Buying house

[Cameo]

When buying your house did you go for the "new construction" type where you did not have to do anything to it (and ultimatley were not worrried abou the plumbing, heating, ect). But seem to be "cookie cutter houses" that are ment to be put up quickly.
or did you go for the "gently used" which was bulit in the last 5-25 years. Has been lived in, but not really worried about having to "update" anything, But have to sacrifice size.
or lastley did you go with the "victorian" things that are 30-150 years old that are full of old school character. Need a bit of tlc, tend to be less expensive and have larger rooms and living spaces..

We are troubled by these choices... I sway more twards the victorian that need tlc , he is going more for the new construction... seems the middle gently used is the comprimise we can come to. :confused:

[MarkM]

There is another way to convince the "other half" quite easily.
Ask him if he wants friends/family to stay over at times? The answer will be yes so you are halfway there....then ask if he wants to hear them closing doors and listen to them doing whatever they do at night (this cuts both ways ;)) new builds with stud work internal walls are all like this and most when you close the front or internal door vibrates around the whole house. Brick is always better, since you can put up shelves etc that you don't have to buy expensive special screws for and they will actually stay put unlike a lot of studwork walled properties.

[Muzikman]

Depends, can he fix the house if something should break? If he is not a handyman type person, I would avoid old. At the same time, a lightly used house is not 25 years old. a lightly used house would be between 5 and 10 years. If you buy a new house the value of that house goes up considerably after the first 5 years. This is because you WILL have problems with new construction. This is why usually a 5 year old house is more expensive than a brand new built house.

Also, even though they are cookie cutter houses, on new construction you can change things around (to a point) to suit your needs and or wants.

[Miscue]

Depends, can he fix the house if something should break? If he is not a handyman type person, I would avoid old. At the same time, a lightly used house is not 25 years old. a lightly used house would be between 5 and 10 years. If you buy a new house the value of that house goes up considerably after the first 5 years. This is because you WILL have problems with new construction. This is why usually a 5 year old house is more expensive than a brand new built house.

Also, even though they are cookie cutter houses, on new construction you can change things around (to a point) to suit your needs and or wants.

Yeah... like a dancing pole and disco lights.

[Muzikman]

cue, we really did not need to know you dress up like John Travolta and dance around a poll.

[SCpoloRicker]

http://imagecache2.allposters.com/images/PA/6850030.jpg

Unavailable for questioning


Back OT: I decided to buy new. I had originally been planning on buying a "fixer-upper" and working on it over time. I'm glad I didn't.

I work fairly long hours, and I don't think I would have the time to work on the house. I'm also not the handiest gent on the planet. (never ask me to tech your gun. almost steelrat level here, folks)

My neighboors across the street bought an older 50s bungalo, and its coming along, but they are working on it every weekend. I didn't want to make that kind of commitment.

[Enraged Monk]

well, im talking with my bro about this..and when he bought the last house he wants to own (btw i live with him) he bought a brandnew house. Well not exactly brandnew but like 15 yrs old, and had been remodled twice...Plus, when we looked at the house it was owned by a husband and wife who both played instruments, so sound does not carry or rebound off of the walls, well maybe a little bit. So, in short buy our house!

[Cameo]

Depends, can he fix the house if something should break? If he is not a handyman type person, I would avoid old.

He is actually very handy, Put in a new bathroom and kitchen in his old townhouse, only getting help with the electric and plumbing. The carpentry stuff he did on his own... Always showing me the pics and stuff soo he seems to be very pround of his work..
I tend to be more on the creative side and love to do as much on my own as possible (don't always do it right but i try). I love the idea of on old victorian brick house. To me the possiblities are endless.
After talking with him this morning I semi convinced him more twards the older homes. Told him that when we first move in it wouldnt be such a shock if the girl and boy children put the artwork on the walls because we would be painting and so on anyhow.. :nono: Also told him that we could start with the main floor and the master bedroom and make them our own. Then after a bit of time work on the other rooms one by one. In the end have a beautiful space that our freinds and family could enjoy too.. Not to mention that there would be more room for his gameroom/bar/music room because we would not need the space for storage or a bedroom....
I think I have him convinced, if not a second tour or the 3 victorian houses with an actually blueprint set up of rooms just might help..Not to mention the fact that I called today for prices on furnaces,plumbing, windows ect... :p

Never knew that buying a house was soo much darn work...

[Muzikman]

A lot of the older houses do not have forced air furnaces but boilers. Hot water heat is a great way to heat a house, but it's also harder to air condition, so watch out.

The other problem with going old and fixing it up would depend on how much work it really needs. If it needs lots of work, you gotta make sure you roll the cost of the initial repairs into the cost of the house (ya ever see the movie Money Pit with Tom Hanks?). ;)

[SCpoloRicker]

Never knew that buying a house was soo much darn work...

Wait till you start filling out all the paperwork... :mad:

/sign here, and here, and here, here too, initial, sign here, sign here, and here, and here, here too, initial, sign here, sign here, and here, and here, here too, initial, sign here, sign here, and here, and here, here too, initial, sign here, sign here, and here, and here, here too, initial, sign here,

[Lohman446]

Last house I bought I did with two signatures :D (and one was on the check)

[SCpoloRicker]

*shakes fist at Lohman* :)

Did you use a realtor or something? I did all my own research and financing, and it was a total pain in the neck. Seriously, I probably spent 8-12 hours filling out forms, meeting with loan officers, etc, et all.

[Lohman446]

I borrowed the money from a non-traditional source - had the check ready and told the realtor I was not going to sign more than once...

[Muzikman]

I borrowed the money from a non-traditional source

AKA...Loan Shark:)

Better make sure you make that payment, ya probably like having your knee caps:)

[Alley]

I have to go through 5 or six home closings a day....and I have to sign the checks too and my name is 22 letters long....... the horror the horror!!

[CasingBill]

log home...not as much as you think, especially if you can do some of the work, which most can

[Cameo]

Muz,
we are planning on getting the loan for about 50 grand more than what we are paying for the house... Brain wants a basketball court in the back yard and one of those really really nice swingsets. Not to mention the bar/gameroom/blah blah blah... another heavy point is an updated kitchen (not that it will ever be used or anything). Or maybe that is what all that extra money is for, to send me to cooking classes ::scratching head::
Anywho, two of the places do have boilers but at least in the one place it will be partially taken out and a forced air furnace with central air will be put in. The other part of the house looks to be ok with the boiler and just some window air conditioning units (as those spaces will not be used as often, ie. the mother in law apartment).
A pool was suggested but I opted against that, I take my kids to the swimming pool to have a bit of rest while they tumble through the water with all of the other kids. I definaltey do not want "the other kids" coming to my place. Not to mention the cost of upkeeping a pool. I told everyone it is either a pool or a pet, I am not much for taking care of both..the pet idea won.
How many times can you look at a house before your realtor gets annoyed with you??

[SCpoloRicker]

I would definately encourage adding any outstanding debts and/or planned projects into your loan amount.

I paid off my student loans with the house loan. Instead of paying interest by now, I can "pay it off" on the 30 year mortgage thats making 10-15%.

[Alley]

My suggestion is to forgo the extra money... 50,000 is an excessive amount to add on to any loan and instead opt for a 15 year mortgage. paying half the interest is always better.

[Muzikman]

I would definately encourage adding any outstanding debts and/or planned projects into your loan amount.

I paid off my student loans with the house loan. Instead of paying interest by now, I can "pay it off" on the 30 year mortgage thats making 10-15%.


No offense, but that is really a no no with the financial gurus. Just as home equity loans are not a good idea. Unless that $50k extra is going to increase the value of the house $50K right away it is a bad idea.

Think about it this way. The house is say worth $150K, you take out a loan for $200K, you turn around and in 5 years want to sell it...you are now stuck paying back money you don't have because the value of the house is not that much. $50K in home improvements is ALOT!

[Cameo]

No offense, but that is really a no no with the financial gurus. Just as home equity loans are not a good idea. Unless that $50k extra is going to increase the value of the house $50K right away it is a bad idea.

Think about it this way. The house is say worth $150K, you take out a loan for $200K, you turn around and in 5 years want to sell it...you are now stuck paying back money you don't have because the value of the house is not that much. $50K in home improvements is ALOT!

With 6 bedrooms and a mother in law apt getting 200 would not be hard in that area. The house could use some work inside and out... The 2 kitchens i think being the biggest expenses.. Next to that 2 of the 3 1/2 bathrooms could use a make over. Speaking with our realtor and another realtor whom I am friends with they both gave the same opinions on what the house could use.... the Institute hill/rits park area of butler houses are ranging from 190-350 so we would be in the correct ball field around 200...Right now there are no plans on moving in 5 years unless of course it was out of state.
the only thing we are trying to figure out is a time line. Brians lease for his condo is up end of september and we would want at least the furnace done before the move in... I am keeping my house (since i pay virtually notihig for it on a monthly basis), but we really do not want to move everything to my place/storage and wait out the repairs. Just trying to figure in time for the approval/closing/repairs ect.. sigh. I now know why the man is the head of the household.

[SCpoloRicker]

No offense, but that is really a no no with the financial gurus. Just as home equity loans are not a good idea. Unless that $50k extra is going to increase the value of the house $50K right away it is a bad idea.

Think about it this way. The house is say worth $150K, you take out a loan for $200K, you turn around and in 5 years want to sell it...you are now stuck paying back money you don't have because the value of the house is not that much. $50K in home improvements is ALOT!

Well, in your example you are correct. Most people wouldn't allow 25% of the loan for improvements. Mine was closer to 10% of loan amount. :cheers:

/I probably should read closer ;)

[Muzikman]

But that would only be is you got the house for $150K. If you add $50K more than the house is worth to the loan then you have to make sure that that $50K you put into the house truely raises the value of the house $50k. As for the selling it in 5 years, just because you don't plan on it doesn't mean it might not happen. Just things to think about.

[Cameo]

But that would only be is you got the house for $150K. If you add $50K more than the house is worth to the loan then you have to make sure that that $50K you put into the house truely raises the value of the house $50k. As for the selling it in 5 years, just because you don't plan on it doesn't mean it might not happen. Just things to think about.

sigh.. I think maybe I should leave the rest up to the man of the house....
I will now go back to trying to find carpet for my "double the area pre manufactured living space" that really needs somthing that is not orangish/red and shag...

Why is it that none of the stores like home depot and lowes allow you to shop online for carpeting? :mad:

[Muzikman]

So what's going on with the house? You guys find one yet?

[Cameo]

So what's going on with the house? You guys find one yet?

We actually made an offer on the house. But there was another offer that was made around the same time that i guess was better....that was just beofre IAO... I drove past it the other day and noticed that the for sale sign is still up. so i checked it out online and it is still listed.. I am guessing the toher offer fell through or what not.. My realtor is trying to figure it out....
I have 2 manila envelopes full of house flyers with personal notes written on them and disclosure forms..... We find one that we really like and realize it is in the boundries for a icky school (kids will only go to private school till 5th grade). Or we find one in a great neighborhood for a good price and it has on street parking... ect.. I am making appointments to see houses every other day or so (being that I have nothing to do). Even houses that I don't thihk will work i go to see just incase...
I did see 2 really nice places this past week that brian is now going to go see... The one has a pool (which we really are iffy about, upkeep and kids saftey are a big issue), doesn't have much room for the kids to play,but it is well in our price range. The other one is very nice exept for 2 of the 3 bathrooms need redone. it is at the higer end of our price range (which means I would probley need to get a 2nd job again~ kids school tutuion is a killer), and wold be about 15 minutes more of a commute for brian (he already drives just over an hour).

sigh.. the perfect one will come...

[Alley]

We actually made an offer on the house. But there was another offer that was made around the same time that i guess was better....that was just beofre IAO...

sigh.. the perfect one will come...


I think after a month, they can't figure out the offer is accepted, I'd fire my realtor!

[Recon by Fire]

There is appeal in both the brand spanking new construction and the antique with lots of charm. However when I buy a home, I do not like the idea of having to fix it or change very much! After all, you are spending a srious amount of money, why should I have to fix it then!? I say but the home that is a year or two to five years old. That way you get a good quality recent construction that has had any bugs worked out. My house now I bought it when it was 1.5 years old. Stay awa from"cheap" builders and go with a quality builder too. Do not skrimp on your home!

[Miscue]

I pay 175k for my 7 year old 2 bedroom condo... *sigh*

First thing I did was tear up the carpet, bust out the tile, fix the concrete, and put in wood laminate myself. Turned out nice. I'm the handy-man type and am not afraid of that stuff.

I also did performance mods on my toilets.

[Alley]

I think any house you buy, unless you have it built. You'll want to change something about it.... Most people just cant afford to after taking on such a task. It usually takes till they die to get their house perfect. Even then I think you just give up :)

[Miscue]

I went to UNLV because housing in Vegas was affordable... then this crap happened:

http://money.cnn.com/pf/features/lists/nar_4q/index.html#table

Housing went through the roof... (the median is over 300k now) I can't get a decent house without dumping $500k - I don't make anywhere close to enough to afford that. Yeah, other areas cost way more - but salaries are proportionally higher. My buying power basically is equal to maybe a first year school teacher from 3-4 years ago.

I kinda got astro-screwed. If I got a job out of high school, didn't go to college - I would be in financially much better shape... which pisses me off.

I really don't want to move out of state just because of housing costs... I'd be pissed off every day about that too.

Grrr.

[Cameo]

Median price in the Burgh is 107,00? That does not seem right.. We looked at some houses in Sewickely and the prices were like 800,000 for something comparable to a 120,000 where I live... Looked in Fox Chapel also... around 450,000...

Alley girl, My realtor just had a baby, we are giving her the benifit of the doubt...Also, she has shown us a ton of houses and works with our schedules.. The major problem with that house is the lady selling it is like 89 years old, I don't think she wants to give it up, her kids are pretty much forcing her to... such a sweet old lady, was there the one of the (4) times we looked at it, told the kids all sorts of neat stories.. hmm i wonder if they just rented an actor to do that to make people want it more?

[sbpyro]

I pay 175k for my 7 year old 2 bedroom condo... *sigh*


I'm jealous 175k wouldn't buy me a closet right now.
I've been looking for a couple of years and right now it is at least 350k for a 2 bdrm condo blah

[Muzikman]

Median price in the Burgh is 107,00? That does not seem right.. We looked at some houses in Sewickely and the prices were like 800,000 for something comparable to a 120,000 where I live... Looked in Fox Chapel also... around 450,000...

Alley girl, My realtor just had a baby, we are giving her the benifit of the doubt...Also, she has shown us a ton of houses and works with our schedules.. The major problem with that house is the lady selling it is like 89 years old, I don't think she wants to give it up, her kids are pretty much forcing her to... such a sweet old lady, was there the one of the (4) times we looked at it, told the kids all sorts of neat stories.. hmm i wonder if they just rented an actor to do that to make people want it more?


Sure, but then you have to look at the houses in Homewood and Wilkinsburg and their $20K price tags. In the Southwest PA area you should be able to get a decent older house for $100k and a decent new house for about $200K.

[SCpoloRicker]

re: vegas housing.

Vegas is one of the most in-danger home markets right now. I'd expect a price freeze, or even a depreciation spree within a few years.

Not that I don't live in one of the most in-danger home markets right now. :wow:

/no monthly adjustables people

[Recon by Fire]

You guys should move to Texas! We use illegal migrant workers for cheap to build our houses, LOL. Seriously, my Mom and her fiancee visited us this last winter and saw our house and were shocked at what we paid. My Mom;s fiancee is a contractor up north and he said he could hardly buy the materials for the house let alone build it for our cost :)

[SCpoloRicker]

Yeah, but you live in Texas...

/I keed
//I've heard Austin is actually a really cool town

[Cameo]

I don't know if i woul want to move outta the pittsburgh area... I mean I was meant to be here it is destiny with a name like mine....(Go STEELER'S). Not to mention that I have this darn entertainment book and I have all these cupons to use up here...

Now that I think about it i might be willing to move, but the place would have to have a great view for me to even consider it...