- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: First Time Buying a House
Posted on 1/20/16 at 5:06 pm to Pintail
Posted on 1/20/16 at 5:06 pm to Pintail
I would say my network of friends and acquaintances are split on what starter home pricing is. I probably had the cheapest house at 175k. I'd say average was 220k. I think 220k is overpaying inot most of Louisiana if you cannot put down 20%. We have people in this thread talking about 1500 house notes as if that's nothing. I feel like that's a lot and I do okay financially. Only reason I pay that now is my property tax is crazy in Texas (but have no income tax)
1
Posted on 1/20/16 at 5:08 pm to slackster
So the Mcfun couple has plenty in savings still and never has trouble meeting there payments. Not every decision made needs to be based on the best possible investment decision.
This post was edited on 1/20/16 at 5:09 pm
Posted on 1/20/16 at 5:10 pm to GynoSandberg
quote:
You guys have a misconception of "starter home". $300k isn't a starter home.
It is in Scottsdale, AZ. Anything in that price range will be a home that needs updating.
Posted on 1/20/16 at 5:12 pm to lsupride87
That is the issue with this board, but more specifically the money board. I personally am very similar to the McFun example. Could I have skipped going out to eat, having a nice new car, and taking nice trips with my wife in my early 20s in order to save up 20%? Of course I could have. But I didn't want to. I took the trips, bought the nice car, and enjoyed myself. I also still saved money and contributed to a 401k and never once put myself in financial trouble. So yes, you can make the perfect financial decision if you want, or you can choose not to and still be able to afford the 300k house with no problems or worries
Posted on 1/20/16 at 5:16 pm to lsunurse
So that's not really a feasible starter home locale, obviously. Sounds like the place you want to be after you get out of your starter home. A 2nd move
You can call a $500k house a "starter house" in some cities. Or you can go 10 miles outside said city and probably find a true starter home for $200k
You can call a $500k house a "starter house" in some cities. Or you can go 10 miles outside said city and probably find a true starter home for $200k
Posted on 1/20/16 at 5:35 pm to H.M. Murdock
quote:
Guys like CETiger and Solomon who have a hard time beliving in 20% down and a note that allows one to max savings contributions are the fools who also will rely on social security payments later in life. Are they young? Inexperienced? Foolish? All three?
Awesome. I'm getting by just fine paying my pmi and living a great life because I've had the funds to do so. In the 5 years I've had my house I've replaced the roof , AC , and had to have underground pipe replaced by hydro digging. If I would have dumped all my money into a down payment I would have been fricked. Nothing anyone has said in this thread will change my mind about putting 20% down on a first house. If you are young and have a good job keep the money and enjoy your life
Posted on 1/20/16 at 5:38 pm to lsunurse
have vet loan. don't care. 
Posted on 1/20/16 at 5:39 pm to Pintail
That is true for most of Louisiana, but if the McFun couple want to live in Nola proper, good luck finding a starter home in a good neighborhood for less than $300k. Most will be around $400k. Metairie (and Harahan/River Ridge) will be around $200k, unless you live in one of the older neighborhoods. So basically a prospective buyer would have to choose between Kenner, The Wank, Chalmette, Northshore, or out in Destrehan/La Place to find a cheap starter home. Places that are either 1) in decline, or 2) a PITA to get to the city from.
This post was edited on 1/20/16 at 5:42 pm
Posted on 1/20/16 at 5:46 pm to GynoSandberg
quote:
You guys have a misconception of "starter home". $300k isn't a starter home.
A starter home usually means you're sacrificing your ideal location or sized house for something you can generally afford without worries
In New Orleans case, you go a few miles into the burbs to start out. If you have aspirations to live in a starter home in NOLA proper, you're living in a town house or a small fixer upper.
LINK
ahh "ideal location" I thought about buying this one
01/13/2016
Shooting
Shooting/Stabbing. Fd on scene female with gunshot wound to her head working trauma code
01/02/2016
Assault
Shooting/Stabbing. OPD On Scene Male Stabbed In The neck going by private auto to hospital
Posted on 1/20/16 at 5:51 pm to austin2015
Shreveport's housing prices are really inexpensive based on what your Zillow link said.
How accurate are Zillow & Trulia in pinpointing how much the home will cost a potential buyer?
How accurate are Zillow & Trulia in pinpointing how much the home will cost a potential buyer?
Posted on 1/20/16 at 6:20 pm to ladytiger118
(no message)
This post was edited on 1/20/16 at 6:23 pm
Posted on 1/20/16 at 7:33 pm to ladytiger118
My younger sibling just bought a starter home in Nola. it was over $500k, but with 25% down I understand that the note isn't that bad.
You can't get much in 70124 for a decent price these days I guess.
You can't get much in 70124 for a decent price these days I guess.
Posted on 1/20/16 at 7:36 pm to Athanatos
How old is this person who has $125k saved up for a house? A $500,000 starter house. What.In.The.Holy.frick.
Posted on 1/20/16 at 7:45 pm to KG6
Rule 1.
20% down AND house note should be no more than 25% of your monthly take home pay(after tax).
20% down AND house note should be no more than 25% of your monthly take home pay(after tax).
Posted on 1/20/16 at 7:51 pm to Athanatos
quote:
My younger sibling just bought a starter home in Nola. it was over $500k, but with 25% down I understand that the note isn't that bad.
You can't get much in 70124 for a decent price these days I guess.
I've got a strong suspicion this is a sarcastic troll post.
Posted on 1/20/16 at 7:56 pm to ladytiger118
quote:
in Nola proper, good luck finding a starter home in a good neighborhood for less than $300k
quote:
So basically a prospective buyer would have to choose between Kenner, The Wank, Chalmette, Northshore, or out in Destrehan/La Place to find a cheap starter home.
i don't really think the "starter home" concept is intended for urban areas like that. it completely skews the situation
"starter home" is synonymous with the burbs
Posted on 1/20/16 at 7:57 pm to Athanatos
quote:
My younger sibling just bought a starter home in Nola. it was over $500k, but with 25% down
i presume he's balling so that's obviously an exception to the comment i just made. throwing down over 6 figures for a down payment is well beyond the means of the average OT'er (can't believe i just typed that)
Posted on 1/20/16 at 7:58 pm to slackster
quote:
I've got a strong suspicion this is a sarcastic troll post.
fair point
Posted on 1/20/16 at 8:00 pm to Athanatos
Just because it was his first home doesn't mean he purchased a "starter" home
Page 10 of 17
Popular
Back to top
Follow TigerDroppings for LSU Football News