Buying a house
- Thread starter Meta4iCAL
- Start date
Congrats...I know it can be a little stressful...it was for me anyway.
I own a townhouse and a house. The townhouse is a bitch to own just because of the HOA and all the rules and nosy ass old ladies with nothing else better to do than to check how high your trees are growing or if you have a sticker on your window. It's quiet and the area kept up nice so that's a plus.
The house is nice cause it has a huge back yard (11,000 sq. feet)...for the bay area that's pretty good. Kids can run around and we can have people over no problem.
I own a townhouse and a house. The townhouse is a bitch to own just because of the HOA and all the rules and nosy ass old ladies with nothing else better to do than to check how high your trees are growing or if you have a sticker on your window. It's quiet and the area kept up nice so that's a plus.
The house is nice cause it has a huge back yard (11,000 sq. feet)...for the bay area that's pretty good. Kids can run around and we can have people over no problem.
Props:
S.SAVAGE and S.SAVAGE
ended up going with a house... I crossed out the condo/town home idea all together.
@ gimpypimp... not so stressful yet, I just had the offer accepted last night, I'm sure it will be over the next 6 weeks until I close... and I'm sure it will continue to be stressful beyond that. I'm excited, but kinda nervous because I'm taking on such a huge responsibility. I'm happy with my decision though
also... I was able to get a house that wasn't a foreclosure or short sale... which is crazy because this is literally the only house I saw that wasn't one of the 2. I'd say 60% were short sales, everything else was REO... and then there was this one. I'm glad I don't have to play that waiting game with the lenders for months and months
got the house for 10 g's under the listing price and they're crediting me 3% back for closing, so I'm happy with the offer
@ gimpypimp... not so stressful yet, I just had the offer accepted last night, I'm sure it will be over the next 6 weeks until I close... and I'm sure it will continue to be stressful beyond that. I'm excited, but kinda nervous because I'm taking on such a huge responsibility. I'm happy with my decision though
also... I was able to get a house that wasn't a foreclosure or short sale... which is crazy because this is literally the only house I saw that wasn't one of the 2. I'd say 60% were short sales, everything else was REO... and then there was this one. I'm glad I don't have to play that waiting game with the lenders for months and months
got the house for 10 g's under the listing price and they're crediting me 3% back for closing, so I'm happy with the offer
so I'm just bringing this thread back because I currently have about $80k in equity in just 2 years, so that's like I made an extra $40k on top of my annual salary each year over the past 2 years. That's for the people who said I shouldn't buy a home. Dude said my house would depreciate, when it actually appreciated by more than 40%. I have enough equity I might use it to buy another bigger nicer house, rent out the current one and profit like $6 - $700 a month from it... #thanku
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Congrats, that is something to be proud of. More power to you. I would say remain cautious though. I know the govt and media are saying this and that yada yada, but one of the areas I dabble in (property taxes) prove things are still quite ugly overall. What I am saying is there is an overabundance of deed owners out there not paying taxes, and that equates to too many people still having to walk away from their mortgages. Like I said, props to you breh, I hope things keep movin forward for you, but there is still alot of uncertainty going on in our ecomony overall and that is sending homeprices to a standstill prob for the remainder of Q1. In my opinion property is a key investment for every portfolio, so as long as you never overpay for it.
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Props:
T-Spoon and T-Spoon
Me and the wifey pulled the trigger on a house last year. I'm glad we did cause we locked in a low interest rate and property values have gone up a lot in our nieghborhood just in the last 6 months.
My advice, don't over extend yourself. Banks will still loan you more than you can pay back so you gotta watch out for yourself cause nobody else will.
Also, invest in a solid home inspector. The guy we had found all kinda shit that didn't meet code and was just generally janky. We were able to use his report to get the owner to fix that shit as part of the deal.
Another bit of advice, get a mortgage that you can pay off and have a little extra to make additional payments. Anything you pay over your base mortgage pays off the amount of the principle. So basically an extra $500 a month payment saves you 5,000 in interest over the years. An average loan of $350k adds up to like $100k in interest over 30 yrs. That's how they fuck you so get that shit paid off ASAP.
Finally, it's still a good time so get in if you can. The housing market is fuckin retarded in California so it will probably shoot up again. If you buy low it's all good. If you buy high you get upside down and are basically fucked for years. Happened to a lot of friends and family of mine and they hella bitter about their house to this day
My advice, don't over extend yourself. Banks will still loan you more than you can pay back so you gotta watch out for yourself cause nobody else will.
Also, invest in a solid home inspector. The guy we had found all kinda shit that didn't meet code and was just generally janky. We were able to use his report to get the owner to fix that shit as part of the deal.
Another bit of advice, get a mortgage that you can pay off and have a little extra to make additional payments. Anything you pay over your base mortgage pays off the amount of the principle. So basically an extra $500 a month payment saves you 5,000 in interest over the years. An average loan of $350k adds up to like $100k in interest over 30 yrs. That's how they fuck you so get that shit paid off ASAP.
Finally, it's still a good time so get in if you can. The housing market is fuckin retarded in California so it will probably shoot up again. If you buy low it's all good. If you buy high you get upside down and are basically fucked for years. Happened to a lot of friends and family of mine and they hella bitter about their house to this day
Make sure the risk you take don't cause you to lose everything. I had family members bragging & boasting & taking risks when things were good. Come a year later they were at my door asking if they can stay for 2 to 3 months. I bought what I wanted & have no intention on putting it at risk. I'll stay where I'm at.
I have the most awesome views. Like this one after I had told my 11 year old son to to be home before it got dark. He was across the street playing video games with his friends & came home trying to sneak in. I caught his ass slippin'.
I have the most awesome views. Like this one after I had told my 11 year old son to to be home before it got dark. He was across the street playing video games with his friends & came home trying to sneak in. I caught his ass slippin'.
I'm actually in the middle of buying a house right now, Offer accepted with seller paying closing costs, Inspection went great, he was actually impressed on how good condition the house is. Now waiting on appraisal and getting some grant money for down payment. also gonna be looking for insurance soon. it's a 4 bedroom single family
I'm actually in the middle of buying a house right now, Offer accepted with seller paying closing costs, Inspection went great, he was actually impressed on how good condition the house is. Now waiting on appraisal and getting some grant money for down payment. also gonna be looking for insurance soon. it's a 4 bedroom single family