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Come to my [house], be one of the comfortable people

18687899192100

Posts

  • bowenbowen How you doin'? Registered User regular
    Juggernut wrote: »
    Do people actually own homes? People who aren't billionaires? I feel like homeownership is a massive joke perpetuated by the Boomers to amuse themselves when they all got too old to go fight empire building wars.

    I'm looking at places in the area I want to move and rent is absurd (by Southern standards I guess, it would probably be reasonable for others but my state's income is like, $10-12 grand less than the national average so). Buying a home or condo or apartment is way cheaper IF you can drop the 20% downpayment. Where the fuck do I get $30k?

    What are the logistics of living in a dumpster?

    20% is a weird holdover from the 60s and 70s. No one has that much money unless they have a wealthy parent giving them the chunk, or they're DINKs.

    You want a 5% down payment and 5% for closing at a minimum (it probably won't cost you the full 10%). FHA only requires like 3.5% down payment (unless your credit score is truly awful). If you've served in the military the VA has some 0% down ones.

    If you're willing to live a bit more rural, you can get USDA ones with a down payment assistance loan that goes away after 10 years of living there (if you sell within 10 years you have to pay it back in full).

    I had 15k ready to buy a house, I talked the seller down to 80k, my closing costs with down payment ended up being like ~3500 when all was said and done (bank estimated it at 10k). So if your home market is like mine up here, and 100k-150k is what they go for, realistically 15k is all you need.

    You will be paying PMI for 30 years, but in my case it's only like $30 so not a big deal to my budget. You can refinance when you've built equity (>20%) and technically get rid of it but you might also have a higher interest rate with the way things are looking too.

    not a doctor, not a lawyer, examples I use may not be fully researched so don't take out of context plz, don't @ me
    JansonDoodmannpimentoBrainleech
  • Donovan PuppyfuckerDonovan Puppyfucker A dagger in the dark is worth a thousand swords in the morningRegistered User regular
    Juggernut wrote: »
    Do people actually own homes? People who aren't billionaires? I feel like homeownership is a massive joke perpetuated by the Boomers to amuse themselves when they all got too old to go fight empire building wars.

    I'm looking at places in the area I want to move and rent is absurd (by Southern standards I guess, it would probably be reasonable for others but my state's income is like, $10-12 grand less than the national average so). Buying a home or condo or apartment is way cheaper IF you can drop the 20% downpayment. Where the fuck do I get $30k?

    What are the logistics of living in a dumpster?

    Lmao, downpayment? Nah man,we all just shell out the extra for mortgage insurance. a 20% downpayment on our place would have been $78k.

    So we're paying off the mortgage insurance with interest added because we rolled it into the loan. I think we had a little under $5k to pay for things like broker's fees, inspection, and settlement. No deposit.

    bowenJansonPerrsunpimentoSlacker71
  • 3cl1ps33cl1ps3 I will build a labyrinth to house the cheese Registered User regular
    I'd say PMI is a scam but every fucking aspect of anything to do with banks is a scam so I'd just be repeating myself.

    JansonMichaelLCbowenschussDisruptedCapitalistpimentoCambiataDonovan PuppyfuckerBullheadSlacker71thatassemblyguy
  • JansonJanson Registered User regular
    We bought our house and all we had to cough up was 1% earnest money. We wrapped up the closing costs into our mortgage.

    We got a $320k mortgage, including closing costs, on a house that got valued at $325k, so we got the loan without any issue.

    I just try not to look at how little of our monthly payment goes towards the principle ;)

    PerrsunKnight_PeenDevoutlyApathetic
  • JuggernutJuggernut Registered User regular
    I have no idea what I'm doing. I've never seriously considered buying a place until like, 3 weeks ago. It's a lot to take in!

    Janson
  • IronKnuckle's GhostIronKnuckle's Ghost Registered User regular
    Some things to consider, in addition to prices:
    • Your commute. How easy is it to get to your job? Access to highways/public transit?
    • Where is the closest grocery store? Hardware store? Restaurant/bar/coffee shop options?
    • Access to parks/trails/other outdoors entertainment/exercise locations.
    • How important is noise to you? Do you prefer a quiet neighborhood, or are you ok with being near a major roadway?
    • If you're looking at a house, how much yard and garden do you want to look after?
    • How handy are you? Are you ok with fixing some minor things like paint and light or plumbing fixtures, or would you prefer to have a professional do them?

    tynicJansonbowenschussMichaelLCpimento3cl1ps3ElvenshaeSlacker71
  • Shazkar ShadowstormShazkar Shadowstorm Registered User regular
    Sadly in NYC you often need 20% down
    Sometimes rich people swoop in with all cash offers

    My coworker who is living with his wife and baby in a studio in Queens is trying to buy a place and realized after the fact that they had max financing of 75% and needed to now have an extra 5% more down than planned

    I’m still debating looking into buying though but with taxes and maintenance fees I still think renting makes more sense for me

    I hope to get my own place this year at the young age of 31

    poo
    tynic
  • tynictynic PICNIC BADASS Registered User, ClubPA regular
    The average downpayment for Cambridge in the last three years was something like 50-60% (and the absolute bottom end of the market is 650-700k for a studio).
    Cash-rich tech people causing all sorts of market problems, basically.

    3cl1ps3Cambiata
  • DoodmannDoodmann Registered User regular
    tynic wrote: »
    The average downpayment for Cambridge in the last three years was something like 50-60% (and the absolute bottom end of the market is 650-700k for a studio).
    Cash-rich tech people causing all sorts of market problems, basically.

    It still takes a while to save over 100k even if you're making over 100k.

    Are these tech people making like 100s of k?

    Whippy wrote: »
    nope nope nope nope abort abort talk about anime
    GrpAhic DeiGn is My PAssIon
  • tynictynic PICNIC BADASS Registered User, ClubPA regular
    edited February 2019
    You work at 300k+ for a few years and you'll have a solid nest egg. Plus stock option payouts when you change jobs can give you a big injection above and beyond your salary.

    There's also a lot of foreign investment income floating around, but I don't have the stats on how much that's affecting the market (common wisdom says it's a lot, though)

    tynic on
  • Shazkar ShadowstormShazkar Shadowstorm Registered User regular
    I am still shocked though in NYC because it's a big city, and even in like far out queens where my friend is, which is not a place where lots of big finance people or etc are going... who is affording housing

    Though I guess I recently read there's a big glut of unsold property so maybe that will be good for buyers now...

    Definitely foreign investment in luxury apartments has also been a huge problem in NYC too (and these luxury apartments often get major tax breaks to be built, because NYC housing codes and zoning laws are a byzantine mess of things)

    poo
  • AngelHedgieAngelHedgie Registered User regular
    Juggernut wrote: »
    Do people actually own homes? People who aren't billionaires? I feel like homeownership is a massive joke perpetuated by the Boomers to amuse themselves when they all got too old to go fight empire building wars.

    I'm looking at places in the area I want to move and rent is absurd (by Southern standards I guess, it would probably be reasonable for others but my state's income is like, $10-12 grand less than the national average so). Buying a home or condo or apartment is way cheaper IF you can drop the 20% downpayment. Where the fuck do I get $30k?

    What are the logistics of living in a dumpster?

    We managed to buy with 20% down, and the first thing I'll say is...we were lucky. I had support from my parents, and wound up living at home for a good while for a number of reasons, which allowed me to save, and I have a solid job that helped a lot.

    So yeah, I look at what's going on, understand how lucky I am, how much people who aren't are suffering, and that's why I want to make things better. Because people should not have to be lucky.

    XBL: Nox Aeternum / PSN: NoxAeternum / NN:NoxAeternum / Steam: noxaeternum
    lonelyahava
  • JansonJanson Registered User regular
    edited February 2019
    I’ve known many people my age to buy with 20% down. The vast majority of them either a) inherited the money or b) saved the money while living rent-free with parents.

    The ones who didn’t have help bought in the recession 10+ years ago in cheap areas and either saw their property prices boom, so they sold & bought much larger houses again, or they married, sold their houses and bought a bigger one together.

    Janson on
    I ZimbraAngelHedgieDisruptedCapitalist3cl1ps3Slacker71Doodmann
  • TheStigTheStig Registered User regular
    People from the bay who bought during the recession are moving out here. They sell their bay area house, which often sell for cash from foreign investors. Then they come here and buy a house that's twice as big costing half as much for cash.

    bnet: TheStig#1787 Steam: TheStig
    Jansontynicmightyjongyo3cl1ps3Donovan PuppyfuckerjkylefultonLoisLaneSkeith
  • JansonJanson Registered User regular
    8 years ago we briefly looked at houses in San Jose; at the time you could actually find 1-2 bedroom places for under $350k.

    We didn’t quiiiite have the income to make it. I sure wish we had!

  • TheStigTheStig Registered User regular
    Janson wrote: »
    8 years ago we briefly looked at houses in San Jose; at the time you could actually find 1-2 bedroom places for under $350k.

    We didn’t quiiiite have the income to make it. I sure wish we had!

    If I could go back in time I'd find a way to buy that house even though I totally couldn't afford it. Would probably go for like 900k+ now.

    bnet: TheStig#1787 Steam: TheStig
    JansonSlacker71
  • JuggernutJuggernut Registered User regular
    All of these numbers make me feel kind of queasy.

    MichaelLChonovereSlacker71
  • XaquinXaquin Right behind you!Registered User regular
    I'll give you a better number

    4!

    It's my lucky number but you can borrow it

    tynicbowen
  • tynictynic PICNIC BADASS Registered User, ClubPA regular
    Juggernut wrote: »
    All of these numbers make me feel kind of queasy.

    For psychological balance I advise browsing houses in SF, Seattle and New York for a few hours before coming back and looking at property in your area. It will make everything seem extremely reasonable.

    N1tSt4lkerXaquinJansonbowen3cl1ps3ElvenshaeStrikorCambiataDonovan PuppyfuckerjkylefultonschussLaOsLiiyaLoisLaneSkeithlonelyahava
  • pimentopimento she/they/pim Registered User regular
    Or, in Aus, move from Sydney to Perth. It all seemed so cheap!

    tynicJansonMcFodderDonovan PuppyfuckerSlacker71LoisLanelonelyahava
  • SharpyVIISharpyVII Registered User regular
    edited February 2019
    Also, just assume you'll spend at least twice as much as you think you will fixing up the house.

    That's an expensive lesson I learnt with our house, every time we fixed something another issue sprung up!

    SharpyVII on
    pimentoSporkAndrew
  • JuggernutJuggernut Registered User regular
    tynic wrote: »
    Juggernut wrote: »
    All of these numbers make me feel kind of queasy.

    For psychological balance I advise browsing houses in SF, Seattle and New York for a few hours before coming back and looking at property in your area. It will make everything seem extremely reasonable.

    I will not be doing that, thank you very much.

    That sounds like an "I stared into the Abyss and It started back" situation.

  • AngelHedgieAngelHedgie Registered User regular
    Juggernut wrote: »
    tynic wrote: »
    Juggernut wrote: »
    All of these numbers make me feel kind of queasy.

    For psychological balance I advise browsing houses in SF, Seattle and New York for a few hours before coming back and looking at property in your area. It will make everything seem extremely reasonable.

    I will not be doing that, thank you very much.

    That sounds like an "I stared into the Abyss and It started back" situation.

    It doesn't just stare back. It shows you it's tastefully staged sex dungeon.

    XBL: Nox Aeternum / PSN: NoxAeternum / NN:NoxAeternum / Steam: noxaeternum
    tynicN1tSt4lkerJansonFishmanpimento3cl1ps3SorceElvenshaeTynnanStrikorCambiataDonovan PuppyfuckerjkylefultonSporkAndrewThe JudgeSlacker71DisruptedCapitalistIronKnuckle's GhostAlexandierLoisLaneSkeithlonelyahava
  • bowenbowen How you doin'? Registered User regular
    Juggernut wrote: »
    tynic wrote: »
    Juggernut wrote: »
    All of these numbers make me feel kind of queasy.

    For psychological balance I advise browsing houses in SF, Seattle and New York for a few hours before coming back and looking at property in your area. It will make everything seem extremely reasonable.

    I will not be doing that, thank you very much.

    That sounds like an "I stared into the Abyss and It started back" situation.

    It doesn't just stare back. It shows you it's tastefully staged sex dungeon.

    That was an extremely reasonable mansion in PA!

    not a doctor, not a lawyer, examples I use may not be fully researched so don't take out of context plz, don't @ me
    Xaquinpimento3cl1ps3ElvenshaeCambiataKwoaruwebguy20IronKnuckle's GhostLoisLaneQuantumTurkThro
  • XaquinXaquin Right behind you!Registered User regular
    edited February 2019
    bowen wrote: »
    Juggernut wrote: »
    tynic wrote: »
    Juggernut wrote: »
    All of these numbers make me feel kind of queasy.

    For psychological balance I advise browsing houses in SF, Seattle and New York for a few hours before coming back and looking at property in your area. It will make everything seem extremely reasonable.

    I will not be doing that, thank you very much.

    That sounds like an "I stared into the Abyss and It started back" situation.

    It doesn't just stare back. It shows you it's tastefully staged sex dungeon.

    That was an extremely reasonable mansion in PA!

    Yeah, but I feel like a billiards table is something you use for a few months and eventually just wish you had the space back

    Edit: ha! I misread that!

    Xaquin on
    Elvenshae
  • 3cl1ps33cl1ps3 I will build a labyrinth to house the cheese Registered User regular
    bowen wrote: »
    Juggernut wrote: »
    tynic wrote: »
    Juggernut wrote: »
    All of these numbers make me feel kind of queasy.

    For psychological balance I advise browsing houses in SF, Seattle and New York for a few hours before coming back and looking at property in your area. It will make everything seem extremely reasonable.

    I will not be doing that, thank you very much.

    That sounds like an "I stared into the Abyss and It started back" situation.

    It doesn't just stare back. It shows you it's tastefully staged sex dungeon.

    That was an extremely reasonable mansion in PA!

    Honestly at $750k that place was a steal.

    bowentynicAl_watchromdomCambiataFishmanDonovan PuppyfuckerLoisLanelonelyahavaThro
  • CambiataCambiata Commander Shepard The likes of which even GAWD has never seenRegistered User regular
    We paid 20% on our house, but it was because my sister helped us out. Also I was 38 when we bought, so really I'm a dumbass for not having saved enough to do it myself. (Though I did have enough in my 401k, I could have borrowed against it, but I'm glad I didn't because I wouldn't have been able to roll the 401k over once I switched companies)

    While it doesn't seem that any rich were eaten. It definitely feels like a soup course with broth made from rich stock - bouillonaire if you will - was had.

    My Dragon Age Origins Let's Play

  • JuggernutJuggernut Registered User regular
    I very, very much dislike the idea of owing so really, for my own piece of mind, the more I could pay down on something the better. But also, it's not really realistic! Because cheesy Pete that's a lot of money to just slap on a table at once.

    All of this is very much up in the air right now so I'm just trying to lay the groundwork I guess. I don't have any student loan debt, my car is paid off and my current job pays well for this area. So with nothing more than a cellphone bill and like, Netflix if I moved back home and squirreled away cash I could probably have enough for a decent down payment in maybe 6 months. Not the 20% for sure, but I could do something.

    Basically, right now I'm waiting on a possible job/job hunting in general in a different city and depending on when or if they get back to me will kind of determine what I do. The ultimate goal is to relocate to that area so even if I don't have a job lined up I still might just give myself a 6 month window to save, research and shop around and then go from there. Worst case scenario I've just been sleeping on a couch at home and saving money for a few months which... it could be worse I guess?

  • bowenbowen How you doin'? Registered User regular
    The rule of thumb is if you plan to live in an area for >5 years (this can change if you live in a place like NYC), it is financially better to buy than rent. If you can get 10% in 6 months you're golden.

    Is your credit rating above 720 jugg?

    not a doctor, not a lawyer, examples I use may not be fully researched so don't take out of context plz, don't @ me
    ElvenshaeJansonschuss
  • JuggernutJuggernut Registered User regular
    Yeah actually I think so. Round abouts there anyway.

    bowen
  • IronKnuckle's GhostIronKnuckle's Ghost Registered User regular
    edited February 2019
    Cost of living/house swinging so wildly from one area to the next is one of the most confusing things. The cost of a home in a big city/metro area makes me about faint. You could buy a street full of homes here for the same amount of cash. Or drive out to the true middle of nowhere and buy several square miles of land.

    [edit] Course, I understand why. Ain't none of y'all want to live out here.

    IronKnuckle's Ghost on
  • bowenbowen How you doin'? Registered User regular
    Cost of living/house swinging so wildly from one area to the next is one of the most confusing things. The cost of a home in a big city/metro area makes me about faint. You could buy a street full of homes here for the same amount of cash. Or drive out to the true middle of nowhere and buy several square miles of land.

    [edit] Course, I understand why. Ain't none of y'all want to live out here.

    You should try it, it's very relaxing!

    not a doctor, not a lawyer, examples I use may not be fully researched so don't take out of context plz, don't @ me
  • IronKnuckle's GhostIronKnuckle's Ghost Registered User regular
    Buy several square miles of land, or think about big city prices and faint? I could see how both could be relaxing.

  • bowenbowen How you doin'? Registered User regular
    living in the country with several dozens of acres for sure

    think of all the dogs you could own

    not a doctor, not a lawyer, examples I use may not be fully researched so don't take out of context plz, don't @ me
    Bullheadjkylefulton
  • IronKnuckle's GhostIronKnuckle's Ghost Registered User regular
    I could build a workshop large enough to house every car I could ever want...

    bowenDonovan PuppyfuckerXaquinBullhead
  • Donovan PuppyfuckerDonovan Puppyfucker A dagger in the dark is worth a thousand swords in the morningRegistered User regular
    I could build a workshop large enough to house every car I could ever want...

    Hell yeah, a big-ass shed with room for like 4 hoists, a bunch of pallet racking along one wall, toolboxes, a parts cleaner, and shelving and cupboards along another wall, and a metal fab/machining workspace at the end with welders, press, lathe, sheet metal brake, sand blasting cabinet etc, a paint booth, a clean room for assembly with a mezzanine floor above it with a couch, a pool table and some pinball machines...

    IronKnuckle's GhostSorceBullhead
  • PhasenPhasen Hell WorldRegistered User regular
    A large sex dungeon with weird carpet. livin the dream.

    psn: PhasenWeeple
    bowenIronKnuckle's GhostBouwsTPeen
  • I ZimbraI Zimbra Worst song, played on ugliest guitar Registered User regular
    edited February 2019
    Phasen wrote: »
    A large sex dungeon with weird carpet. livin the dream.

    Do you really want to have to clean the carpet in your sex dungeon? Put some laminate in that piece.

    I Zimbra on
    pimentoJansonBanzai5150
  • IronKnuckle's GhostIronKnuckle's Ghost Registered User regular
    I could build a workshop large enough to house every car I could ever want...

    Hell yeah, a big-ass shed with room for like 4 hoists, a bunch of pallet racking along one wall, toolboxes, a parts cleaner, and shelving and cupboards along another wall, and a metal fab/machining workspace at the end with welders, press, lathe, sheet metal brake, sand blasting cabinet etc, a paint booth, a clean room for assembly with a mezzanine floor above it with a couch, a pool table and some pinball machines...

    Hell, at this point I don't even need a house. Throw a cot in there, a fridge, job's a good un.

    webguy20Donovan PuppyfuckerpimentoBullhead
  • XaquinXaquin Right behind you!Registered User regular
    edited February 2019
    I Zimbra wrote: »
    Phasen wrote: »
    A large sex dungeon with weird carpet. livin the dream.

    Do you really want to have to clean the carpet in your sex dungeon? Put some laminate in that piece.

    I think hardwood sounds more appropriate

    edit: oh we're talking about flooring!

    ha!

    Xaquin on
    I ZimbraBouwsTElvenshaeMichaelLCSorceJoolander
This discussion has been closed.