log home...not as much as you think, especially if you can do some of the work, which most can
-
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??"You are wonderful, whitty, and wise, but you spend to much time reading this sort of TRASH."Comment
-
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%.God....I guess I was probably returning videotapes.Comment
-
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.Comment
-
Originally posted by 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!
Comment
-
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.Originally posted by Muzikman
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."You are wonderful, whitty, and wise, but you spend to much time reading this sort of TRASH."Comment
-
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.Originally posted by Muzikman
/I probably should read closer
God....I guess I was probably returning videotapes.Comment
-
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.Comment
-
sigh.. I think maybe I should leave the rest up to the man of the house....Originally posted by Muzikman
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?
"You are wonderful, whitty, and wise, but you spend to much time reading this sort of TRASH."Comment
-
So what's going on with the house? You guys find one yet?Comment
-
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....Originally posted by Muzikman
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..."You are wonderful, whitty, and wise, but you spend to much time reading this sort of TRASH."Comment
-
Originally posted by Cameo
I think after a month, they can't figure out the offer is accepted, I'd fire my realtor!Comment
-
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!Comment
-
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.
Comment
-
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
Comment
Comment