
- 1,688
- 126
Wow, you've really got your head on straight. There's good advice in this thread, I'll just leave you with a little anecdote that I hope will be helpful.
Think of the 1 or 2 biggest reasons you don't want to rent anymore, and use them to focus your search
When I started looking, I gave the RE agent my budget and told her where I wanted to be. She told me that condos were in my price range and started showing me condos. But I just couldn't get excited about any of them.
When I finally stopped and asked myself what it was that I really wanted, I realized that I wanted freedom to improve the house/property, and not have to make decisions like a renter anymore (like the furniture concerns you cited). I shot my agent an email the next day and said 'no more condos; I want a SFH'. We started again from square one and I was far more satisfied with the places we started looking at. They were smaller, older, and not as luxurious, but they were charming and offered lots of potential
There were lots of downsides:
- The neighborhood is in a lousy school district
- The house is over 100 years old and had been neglected
- There's no driveway or garage
- There are 3 giant silver maple trees in my yard that suck up all the water and drop branches all over my lawn. They will have to be pruned back or removed soon.
But that's okay, after a year I couldn't be happier.
Blackjack200
Lifer
- May 28, 2007
- 15,995
- 1,688
- 126
I'll let the OP speak for herself, but it doesn't sound like this is primarily a financial decision. In any case; when I factor in the tax deduction, my mortgage + RE taxes + homeowners insurance is less than rent.
TRENDING THREADS
-
Discussion Zen 5 Speculation (EPYC Turin and Strix Point/Granite Ridge - Ryzen 9000)- Started by DisEnchantment
- Replies: 25K
-
Discussion Intel Meteor, Arrow, Lunar & Panther Lakes + WCL Discussion Threads
- Started by Tigerick
- Replies: 23K
-
Discussion Intel current and future Lakes & Rapids thread- Started by TheF34RChannel
- Replies: 23K
-
-
Facebook
Twitter