need some home buying advice

[jockhater2 10+ year member]

I see Renting as a waste of a lot of money. I can't bring myself to dump 750-800$ a month into a ****** apartment when I could have a mortgage for close to or cheaper than that.

Except you are responsible for all of your own repairs. And you aren't calculating in home owners insurance.

While renting. The landlord has to fix everything and no home owners insurance.

Plus. You have to pay land taxes.

When renting. land lord pays land taxes.

180,000 home has land taxes every year of about 4,000-5,000 here in wisconsin.

 

[Wingsfreak9 10+ year member]

This isn't a lowballing market anymore. Prices have adjusted and are going back up.

That's exactly why I want to buy now.

 

[Wingsfreak9 10+ year member]

Except you are responsible for all of your own repairs. And you aren't calculating in home owners insurance.
While renting. The landlord has to fix everything and no home owners insurance.

Plus. You have to pay land taxes.

When renting. land lord pays land taxes.

180,000 home has land taxes every year of about 4,000-5,000 here in wisconsin.

The houses I am looking at buying are under 125k with property taxes between 1500-2500 a year. I'm looking to keep my mortgage payment with homeowners insurance and taxes rolled in right around 700-750 per month. You gotta keep in mind I don't plan on living here for the rest of my life. 5-10 years tops and then sell it off for something better.

 

[Wingsfreak9 10+ year member]

You are right, I bought my 1st house a bit over 3 years ago. Just sold it last week, made a bit over my annual salary. Which all that money is now going into another house. I'm sure in a few I will end up doing the same thing.

Yup. That's why I want to buy now while the market is on the rise and sell when it peaks to make my money back plus some

 

[jockhater2 10+ year member]

The houses I am looking at buying are under 125k with property taxes between 1500-2500 a year. I'm looking to keep my mortgage payment with homeowners insurance and taxes rolled in right around 700-750 per month. You gotta keep in mind I don't plan on living here for the rest of my life. 5-10 years tops and then sell it off for something better.

Well there are more reasons why I wouldn't do it. But some may not agree with those opinions.

 

[basswiigee]

Except you are responsible for all of your own repairs. And you aren't calculating in home owners insurance.
While renting. The landlord has to fix everything and no home owners insurance.

Plus. You have to pay land taxes.

When renting. land lord pays land taxes.

180,000 home has land taxes every year of about 4,000-5,000 here in wisconsin.

don't know about all these other states but housing market is still crashed here, and I got wells fargo and like I said prior, I got homeowners and property tax rolled in to my monthly payment, bought my house in 2005, payment was 1200/mo, dropped about a hundred grand in value around 08, at which time we refinanced for value of home and now pay around 880/mo, 4bd house...

 

[Wingsfreak9 10+ year member]

don't know about all these other states but housing market is still crashed here, and I got wells fargo and like I said prior, I got homeowners and property tax rolled in to my monthly payment, bought my house in 2005, payment was 1200/mo, dropped about a hundred grand in value around 08, at which time we refinanced for value of home and now pay around 880/mo, 4bd house...

And I bet it's a very nice 4 bd house too and 900 a month isn't too bad realistically. Especially if you're fortunate enough to have two sources of income. Where abouts in Michigan do you live?

 

[bbeljefe]

Very useful and informative post. Very good point. Especially the low bidding part. Problem with that is I see a lot of homes getting snatched up as soon as they're put on the market with an offer at or above the asking price

That's only a problem for you if you're one of those people who makes irrational, poorly thought out decisions on the largest financial transaction you'll likely make in your life. Or, if you refuse to concede on any of your criteria. ;-)

There are homes available at a discount, you just have to look for them.

And let's face it, granite countertops and fancy cabinets are nice, but are they nice enough to risk losing and ruining your credit?

The housing market is still very, very unstable right now and the current group of sociopaths, er.. politicians in the White House are doing exactly the same things that led to the last crash. e.g., they are pushing the banks to lend at low down payments to people who can't afford to own a home. They've tried that already and it doesn't work.

All I'm saying is hey, let's not do the same shite that got us into this mess in the first place, again... and expect different results. I believe that's the definition of insanity.

 

[Silver-N-Black 10+ year member]

Well there are more reasons why I wouldn't do it. But some may not agree with those opinions.

Here in socal you pay the same to rent/own. So makes sense to want to buy .

 

[Wingsfreak9 10+ year member]

Here in socal you pay the same to rent/own. So makes sense to want to buy .

It would cost me just about the same as well. Just a lot of added bills that can be avoided through renting is the only difference really

 

[Wingsfreak9 10+ year member]

Build the taxes into your mortgage payment.
Problem solved.

That's what I plan to do. I'd rather not pay that all at once

 

[SethPhillips 5,000+ posts]

I bought a house at 20... it was the best thing I ever did. I was on a commission based pay also. its been 8 years. yard work *****.

 

[Wingsfreak9 10+ year member]

I bought a house at 20... it was the best thing I ever did. I was on a commission based pay also. its been 8 years. yard work *****.

Thank you. This is what I wanted to hear. I don't mind working around the house as long as I have some bud to smoke or cold beer in the fridge.

 

[SethPhillips 5,000+ posts]

Thank you. This is what I wanted to hear. I don't mind working around the house as long as I have some bud to smoke or cold beer in the fridge.

well you are gonna need alot of that ****...

I bought my house off a 80 year old lady. house was built in the 40's. i had to take about 3 layer's of wall paper off in every room even the closets. then paint the trim, wall's, ceilings, at least 4 coats just to get the finish the way i wanted. new carpet, tile ect.. every room only had one electrical socket, so i had to install a new electrical service / circuit breaker, all new plugs, switches and so on.. and this is just the first floor. basement i did new heat and a/c. insulation and so on.. its never ending.. once you think something else fixed another thing breaks or needs attention. it's a labor of love..