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re: Your first house
Posted on 9/21/11 at 11:40 pm to Costanza
Posted on 9/21/11 at 11:40 pm to Costanza
27 years old..paid 174k
Put down 18k
Not sure about doing things different but I have regrets.. After Katrina, the house went up in a value to 240k over night. Considered selling but we couldn't find anything. The value held and grew to a peak of probably 260 or so based on comps but we missed on a couple of houses and decided to add on and remodel. I am now in a unkown position..great neighborhood, great location but not sure if I can get what I would like due to size versus the neighbors. Knowing that I will be here for atleast 4-5 more years eases that worry.
Put down 18k
Not sure about doing things different but I have regrets.. After Katrina, the house went up in a value to 240k over night. Considered selling but we couldn't find anything. The value held and grew to a peak of probably 260 or so based on comps but we missed on a couple of houses and decided to add on and remodel. I am now in a unkown position..great neighborhood, great location but not sure if I can get what I would like due to size versus the neighbors. Knowing that I will be here for atleast 4-5 more years eases that worry.
0
Posted on 9/22/11 at 6:55 am to Costanza
2006
$67,500 (it was a crappy fixer upper)
FHA Loan put down about $5000
22 years old
I'm currently adding on a master suite to it to make more room for our growing family. I would do it again because I enjoy working with my hands.
$67,500 (it was a crappy fixer upper)
FHA Loan put down about $5000
22 years old
I'm currently adding on a master suite to it to make more room for our growing family. I would do it again because I enjoy working with my hands.
Posted on 9/22/11 at 8:04 am to NaBreauxleon
2006
150K
20% down
24yrs old
150K
20% down
24yrs old
Posted on 9/22/11 at 9:22 am to Chris4x4gill2
1993, 24 years old, $83,900, 5% down and don't remember the interest. Note with taxes/insurance was less than our rent house.
LOVED that house ... all 1297 sq ft of it. Sold it for $92K 4 years later. That hood in BR is now selling (well listing) for $150s.
Best thing that we did was NOT buy for an amount that we weren't comfortable with ... agent kept saying "but you've been approved up to $130K" .. I was like, lady we would like to eat and provide for our child!
Changes about the first house? None. We loved it, were comfortable with what we paid, it was less than rent and we got the interest to write off on taxes.
Good luck.
LOVED that house ... all 1297 sq ft of it. Sold it for $92K 4 years later. That hood in BR is now selling (well listing) for $150s.
Best thing that we did was NOT buy for an amount that we weren't comfortable with ... agent kept saying "but you've been approved up to $130K" .. I was like, lady we would like to eat and provide for our child!
Changes about the first house? None. We loved it, were comfortable with what we paid, it was less than rent and we got the interest to write off on taxes.
Good luck.
Posted on 9/25/11 at 3:22 am to tiger91
2003 28yrs old 180k , 0 down , 5.75% built my own home,sub contracted
refinanced 2010 15 yrs at 3.75%
now valued at 280k
refinanced 2010 15 yrs at 3.75%
now valued at 280k
This post was edited on 9/25/11 at 3:24 am
Posted on 9/25/11 at 8:01 am to Costanza
1985
I was 27
Cost $78k, 20% down.
Yes, I would buy differently now. - Don't buy to be as close to work as possible and to be as cheap as possible. Don't buy in a flood zone. Also don't buy near a sewer plant and where there will be a road put in right behind the house. Jeez I was a dumbass on that purchase but I did learn a lot.
I was 27
Cost $78k, 20% down.
Yes, I would buy differently now. - Don't buy to be as close to work as possible and to be as cheap as possible. Don't buy in a flood zone. Also don't buy near a sewer plant and where there will be a road put in right behind the house. Jeez I was a dumbass on that purchase but I did learn a lot.
Posted on 9/25/11 at 8:31 am to Tigris
23 yrs old, 142k , house on the water 1 yr old never lived in, 4.5 % interest rate, 7k down. 2 months ago lol best thing ive ever done so far in my life. Although i wish i would have been planning to buy a house for a while and had more money saved for down payment but love the house so bought it anyway.
Posted on 9/26/11 at 7:40 am to foshizzle
I bought my house from a contractor who was building it for himself. He ran into money troubles and had to sell. It was only framed up and under roof. I finished it and moved in last January. I have about $240,000 in it. The mortgage is $215,000. Appraised for $336,000. I'm 35.
Posted on 9/26/11 at 7:51 am to foshizzle
What year did you purchase: 2004
how much was it: $120K
how much did you put down: $0
and how old were you?: 23
Also, would you do things the same way or differently if you had a "redo?": Great new home. Wouldn't have done anything differently. I sold it a year later for about $143K. Looking back I know I was pretty lucky for a good market to be buying into and selling. I've bought 3 different houses and have been happy with all 3 purchases and the 2 sells. Patience is key. Find the right house at the right price in the right neighborhood. Otherwise just rent.
how much was it: $120K
how much did you put down: $0
and how old were you?: 23
Also, would you do things the same way or differently if you had a "redo?": Great new home. Wouldn't have done anything differently. I sold it a year later for about $143K. Looking back I know I was pretty lucky for a good market to be buying into and selling. I've bought 3 different houses and have been happy with all 3 purchases and the 2 sells. Patience is key. Find the right house at the right price in the right neighborhood. Otherwise just rent.
Posted on 9/26/11 at 8:51 am to Costanza
quote:
What year did you purchase, how much was it, how much did you put down, and how old were you? Also, would you do things the same way or differently if you had a "redo?" What do you know now that you wish you had known then.
I built my first house in 2000 when I was 23.
The total to build the house was $121,000 and I put down $26,000.
For me, I don't have any regrets. I've since built another house and look back and think it was a great experience.
I sold the house almost three years ago for $216,500.
This post was edited on 9/26/11 at 8:52 am
Posted on 9/26/11 at 10:10 am to Costanza
Memory is a little fuzzy but I'm gonna say early 1970s and I was about 25 - 28. I do remember the exact price, 39K, because I set a limit of 40K before I went house hunting.
I have NO idea how much I put down but it was at least 10K.
I would do the same thing again because I sold it for 70K. I do remember the first wife wanting the house across the street instead because she liked the carpet better. I explained that a corner lot was more valuable and we could always change the carpet.
I have NO idea how much I put down but it was at least 10K.
I would do the same thing again because I sold it for 70K. I do remember the first wife wanting the house across the street instead because she liked the carpet better. I explained that a corner lot was more valuable and we could always change the carpet.
Posted on 9/26/11 at 1:18 pm to foshizzle
What year did you purchase: 1980
how much was it: $76K
how much did you put down: $28K
and how old were you?: 33
Also, would you do things the same way or differently if you had a "redo?":
Interest rates were over double digits, I qualified for a state VA loan at 3.59% on $58k. That made it an excellent decision.
As for what I'd do different when buying a house. Get an excellent real estate agent!!!!!! I've bought and sold a few houses in the last 30 years the worst mistake is trusting an agent. Have a excellent inspector as well. Get insurance that covers problems that may arise AFTER the purchase. I recently bought a 5 year old home and the gas stove needed expensive repairs within two months. The insurance covered that.
how much was it: $76K
how much did you put down: $28K
and how old were you?: 33
Also, would you do things the same way or differently if you had a "redo?":
Interest rates were over double digits, I qualified for a state VA loan at 3.59% on $58k. That made it an excellent decision.
As for what I'd do different when buying a house. Get an excellent real estate agent!!!!!! I've bought and sold a few houses in the last 30 years the worst mistake is trusting an agent. Have a excellent inspector as well. Get insurance that covers problems that may arise AFTER the purchase. I recently bought a 5 year old home and the gas stove needed expensive repairs within two months. The insurance covered that.
Posted on 9/26/11 at 2:57 pm to Costanza
Main thing I would have done is regarding the current house (#2). Built it and have been there a little over 3 years. Wish I had stayed in the old house longer and bought 4-5 acres of land to put house #2 on, as opposed to being in a subdivision now. I am still weighing doing that, but it would have been an easy decision to make if I was in the original house, but not so easy now.
I know it is a little off topic, but my overall advice for home buying process is be patient and think ahead a few years.
I know it is a little off topic, but my overall advice for home buying process is be patient and think ahead a few years.
Posted on 9/26/11 at 9:48 pm to Costanza
Purchased 1st house in 1978 for $27,000 in Florida. I was 21 and worked in the mtg dept of a bank. Put 20% down on a 15 year at 8.25%. Shortly after, rates climbed to the top and I figured we would live in that 2 BR house forever.
Ended up buying at least 7 houses since then and have made money on all of them. Glad I didn't have anything in Florida the last few years.
Ended up buying at least 7 houses since then and have made money on all of them. Glad I didn't have anything in Florida the last few years.
Posted on 9/27/11 at 12:37 am to Costanza
2001
$139k
5%
26 years old
Wife and I bought is after we got married, home was water front and ~ 1400 sf. For us, A smaller house in a good location was better than a larger house in a bad location, if you don't need the room. We didn’t and didn’t have our first child for 5 years. We still have the home and rent it out…
$139k
5%
26 years old
Wife and I bought is after we got married, home was water front and ~ 1400 sf. For us, A smaller house in a good location was better than a larger house in a bad location, if you don't need the room. We didn’t and didn’t have our first child for 5 years. We still have the home and rent it out…
This post was edited on 9/27/11 at 12:37 am
Posted on 9/27/11 at 5:43 am to Bubba Bexley
quote:
Wish I had stayed in the old house longer and bought 4-5 acres of land to put house #2 on
We're in house number 3 now and it sits in the middle of 9 acres of woods (land is pretty cheap here). I can't imagine living in a neighborhood again, this is great.
quote:
my overall advice for home buying process is be patient and think ahead a few years.
Agreed.
Posted on 9/27/11 at 6:08 am to Costanza
2003, was 27, paid 164, did a piggy back loan to avoid pmi, didn't put a dime down (the good old days) sold in 2008 for 260, owed 145 i think, i cleared 100k after realtor fees.
As someone said earlier, get a realtor. I liked ours so much I became one!
edit: Location. The slogan is true.
As someone said earlier, get a realtor. I liked ours so much I became one!
edit: Location. The slogan is true.
This post was edited on 9/27/11 at 6:12 am
Posted on 9/27/11 at 11:12 am to Costanza
Does anyone have an idea on what the max someone could afford if they were making ~90K/year and had no debt and around $90k to put down
Posted on 9/27/11 at 11:15 am to wegotdatwood
No PMI on VA Loans.
Posted on 9/27/11 at 11:41 am to Tigerstudent08
quote:
Does anyone have an idea on what the max someone could afford if they were making ~90K/year and had no debt and around $90k to put down
you need to look at it monthly. I've always heard you should spend about 25% of you take home income on your mortgage. I would keep it under 30% for sure.
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