Home Ownership Appreciation Thread

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  • Started 4 years ago by shralp
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  1. blutters

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    Home Ownership Appreciation Thread   

    slipkid said:

    Truth, I was 32 when I finally bought a pad.
    Rented for eons some cheap some pricier places, but a lot of flexability in lifestyle.
    very important when you are right out of school too.

    also 32 when I bought. And I'm glad I waited. And I'm glad I pulled the trigger.

  2. contra

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    so this is finally public

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    homebuyer credit is for the lesser of 8k or 10% of purchase price, sux for detroiters.  

  3. blutters

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    contra said: homebuyer credit is for the lesser of 8k or 10% of purchase price, sux for detroiters.

    but great for those of us who get 8K

  4. contra

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     *high 5*

  5. slipkid

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     i got a 0% loan for under 7k. if my wife wasn't such a pain in the ass i would have waited the extra 9 months and got hte 8k and a differnet house.

  6. shralp

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    I bought 4 yrs ago when I was 23 yrs old. I was in my last year of school and my wife had been working for 6 months. No money down, low priced home, fixed rate mortgage. It worked out but was not ideal because we had almost no savings and a very limited income for 6 months. Now I am just feeling comfortable with our savings but wish we had waited a while before jumping into home ownership.

  7. Lhoosh

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    My girlfriend & I are looking to go with a 20% down on a small, low priced box in downtown. I am really not looking forward to what has always looked to me to be a damn near life long commitment to pay the bank, but neither of us have debt & house prices are still down quite a bit, so it kind of makes sense..

    I may back out of the whole thing yet though. I have some reservations about getting into a contract that is 15 years (62.5% of my time on earth so far) or longer in length....

    Good point on the rent not always being money wasted blutters. I know its something to seriously consider before jumping the gun. Have just been lazy to take initiative & do the calculations...

  8. Lhoosh

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    slipkid said:

    Rented for eons some cheap some pricier places, but a lot of flexability in lifestyle.
    very important when you are right out of school too.

    I want to go back to school.. /cry

  9. shralp

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    lhoosh said: My girlfriend & I are looking to go with a 20% down on a small, low priced box in downtown. I am really not looking forward to what has always looked to me to be a damn near life long commitment to pay the bank, but neither of us have debt & house prices are still down quite a bit, so it kind of makes sense..
    I may back out of the whole thing yet though. I have some reservations about getting into a contract that is 15 years (62.5% of my time on earth so far) or longer in length....
    Good point on the rent not always being money wasted blutters. I know its something to seriously consider before jumping the gun. Have just been lazy to take initiative & do the calculations...

     

    What you need to play around with is the loan amatorization schedule. This will make it easy to see how much interest you pay or the effect an extra payments will have on the loan.

    http://www.vertex42.com/ExcelTemplates/excel-amortization-spreadsheet.html

  10. Lhoosh

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    I have done a bit of playing with mortgage calculators, but they normally don't give many details.. That site looks like it has just what I need. Thanks!

  11. shralp

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    It gives a lot of good info and once you have a loan or mortgage you can just input your payments on the spreadsheet and have a glimpse at how many more payments you have. I've played around with this a lot and am putting an extra $100 per month on my 15 yr mortgage to shorten it by about 3 years.

  12. Dave99

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    contra said: homebuyer credit is for the lesser of 8k or 10% of purchase price, sux for detroiters.  

     
    so it's a tax credit?..Not really 8 k in cash?

  13. blutters

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     THe tax credit is an assumption, by the gov't, that an individual who qualifies, and has bought a house, has overpaid their taxes by 8K. The individual can then amend their 2008 taxes to show this, or they can wait until they file their 2009 return to claim it. Either way, 6-8 weeks later, 8K, bitches.

  14. Dave99

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    blutters said:  THe tax credit is an assumption, by the gov't, that an individual who qualifies, and has bought a house, has overpaid their taxes by 8K. The individual can then amend their 2008 taxes to show this, or they can wait until they file their 2009 return to claim it. Either way, 6-8 weeks later, 8K, bitches.

     
    just kind of wondering...because the cash for clunkers deal took a lot of people by surprise...Some thought they would get 4500 off the car and then they had to pay taxes on the "income"...Some had to pay two taxes..

  15. blutters

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     And there is tax on this 8K also, I assume. If you amend 08 taxes you will be liable for that "income" from 09. If you do it on your 09 taxes, you take the hit in 0h10.
    Anybody taken their 8K yet. I was thinking of doing it in another week or so, so I can get the money, pay my taxes, and then tuck that shit away for a rainy day (in minnesota) which will hopefully be snow in teh tahoe.

  16. goggles

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    Home Ownership Appreciation Thread   

    just finished having the OUTside of the house painted. went from old, discolored cedar shake shingles to navajo white with white trim and gray shutters. looks awesome.

    today the contractor started another job inside the house ...opening up the closets in what is now a spare room/office on the 1st floor, making them more open and accessible. then i'll paint the room, and we'll put in some sort of closet organization systems. we'll be moving back down here when baby #2 arrives in the next few weeks, so both kids are upstairs.

    and he's putting in new front and back doors on the house.
    and the landscaper comes in the next week or so to do a ton of stuff.
    then we get a new garage door.

    will post pics soon.

    if anyone needs a cigarette lit, i'm your man. burnin' hundy's by the hundy...

  17. shralp

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     Wow, lots of big projects goggs. Thanks for creating jobs for dozens of people. Looking forward to some pics.

  18. goggles

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    shralp said:  Wow, lots of big projects goggs. Thanks for creating jobs for dozens of people. Looking forward to some pics.

    keeping long island's legal immigrants employed since 2008....  

  19. Serraph

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    shralp said: I bought 4 yrs ago when I was 23 yrs old. I was in my last year of school and my wife had been working for 6 months. No money down, low priced home, fixed rate mortgage. It worked out but was not ideal because we had almost no savings and a very limited income for 6 months. Now I am just feeling comfortable with our savings but wish we had waited a while before jumping into home ownership.

     

    My little sis did the same thing when she was 21. Bought a house she didn't really like but could afford about 4 years ago right at the top of the bubble and now her house is worth about a quarter what she paid. Went in with my mom on a second house almost two years ago. Bought a fixer up in a great neighborhood for a great price and have really made it beautiful. Sadly, houses (admittedly smaller and not all fancy shmancy updated) in the neighborhood are selling for less than they bought for.

    I'm planning on buying this year (as soon as I get one of those job thingies) and I'm glad I waited even though I used to catch hell for being the only kid in my family without two houses. Jokes on them, I'll be getting the best deal of them all. And I got to do a shred season!

  20. Serraph

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    goggles said:

    shralp said:  Wow, lots of big projects goggs. Thanks for creating jobs for dozens of people. Looking forward to some pics.

    keeping long island's legal immigrants employed since 2008....  

     

    You hired union?  

    Any word on whether Nora is getting a little brother or a little sister?

  21. buggravy

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    shralp said:
    What other man tools are a must have?

     

    Can't believe this hasn't been mentioned, but dude, get a pressure washer.

    Cool thread. We bought early last year, and just finished a new landscaping job via our $8K in gubment cheeze.  

  22. shralp

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    serraph said:

    shralp said: I bought 4 yrs ago when I was 23 yrs old. I was in my last year of school and my wife had been working for 6 months. No money down, low priced home, fixed rate mortgage. It worked out but was not ideal because we had almost no savings and a very limited income for 6 months. Now I am just feeling comfortable with our savings but wish we had waited a while before jumping into home ownership.

     
    My little sis did the same thing when she was 21. Bought a house she didn't really like but could afford about 4 years ago right at the top of the bubble and now her house is worth about a quarter what she paid. Went in with my mom on a second house almost two years ago. Bought a fixer up in a great neighborhood for a great price and have really made it beautiful. Sadly, houses (admittedly smaller and not all fancy shmancy updated) in the neighborhood are selling for less than they bought for.
    I'm planning on buying this year (as soon as I get one of those job thingies) and I'm glad I waited even though I used to catch hell for being the only kid in my family without two houses. Jokes on them, I'll be getting the best deal of them all. And I got to do a shred season!

     

    Fortunately my house is still worth more than I paid for it. Awful that many aren't though.

  23. Boy

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    Home Ownership Appreciation Thread   

     Wood Floors is my next project. Deucen and I built a shop onto the side of the house and it is one hell of a man cave. Unfortunately we are surrounded by mud and with the el Nino it rained all season at the house. So the brand new carpets the house had in Nov. when we moved in now look worse than some rental houses I've lived in. Epic fail. They even carpeted the front entry way!? After that is some massive landscaping that will take at least a few years to my mind.

    As for the housing slump. I suffered through the worst of it in Bend 3 1/2 years ago. Frankly the writing was on the wall about what was coming. I find most of this quite amusing. Who buys into a market that is over inflated by 300% and then honestly believes they got a deal? Oh yeah, Californians

  24. contra

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    blutters said:  And there is tax on this 8K also, I assume. If you amend 08 taxes you will be liable for that "income" from 09. If you do it on your 09 taxes, you take the hit in 0h10.
    Anybody taken their 8K yet. I was thinking of doing it in another week or so, so I can get the money, pay my taxes, and then tuck that shit away for a rainy day (in minnesota) which will hopefully be snow in teh tahoe.

     post is 6 months old, but the credit is not taxable income. also, you will receive the $8k back even if you owe $0 in taxes/have no income

  25. Serraph

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    So lame that the 8K is over. Even lamer that California signed in a 10K credit that will likely be all claimed up by the time I actually buy.
    Oh well.

  26. red baron

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    serraph said: So lame that the 8K is over. Even lamer that California signed in a 10K credit that will likely be all claimed up by the time I actually buy.
    Oh well.

     
    you looking bay or mtns?

  27. Serraph

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    Well, there are no jobs in the mountains soo..... back to being a baydestrian.

  28. red baron

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     understandable...areas in mind?? There are definitely some great places to live in the bay.  

    EDIT: I say I'm not going back but if a job fell in my lap I'd almost surely move.

  29. peh760603

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    goggles said:

    shralp said:  Wow, lots of big projects goggs. Thanks for creating jobs for dozens of people. Looking forward to some pics.

    keeping long island's legal immigrants employed since 2008....  

     

    thought you were from brooklyn.. maybe 'cause the spumoni gardens thing.

    i grew up in woodbury.

  30. slipkid

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    just found a retired painter to take all our old dark brown stained doors and give em a sanding, a priming and two coats of white oil based paint. dude is practically paying me to do the job. he only charges $35 a door and $5 a door jamb. i spent all of last night bringing all 24 doors to teh garage, pulling off the hardware and applying some wood putty to the gouges.

    saved enough money on the paint project to get the tree service guy to cut down 2 more monsters in the yard. epic.

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