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Old 11-21-2003, 08:50 PM   #1
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house iam lookin at



brand new, only 239k

not bad....

i can almost afford the down payment they want... and its like 2 streets away from where i live.
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Old 11-21-2003, 08:54 PM   #2
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239k? Dude, I'm pretty sure I make more than you and I wouldn't even think about $239k for a house. You'd be under that debt and payments for a LONG time.
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Old 11-21-2003, 08:55 PM   #3
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offer them 238K, and with the grand you saved, buy cobra R chrome rims .
jk, that house looks nice, i wish i was old enough to buy a house ..good luck, maybe you'll be able to fit all your new sears tools into that 2 car garage!
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Old 11-21-2003, 09:42 PM   #4
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Quote:
Originally Posted by MaestroSC
239k? Dude, I'm pretty sure I make more than you and I wouldn't even think about $239k for a house. You'd be under that debt and payments for a LONG time.
you'd be suprised how much i make/have saved up.
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Old 11-21-2003, 09:51 PM   #5
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I wouldn't be surprised at all, nor do I really care about how much you make or have saved. I'm just giving you friendly advice based on my experiences which are > than yours. I paid $136k for my home and wish I had not spent so much on a house because now that the wife is not working anymore and I've lost that salary from her, the added baby expenses, insurance has gone up, and all kinds of unknown expenses have come into play, it hurts to make a large house payment. Sorry for the offense, none was meant.
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Old 11-21-2003, 10:00 PM   #6
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yeah, its quite a bit. its a nice house though.

i have a lot saved up right now, and i should be getting out of college making about 60-70k/yr, and im only gonna be looking for about a $100-125k house.
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Old 11-21-2003, 10:24 PM   #7
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Quote:
Originally Posted by Monkey
yeah, its quite a bit. its a nice house though.

i have a lot saved up right now, and i should be getting out of college making about 60-70k/yr, and im only gonna be looking for about a $100-125k house.
That is right. I make ~$60k and $136k for a house is tough, in hindsight I would have gone with a $115-120k like we originally looked at.


Here's an amortization on payment
$236,000.00
5.75% (good rate)
360 (term)
$1,377.23 (P&I)
+PMI ($100/month)
+Homeowners ($60/month)
~$1537/month

NOw you can avoid PMI by putting 20% down ($47,200.00). That amortization would be
Principle $188,800.00
Interest 5.75%
Term(months) 360
Pmt $1,101.79
+Homeowners ($60/month)
$1,161.79 (not too bad, but lots down)
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Old 11-21-2003, 11:32 PM   #8
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what is PMI? i was only gonna put 10% down on my house
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Old 11-21-2003, 11:38 PM   #9
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Private Mortgage Insurance. Required if your loan is more than 80% of the value of your home.

Oh, I forgot property taxes in there too. Ours are $75 month. Some states will differe in rate, most states have property tax.

So add another ~$75 to payment

PI
PMI
Insurance
Taxes

Oh, this is just a nutshell summary, but maybe do a search on PMI insurance http://www.hsh.com/pamphlets/mgicpmi.html
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Old 11-21-2003, 11:56 PM   #10
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ok, thats cool. ill have to talk to my parents before i do anything. heck, get them to cosign for the best possible interest rate. plus they'll know what to do for me.
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Old 11-21-2003, 11:57 PM   #11
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my house, well my parents house got appraised at 400k+ we bought it for like 250k+ or something, and just painted it and planted iceplant, and the price skyrocketed..... go figure...
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Old 11-21-2003, 11:59 PM   #12
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Quote:
Originally Posted by domin8stang
my house, well my parents house got appraised at 400k+ we bought it for like 250k+ or something, and just painted it and planted iceplant, and the price skyrocketed..... go figure...

my parents have a nice house, but it prolly lost over half its value since we got Black Mold (poisonous mold). insurance paid for everything to get it fixed, but just the fact that our house had it, dropped the value significantly
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Old 11-22-2003, 12:05 AM   #13
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in my town, 90% of the "lots" will not sell Under 200K. Fishers is a very weathy town.
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Old 11-22-2003, 09:28 AM   #14
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New Hampshire has no Income Tax or Sales Tax..

So guess where their revenue comes from??

Yep.... Property Tax.


I'm making about what Maestro makes, my house was $129k and things are still tight.. I couldn't imagine making enough to afford a $250k house.

Kick *** Charles if you can manage that.. But just make sure you cross all your 't's and dot all your 'i's.. Working non-career type jobs and having a quarter million dollars debt (ofcourse it's offset by the equity, which will be positive within a year) and a new kid and a new wife.. things can get stressful..

I'm not saying or suggesting not doing it, because that house will be worth $325 next year..

I bought mine in Nov of '01 and everyone thought we were stupid.. right after 9-11, the economy was going to crash, home values and prices were going to drop over the next 18 months..

Neighbor just sold his (townhouse like mine, only worse condition and not as many options) for damn near $170k..
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Old 11-22-2003, 01:27 PM   #15
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we bought our home in 90-91 for $40,000, come 2001 we got it appraised at 105,000. After that we got brand new carpet and hardwood floors in every room, now it's worth prolly 115,000. Which seems nothing compared to all of your homes. It's 1900 sq. feet. and a very nice middle class home, nothing fancy.

my girlfriends house makes mine look like ***. we have 3 bedrooms, she has 9.. or 10.. or 11, **** i dont remember. Her house was built a LONG time ago.. it's got a full size basement with a theatre and a bar and a payphone and slot machines and a poker table and a bunch of other ****, then the first floor has 2 living rooms, 2 bathrooms, a dining room, an entry way, a kitchen, an office, and 4 staircases throughout the house leading to the second story
upstairs there are the bedrooms, 3 bathrooms.. i dont even know, i still get lossed in the house every now and then. (each room has two doors, one that leads to a hallway and one that leads into the next room)

her brother is moving out this comming summer so she's getting the whole upstairs to herself. Her dad is a lawyer and drives a mercedes.. usually this stuff would make one happy, it makes me sad cause i feel poor.
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Old 11-22-2003, 07:36 PM   #16
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Okay I admit I didn't read the whole thread, but, obviously you guys don't live in cali. I live in the valley and little 3 room houses sell for 150k. Nicer houses with 5 bedrooms and big living rooms and stuff sell for 400k. In the bay area you can't even get a nice tiny condo for less than 800k.
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Old 11-22-2003, 08:21 PM   #17
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well duh. its all based on land value. my home is in a nice part of town and the land value is very high. but when i get out of school, i will only be making about 1/10th what my parents were making, so i cant go out and buy a luxurous house.
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Old 11-26-2003, 10:00 PM   #18
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Quote:
Originally Posted by Ken
New Hampshire has no Income Tax or Sales Tax..

So guess where their revenue comes from??

Yep.... Property Tax.


I'm making about what Maestro makes, my house was $129k and things are still tight.. I couldn't imagine making enough to afford a $250k house.

Kick *** Charles if you can manage that.. But just make sure you cross all your 't's and dot all your 'i's.. Working non-career type jobs and having a quarter million dollars debt (ofcourse it's offset by the equity, which will be positive within a year) and a new kid and a new wife.. things can get stressful..

I'm not saying or suggesting not doing it, because that house will be worth $325 next year..

I bought mine in Nov of '01 and everyone thought we were stupid.. right after 9-11, the economy was going to crash, home values and prices were going to drop over the next 18 months..

Neighbor just sold his (townhouse like mine, only worse condition and not as many options) for damn near $170k..


actually my dad knows how to do all this financing bs.
but iam not gonna get it. Still dont have enough saved.

my dad and his friend buy property rent it type of stuff. So they are
going to help us out about buying a house.

So when it comes to signing papers and what not, my dad will be there....lol

but like u guys said, iam def. scared about payments getting overwhelming.

oh well.
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Old 11-26-2003, 10:12 PM   #19
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Hey man, good luck. I know you'll make the best decision!
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Old 11-27-2003, 06:13 AM   #20
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Speaking of which, when's the wedding??
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Old 11-27-2003, 10:56 AM   #21
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Speaking of which, when's the wedding??

ha..

we still cant decide when and where to have it.
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Old 12-01-2003, 10:15 AM   #22
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I hope you were kidding when you said you "could ALMOST afford the down payment"
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