kirbypuckett Posted January 27, 2011 Share Posted January 27, 2011 downpayments are incredibly depressing. virtually none of the rentals in my area allow for big dogs, so i decided to live at home for awhile longer to save up for a down payment on a house. i feel lucky to be able to do that. i know soooooo many people who could easily afford the monthly mortgage payment, but since they're paying monthly rent + student loans back, it's impossible for them to save up enough for a down payment. I was just thinking about this too. I have a good "nest egg," but I wouldn't want to use that as a down payment in case anything ever happened to me like losing my job. So saving up for a down payment looks like it will take quite a long time. Quote Link to comment Share on other sites More sharing options...
lonesomexloveus Posted January 27, 2011 Share Posted January 27, 2011 downpayments are incredibly depressing. virtually none of the rentals in my area allow for big dogs, so i decided to live at home for awhile longer to save up for a down payment on a house. i feel lucky to be able to do that. i know soooooo many people who could easily afford the monthly mortgage payment, but since they're paying monthly rent + student loans back, it's impossible for them to save up enough for a down payment. I was just thinking about this too. I have a good "nest egg," but I wouldn't want to use that as a down payment in case anything ever happened to me like losing my job. So saving up for a down payment looks like it will take quite a long time. i'm in the same position. that plus since i've lived at home since i graduated, i'll need to spend a decent amount to furnish a place/buy basic amenities like appliances, dishware, etc. maybe i can just get married before then and get everything i need from a wedding shower. it's obviously the only logical option. Quote Link to comment Share on other sites More sharing options...
mattisr1984 Posted January 27, 2011 Share Posted January 27, 2011 I was just thinking about this too. I have a good "nest egg," but I wouldn't want to use that as a down payment in case anything ever happened to me like losing my job. So saving up for a down payment looks like it will take quite a long time. i'm in the same position. that plus since i've lived at home since i graduated, i'll need to spend a decent amount to furnish a place/buy basic amenities like appliances, dishware, etc. maybe i can just get married before then and get everything i need from a wedding shower. it's obviously the only logical option. or you could have a house warming. this is the fundamental problem with most people, though which is that once they finish high school (or shortly thereafter) they feel it is their time "to set out on their own." they end up in a shitty apartment and piss all of their money away on rent from an even shittier job (likely while going to a school where if theyre lucky to finish they will have a heavy amount of debt before they've even set foot into a real job) instead of living at home and saving money for a down payment on a house. i get it - not everybody has the option to live at home for awhile and save money, but if you're lucky enough to have that option - accept the help your parents / family are offering you so you can have a better life later. once you get into that vicious cycle, its hard to get out of it. Quote Link to comment Share on other sites More sharing options...
jemsklile Posted January 27, 2011 Share Posted January 27, 2011 Buuuuuuuuuuuuuuuh. Just got done with the home inspection and it went pretty well...besides the fact that it is a 90 year old home and there are a few structural issues in the basement. I have no idea if they would cost like..1,000 to fix or 20,000 to fix. Our inspector suggested having a "structure guy" or a structural engineer or someone come down and check it out and give us his opinion. Does anybody have experience with those guys? Quote Link to comment Share on other sites More sharing options...
thebiglebowski Posted January 27, 2011 Share Posted January 27, 2011 Buuuuuuuuuuuuuuuh.Just got done with the home inspection and it went pretty well...besides the fact that it is a 90 year old home and there are a few structural issues in the basement. I have no idea if they would cost like..1,000 to fix or 20,000 to fix. Our inspector suggested having a "structure guy" or a structural engineer or someone come down and check it out and give us his opinion. Does anybody have experience with those guys? This doesn't really answer your question but be very careful with structural issues. There are tons of handymen out there who do stuff for pretty cheap--windows, roofs, siding, etc... They usually just do it under the table and thus aren't expensive. Structural work is usually something you have to go through a "real" company to do and thus expect to pay retail for it. Quote Link to comment Share on other sites More sharing options...
mattisr1984 Posted January 27, 2011 Share Posted January 27, 2011 Buuuuuuuuuuuuuuuh.Just got done with the home inspection and it went pretty well...besides the fact that it is a 90 year old home and there are a few structural issues in the basement. I have no idea if they would cost like..1,000 to fix or 20,000 to fix. Our inspector suggested having a "structure guy" or a structural engineer or someone come down and check it out and give us his opinion. Does anybody have experience with those guys? i have a house inspection scheduled for tomorrow. im pretty nervous about it - afraid theres going to be some major problem with the structure or something. no basement here though. Quote Link to comment Share on other sites More sharing options...
jemsklile Posted January 27, 2011 Share Posted January 27, 2011 Buuuuuuuuuuuuuuuh.Just got done with the home inspection and it went pretty well...besides the fact that it is a 90 year old home and there are a few structural issues in the basement. I have no idea if they would cost like..1,000 to fix or 20,000 to fix. Our inspector suggested having a "structure guy" or a structural engineer or someone come down and check it out and give us his opinion. Does anybody have experience with those guys? i have a house inspection scheduled for tomorrow. im pretty nervous about it - afraid theres going to be some major problem with the structure or something. no basement here though. Yeah this guy seemed super efficient. Their company (4 people) have gotten really good reviews everywhere I've looked including an "angie's list reward for service" thing. Reading through my report is just scary though. I don't mind the small jobs like...adding caulking in certain spots or..adding an extra vent on the roof for circulation but the idea of the structure possibly being unsafe is terrifying. Quote Link to comment Share on other sites More sharing options...
¯\_(ツ)_/¯ Posted January 28, 2011 Share Posted January 28, 2011 i bought my house right outside of the city limits for 90k, pittsburgh rules. What area? I've been looking at random places just trying to get an idea of where I'd maybe like to move. wilkins twp, literally 1 mile from woodland high school right off greensburg pike. apparently #2 lives 2 miles from me. so weird Quote Link to comment Share on other sites More sharing options...
¯\_(ツ)_/¯ Posted January 28, 2011 Share Posted January 28, 2011 also i got my first time home buyer credit 3 weeks ago... that was a nice $6,500 check. best part is they messed up and ive got another $1,500 coming in the next 2 - 18 weeks. that'll be a pleasant surprise Quote Link to comment Share on other sites More sharing options...
lonesomexloveus Posted January 28, 2011 Share Posted January 28, 2011 i'm in the same position. that plus since i've lived at home since i graduated, i'll need to spend a decent amount to furnish a place/buy basic amenities like appliances, dishware, etc. maybe i can just get married before then and get everything i need from a wedding shower. it's obviously the only logical option. or you could have a house warming. this is the fundamental problem with most people, though which is that once they finish high school (or shortly thereafter) they feel it is their time "to set out on their own." they end up in a shitty apartment and piss all of their money away on rent from an even shittier job (likely while going to a school where if theyre lucky to finish they will have a heavy amount of debt before they've even set foot into a real job) instead of living at home and saving money for a down payment on a house. i get it - not everybody has the option to live at home for awhile and save money, but if you're lucky enough to have that option - accept the help your parents / family are offering you so you can have a better life later. once you get into that vicious cycle, its hard to get out of it. it's funny you say that. all my friends from high school were/are real intelligence elitists and they're all in grad school getting their phds or in law school. more or less, i'm the only one who moved back home after 4 years of college and got a real job. i was talking with one of said friends and i was taken aback when he said he thought i was the most successful out of them and all his other college friends. they had all moved to portland or some popular hip major city and were stuck waitressing or working dumb retail jobs living in crapholes barely keeping afloat financially. so while people may scoff at me living at home when i just turned 26, my parents are cool, i get to eat good food, and save money for a house at the same time. that and if an opportunity presents itself for travel, etc, i have the extra cash to take advantage of it. Quote Link to comment Share on other sites More sharing options...
kirbypuckett Posted January 28, 2011 Share Posted January 28, 2011 What area? I've been looking at random places just trying to get an idea of where I'd maybe like to move. wilkins twp, literally 1 mile from woodland high school right off greensburg pike. apparently #2 lives 2 miles from me. so weird Punk Rock Neighborhood! Quote Link to comment Share on other sites More sharing options...
mattisr1984 Posted January 29, 2011 Share Posted January 29, 2011 ugh. home inspection completed w/ second opinions from an electrician and a roofer. electric panel has to be replaced and the roof has to be replaced due to hail damage. thats ohhh... about $11k - $13k right there. lesson learned: definitely get a home inspection. Quote Link to comment Share on other sites More sharing options...
melikecheese Posted February 3, 2011 Share Posted February 3, 2011 downpayments are incredibly depressing. virtually none of the rentals in my area allow for big dogs, so i decided to live at home for awhile longer to save up for a down payment on a house. i feel lucky to be able to do that. i know soooooo many people who could easily afford the monthly mortgage payment, but since they're paying monthly rent + student loans back, it's impossible for them to save up enough for a down payment. I was just thinking about this too. I have a good "nest egg," but I wouldn't want to use that as a down payment in case anything ever happened to me like losing my job. So saving up for a down payment looks like it will take quite a long time. In the US you can get a FHA loan and not use your nest egg as a down payment. I put 3% down under an FHA loan. Quote Link to comment Share on other sites More sharing options...
jasonskanks Posted February 3, 2011 Share Posted February 3, 2011 In the US you can get a FHA loan and not use your nest egg as a down payment. I put 3% down under an FHA loan. keep in mind that the house has to qualify for this loan though. Quote Link to comment Share on other sites More sharing options...
mattisr1984 Posted February 3, 2011 Share Posted February 3, 2011 In the US you can get a FHA loan and not use your nest egg as a down payment. I put 3% down under an FHA loan. keep in mind that the house has to qualify for this loan though. and you will have to pay mortgage insurance. Quote Link to comment Share on other sites More sharing options...
melikecheese Posted February 3, 2011 Share Posted February 3, 2011 keep in mind that the house has to qualify for this loan though. and you will have to pay mortgage insurance. House qualifications are pretty easy to meet, your place just can't be a piece of junk. I do pay mortgage insurance, 45 bucks a month, I can re-fi in like 2 years and get rid of it. Everything has a pro and con, but its a great solution to not putting a large down payment down. Quote Link to comment Share on other sites More sharing options...
thebiglebowski Posted February 8, 2011 Share Posted February 8, 2011 My sister is looking at a house. She told me she wants a house in one city. I know she doesn't have a lot of money. I said why don't you look in this other city (with lower property values). She said "I don't want to buy there because it would be too difficult to resell". I heard this before when I bought my house and I am convinced it is a dumb statement that is perpetuated by the real estate industry to get people to buy bigger and bigger homes so their commissions go up. Two reasons why-- 1) I don't believe it is any harder to sell cheaper, smaller houses than it is big ones. I don't have any stats to back it up, but the more expensive the house, the smaller the buyer pool in general. If anything, the market and price probably normalize everything so that most houses are equally easy or hard to sell. 2) EVEN IF this idea that buying more makes your house easier to sell is true, it works both ways. The negative pressures will make the house harder to sell in 15 years are there RIGHT NOW pushing the house of the price lower. Anyone who understands the time value of money and how interest works knows that it is better to take the cheaper house now than to try and predict what things will be like 10+ years from now. Hope she listens to me... Quote Link to comment Share on other sites More sharing options...
thebiglebowski Posted February 8, 2011 Share Posted February 8, 2011 And just to be clear, I'm talking about upper middle class vs. lower middle class neighborhoods. Not sure what I said applies to the extremes (houses in ghettos and mansions). Those are probably a different story. Quote Link to comment Share on other sites More sharing options...
mattisr1984 Posted February 8, 2011 Share Posted February 8, 2011 And just to be clear, I'm talking about upper middle class vs. lower middle class neighborhoods. Not sure what I said applies to the extremes (houses in ghettos and mansions). Those are probably a different story. i dont necessarily disagree but youre leaving out a huge variable when it comes to looking at houses - the condition. low income families for the most part cant maintain properties the way middle class families can. ive seen cheap houses in less desirable neighborhoods and ive seen more expensive houses in middle class neighborhoods. there is a difference. sometimes that cheap house isnt so cheap after you realize you'd need to literally dump thousands of dollars or more into it just to make it livable (or resellable). i do agree though - buy a home to live in first and as an investment second. Quote Link to comment Share on other sites More sharing options...
thebiglebowski Posted February 8, 2011 Share Posted February 8, 2011 And just to be clear, I'm talking about upper middle class vs. lower middle class neighborhoods. Not sure what I said applies to the extremes (houses in ghettos and mansions). Those are probably a different story. i dont necessarily disagree but youre leaving out a huge variable when it comes to looking at houses - the condition. low income families for the most part cant maintain properties the way middle class families can. ive seen cheap houses in less desirable neighborhoods and ive seen more expensive houses in middle class neighborhoods. there is a difference. sometimes that cheap house isnt so cheap after you realize you'd need to literally dump thousands of dollars or more into it just to make it livable (or resellable). i do agree though - buy a home to live in first and as an investment second. This is true, but I am saying assume that every price has a "true" market value and is priced at that. This price reflects the condition. This idea that buying more house makes it easier to resell is dumb. It is equally easy to resell a $30k house for $30k as it is a $100k for $100k. Factors such as condition, neighborhood, schools, etc that could effect resale value are already priced into the house when you buy it. It's actually a reason to buy lower priced houses than to buy up. Those factors work to your advantage (as long as you are happy living in the lower priced house. Not saying you should buy crap). Quote Link to comment Share on other sites More sharing options...
mcpherson123 Posted April 5, 2012 Share Posted April 5, 2012 wrong mofuckin forum Quote Link to comment Share on other sites More sharing options...
melvinscam Posted April 5, 2012 Share Posted April 5, 2012 whatever. just delete it. Quote Link to comment Share on other sites More sharing options...
bgdesign Posted April 5, 2012 Share Posted April 5, 2012 Don't do it. Trying to sell ours. You'll regret it. Quote Link to comment Share on other sites More sharing options...
mikepapalone Posted April 5, 2012 Share Posted April 5, 2012 wrong mofuckin forum im lmao at this and i dont know why Quote Link to comment Share on other sites More sharing options...
timbrh2001 Posted April 5, 2012 Share Posted April 5, 2012 Don't do it. Trying to sell ours. You'll regret it. I bought a 3-flat and live on the top floor. My tennants pay my entire mortgage and I live for free. Definitely dont regret my decision regardless of where the housing market goes. Quote Link to comment Share on other sites More sharing options...
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