- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Coaching Changes
- 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: What are the OT home buying tips?
Posted on 6/7/23 at 8:49 am to fareplay
Posted on 6/7/23 at 8:49 am to fareplay
They say buy the worst house in a the nicest neighborhood that you can afford and fix it up. If you don't have a wife I think that's a good plan. Wives screw everything up and I'm sure she wouldn't let you buy a beater house.
0
Posted on 6/7/23 at 8:49 am to Cshaw91
quote:
Wait until Trump comes back and interest rates don’t go up a quarter percentage every other month
Ah yes, let’s make everything political just like always.
Posted on 6/7/23 at 8:50 am to fareplay
you wont. 5 years is nothing and 90% of your payments will be frontloaded with interest. Housing prices are expected to slow dramatically with rising rates, so you cant count on the value increasing. Maybe buy a duplex and live in one half and rent out the other.
Posted on 6/7/23 at 8:52 am to fareplay
Based on your other thread, just find a house with already installed HVAC and don't worry too much about the different types of systems. You can always install a Google Nest thermostat to make it "smart"
Posted on 6/7/23 at 8:54 am to Indefatigable
quote:
7,000/mo?
Jesus Christ
How do people afford this ?
Posted on 6/7/23 at 8:58 am to Lawyered
high cost of living so they pay us a bit more
Posted on 6/7/23 at 8:59 am to fareplay
Don't be afraid to walk away.
Posted on 6/7/23 at 9:00 am to GetCocky11
That is good advice. My fiancé starts falling in love and keeps asking if we should bid over. Strong No from me
Posted on 6/7/23 at 9:03 am to fareplay
quote:
Also how long does boilers and other utility aspect last? Concern is that its expensive to replace.
don't know about boilers, but in the south, HVAC is considered to have a 15 year life span. You can get longer out of it though.
Posted on 6/7/23 at 9:05 am to fareplay
quote:
My fiancé starts falling in love and keeps asking if we should bid over. Strong No from me
As a former homeowner, turning into a long-term renter has actually made me happier. I haven't done yardwork in almost 2 years
Posted on 6/7/23 at 9:05 am to fareplay
Buy the least expensive house in the wealthiest rural area you can afford.
Posted on 6/7/23 at 9:08 am to ItNeverRains
Haha yeah that’s what we’re doing. Lexington 1.15 mil home is peasanthood there. Anything else decent 3b is already 1.3+
Posted on 6/7/23 at 9:11 am to fareplay
I just bought a house for the first time.
One, forget what people tell you the process blows.
Two, look for cracks that you can put a quarter into. Huge indicator that there are structural issues.
Three, be careful bidding over price. If your appraisal comes back low, you have to make up the difference right then and there. You are taking out a loan on the value of the house and then making a down payment, not a loan amount for the difference of the house and payment.
Five, if you want a house that is move in ready with minor, minor fixes you will pay for it.
Six, inventory is extremely low in most places. Be prepared to go up against full cash buyers that can and will bid over asking. They always existed, but when there is very little inventory they scoop up almost everything.
Seven, be aware of the potential costs in the first 5 years. When was the roof redone, how old is the HVAC, do you see standing water that needs a French drain, is there a tree close to the foundation and you'll have to worry about roots, ect. Buying a house and then getting slammed with 30k in necessary updates sucks arse.
One, forget what people tell you the process blows.
Two, look for cracks that you can put a quarter into. Huge indicator that there are structural issues.
Three, be careful bidding over price. If your appraisal comes back low, you have to make up the difference right then and there. You are taking out a loan on the value of the house and then making a down payment, not a loan amount for the difference of the house and payment.
Five, if you want a house that is move in ready with minor, minor fixes you will pay for it.
Six, inventory is extremely low in most places. Be prepared to go up against full cash buyers that can and will bid over asking. They always existed, but when there is very little inventory they scoop up almost everything.
Seven, be aware of the potential costs in the first 5 years. When was the roof redone, how old is the HVAC, do you see standing water that needs a French drain, is there a tree close to the foundation and you'll have to worry about roots, ect. Buying a house and then getting slammed with 30k in necessary updates sucks arse.
Posted on 6/7/23 at 9:13 am to Jcorye1
quote:
Three, be careful bidding over price. If your appraisal comes back low, you have to make up the difference right then and there. You are taking out a loan on the value of the house and then making a down payment, not a loan amount for the difference of the house and payment.
Five, if you want a house that is move in ready with minor, minor fixes you will pay for it.
Did you skip four for a reason?
Posted on 6/7/23 at 9:14 am to Vacherie Saint
quote:
saddle yourself with 3000 mortgage payments
Not to say this is cheap, but in some higher cost of living areas this isn't some crazy number. We should be talking about % of income to make an apples to apples comparison.
I close on a long term home on Monday and my PITI is less than 25% of my income even with a 6% rate.
Posted on 6/7/23 at 9:14 am to Jcorye1
This is solid advice. I heard of the appraisal thing before but no idea how this works. Aren’t homes under appraised right now due to the prices going up?
Posted on 6/7/23 at 9:14 am to fareplay
Age of hot water heater
Location of hot water heater- try to avoid attic
Age of roof
Is roof fortified?
Electrical updated?
Plumbing updated?
Termite inspected?
Ever flooded?
Location of hot water heater- try to avoid attic
Age of roof
Is roof fortified?
Electrical updated?
Plumbing updated?
Termite inspected?
Ever flooded?
Posted on 6/7/23 at 9:14 am to fareplay
23 Suzanne Rd is your best play based on armchair quarterback knowledge of that market
My zip is very similar to yours there. Prices have gone insane
My zip is very similar to yours there. Prices have gone insane
This post was edited on 6/7/23 at 9:17 am
Posted on 6/7/23 at 9:15 am to kywildcatfanone
quote:
Did you skip four for a reason?
I deleted something to the effect of "the process is draining, horrible, and you'll hate society" and forgot to update the numbers.
Posted on 6/7/23 at 9:17 am to fareplay
quote:
Aren’t homes under appraised right now due to the prices going up?
Ours was under appraised, mortgage company was using houses 3 miles away when houses were just sold in the same area less than 3 months ago. Luckily we can cover the difference because we didn't go all out, but even though both sides thought the appraisal was awful and contested, they didn't budge.
Our realtor said something about possibly having to cover a difference, but gf and I just assumed she meant if it fell below our loaned amount, not understanding it's a loan based on the house price and down payment is treated like a day one bulk payment.
This post was edited on 6/7/23 at 9:18 am
Page 2 of 7
Popular
Back to top
Follow TigerDroppings for LSU Football News