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zacb
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15 Oct 2020, 4:54 pm

I have wanted to put off getting a place, but landlords have been sneaky and have been asking for security deposits up front. I wanted to save up a bit more, but with some help from my parents and investments, I might be able to get a place. I don't want to be tired down, but if I am going to pay 1000+ per month for rent (and at least 700 for a dinky studio), I might as well buy a place. I am in one of the hotter real estate markets, so I am worried rents will only go up from here and also worried about inflation as well. The market does have good fundamentals, and as I have lived here about 2 1/2 years, I think I am familiar enough with the area to not be rushing. Long term I want to move, but with covid and politics getting a bit wild on both side, I feel like this is a haven in the storm, so any future step I do make I will try to do with caution. Also I want to try and move with my employer and/or get more experience and certifications, so I think for now as much as I want to explore, I need to settle down for now.

As I was a bit apprehensive so I did not buy into a 2008 type situation, unlike some of my coworkers who bought 350k houses. I am currently eyeing a place that needs work, but is otherwise in decent shape and is undervalued for my area (buy my investments like groceries, not perfume). I am not the best at redesign, but sure will learn! I did not know where to put this as I don't want to be too much of an upper in areas where people are suffering. So having said that, what was your experience, if any, trying to buy a house as someone on the spectrum?



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15 Oct 2020, 5:57 pm

The main difficulty is in making sure bills are paid and keeping up with them. Also in making ways so one does not have bills one does not need, so I went without a TV so I did not have to pay the TV licence, and things like that.


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zacb
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15 Oct 2020, 6:22 pm

I have been trying to keep the sale price to a minimum so I don't need to worry about payments as much, at least compared to worrying about rent. Also I don't have a car for the same reason. The only other major expense I have is student loans, and even those are not so bad in terms of amount. The biggest expense for me is my book collection and travel on occasion. I also am renting an office I will likely give up in due time. Beyond that I try not to spend on much except food. The rest just seems like a waste.



Mountain Goat
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15 Oct 2020, 6:36 pm

You should be ok. Is a difficult time to know what to do at the moment as the economy is on a fragile edge.


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AuroraBorealisGazer
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15 Oct 2020, 10:47 pm

I don't own a dwelling space yet, but I hope to one day (hopefully soon-ish). Hopefully others who have achieved property ownership will come along with insight but until then:

I've done a lot of research on the subject to understand all of the various (somewhat hidden) costs involved. I thought you just needed a down payment and was thankful that there are programs for first time home buyers that let you put as little as 3% down. What I learned was that with this you typically need to pay mortgage insurance on top of your monthly mortgage payments. I also didn't realize how much closing costs are. And in some locations you can ask the sellers to cover the closing costs, but in other areas this is unheard of. Then you also have to have a good portion of money in sitting savings (I can't recall the %) to show the bank you will be able to make payments and are responsible. This all kind of gave me second thoughts about how possible it would be for me to buy a place anytime soon. But I think I can make it work eventually.

Of course you may have already done all of this research, so then you can ignore the above :D .



zacb
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16 Oct 2020, 1:12 am

AuroraBorealisGazer wrote:
I don't own a dwelling space yet, but I hope to one day (hopefully soon-ish). Hopefully others who have achieved property ownership will come along with insight but until then:

I've done a lot of research on the subject to understand all of the various (somewhat hidden) costs involved. I thought you just needed a down payment and was thankful that there are programs for first time home buyers that let you put as little as 3% down. What I learned was that with this you typically need to pay mortgage insurance on top of your monthly mortgage payments. I also didn't realize how much closing costs are. And in some locations you can ask the sellers to cover the closing costs, but in other areas this is unheard of. Then you also have to have a good portion of money in sitting savings (I can't recall the %) to show the bank you will be able to make payments and are responsible. This all kind of gave me second thoughts about how possible it would be for me to buy a place anytime soon. But I think I can make it work eventually.

Of course you may have already done all of this research, so then you can ignore the above :D .



Yeah I have. I was expecting to try and do this later, but the rental market is becoming stupid. I figure I can have my family help me and pay them back later. I do have the assets in a brokerage account (some of which I sold), but I don't think it should be too much of an issue. Right now I am paying 1k for a hotel room, I think I can pay 795 for a house a month. Also the approval rates are better in my area and I have good credit so this should be good. I really wanted to put off buying for a bit the market is turning hot.



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16 Oct 2020, 5:19 am

I don't exactly have a house, but I bought an apartment last week. Got the keys yesterday. For me, the hardest part was all the official paperwork, even though I got help from a pro. I'd recommend making sure you have someone like that to advice you, too.



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16 Oct 2020, 6:01 am

I own my house, bought it about twenty years ago. I'm foggy on the details about getting the loan, but info from that long ago mightnot be relevant today anyhow. :lol:

For me, it was a better way to go than an apartment. The monthly payments were cheaper then and now compared to an apartment. insurance costs are included in the mortgage as are property taxes. i remember my downpayment was higher than I thought it would be and the quote the bank gave me about my monthly mayments was something like fifty dollars per month higher than the original estimate, but that wasn't a big deal. I bought an inexpensive house so it didn't end up being a deal breaker. I have a two story, four bedroom home and my house costs me half of what a decent but small apartment in my town would cost me. I also pay about the same in gas/electric as my daughter paid in her last little apartment. It's crazy. she didn't have to pay water though, I do.

I'd say important things when looking at buying vs renting, remember if something goes wrong, it's on you to fix it if you are a homeowner. There is no landlord if a pipe or refrigerator breaks. That's on you to fix. And things do break. That gets pricey sometimes. If you plan to move in the next five ten years, I'd say rent. Buying a house, you have to do things like get a lawnmower and sometimes a washer and dryer, dishwasher if you want... point is you buy or own a lot of big things and if you buy instead of rent again, it's a pain to move those things on top of other personal items. And it's crazy expensive to replace all that. Not all homes come with those things included. Also get a good inspector, and not one the realtor suggests. That will cost you but can end up saving you tons of money if the place has some hidden problems, and they all do unless they're new. Most are small problems, but you never know. It would be awful to buy a place and find out the basement floods or the roof leaks after you moved in.



zacb
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16 Oct 2020, 10:35 am

Fireblossom wrote:
I don't exactly have a house, but I bought an apartment last week. Got the keys yesterday. For me, the hardest part was all the official paperwork, even though I got help from a pro. I'd recommend making sure you have someone like that to advice you, too.


My realtor was on the city council, reviews seem decent, and has about 13 years experience. She also seems to be knowledgeable. I was going to make a slightly lower offer (1k less), but then I don't want to haggle on everything. Could I have gotten a better deal, sure. But at the same time I wanted the number my realtor offered (I adjusted it by 1 in my head then the realtor said that as well and feel like if both side agree to it and there is potential equity in the house anyway, why wrangle over a slight rounding error so to speak). Also mine was a one bedroom condo, selling for less then the areas as it needs pain and bath and kitchen need a little work as they are dated, but on the upside the main floor is hardwood, so I am not going to complain about that honestly. It is also secluded, but close to a lot of things if I need it. The only downside is as of now the rent and payment differential is about 300, but in the future that may change so it might be a nice rental property in the future. Also I won't have to deal with sneaky landlords so all my money is going towards owning, not in someone else's pockets.



zacb
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16 Oct 2020, 10:36 am

FleaOfTheChill wrote:
I own my house, bought it about twenty years ago. I'm foggy on the details about getting the loan, but info from that long ago mightnot be relevant today anyhow. :lol:

For me, it was a better way to go than an apartment. The monthly payments were cheaper then and now compared to an apartment. insurance costs are included in the mortgage as are property taxes. i remember my downpayment was higher than I thought it would be and the quote the bank gave me about my monthly mayments was something like fifty dollars per month higher than the original estimate, but that wasn't a big deal. I bought an inexpensive house so it didn't end up being a deal breaker. I have a two story, four bedroom home and my house costs me half of what a decent but small apartment in my town would cost me. I also pay about the same in gas/electric as my daughter paid in her last little apartment. It's crazy. she didn't have to pay water though, I do.

I'd say important things when looking at buying vs renting, remember if something goes wrong, it's on you to fix it if you are a homeowner. There is no landlord if a pipe or refrigerator breaks. That's on you to fix. And things do break. That gets pricey sometimes. If you plan to move in the next five ten years, I'd say rent. Buying a house, you have to do things like get a lawnmower and sometimes a washer and dryer, dishwasher if you want... point is you buy or own a lot of big things and if you buy instead of rent again, it's a pain to move those things on top of other personal items. And it's crazy expensive to replace all that. Not all homes come with those things included. Also get a good inspector, and not one the realtor suggests. That will cost you but can end up saving you tons of money if the place has some hidden problems, and they all do unless they're new. Most are small problems, but you never know. It would be awful to buy a place and find out the basement floods or the roof leaks after you moved in.


It is a condo, so major things like the roof are taken care of. There are still a few things in the house that need to be worked on (carpet, paint, maybe remodel kitchen or bath), but outside that it has nice charm and is in a growing city.



AuroraBorealisGazer
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16 Oct 2020, 10:40 am

zacb wrote:

Yeah I have. I was expecting to try and do this later, but the rental market is becoming stupid. I figure I can have my family help me and pay them back later. I do have the assets in a brokerage account (some of which I sold), but I don't think it should be too much of an issue. Right now I am paying 1k for a hotel room, I think I can pay 795 for a house a month. Also the approval rates are better in my area and I have good credit so this should be good. I really wanted to put off buying for a bit the market is turning hot.



Yeah the rental prices are very high and seem to be getting worse (while wages stay the same)! We're in a rather sparsely populated and less desirable location, and our housing sucks because the better stuff is double what we pay. I've been looking at listings all over (in hopes that Fey might get a job far away and we can move) and it's even worse. Some places it's at least 2500 per month for a modest house in a safe neighborhood. I had hoped a silver lining to the pandemic would be a drop in sale prices but I've heard they're actually rising as a result :? . I wish you luck!



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16 Oct 2020, 10:59 am

Owning a place of my own is about the most important thing in my life. It provides me with a great deal of satisfaction and security.

I even took almost all the money out of my retirement account and paid off the mortgage so I would not have to worry about it. Now it is just insurance and taxes and repairs. These are relatively low except for the insurance.

So, from my point of view, owning a house is extremely important. Your view may be different. It sounds to me like you have your financial situation well under control and don't feel it necessary to spend money on other expensive items.

Good luck.


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zacb
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16 Oct 2020, 1:52 pm

AuroraBorealisGazer wrote:
zacb wrote:

Yeah I have. I was expecting to try and do this later, but the rental market is becoming stupid. I figure I can have my family help me and pay them back later. I do have the assets in a brokerage account (some of which I sold), but I don't think it should be too much of an issue. Right now I am paying 1k for a hotel room, I think I can pay 795 for a house a month. Also the approval rates are better in my area and I have good credit so this should be good. I really wanted to put off buying for a bit the market is turning hot.



Yeah the rental prices are very high and seem to be getting worse (while wages stay the same)! We're in a rather sparsely populated and less desirable location, and our housing sucks because the better stuff is double what we pay. I've been looking at listings all over (in hopes that Fey might get a job far away and we can move) and it's even worse. Some places it's at least 2500 per month for a modest house in a safe neighborhood. I had hoped a silver lining to the pandemic would be a drop in sale prices but I've heard they're actually rising as a result :? . I wish you luck!


Thanks!

Those QE dollars need to go somewhere! I am hoping I that i can lock in before it gets too bad, as the 2000's & 2010's already showed up.



zacb
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16 Oct 2020, 1:59 pm

blazingstar wrote:
Owning a place of my own is about the most important thing in my life. It provides me with a great deal of satisfaction and security.

I even took almost all the money out of my retirement account and paid off the mortgage so I would not have to worry about it. Now it is just insurance and taxes and repairs. These are relatively low except for the insurance.

So, from my point of view, owning a house is extremely important. Your view may be different. It sounds to me like you have your financial situation well under control and don't feel it necessary to spend money on other expensive items.

Good luck.


Thanks. Sometimes I splurge a bit and the hotel I have been staying at and the office have bitten into what I would normally spend on frivolous stuff, but otherwise I do try to save and put most excess cash in investing (and splurge on small trips). Also it is a condo so maintenance is not as much of an issue.



zacb
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17 Oct 2020, 3:29 pm

Made the offer and they accepted. Excited to see what comes next.



Last edited by zacb on 17 Oct 2020, 6:47 pm, edited 1 time in total.

AuroraBorealisGazer
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17 Oct 2020, 3:58 pm

^ That's great!

Now you will be able to share with us your tips :mrgreen: