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Started By
Message
re: buying a house
Posted on 7/21/09 at 9:56 am to LSUtoOmaha
Posted on 7/21/09 at 9:56 am to LSUtoOmaha
quote:You've given it a $500 discount?
It's listed at 159,400
1
Posted on 7/21/09 at 9:59 am to LSURussian
Yeah he deserves that house. Thought I'd take a little off to get his monthly payments down.
Posted on 7/21/09 at 10:01 am to LSUtoOmaha
The price has negotiating room anyways
Posted on 7/21/09 at 10:03 am to LSUtoOmaha
quote:
Yeah he deserves that house. Thought I'd take a little off to get his monthly payments down.
Posted on 7/21/09 at 10:03 am to dlambe5
quote:
The price has negotiating room anyways
Translation: make an offer....
Posted on 7/21/09 at 10:05 am to LSURussian
quote:
Translation: make an offer....
correct
Posted on 7/21/09 at 10:09 am to dlambe5
ETA: the photo appears that it is not a condo. Can you describe the 'house'?
This post was edited on 7/21/09 at 10:11 am
Posted on 7/21/09 at 10:10 am to rogerlsu
Get an FHA loan. Only 3.5% down.
Posted on 7/21/09 at 10:16 am to go4lsu
quote:
Get an FHA loan. Only 3.5% down.
yes, if you get rural development loan, you wont have to pay PMI.
Posted on 7/21/09 at 10:19 am to dlambe5
quote:
dlambe5
FWIW you should've initiated yourself on the OT
Posted on 7/21/09 at 10:21 am to LSURussian
quote:
Can you describe the 'house'?
3bedroom 2bath SINGLE floor condos. (one condo upstairs, one condo downstairs)
Posted on 7/21/09 at 10:33 am to rogerlsu
quote:
i hate renting.
why?
I have rented and owned. Both have their pluses. Those that say you are throwing away money by renting are not always correct.
I could buy the house I am in right now, and get to pay an extra $400 a month for the right to fix all the problems it has, and pay an increasing taxes.
I am not saying that renting is better than buying. Its a case by case situation. Run the numbers and keep in mind....
- You are young, will you need to move for your career? Owning makes moving slightly more difficult.
- Are you married? Most women will not want to move into "your" home, they will want "our" home. So if you are not married, but expect to marry in the coming years........keep this in mind. I have a friend who had to sell b.c his new wife wanted a home for them. He had to bring about 5k to the closing to cover the realty expenses. btw, the woman is a real bitch and technically he is not a friend b.c she won't let him out of the house.
- Owning requires you to maintain your house, which takes up nights and weekends. Personally I loved doing home improvement projects but my wife? Not so much.
Posted on 7/21/09 at 10:38 am to MileHigh
quote:Not if you don't live in a ghetto house....
Owning requires you to maintain your house, which takes up nights and weekends.
Posted on 7/21/09 at 10:38 am to MileHigh
The problem in BR is that rent is astronomical here...
Posted on 7/21/09 at 10:41 am to LSURussian
quote:
Not if you don't live in a ghetto house....
I owned a house built in 1981, and i spent a good 4-6 hrs per week doing stuff around the house to keep it looking good.
quote:
The problem in BR is that rent is astronomical here...
Yeah, that is what I have heard. Its more expensive than Denver which boggles my mind.
Posted on 7/21/09 at 10:43 am to MileHigh
quote:
Its more expensive than Denver which boggles my mind.
Trying to find a 2BR house in BR proper that is in a safe neighborhood under $1200/mo is basically impossible.
Posted on 7/21/09 at 11:12 am to MileHigh
quote:
MileHigh
thanks for advice. i've been renting for 4 years now and it's just a little old. i want something to call my own. and yes, i probably will be getting married next spring/summer. starting to look now to get an idea of what we could afford.
i make 40k, she makes 30k. she wants to save her salary so she can go back to nursing school, so we are planning on living off of my salary while she saves (not all of the saving will go for school).
this saving situation may make renting more plausible, as savings can go towards a down payment. i'm not planning on moving, as i have a stable job that will only require overnight travel from time to time within the state.
the way it looks now, we will just rent an apt/condo while saving for school/home. no kids yet... that may factor into this equation in the near future. i appreciate the advice.
Posted on 7/21/09 at 11:37 am to rogerlsu
Roger, I project out your monthly, all-in costs to be a minimum of $1000 (and that's with a 5% interest rate, which may or may not be accurate).
In my calculation I included:
--Principal and Interest
--Taxes (1% rate - I'm not sure what it actually is)
--Insurance
--Maintenance (1%/year)
--no mortgage deduction because I think it's unlikely you will get one (so please DO NOT let an agent sell you on the idea that you will be getting one)
At a minimum of $1000/month, IMO, that is already at the outer bound of 30% of your gross pay that I would find acceptable for you to spend on a house. I think you should be conservative and creative and get it down closer to 20%.
In any event, the situation is complicated in BR from what I understand because it's one place where prices and rents are arguably pretty well inline - or even out of line the OTHER direction from the rest of the country (i.e. renting is more expensive than buying).
I looked on Craigslist and found a few places and was curious as to how they would compare to what you could buy for $150K:
3BR, 2BA
LINK
In my calculation I included:
--Principal and Interest
--Taxes (1% rate - I'm not sure what it actually is)
--Insurance
--Maintenance (1%/year)
--no mortgage deduction because I think it's unlikely you will get one (so please DO NOT let an agent sell you on the idea that you will be getting one)
At a minimum of $1000/month, IMO, that is already at the outer bound of 30% of your gross pay that I would find acceptable for you to spend on a house. I think you should be conservative and creative and get it down closer to 20%.
In any event, the situation is complicated in BR from what I understand because it's one place where prices and rents are arguably pretty well inline - or even out of line the OTHER direction from the rest of the country (i.e. renting is more expensive than buying).
I looked on Craigslist and found a few places and was curious as to how they would compare to what you could buy for $150K:
3BR, 2BA
LINK
Posted on 7/21/09 at 11:42 am to Tiger JJ
quote:
3BR, 2BA
That house is not in a neighborhood most of us would like to rent in.
Posted on 7/21/09 at 11:43 am to Golfer
I couldn't tell where it is. Is that Coursey @ Sherwood?
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