Pros vs. Cons - Buying a house with someone

[Dr.Stevil]

@boardjnky4

If you make enough money to pay the mortgage, you can spend however much money on a house as you want.

If the dude makes as much money as he leads on(lol), he should do whatever his heart desires.

Everyone who finally gets a real full-time job making decent money to live off of thinks they can afford everything in the world. The reality is that this world is expensive, and many young people will end up living well beyond their means just so that they can buy things that they think will make them happy.

Let him do what he wants, eventually he will realize that the money he makes, and the big promotion he got, really isn’t shit but standard income.

good point… god knows that most of us have been there

[boardjnky4]

hell yeah we have all been there

[Daddie]

Variable rates are a good think only if you sell them before they turn variable…

IE. 5 year ARM, sell house in 4 years.

PS. ARMs are usually not that helpful for those taking out non-jumbo mortgages. In many cases, it’s actually higher than a 30 year fixed.

http://www.docstoc.com/docs/2954428/5-year-arm

PLEASE READ THE ABOVE.

[Daddie]

@Jim1234664

yeah the only way that would make sense is if you refinanced before rates went back up, but then there are fees ect…

This is the general consensous… but you have to look at things a little differently.

Refi-ing isn’t that simple…

[theblue]

yeah… that’s how a lot of people got burnt… they did the arm expecting to refinance… but then their homes lost value and they had negitive equity so they couldn’t refi… then the ARM hit and BOOM.

[JustinH]

Why would anybody want to pay amherst taxes?

Seriously nuts.

You can get a new house built in wheatfield for a little more than half of that 250k number, and taxes will be cheaper also. Plus you would get more land.

Going in with a friend could be OK if it was drawn up right, like a business partner would do it.

Getting a bank to give you money would be harder. They wanted years proved of income, 5 years of tax returns, etc…

Finally its totally unnecessary to spend 250k on a house in buffalo…

125-150k would buy a very nice LARGE house that is pretty much new.

[cougarspeed]

ummmm point me in the direction of these 125-150k houses that are LARGE that are practically new. PM me if you want.

[Dr.Stevil]

@cougarspeed

ummmm point me in the direction of these 125-150k houses that are LARGE that are practically new. PM me if you want.

I was actually looking at houses. If you’re in the market for something in that price range, this seems like a really decent buy. 2700sq ft

http://property.buffaloniagarahomes.com/property/detail.cfm?mlnum=326751&property_type=1#

wish I could afford it

[double_j]

Once one of you gets a serious GF and wants to move on, it will get complicated. If you are partnering up to buy a house, it should be with a person that you at least plan on marrying.

[Minglor]

Sorry sweetie. We can’t buy the house together, The internet told me it was a bad idea.

[Choda]

@jimmyfloyd

I’d say get one just yourself. I had this same question come up, just with the girlfriend. It’s all in my name, and I can afford everything on my own if needed. This worked out better for both piece of mind, plus financially it kept me knowing I was not going to have issues should something happen. For expenses, I pay the mortgage, she pays the bills. Any improvements that stay with the house I do, anything that can be moved out, she’ll do.

In your case, having a situation similar will allow you two things. All money that you would spend on bills, could be put into savings/towards the mortgage.

Financially, where I see issues arising is when repairs/upgrades are needed, who has final say in that? Do you go cheaply, or extravagant? red or blue? They seem trivial, but they could end up turning into huge issues over the course of the living arrangement. What if he doesn’t want to spend the extra for granite over formica? Do you make him pay anyways, or do you pick up the difference?

Also, come sale time, there could be an issue with how you split the final costs/price.

To me, I’d rather be safe than take the risk in this situation.

exaclty what i did. i bought a house myself and moved thew gf in with me. i have everything in my name she pays me rent. it works out great that way. i know i can afford it by myself.

[cougarspeed]

@Dr.Stevil

I was actually looking at houses. If you’re in the market for something in that price range, this seems like a really decent buy. 2700sq ft

http://property.buffaloniagarahomes.com/property/detail.cfm?mlnum=326751&property_type=1#

wish I could afford it

Thats about the price range im looking at but see have a problem.

1. I am looking for a double so I can rent half and also have the option to keep it when I upgrade down the line.
2. I really can not live in the middle of nowhere. Im not too familiar with where that house was but im looking for Amherst, Town/City of Tonawanda(sp?), and Williamsville. Although i guess I could look elsewhere if the place/price was right.

[dubbin91]

This explains why your a finance manager at a car dealership because you can sell, and not a real finance manager as to one that actually knows about $

[Jim1234664]

@dubbin91

This explains why your a finance manager at a car dealership because you can sell, and not a real finance manager as to one that actually knows about $

yeah its basically a sales job where you try to sling warranties and service plans to people while massaging the balls of your bank reps so they will finance the subprime car loans you need

[Xander]

@JustinH

Why would anybody want to pay amherst taxes?

Seriously nuts.

IMHO You get what you pay for.

Not in the middle of fucking no where so you don’t have to drive 10 miles to get some groceries. (On-the-run isn’t a grocery store)

The area is well taken care of (roads are better ie. less potholes, better plowing/salting)

You don’t have to worry about your shit getting stolen like in the city

You don’t worry about your neighbor, in fact you are glad to have them.

Lots of parks, bike paths, dog parks, playgrounds, etc. etc.

Well kept buildings, no eyeswores, run down houses etc.

No complaints here, if you can afford them, they are worth it.

@Dr.Stevil

I was actually looking at houses. If you’re in the market for something in that price range, this seems like a really decent buy. 2700sq ft

http://property.buffaloniagarahomes.com/property/detail.cfm?mlnum=326751&property_type=1#

wish I could afford it

BARKER? You’d have to make a day trip out of it to go to the grocery store, no thanks.

You’d probably spend in Gas what others pay in taxes. LOL

X…

[Willybeen]

@Xander

IMHO You get what you pay for.

Not in the middle of fucking no where so you don’t have to drive 10 miles to get some groceries. (On-the-run isn’t a grocery store)

The area is well taken care of (roads are better ie. less potholes, better plowing/salting)

You don’t have to worry about your shit getting stolen like in the city

You don’t worry about your neighbor, in fact you are glad to have them.

Lots of parks, bike paths, dog parks, playgrounds, etc. etc.

Well kept buildings, no eyeswores, run down houses etc.

No complaints here, if you can afford them, they are worth it.

X…

Agreed. Well put.

[Dr.Stevil]

@Xander

IMHO You get what you pay for.

Not in the middle of fucking no where so you don’t have to drive 10 miles to get some groceries. (On-the-run isn’t a grocery store)

The area is well taken care of (roads are better ie. less potholes, better plowing/salting)

You don’t have to worry about your shit getting stolen like in the city

You don’t worry about your neighbor, in fact you are glad to have them.

Lots of parks, bike paths, dog parks, playgrounds, etc. etc.

Well kept buildings, no eyeswores, run down houses etc.

No complaints here, if you can afford them, they are worth it.

BARKER? You’d have to make a day trip out of it to go to the grocery store, no thanks.

You’d probably spend in Gas what others pay in taxes. LOL

X…

eh, some people like the boonies Plus, depending on the nearest neighbors, seems like a good place to setup a range

[boardjnky4]

@Dr.Stevil

eh, some people like the boonies Plus, depending on the nearest neighbors, seems like a good place to setup a range

Some people also like kid’s toys and old couches spread all over the lawn.

[Dr.Stevil]

uh, yeah… I guess that is true?

[theblue]

on the upside you could get a job in either Buffalo or Rochester and have the same commute. :lol: