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re: Going against the grain: purchasing a reasonable home versus the OT special
Posted on 3/23/15 at 8:45 pm to CharlesLSU
Posted on 3/23/15 at 8:45 pm to CharlesLSU
Smart move. When interest rates move back up to historical norms, the market for these upper end houses will shrink drastically. It's the Low interest rates that have allowed housing prices/ larger houses to prosper.
It's easy to buy a 600k house at 3-4% interest rates. When rates hit 6-8%, there will be a large oversupply of houses for sale versus able buyers. Prices will plummet and people won't be able to unload them without being upside down in it.
It's easy to buy a 600k house at 3-4% interest rates. When rates hit 6-8%, there will be a large oversupply of houses for sale versus able buyers. Prices will plummet and people won't be able to unload them without being upside down in it.
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Posted on 3/23/15 at 8:47 pm to DownshiftAndFloorIt
This thread is full of intelligence.
No joke.
I am currently trying to sell my 5000 sq ft house and downsize to something I can pay off with cash.
Don't buy too much house. My house is still only 30% of what I take home but it's the biggest expense I have. I hate it. Too much upkeep, too much lawn, too much furniture, and too much headache.
Wife and I want something in the 2400 sq foot range. It's gonna happen soon.
Can't wait.
No joke.
I am currently trying to sell my 5000 sq ft house and downsize to something I can pay off with cash.
Don't buy too much house. My house is still only 30% of what I take home but it's the biggest expense I have. I hate it. Too much upkeep, too much lawn, too much furniture, and too much headache.
Wife and I want something in the 2400 sq foot range. It's gonna happen soon.
Can't wait.
This post was edited on 3/23/15 at 8:48 pm
Posted on 3/23/15 at 8:50 pm to DownshiftAndFloorIt
I had never heard of the 15% of gross ratio. If I count my bonus income, we're at 10%, if not, 13%. I had some debt from my first marriage, so we went conservative. I just paid that off and am getting a promo, so we are in good shape. 
Posted on 3/23/15 at 8:52 pm to CharlesLSU
Good move. Did you get a 15 or 30 year?
Posted on 3/23/15 at 8:53 pm to SECdragonmaster
Mine is going to be something like 1000 sq ft
The property is what I want. The house will work for now and serve as man cave in the event that I ever have kids and need to build a bigger house.
Posted on 3/23/15 at 8:55 pm to CharlesLSU
I have a small house in the city, and we spend most weekends at my parents lake house. I don't want a huge house where I have to spend my free time maintaining.
Posted on 3/23/15 at 9:00 pm to CharlesLSU
you only own 1 homePosted on 3/23/15 at 9:11 pm to CharlesLSU
We live in a 675 square foot house that I built on a metal frame.
I demoed an office. Took the metal frame and sat it on concrete pillars. Built the house on the frame.
It's tiny, it's one bedroom and one bath. It can get uncomfortable at times. But... It is paid for in full, is cheap on utilities, and gives my wife an I a bit of a jump financially while she finishes her degree.
Some of my friends have made comments on when I'm going to stop being a cheapskate and build a larger house.
They are all in 2-300k dollar houses and driving new vehicles they can't afford.
In three years we will be completely debt free and finance our new home for 15 years and buy all the furnishings out of pocket.
We should have it paid off in five years or less.
I'd rather make a few sacrifices now while we are young and get exactly what we want later.
We both should be able to retire by age 50 for me, 45 for her.
I don't need to be flashy for the first five years out of college.
I demoed an office. Took the metal frame and sat it on concrete pillars. Built the house on the frame.
It's tiny, it's one bedroom and one bath. It can get uncomfortable at times. But... It is paid for in full, is cheap on utilities, and gives my wife an I a bit of a jump financially while she finishes her degree.
Some of my friends have made comments on when I'm going to stop being a cheapskate and build a larger house.
They are all in 2-300k dollar houses and driving new vehicles they can't afford.
In three years we will be completely debt free and finance our new home for 15 years and buy all the furnishings out of pocket.
We should have it paid off in five years or less.
I'd rather make a few sacrifices now while we are young and get exactly what we want later.
We both should be able to retire by age 50 for me, 45 for her.
I don't need to be flashy for the first five years out of college.
Posted on 3/23/15 at 9:25 pm to stout
quote:
At the very least, I will build a shop with a house in it.
I've really been putting some thought into exactly that.
But yeah, I did 12% of after tax income on mine.
This post was edited on 3/23/15 at 9:26 pm
Posted on 3/23/15 at 9:28 pm to CharlesLSU
Location, location, location.
Sorry you had to buy in the ghetto to find your functional/reasonable home.
Sorry you had to buy in the ghetto to find your functional/reasonable home.
Posted on 3/23/15 at 9:31 pm to CharlesLSU
Wish I had; and I would have but I couldn't find a reasonable home in Ascension with a small yard and in a neighborhood that I could trust.
Posted on 3/23/15 at 9:33 pm to CharlesLSU
Wait, so now its cool to brag on the OT about how small and cheap your house is?
Posted on 3/23/15 at 9:36 pm to yellowfin
quote:
Posted by yellowfin
Well my house note is about 7% of my gross so I could probably afford something a little more expensive.
Mine is 12% but I have a lot of expensive hobbies and 2 camps to maintain.
Posted on 3/23/15 at 9:39 pm to MiloDanglers
No......the house is still very expensive for what it is but the Woodlands is high dollar these days. It's a nice home, just smaller than I was targeting originally.
FTR, it's on a cool arse cul de sac
FTR, it's on a cool arse cul de sac
This post was edited on 3/23/15 at 9:41 pm
Posted on 3/23/15 at 9:40 pm to CharlesLSU
So what did you spend? What's your mortgage as a percentage of your monthly pay?
Posted on 3/23/15 at 9:42 pm to MiloDanglers
quote:
so now its cool to brag on the OT about how small and cheap your house is?
Only when you casually drop the purchase price. Just wait, it's coming.
Posted on 3/23/15 at 9:42 pm to Navytiger74
Was going to answer Navy, but Boozie and Co. will accuse me of OT shanagans
This post was edited on 3/23/15 at 9:44 pm
Posted on 3/23/15 at 9:43 pm to boosiebadazz
Yeah, he's already dropped "The Woodlands".
Posted on 3/23/15 at 9:43 pm to MiloDanglers
quote:
Wait, so now its cool to brag on the OT about how small and cheap your house is?
Saying reasonable relative to your income doesn't necessarily mean small or cheap.
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