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re: What are the OT home buying tips?
Posted on 6/7/23 at 11:15 am to Vacherie Saint
Posted on 6/7/23 at 11:15 am to Vacherie Saint
quote:
Assuming a 30 year mortgage, you will be saddled with a large monthly payment, maintenance costs, insurance, taxes, and utilities until you are pretty much dead or too old to enjoy the equity. If you aren't realistically building toward full ownership, you are better off renting. I'm a big believer in the home buying model used throughout the mid to late century; buy a house when you are young that you can grow with, finance for the shortest terms possible, and stay in it. Have it paid off before you retire. Nowadays, people run out and buy "starter homes" and upgrade to "forever homes" in their late 30's and early 40's. They all say they will pay the house off early, but almost zero of them do. The market is changing. The days of 3% interest and perpetual home value growth are gone and not coming back anytime soon. The housing market is due for a correction.
I see what you are saying. Will likely never see 3% again in our lifetime. Would owning still be better than throwing money away every month on rent?
2
Posted on 6/7/23 at 11:18 am to fareplay
If a “deal” on a home seems too good to be true, it usually is. It’s either in a shitty crime ridden area, or the home has some serious issues.
Do not buy in an area of high crime because you’ll never get your money out of it if you renovate, unless by some miracle they clean the whole area up.
Find the least expensive place you can find in a good neighborhood and do upgrades over the years.
Do not buy in an area of high crime because you’ll never get your money out of it if you renovate, unless by some miracle they clean the whole area up.
Find the least expensive place you can find in a good neighborhood and do upgrades over the years.
This post was edited on 6/7/23 at 11:41 am
Posted on 6/7/23 at 11:19 am to fareplay
quote:
What are the OT home buying tips?
immobilize the trailer
Posted on 6/7/23 at 11:24 am to fareplay
quote:
We make as a couple over 700k a year before taxes.
Mostly her.
You mentioned before that your wife works in NH. Have you considered buying up there to reduce your cost and her commute time?
Posted on 6/7/23 at 11:25 am to danilo
Almost 100% of your mortgage payment for the first 5 years is interest and his house is not likely to appreciate much in this market. He’d be throwing money away either way.
Posted on 6/7/23 at 11:27 am to sosaysmorvant
quote:
Can't get much house at the current interest rates! Not the best time to buy.
Ehh I'm not an expert but I would say with interest rates higher, motivated sellers have to realize they aren't going to get as high a number.
The options to me are lock in a lower interest rate with a higher priced house or lock in higher interest on lower priced house. You can refinance on a high interest, cant renegotiate the principal.
That's how I look at it at least. I can 100% be wrong though
Posted on 6/7/23 at 11:30 am to fareplay
Make sure you get the home warranty for that. And it doesn’t auto renew so u have to pay it lump sum annually based on day of purchase.
I don’t believe they can decline you if you don’t let it laps bc they covered it the first time. Just make sure you pay it and renew a month out or so
I don’t believe they can decline you if you don’t let it laps bc they covered it the first time. Just make sure you pay it and renew a month out or so
Posted on 6/7/23 at 11:30 am to 0jersey
quote:And, no one has mentioned property taxes.
Don’t forget you can anticipate spending a chunk of change over the 5 years you will own on simple maintenance you never pay as a renter.
I’m sure property taxes are higher than giraffe pussy there.
Posted on 6/7/23 at 11:31 am to AUFANATL
She doesn’t want to be far from Boston. We’re early 30s and want to go out frequently and NH is boring. I also work in downtown Boston so won’t be realistic for me
Posted on 6/7/23 at 11:35 am to fareplay
quote:Goddamn. What the hell does she do?
We make as a couple over 700k a year before taxes.
Posted on 6/7/23 at 11:35 am to Buckeye06
my issue is the county and city had the house listed as sewer, the listing agent and sell followed suit - but I didnt find out till I had issues that the house was on septic, and the septic and field lines are toast.
forking out 12k to run sewer to the house. if i had gotten a plumbing inspector, I would have know this and not bought the house.
a very expensive lesson learned.
forking out 12k to run sewer to the house. if i had gotten a plumbing inspector, I would have know this and not bought the house.
a very expensive lesson learned.
Posted on 6/7/23 at 11:37 am to bhtigerfan
Medical
This post was edited on 6/7/23 at 11:38 am
Posted on 6/7/23 at 11:38 am to fareplay
How can OP have so much money for a monthly mortgage payment and not understand basic math on how much he could save by renting in the current market.
Posted on 6/7/23 at 11:39 am to MSTiger33
quote:Good lord!
2. Oil can be an expensive. How big and how old are the tanks? I spend about $10k a year in oil.
Why don’t you replace it with a natural gas heater?
Posted on 6/7/23 at 11:40 am to danilo
Yes don’t listen to these ppl yeas interested rates suck but owning a home is worth it and paying your self is apart of it. Equity will go up. But also I would be wary of buying a home if I can’t flip it or do a quick remodel like flooring or bathroom to raise the value if you have to move in 2-4years and can’t rent it out.
Best bet is buy the shittiest home in an amazing school district in the city/town you want so you can have a smaller mortgage payment/principal and easily rent it out. Look at comparable homes to yours that are for rent and compare your payments. Property manager will normally take 8-12% and then I’d charge a bit more to cover the home warranty payment for once a year and I would honestly be good with that as long as your breaking even. Rent will normally go up once a year 60-120 a month I think. So if year 1 you’re breaking even hopefully year 2 you’re making 720-1440 a year. Then year 5 of a rental 3600-7200 a year
I’m not super positive but I think this is kind of normal or at least that’s how my house has been going
Best bet is buy the shittiest home in an amazing school district in the city/town you want so you can have a smaller mortgage payment/principal and easily rent it out. Look at comparable homes to yours that are for rent and compare your payments. Property manager will normally take 8-12% and then I’d charge a bit more to cover the home warranty payment for once a year and I would honestly be good with that as long as your breaking even. Rent will normally go up once a year 60-120 a month I think. So if year 1 you’re breaking even hopefully year 2 you’re making 720-1440 a year. Then year 5 of a rental 3600-7200 a year
I’m not super positive but I think this is kind of normal or at least that’s how my house has been going
Posted on 6/7/23 at 11:41 am to LSU Grad Alabama Fan
If rates go down the concern is the market will go berserk. If we buy now and refi we can build up equity
Posted on 6/7/23 at 11:44 am to fareplay
quote:I presume she’s a doctor?
Medical
This post was edited on 6/7/23 at 11:45 am
Posted on 6/7/23 at 11:45 am to bhtigerfan
yeah
This post was edited on 6/7/23 at 11:49 am
Posted on 6/7/23 at 11:48 am to fareplay
quote:
If rates go down the concern is the market will go berserk. If we buy now and refi we can build up equity
It will when rates drop just a bit..the OT seems convinced some 08 style housing crash is coming but it’s not clear why..
Posted on 6/7/23 at 11:48 am to fareplay
Rates aren’t going down
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