# Somebody talk me outta this!



## notyermomma (Feb 11, 2014)

I may just be buying a house ...

I decided a couple weeks ago that I would wait until my very elderly dog passes away before I go looking for another apartment. But last week I started him on a new medication, and it shaved about five years off his age. artydance: He woke me up this morning begging for a walk, and I actually had to _run_ to keep up with him.

But there's no way I'm staying here for a couple more years. Today I helped a good friend move into a lovely suburban ranch home, and it hit me ... why am I paying somebody else's mortgage by renting? I hate moving, so I've been looking with an eye toward neighborhoods where I'd want to stay for several years anyway. I didn't think I could afford to buy, but I went online this evening and found a painfully cute 3BR cottage in a neighborhood I've fancied for a long time. It has a front yard, a fenced backyard, a wood stove for atmosphere, and a gas stove in the kitchen. It also has a shed and a patio in the backyard. The facade is arse-ugly with three different kinds of siding, but that's curable.

After my last experience buying into a crack hood I swore to hell and back that I would _*never*_ own again. (_*!!!!!!!*_) But I know this area. I lived there briefly once before.

I think I'll talk to my bank on Monday and see what I'd qualify for. I know this is hasty ... but I like it. It never hurts just to look, right? Right?

:eyebulge:


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## camo2460 (Feb 10, 2013)

You can never go wrong buying your own home. There are so many advantages, the most important, is the one you already mentioned, not paying some one else's mortgage. I say go for it, and good luck.


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## AdmiralD7S (Dec 6, 2012)

Per request in your title -> "don't do it." I hope I was of some service


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## notyermomma (Feb 11, 2014)

Praying on it.

It's really all my mom's fault, because just yesterday she closed on a house in a 55+ community and got me thinking about it. The flip side is that I have a lot of support with the decision process, because most of my extended family lives right here in this small city. One uncle is a financial prodigy who can help me figure out the financing. Another uncle is a retired carpenter and contractor. They can help me make a sound decision.


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## Davarm (Oct 22, 2011)

I'm not going to give you "advice" one way or the other on the house but I'd like to know what new medicine you gave your dog, I could go with having a few years shaved off my age!

Lets see, 5 years in dog would be about 35 years in human - I could live with that! lol


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## goshengirl (Dec 18, 2010)

Maybe there is a reason why helping your friend move lead you to that "I don't want to pay someone else's mortgage" thought.

Maybe there is a reason why you found a house that sparks your fancy.

Maybe there's even a reason for your dog getting better and freeing up your thinking about moving.

Just saying.


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## notyermomma (Feb 11, 2014)

Davarm, my dog has very bad arthritis and stiffness. I started a year ago giving him 2 doses a day of Phycox and Rimadyl. When the pain got worse, I added 3 doses a day of tramadol. That finally played out a couple weeks ago.

Now he's started on Gabapentin. The brand name for that is Neurontin, a medication for humans (although they probably have a veterinary formula.) That has caused the most dramatic turnaround of all of these. 

Best of luck to you and Fido!


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## tsrwivey (Dec 31, 2010)

camo2460 said:


> You can never go wrong buying your own home. There are so many advantages, the most important, is the one you already mentioned, not paying some one else's mortgage. I say go for it, and good luck.


Umm, yes you can. The cost of home ownership is not just the mortgage payment. There's maintenance & upkeep, which is not cheap. Many people get into a financial bind when they don't have sufficient money to cover these expenses when the roof or the furnace needs replaced. With a home, something always needs to be done. Many people cannot afford to own a home.

Your house payment should never be more than 20% of your take home pay, regardless of what the bank says you can afford. You should never buy a home unless you have 20% down & have a minimum of 6 months living expenses in savings.


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## Tweto (Nov 26, 2011)

The only thing I can add is that interest rates will not stay low forever. 3 years from now 30 year mortgages could be 7% or 8%.


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## tsrwivey (Dec 31, 2010)

Does it really even need to be said don't sign up for an interest rate that changes, or adjusts (ARM). They're a good deal- but only for the bank.


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## readytogo (Apr 6, 2013)

*Home ownership????????*

Is a great filling knowing that you will be investing in your future,but how well prepared are you for the problems of ownership,you better make sure that your finances are in order and you at least are knowledgeable in home repairs,another issue is the fact that many new owners buy more than what they really need ,big seems to be better for many.
Good Luck.


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## notyermomma (Feb 11, 2014)

RTG, that's what really trips me up. One of the things that I _hated_ about owning my condo a few years ago was repairs. Nothing serious went wrong, but when small things did, I had a terrible time finding anyone to help me with it. Contractors took my money and bolted after doing a halfassed job.

The last straw was the friend who offered to help me, but then he decided he wanted a different form of payment. :brickwall: So I let all these little things pile up - the light bulb in the stove hood that wouldn't turn on, windows that stuck and wouldn't open all the way, chipping paint. When I was finally ready to put the place on the market, it took me almost three months to take care of it all. Mostly because I had to play tug-of-war with a series of these losers to get everything done.

Now? I'm a different person. And I have the aforementioned family members to keep me (and the contractors!) honest. But I know I _still_ hate repairs. I doubt that'll ever change. It's a tough one, for sure. I took a closer look at the Trulia website after posting last night, and saw that the same house sold for $167K a few years ago. So either there's a nasty divorce in the picture or something is seriously wrong with the place. It's still worth a drive-by at least.


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## gabbyj310 (Oct 22, 2012)

notyermomma,been there in SPADES!!!!!!! But....still a home is an investment, and I hate hate hate answering to other people if I want to paint my rooms purple,(i don't but you get my point.)I can plant what I want,have a pet or finally finally with the help of friends and family(maybe even Angie's list) a reasonable contractor that wants money and NOT favors for repairs or even add on is a answer to my prayers!!!!!If it's in a good place and you like it ,go inside a couple of times,do a drive by and different times and different weather conditions get an honest "feel".Do NOT let anyone talk you out of a home inspection.In my area my condo sold for 118,000.00,now it's on the market for 37,000.00(in Fla).Good Luck


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## readytogo (Apr 6, 2013)

notyermomma said:


> RTG, that's what really trips me up. One of the things that I _hated_ about owning my condo a few years ago was repairs. Nothing serious went wrong, but when small things did, I had a terrible time finding anyone to help me with it. Contractors took my money and bolted after doing a halfassed job.
> 
> The last straw was the friend who offered to help me, but then he decided he wanted a different form of payment. :brickwall: So I let all these little things pile up - the light bulb in the stove hood that wouldn't turn on, windows that stuck and wouldn't open all the way, chipping paint. When I was finally ready to put the place on the market, it took me almost three months to take care of it all. Mostly because I had to play tug-of-war with a series of these losers to get everything done.
> 
> Now? I'm a different person. And I have the aforementioned family members to keep me (and the contractors!) honest. But I know I _still_ hate repairs. I doubt that'll ever change. It's a tough one, for sure. I took a closer look at the Trulia website after posting last night, and saw that the same house sold for $167K a few years ago. So either there's a nasty divorce in the picture or something is seriously wrong with the place. It's still worth a drive-by at least.


Do your homework and go with someone you trust for a home inspection don`t overlook anything,after you sign is your headache.


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## medicme (Oct 13, 2013)

I'm hoping to get out of my mortgage. I'm planning to have a tuff shed home if I have to. I pay not only the payment, but 2500 in taxes each year, 1600 in insurance and then all the maintenance. I only get about 1000/yr off the principal balance for a few years. Just replaced the back gutters and am putting in some drainage for the retaining wall because when the gutters were leaking it would wash out the soil. Just saying, it is a lot to take on, especially if you're on your own like me, no father or brothers around either. If your income permits it AND you get a good interest rate, some get 2.5% I hear, it may be a good decision. Best of luck. 
____________________________________
“Better to arrive late and ready, than early and unprepared.” 
― POB Bismark


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## tsrwivey (Dec 31, 2010)

Your primary residence isn't really considered a financial investment, it's more of an expense.


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## Hooch (Jul 22, 2011)

..nuthing wrong with doing some research

...figure out what you'd qualify for

...maybe some other options will present themselves in the process, like not even doing a loan with the banks if you can or finding a rent to own option or short sale...

...really brainstorm what it is that you want exactly if you bought ...

...more importantly brainstorm what you dont want and deal breakers...

.._*really ask yourself *_if you bought something and you ended up stuck with it forever because of finances, shtf, alien attack,(jk) n whatnot....can you live with it..the area, climate, people, culture...

if the answer is no, but your just ansty to get a place, maybe waiting till you get exactly what you want or darn close will be better in the long run...


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## BillS (May 30, 2011)

There's no way I'd move into a bad neighborhood. We're preppers here. Even good neighborhoods will get bad when the economy collapses sometime in the next 3 months to 3 years.


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## notyermomma (Feb 11, 2014)

Well, the verdict is in ...

Now that it's Monday I was able to do my diligence and I was right. The house has severe foundational problems. It went over the weekend to somebody else on a short sale, and they're going to raze it completely and build a whole new house.

I knew it was too good to be true.  The average asking price in this neighborhood is about $260K. If it was a bunch of other major issues that would have allowed me to live there, I could have tackled them one at a time on a roommate's extra income. But not that.

The good news is that now that I've talked to my family about it, they're all on the lookout for something that would work for me even though I haven't asked them to. We're tight like that.  But I think I'll do this right ... the county offers a "housing counseling" class for first-time buyers that includes everything from repairs to financials. I'm not a first-timer, but considering all the trouble my first buy got me into, I could definitely use the help. Having that under my belt may qualify me for a better mortgage deal anyway.

In the meantime, when I came home from a lovely day with my family yesterday I found the police in my parking lot *again*. :nuts: I officially have a fire under my butt now. So the plan is to find a rental for a year, and use that time to consider whether I want to buy. It has to be a place where I'd be willing to stay for a few years so that if I decide not to buy, I won't feel like I have to turn around and move again anyway.

Thanks for all the good thoughts everyone!


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## tleeh1 (Mar 13, 2013)

Glad you didn't get burned... the only other thing I can add to what's been said is get a copy of your amortization schedule and double up on your principal payments as often as you can. Whenever you get "extra" money, put that toward the principal as well (tax returns, windfalls, etc). We did that and paid off our 30 yr mortgage in a little less than 10 yrs. THAT is cool -- to own our property and not have those payments each month. Of course, we continue to put aside for insurance, property taxes and repairs, but it's still a great feeling.


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## RevWC (Mar 28, 2011)

Do you own the house or does the bank own the house? When you pay off your 30 year loan how much are your yearly taxes 30 years from now? If they decide to put a Hotel on your property do you have any rights? If you decide to add on and the EPA discovers there is "wet lands" on your property ie.. a puddle, will you be able to build? If they find an endangered specie's on your property will you be allowed to build? When they raise your taxes too high for you to pay will they take your property? What do you predict the neighborhood to look like in 30 years? What will the insurance cost you per year? Will you have termite protection? Just things to keep in mind...... On the other hand you can get a few chickens and a garden..


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## TheLazyL (Jun 5, 2012)

tsrwivey said:


> Your primary residence isn't really considered a financial investment, it's more of an expense.


Some times yes sometimes no.

So far I've guessed right.

Our first house was 100 years old, needed a lot but the price was very reasonable. The next 25 years I spent a lot of my evenings and weekends hammering, wiring and plumbing. Put a lot of sweat-equity into that house. Sold it for 7 1/2 times what I bought it for, or 4 times what I paid for it plus the remodeling materials.

Use that money to build a new house to my specs in the country. Guessed right again with the variable mortgage rate. Interest rate has always dropped and I continued to pay the original payment amount. Plus the mortgage interest is tax deductible.

House value took a hit during the housing bust but has now rebounded back and above. I'm planning on selling in 5 years. Unless Obama wins a 3rd term I figure I'll have a real nice nest egg towards retirement.


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## helicopter5472 (Feb 25, 2013)

TheLazyL......... " Unless Obama wins a 3rd term I figure I'll have a real nice nest egg towards retirement. "
Don't hold your breath old man..... Signed... Old Man II


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## TheLazyL (Jun 5, 2012)

helicopter5472 said:


> TheLazyL......... " Unless Obama wins a 3rd term I figure I'll have a real nice nest egg towards retirement. "
> Don't hold your breath old man..... Signed... Old Man II


Don't worry. I'm not holding my breath I'm topping off "clips".


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## readytogo (Apr 6, 2013)

*Hope I`m not late*

You `re buying a house, you must forget your emotions and enter the home in combat attitude remember that sellers stage their homes for a purpose to entice the buyer, you. The neighborhood, the neighbors, the privacy, the home's exterior, good 'flow 'or interior traffic, the layout, smells, stains and nastiness, light and air, closet space, home age vs. electrical wiring and plumbing and septic/drain field conditions and past services. The same goes with a piece of land, we want it but for what, and sometimes we buy it because is cheap and we forget what we really want it for and the dream that we had for the land, oh well we are after all human.


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## tleeh1 (Mar 13, 2013)

readytogo said:


> You `re buying a house, you must forget your emotions and enter the home in combat attitude remember that sellers stage their homes for a purpose to entice the buyer, you. The neighborhood, the neighbors, the privacy, the home's exterior, good 'flow 'or interior traffic, the layout, smells, stains and nastiness, light and air, closet space, home age vs. electrical wiring and plumbing and septic/drain field conditions and past services. The same goes with a piece of land, we want it but for what, and sometimes we buy it because is cheap and we forget what we really want it for and the dream that we had for the land, oh well we are after all human.


You got that right. We had some friends once who bought a house because she fell in love with how it was decorated. She couldn't see past the geegaws to the bones of the house. When the old owners moved out and they were moving in, she hated it. They ended up gutting most of it and then flipping it as soon as they could -- even in the crazy Calif real estate market of the 1990's, they lost money. Go figure.


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