How did you know you were ready...

NYSpeed Automotive NYSpeed Off Topic
1

I’m sure this is a really, really retarded question.

For those of you that own a home, how did you know you were ready to purchase a home?
Aside from the people that threw their grandparents under a bus to take their home as inheritance and such of course. (I actually was thinking about waiting for my grandparents to croak, but I figure that’s kinda mean!)

I doubt there’s really an answer to this, so I feel pretty stupid asking it.
I’m just wondering when I should actually start poking around for loans.

I am feeling slightly foolish, as over the last few months I’ve dropped ~$10k+ on welding equipment which could have been used as a downpayment/closing costs and such. However I’m slowing getting a return on that through jobs… (I see it as an investment, however I’m still debt free)
Getting slightly tired of my 400sqft apartment :\ (actually it’s 440sq/ft i believe)

So did you guys get debt free, then decide to jump in to home ownership?
Or get married then buy a home?
Was it saving up enough for a downpayment?

!! ?

and another question.
Did you end up getting some fixer-upper kind of home?
If so, would you have prefered paying more for a finished one?

I’m well capable of fixing/finishing a home, but deciding if I want the hassle of it, while going through purchasing my first home…

2

If your credit is decent buy a house and stop throwing your money away. If your rdy your rdy. No other way to put it. Look for a double and let some fool pay your morgage.

3

Lol, I’m looking for something out country wise, so I don’t piss everyone off running my generator in the middle of the night welding :stuck_out_tongue:
Maybe not so much in the country, but where there’s space in between houses… More so than in the heart of Lancaster!

P.S.
Credit was just under 800 last time I checked, ~2 months ago.
But lacking a down payment is what will kill me I think.
and I don’t want to pay a fucking PMI… Since that’s almost as bad as renting -.-

Some days I’m really interested in it… then other days I’m like meh… I’ll stay here and save…
But then an hour later, I change my mind again…

4

ready, just to correct you.

and also renting vs buying is not always throwing away money.

5

Yup that can be true as well. Seeing as most of your first couple yrs is mostly interest anyways sometimes it isn’t always bad until you are 100% sure

6

I looked at my account and had 20% of what I was looking to pay for a home as a down payment.

My wife and I bought a relatively new house (Built in the late 80s) and it was well taken care of. No need for any fixing.

All the money I have dumped into my home so far has been for cosmetic upgrades as we don’t plan on leaving for a very very long time.

7

I was determined for a month…then it got boring really fast and i was just about ready to call it quits for a year when i stumbled up my house.

8

In for the info…I’ll probably start house hunting in the next year maybe two. I just got a new job and I think it’s about that time to get my own place. I currently have 30k+ in student loans so my plan is to hack those away as much as possible while saving for down payment/closing costs etc.

I think we might look for a foreclosure or a fixer-upper. Both mine and my girlfriends credit (unchecked) is probably extremely good.

9

I hate this argument. I pay $450 a month right now for rent. If I had a house right now, it would be $700+ a month for my mortgage, including a $400 or so a month tax, that I will never get back.

And… people say you have something to show for, or you can make money from the house, but it’s all funny money. If I buy a house for 80k, sell it for 100k 10 year later… all of the other houses have gone up 20k in those 10 years as well!

The only reason to own is so that you can customize the house to exactly how you want, and you can write off more taxes. That is it :slight_smile:

10

Sucky part about getting a new job is that most loan places want you to have 2 years of continuous employment at the same job.
I was like fuck you, I leave my shitty part time job while going to school, to go in my actual career field making over twice as much/hour and you tell me i’d have been better off getting a loan if I stayed making shit?

Some places are more easy to worth with (Moog EFCU) only wants 3 months continous, but 2 years verifiable.

And yea, I’m thinking about a foreclosure/fixer upper.
Except… on a place with some land. :]
and maybe a polebarn ;DDDDDD
Or I can get a steelbuilding and make it myself to save some cashhhh.

Maybe if you buy a fucking mansion.

11

Yeah I figured most places would look for 2 years of continuous employment. If you got the know how (which I really don’t) or at least have friends or family that can help you, a foreclosure can make you money in the long run. I am pretty sure you also get credits or tax breaks or something for purchasing them.

12

I was getting married in 6 mths and bought a fixer upper for a steal. i figured i could rehab it in the 6 mths and not have to deal with many wedding details as i’d be busy with the “house”. worked out well.

13

Im in for the info. I was lucky enough to move into my grandparents house when he passed away. For a while my cousin lived upstairs since its a double but then I bought them out when he decided to move out.

I am however starting to want move out of the city within the next few years.

14

Keep in mind that this is all situational. You are fortunate to pay rent so low. Some areas don’t have apartments so affordable, which makes buying a house the more sensible thing to do. Right now I pay north of $700/month on one of the cheaper apartments in my area. It wouldn’t take much more to be paying off a mortgage. What I’m curious about is what exactly is a good downpayment on a home?

15

For $700 a month??

16

Yes but you will have 100k in your pocket less mortgage.

Put 20% down on a house. You only investing in yourself. Always better than renting.

17

buy a fixer-upper with cash.

18

Yea, but how much rent money do you get back after 10 years?

Your arguement is flawed, google equity and see if it applies to renters.

I just put an offer in. I had a very large down payment from a deployment, finally got a stable job, and cleared all of my debt. I was casually looking, but then all of a sudden one house was just fuckin perfect. I couldn’t say no. I hope I score it.

19

Then he said 400/month for taxes or whatever he said.
Often that’s included in the mortgage… Or so what I’ve been seen/told.

So meh, that’s a pretty decent house.
especially since I’m looking at ~$500/month with taxes included… for a total around 50-60k.
90% change I’ll have to put dough in to it on top of that, but that won’t bother me.

20

Owning a home isn’t for everyone,for most single people its probably better to rent.If you plan on sticking around for 10 years+,raising a family…etc its good to consider owning a home.Job Security,repair costs,taxes,utilities,insurance…those all must be considered as well.