Author Topic: Went through the process of house hunting/buying  (Read 26070 times)

Offline Deal Guy

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Re: Went through the process of house hunting/buying
« Reply #30 on: May 19, 2013, 04:06:45 AM »
I would spend for the inspection , since builders define what quality they will use and
So the home inspector, may find things that weren't done as promised, and therefore hopefully lower the price in the end?

Offline SPLP

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Re: Went through the process of house hunting/buying
« Reply #31 on: May 19, 2013, 04:20:02 AM »
see my modified post

yes -- i would NEVER trust a builder , on the trust scale they come right after used car salesman

that house needs to last a lifetime ( even if resell )---just go to home depot and u will see as an example--brand name faucets from $25 - to 250 , very little to do with style and if they are safe --doors windows etc

 

Offline daveb

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Re: Went through the process of house hunting/buying
« Reply #32 on: May 20, 2013, 09:12:56 AM »
Buying a house can be very worth it but it takes a lot of effort and money.
The home inspector if worth every penny.  Frequently they are able to point out valid issues you may not realize which will let you renegotiate  the sales price.  Be aware that they work for you and may say a small crack is a huge problem in order to help you save money, but realize they could be lying for your benefit.
  Closing costs can cost tens of thousands of dollars in some places (like nyc). find out what they are on a house to help you determine what you can afford.
  Mortgage are very low now.  In a few years they probably will be double what the are now.  Get in now if you can.  There are some mortgages called "arms" which are cheaper than fixed rate morgages. Do not get one to save yourself $20 a month for five years; the rate will readjust in the future and probably be much much higher then.
   If you  want to buy because you "dont want to keep on throwing money out " by renting, that is a good reason but  keep in mind you  pay a ton of interest and dont start getting a lot of  equity for quite a while.  After the first year of a 30yr mortgage you have only paid off 1% of the loan the rest goes to interest.   
   Buying a house that needs work can save you a ton of money.   However  you need to be able to go through the "hock" of doing more repairs and work.  (if you are reading this blog then by definition you are a bit of a "hocker" so it shouldnt be a problem).  Things like carpet and painting are only cosmetic issues and easy to deal with but structual and extension issues require a pro.  If the previous owners just redid a kitchen within the past few years then you probably are paying for all the time and money they put into it and then some.  Not that you shouldnt buy a house with a new kitchen but just realize the sales price will reflect that.
  If you want to buy a foreclosure, chances are you want to live in a frum neighborhood too and everyone else wants that one foreclosed house. You wont get it.
You need to have a reserve for repairs. they always need to be done.  I heard someone say budget $100 a month for them.  That seems a bit high to me but boilers and roofs (and everything else) need to be replaced and they cost lots of money.
Good luck.  All in all its worth it but "marbeh nechasim marbeh daygeh."

Offline skyguy918

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Re: Went through the process of house hunting/buying
« Reply #33 on: May 20, 2013, 10:14:08 AM »
   If you  want to buy because you "dont want to keep on throwing money out " by renting, that is a good reason but  keep in mind you  pay a ton of interest and dont start getting a lot of  equity for quite a while.  After the first year of a 30yr mortgage you have only paid off 1% of the loan the rest goes to interest.   

The fact that you're paying a lot of interest should not really be a factor in whether you buy a house or not. Besides, the interest portion of your mortgage is tax deductible, it's not as bad as it seems.

Offline Nitantnel

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Re: Went through the process of house hunting/buying
« Reply #34 on: June 06, 2013, 06:15:29 PM »
Meh, that's something an infant can do.
In another few months I'll be a real hero posting 'how meshugener bought his home in NYC' 
Who paid for the down payment and who pays the mortgage: everyone but meshugner...

Better deal than free toilet paper.


Thanks to mmeress, I was able to quote your secret:
Access to available money is worth money.
I know someone who bought a rental apartment by churning 0% APR-purchase cards (redeeming the money via AP) for the down payment, + a mortgage.
He pays the min payment each month, and he has a free $50k loan!.

Offline ckmk47

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Re: Went through the process of house hunting/buying
« Reply #35 on: June 06, 2013, 10:10:16 PM »
Buying a house can be very worth it but it takes a lot of effort and money.
.............
Good luck.  All in all its worth it but "marbeh nechasim marbeh daygeh."
+2
well said

Offline meshugener

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Re: Went through the process of house hunting/buying
« Reply #36 on: June 06, 2013, 10:47:25 PM »
Thanks to mmeress, I was able to quote your secret:
Cool, but no, that's not me.
I don't have to borrow money. (actually, I do have to, but someone pays for it.  :P )
For starters see here
Love me or hate me. I still love you.

Offline daganster

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Re: Went through the process of house hunting/buying
« Reply #37 on: June 06, 2013, 10:54:41 PM »
Cool, but no, that's not me.
I don't have to borrow money. (actually, I do have to, but someone pays for it.  :P )
For starters see here
Is that a s8 voucher you're using?

Offline meshugener

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Re: Went through the process of house hunting/buying
« Reply #38 on: June 07, 2013, 01:54:25 AM »
Is that a s8 voucher you're using?
Yes.
Love me or hate me. I still love you.

Offline Nitantnel

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Re: Went through the process of house hunting/buying
« Reply #39 on: June 07, 2013, 10:16:29 AM »
I see that the fact that you altered your listed programs has not been a result of a change of heart.  :P

Offline bem684

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Re: Went through the process of house hunting/buying
« Reply #40 on: June 07, 2013, 11:33:37 AM »
Interesting stuff.

Offline Fan of Dan

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Re: Went through the process of house hunting/buying
« Reply #41 on: June 07, 2013, 12:09:52 PM »
also 'points'.  If you plan on staying in the house longer than a few years it often pays to 'buy down' the rate by paying up front 'points'. If you have the money available.  But leave enough cash for renovations you may want.
Often times you can pull out a line of credit if you have equity in the home to finance a renovation. I usually pay off my mortgage with extra cash to save on interest and when I need more money the bank is always willing to work with me. Obviously each case if different.

Offline bem684

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Re: Went through the process of house hunting/buying
« Reply #42 on: June 07, 2013, 12:55:07 PM »

Ric Edelman:  11 Great Reasons to Carry a Big, Long Mortgage
http://www.ricedelman.com/cs/education/article?articleId=232

I don't have a house yet but as a chossid of Ric Edelman I felt compelled to share.

Offline Fan of Dan

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Re: Went through the process of house hunting/buying
« Reply #43 on: June 07, 2013, 01:27:49 PM »
Ric Edelman:  11 Great Reasons to Carry a Big, Long Mortgage
http://www.ricedelman.com/cs/education/article?articleId=232

I don't have a house yet but as a chossid of Ric Edelman I felt compelled to share.
Some of his concepts are simple, others are hard to agree with.

Offline bem684

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Re: Went through the process of house hunting/buying
« Reply #44 on: June 07, 2013, 02:18:06 PM »
Some of his concepts are simple, others are hard to agree with.

Details?