i put an offer on a house

[Olden Polynice]

i know this will be a lot of work and headaches

...Dude, you will have your own house. A hopefully permanent roof over your head. Privacy. Freedom to fuck up something without worrying about landlords. A space to grow. A retreat from every day life. The dream.

[Methuselah Honeysuckle]

keep your gay dongers out of my pool

No fucking way

[Mesarthim]

i know this will be a lot of work and headaches

...Dude, you will have your own house. A hopefully permanent roof over your head. Privacy. Freedom to fuck up something without worrying about landlords. A space to grow. A retreat from every day life. The dream.

yup. that freedom is worth it. you'll spend money on a house for sure - but compared to paying rent you'll be building equity and for most people that mortgage payment, even with taxes and insurance - ends up being less than what rent (these days anyhow) will cost you. I know for myself, my month to month income vs expenses went way down and I felt way more stable financially once I got a house. put whatever money you can aside cause you will need to occasionally drop a few $$$ on repairs (or learn to do it yourself), but again, it's worth it. plus it's yours - you can do just about whatever you want with it.

[agony bagony]

even learning to do repairs yourself you'll need to have extra money ready for tools and supplies and resupplying when you inevitably make mistakes

[Mesarthim]

2,532 sqft according to the site, i don't even know if that's considered a good amount. the rooms are kind of on the small side but there are a lot of them plus tons of basement space so no worries. honestly trying not to get hyped up until after the inspection happens, could be some deal breaking secrets looming in this place. i'll be much more excited if i get a green light after next week

our house is about 2100 square feet for three people and four animals and it's honestly a little more than we need

my first home was 1350sqft single story and for two people it was plenty. I'm in a 2 story w/ a basement now and it's about 2200 sqft - more than enough. 2532sqft is a a lot of space.

[Mesarthim]

i won't start losing my mind until after the inspection, the dude i hired is pretty hardcore, shit was expensive

it's worth every penny. even if there is nothing that is a deal breaker - it's good to know what condition things are in and if they need to be repaired/replaced or if they still have a lot of life in em.

if it ends up being something big sometimes you can even negotiate with the seller to lower the price a little - we had to do some major chimney repairs on our house and were able to get the seller to drop $5K as a result.

[Mesarthim]

even learning to do repairs yourself you'll need to have extra money ready for tools and supplies and resupplying when you inevitably make mistakes

that's true. but I know i've certainly reused some specialized tools i've bought here and there. pays to do a lot of research ahead of time.

of course I've also tried to DIY and then had to call in a professional when I got in over my head - so sometimes it's a wash.

[agony bagony]

aye, because tools are generally a one-time purchase the cost of diy will likely even out somewhat versus always hiring someone to do it for you

learning how to do all this shit is really rewarding when you have sufficient time to do it properly and a complete and total maelstrom of anger and hate when you do not

[Methuselah Honeysuckle]

i know this will be a lot of work and headaches

...Dude, you will have your own house. A hopefully permanent roof over your head. Privacy. Freedom to fuck up something without worrying about landlords. A space to grow. A retreat from every day life. The dream.

yup. that freedom is worth it. you'll spend money on a house for sure - but compared to paying rent you'll be building equity and for most people that mortgage payment, even with taxes and insurance - ends up being less than what rent (these days anyhow) will cost you. I know for myself, my month to month income vs expenses went way down and I felt way more stable financially once I got a house. put whatever money you can aside cause you will need to occasionally drop a few $$$ on repairs (or learn to do it yourself), but again, it's worth it. plus it's yours - you can do just about whatever you want with it.

Mine went up

But that was going from an apartment to a house

[zim]

i luckily have access to a ton of tools and what not, not super worried about that thankfully. i will have to buy a lawnmower and washer/dryer though which i forgot about

[agony bagony]

you do not have to buy a lawnmower and should never ever purchase such a ghastly thing

[zim]

grass gotta get cut tho

[agony bagony]

kill your lawn

[Noyka]

Chew it Zim, become the goat!

Or do xeriscape

[User]

niiiiiice zimbo

[agony bagony]

kill your lawn

[zim]

walked through with the inspector today, i get a full written report tomorrow. place needs some work but nothing needs done immediately. the work that needs done is stuff that would become problematic down the road if ignored though. i wasn't scared off but there's a little more work than i anticipated. will have to talk to some people because i really have no idea how much is too much when it comes to repairs/upgrades

[brandonfromohio]

How are the toilets? How are the pipes? Do you have a septic tank?

[zim]

no septic tank, city sewer. the house is a little weird, some of it has been upgrade and some hasn't. the first floor bathroom has good pipes/toilet. the upstairs toilet needs a new mechanism thing and the sink has a galvanized pipe which will need to be replaced eventually

[zim]

i feel kind of torn on this when i think deep about it. i can afford the mortgage, bills, and taxes and still have plenty of income. i do still have student debt however, that will kick in next february. it will be another bill but i should still be fine on money.

it just has me wondering what i should do. i was originally going to use the money i've saved up to pay off my student loans in full next year - i'd be broke after this but completely debt free. now i am considering using most of that money for a down payment on this house. if i go through with the house i'll still have all that student debt + a mortgage.

and all that just leads me to wonder about the instability of the housing market and timing. no one seems to agree on whether or not the market will crash. should i pay off my current debt first, save up again and just wait until i have enough for a down payment? if housing continues to go up will i have passed on a good opportunity to get in?

honestly don't know how to proceed

[droidspawn]

Personally, I’ve just never felt strongly about owing a house. Probably for the simple fact that I’m been single for forever until this year. The very first thing I did when I got my moms inheritance was pay off all my debt. Definitely the best decision I’ve ever made. Brought me such peace of mind and eased a ton of stress from my life. Obviously it’s the best investment one could make for themselves. But personally, I’m just not set on owning a house any time soon.

[jawn galliano]

i feel kind of torn on this when i think deep about it. i can afford the mortgage, bills, and taxes and still have plenty of income. i do still have student debt however, that will kick in next february. it will be another bill but i should still be fine on money.

it just has me wondering what i should do. i was originally going to use the money i've saved up to pay off my student loans in full next year - i'd be broke after this but completely debt free. now i am considering using most of that money for a down payment on this house. if i go through with the house i'll still have all that student debt + a mortgage.

and all that just leads me to wonder about the instability of the housing market and timing. no one seems to agree on whether or not the market will crash. should i pay off my current debt first, save up again and just wait until i have enough for a down payment? if housing continues to go up will i have passed on a good opportunity to get in?

honestly don't know how to proceed

what is the interest rate you're currently paying on your student loans? do you have a mix of subsidized and unsubsidized loans? if you can get away with a smaller down payment, it could be worthwhile to kind of split the difference. pay off the unsubsidized loans and ride the cheap subsidized ones out.

alternatively, if you were to just wipe the existing debt out in full, how long would it take you to save up another down payment? main advantage to buying right now is the historically low rates. as of right now it looks like next year will see the fed funds rate starting to go back up, but i don't think we're looking at going back over 2% until at least 2024 (at least going by the current projections; who knows what happens between now and then that could change the outlook)

[zim]

i have a mix of sub/unsub ranging from 3-6%, it would take roughly 7 years to pay them off with my monthly payment.

it would take about a year to save up for a down payment I think, maybe sooner with an impending raise. i do feel like ive rushed into this just because there's an opportunity and not so much because i wanted to. after the inspection i worry that after the investment into repairs/renovation over the next 5ish years I wouldn't see much of a roi when selling. there's probably 20k worth of repairs/upgrades that need to happen eventually and that's not including potential roof replacement which could be 20-30k due to the added complexity of solar panels or new things that pop up.

[User]

you seem like a pretty settled chap though zimmster so you may gain a lot of added value from just having a home

unless you cannot see yourself living your whole life there in which case it is purely a financial decision

[zim]

you seem like a pretty settled chap though zimmster so you may gain a lot of added value from just having a home

unless you cannot see yourself living your whole life there in which case it is purely a financial decision

i approached this one thinking I might sell it in 5 or so years and make a profit but i don't think ill be able to. its not exactly my dream house, would ideally like to live outside of town with some land

[Methuselah Honeysuckle]

They ain't making more land bud. Might as well buy some while you can.

[jawn galliano]

outside of town... with some land... where a bigger pool will fit

[agony bagony]

of course they are making more land, volcanoes erupt all the time

[zim]

he's got a point

[zim]

i reviewed the 150 inspection report today with some knowledgeable people, they actually advised me to pass because of the foundation damage. part of the cinder block foundation in the corner of the house has a severe crack straight through the blocks, not just a grout crack. they determined that it was repaired once but that didn't hold and it's still a pressing issue

fuck all this stuff

[droidspawn]

That’s a bummer, man.

[Noyka]

Damn yeah don’t fuck with foundation cracks

[rhino]

[zim]

At least you found out now and you're not stuck with it. Also you know what to expect if/when you decide to buy again.

i learned a ton from the inspector and he even gave me a really nice guide book for home maintenance / ownership, dude was legit