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Team_q posted:I might be the owner of a nice 3 bedroom bungalow on a corner lot on a quiet street with a weird 70's swinger bar underneath. Creepy, I just got the keys for my first house and it fits this very description. Mostly a smooth process, just a lot of waiting. Now I get to enter the cycle of updating the place by: gawking at estimates, deciding to diy, loving things up, resigning to even higher estimates... I only read the OP and back a few pages, so apologies if this has already been covered, but does anyone have advice on fencing in a backyard? I looked up some surveyors, but then someone told me to "call the county" (whatever that means - although maybe there are straightforward department numbers on the county's webpage?) and they might be able to reveal property markers for free. Does this seem legit?
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Nov 29, 2016 17:45
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minivanmegafun posted:I didn't end up hugging my seller, though half way through signing documents she unceremoniously dumped a baggie full of keys and garage door openers on the desk and informed us that the pipes freeze and to let the faucets drip if the ambient temp drops below 20 outside. I didn't meet the sellers of my house, and ended up getting my single key 10 days after signing and paying escrow (still waiting on reimbursement for those days since the delay was due to the sellers not being able to settle with their bank on a payout price - no idea why they had me close on my end so early), and no garage door opener. Plus, I got a notice from the water company that the utility was put in my name 15 days before I even signed. Obviously there wasn't a lot of usage in that time, but still!
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Dec 8, 2016 02:47
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Hydronium posted:This seems like a good middle of the road option, and the one I think I'll take. My gut says I'm not ready, so holding the course and reevaluating at the end of the year seems the best, even if prices may move a lot higher. Hello fellow Portlander! I just bought a house here, so I thought it might be useful to share my experience thus far. First off, I was in a fairly similar situation as you, with a few key differences. I wanted to buy for basically the same reasons as you (hate wall/ceiling neighbours and uncertain futures, and wanted to make sure I bought before I was priced out), but I was also renting a place that cost as much as my current mortgage (the rental market out here is crazy too, which factored into my decision to buy). My friend who was living with me at the rental is still living with me here and paying rent, but I made sure I could handle the mortgage on my own. I had saved a lot less than you currently have because I wanted to pay off all of my high interest student loans first, but I also bring home a bit more than you. So while my loan is kind of expensive due to the low down payment (I put down 3.5%), I snagged a very low fixed interest rate and the monthly payments work well for me, allowing me to continue to save a fair amount each month. I'm not saying you should do a low down payment option, just that it was kind of my only option and it was good for me. Plus, I had a decent amount left after closing, allowing me to handle unexpected costs. Of which there have plenty. Unexpected additional costs to do simple jobs, unexpected appliance purchases, plumbing issues, electrical issues. Basically, the hits keep coming, but because of my steady income level, I don't really have to worry about running out and not being able to do anything for months. However, an annoyance of these issues that's discussed less than the cost is the time. You have to be there or arrange for someone to be there when they do the repairs, or else risk setting out a key and letting strangers in your house (plus it's usually a good idea to keep an eye out to ensure that the work is being done properly and to learn from them). It's been one of the most stressful times of my life. That being said, sitting here in this living room, secure in the fact that no matter what happens to this house, I'm in control of making it right...I have no regrets. I have a few years on you, but honestly, I don't think you're too young, you just have to be confident you can handle it. I'm no better at this now than I would've been at 25, I just happen to be in the right financial place now. Now for some Portland-specific thoughts. I watched the market soar for three years before buying. I watched myself gradually be priced out of every neighbourhood west of 82nd. It was easy enough for me because I was already renting in outer NE and I wanted more property than most of the lots in close-in. But if you have your heart set on an inner neighbourhood, you're going to have to be ok with a terrible $/sq ft deal. I also found that getting a place in the right neighbourhood (for me) trumped a lot of my "must-haves" for the house/property itself. So these are all things to be juggled. However, as I started closing in on places this fall, there was a noticeable plateau in home prices. So I don't think there is quite the level of urgency that there was even a year ago. If you can continue saving at your current rate, waiting at least a year will probably be your best bet. But use the year wisely. Look as if you were buying, but don't get attached to any particular house (there's always another "dream house" popping up). Learn the market, drive/walk around potential neighbourhoods, get recommendations for realtors, mortgage brokers, tradespeople, inspectors (I have a great recommendation for this one if you need), etc. Also, it may take longer than you think, so have backup plans for the transition. I started shopping mortgage loans at the end of summer and started looking at houses in earnest in late September. I found a place incredibly quickly, it was vacant already (so no provisions for the current owners to stay - another thing to factor), and the sellers wanted a quick closing. I even got an appraiser super quickly (they say to budget 60 days to schedule one, but I was able to get one in 2 weeks). But that's when everything slowed down. My side took forever to get the loan finalized, then their side took forever to get the payoff finalized. I ended up getting the keys at the end of November. If you're renting, keep this in mind - you may have to budget for doubled up rent/mortgage payments, pay to break your lease, or stay with friends till things close with the new house.
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Jan 2, 2017 18:55
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BeastOfExmoor posted:Portland has had light rail transit for going on thirty years, but all I ever from people house hunting in Portland is how they need to live close to downtown. I'm not sure if it's just a strong cultural stigma associated with suburbs in the generation currently buying first homes or if there's more to it. Yes, it's this. Some people have legitimate concerns, like how many areas farther out were later incorporated into Portland, so infrastructure and neighbourhood planning are sub-par (no/intermittent sidewalks, rough roads [though there are plenty of those in the "cool" neighbourhoods too], mixed zoning). But I think anytime there's an invisible line dividing a town, it has to do with cultural bias. Don't get me wrong, a lot of Gresham is suburban hell, but there are some areas on the outskirts that have unique homes that are cheap just because the address is Gresham.
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Jan 24, 2017 21:36
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Problem! posted:I have a question about house showings and this seems to be the most appropriate thread. Like the others have said, (assuming there is no specific provision about it in your lease) you do not legally have to leave the house during a showing. According to Nebraska Rental Laws you are only required to give reasonable access. You being there and protecting your chinchillas does not impinge on that reasonable access. I'm sure it'll be awkward, but if I were you, I'd stick around the room with the chinchillas with a book or some work, and plan to not say much (you can just give non-committal answers if the potential buyers ask questions about the house, or answer them fully if you feel like it).
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Mar 3, 2017 16:00
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Photex posted:this is comforting, i'm having nightmares about three silly steps that don't have a railing on both sides. I got a FHA loan and my house had four steps leading from a sliding glass door outside with no railing. No comment was made on this issue - the only things that had to be fixed were covering exposed electrical wires in two spots and filling in some concrete around an old disused drain. And the wire issues were solved by the easiest fix ever - the seller basically just nailed up some hastily cut plywood over them (I fixed it properly later). So even if there are issues raised about the rail, it shouldn't affect the sale, since the seller could almost just tack a cardboard tube on the wall and call it a railing.
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Mar 8, 2017 17:50
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Spermy Smurf posted:Isnt a roof like 15k max? You are buying a 150k house in a 'really hot' market? If thats near the price it isnt that hot. Check yo math before you wreck yo math.
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Mar 31, 2017 02:35
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Spermy Smurf posted:I have decided to leave my stupidity for everyone to see. Haha yeah, I was a bit flabbergasted, even if the roof cost was on the lower side. Hot market indeed.
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Mar 31, 2017 14:27
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Hydronium posted:So now I'm pending on a lovely little 50s ranch in Portland that has a ton of features I didn't think I could afford: fireplace! third bedroom! great location! attached garage that isn't falling down! The inspection and sewer scope came back a-okay, the worst is the panel needs to be replaced, for which we're going to ask for closing cost credit. Fellow Portland goon here - who bought a place very similar to yours in November. My appraisal came back just fine, about 10k over my offer. I would imagine you'd be ok too, good luck!
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May 1, 2017 02:32
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Kirios posted:Those costs absolutely add up...before I actually looked at it and really crunched the numbers I spent hundreds of dollars per month eating out without realizing it. I'm not sure what you mean by hundreds of dollars, but let's say you mean $250/month (noting that you're talking extra, over the cost of eating at home). That's $3k a year. So it'd take you over 10 years to save up that $34k lump sum he received as a 19 year old to start his financial empire. It undermines his point of scolding millenials for squandering money when he never had to face the challenge of a soaring housing market & education costs (in the US at least) coupled with stagnating salaries without the huge advantage of a rich relative willing to drop a wad of cash in his lap. Faced with those challenges, it's no wonder some folks go for some instantaneous splurges rather than living like a pauper for 10 years just to scrounge up enough for a down payment for a house that will bankrupt them when the inevitable structural collapse and/or major appliance failure occurs. Being frugal is good and smart, but you can't become a millionaire by cutting coffee, artisinal snacks, and/or social outings if you have a middling salary and no financial godfairy.
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May 16, 2017 00:59
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cinnamon rollout posted:I'm looking for a house with an in law apartment, or space to add one in. I'm talking fill kitchen, eating space, living room, one to two bedrooms. I really have no idea how to go about finding what I'm looking for aside from going on Zillow or some such and using "in law" as a search term. Has anyone added an office n law suite to a house? How much did it cost? How long did it take? How much of a pain in the rear end was it? Do I have any chance of finding a house with one already built or if it going to be a long shot? How stupid am I for wanting to buy two houses in one? I think ADU (accessory dwelling unit) would also cover what you're looking for, and they're pretty common here in the pacific nw.
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Apr 20, 2018 00:31
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tangy yet delightful posted:Anyone who has looked into home buying in the greater Portland, OR area. I am looking for posts/PMs on recommended home inspectors you've ideally used before (or like a family/friend has). Our timeline may move up to a few months from now and I want to figure out who I can have in my pocket for an actual good inspection vs. a rubber stamp from a real estate agents friend. I used Chris Barry of Octopus Home Inspection and he was great - super detailed and walked me through everything that he found. I've been in my place for over two years now and no surprises.
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Jun 20, 2019 21:05
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Sirotan posted:I would probably be into it if the split levels around here had any unfinished basement space to speak of besides a maybe 10'x10' space for the mechanicals and washer/dryer. I need a basement so I can have a space to store all the crap I don't want to look at, sticking that into finished basement space which is visible from the dining room is dumb and bad. Oh jeez, yeah I'm not good on housing terminology, but that reads more like just a sunken room to the side, which does seem less than ideal. My house is some kind of tri-split, where the bedrooms\bathrooms sit on top of a daylight basement on one side and the living\kitchen\dining space is on the other side sitting about midway between the bedrooms\basement height-wise. The entry is at the living room, so you don't have to deal with the immediate "up or down" choice of some splits. The separation of living and bedrooms is ideal for my roommate situation and the basement (which is behind a door and down about 7 steps from the living room) feels huge since it's the same square footage as the 3br\2ba upstairs area. Lots of space for storage, laundry, a 3rd full or half bath (there are assorted fixtures there currently from a prior incomplete teardown, but im actually using it as a band practice space because I don't need another bathroom at the moment), and even a lounge type area. I know open floor plans are all the rage in those housing shows, but I dig the various areas the tri-split creates, and it makes the house seem bigger to me (it's under 1800 sq ft).
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Aug 6, 2019 21:12
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Popete posted:Also too the elderly couple that lived here before we bought the place, please figure out how to change your address. I'm getting way too many of your important looking letters and financial documents. I bought my house almost 3 years ago and still get letters for the previous owners (and I think their adult son?) from bill collectors, a bank, the IRS, Social Security Administration...It was a short sale, so I know they had financial troubles, but I'm wondering if they're legit in hiding from the government at this point.
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Oct 25, 2019 20:42
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With all the talk about interest rates finally dipping at least close to my current rate, I thought it might be a good time to look into refinancing to get rid of my PMI. Does this look like a good calculator to figure out if refinancing makes sense? https://smartasset.com/refinance/refinance-calculator This will only work if my house is appraised at a certain value (i.e., I'll only reach 20% equity if my home value has increased by a certain amount - about 44k - I'm no appraiser, but this seems possible given zillow\redfin estimates, which are well above that, and recent sales near me). Is that a red flag itself, suggesting I should wait till I've paid enough on the mortgage to reach 20% without refinancing to a higher loan amount (that's how this works, right - or am I misunderstanding)? I was hoping this is what that calculator I linked above was considering when giving its recommendation. Details: My loan originated 3 years ago, current interest rate is 3.625%, and it's an FHA loan because of my prior credit score, but my score is now hovering around 760. I don't plan to leave my current place for at least 5 years. Current PMI is $215. If any other info would be helpful, let me know. Thanks for any help, this stuff makes my head spin.
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Nov 4, 2019 00:32
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H110Hawk posted:You take out the same loan as your current mortgage balance, it doesn't go up unless it costs you cash to originate the mortgage which you don't have and they offer to roll it in. Normally they would just bump your rate slightly (perhaps 3.5% to 3.525-3.6%) and give you the couple grand in "credits" to make it cost you $0. If your house appraises correctly, potentially automatically (cheaper), then the PMI should drop off. Talk to a mortgage broker about your intentions and ask them to run the numbers for you. Saving $215/month should cover your $2-5k refi (it won't be $5k) quickly painlessly. If you at all have the couple grand, keep the lower rate and bank that $215/month in payback. Ohh, I see. I think I was confusing it with a cash-out refi when you want to get cash based on the increased value of the house. So the only real risk in my situation is potentially wasting money on an appraisal if it doesn't come back at the necessary value. I'll give my mortgage broker a call and see what she recommends. Thanks for the explanation!
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Nov 4, 2019 21:11
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GoGoGadgetChris posted:BRB gonna get two tin cans and a REALLY long piece of string Ooo, I'll take those recs, if you don't mind! I bought in Portland about 3 years ago so I'm starting to look at my more long-term projects now.
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Jan 19, 2020 21:13
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Zero VGS posted:Has anyone here ever done an FHA loan? I did an FHA loan, but just for a SFH, primary residence thing. It wasn't that bad, IIRC, the most involved asks were for additional smoke\carbon monoxide detectors to meet some standard (ended up being like 7 or 8 new detectors) and for some things to be covered up (old drain the basement that wasn't capped, light switch socket left open, hole under the fuse box exposing wires). These were mostly taken care of on the shittiest way possible (they stuck a piece of paper in the light switch socket) and that was enough to pass muster.
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Feb 29, 2020 01:31
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totalnewbie posted:Yeah, and it's a half mile from the beach as well, which is still just a little bit of a walk but come on, half mile to the beach. Hell just walk to the beach through the park - what a great way to spend the day. So I get all of this and what Leper was saying, but I still think it's understandable to balk at the price in general. Talking about spending an extra few-to-several 100k (I've gotta imagine labour and materials are expensive there too, and the whole point is to have nice finishes) to customize\build the place to your liking is talking about spending what people pay for their entire mortgage...for a nice place in a reasonably hot market. And this is after you've already spent 1.2 mil. I get it, it's a nice area, and rich people exist, but still, drat.
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May 29, 2020 23:07
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totalnewbie posted:The "extra" isn't really extra though. You would have paid nearly that much more for a fully done up place. Yeah, I guess I shouldn't have said extra, I just meant on top of paying an already expensive price. The point was just that 1.2 mil is a lot of money! Especially for essentially a tiny plot of land and a husk of a house! The fact that fully completed\done up places in the area are 2 mil or whatever is also staggering, it's just that that house basically shows the cost-of-entry to that area. I know some regions are just expensive and that's the normal situation there, but it still seems reasonable to marvel at that baseline cost, which is high even when comparing to fully completed high-end houses in popular cities in non-flyover states. Edit: Hadlock posted:People buying in the bay area, typically household income is way way north of $200k Yeah, I guess this is what I'm after, like holy hell, this thing exists which requires someone to make a salary that is astronomical. Sundae posted:Yeah, I didn't consider the Golden Gate Park aspect of it. It was more just "here's some studs and a cinderblock yard. That'll be a million please," making me laugh. Oh ok, here, Sundae said in one line what I couldn't in like 3 posts, haha. marjorie fucked around with this message at 23:52 on May 29, 2020 |
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May 29, 2020 23:47
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Hadlock posted:Apparently the UK has 95% LTV mortgages (5% down), whereas most americans need to plunk down 15-20% to get into a home, and it looks like UK interest rates are about the same Is it really that hard to get a house with a low down payment in the US though? Anecdotal, I know, but I'm in the US and ended up paying around 10k when I bought my ~300k house and I had a lot of choices for similar loans (ranging from 0-5% down) despite having not great credit at the time. Sure, my MIP (I did an FHA loan for a lower interest rate) was on the high end, but that's because of the credit score. If I had good credit, it seems like the PMI wouldn't have been that bad even with such a low down payment, and that could be removed after a short while in markets with increasing home values. Hell, after just 3 years my home value (and credit score) increased enough to allow me to refinance to a traditional loan with 20% LTV (so no PMI).
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Jun 24, 2020 15:57
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Insurance chat itt is pretty timely for me, as I've been discussing it lately with a friend. I've concluded that "sticking with the same auto policy/company that I got over 15 years ago as essentially a child and then getting homeowners insurance through them when I bought my house 3 years ago without shopping around" isn't the best strategy, so I'm planning to look into an independent agent to help out. However, I just paid my premium for the next 6 months of auto and my homeowner's is done via escrow and has a November renewal timeline. Should I wait until closer to the renewal dates to look into switching, or do they have reimbursement procedures for this sort of thing?
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Jul 2, 2020 18:51
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Andy Dufresne posted:I'm totally talking out of my rear end on this, but my experience has been that it's fine to change insurance at any time and they will give you a prorated refund. I don't know if that was specific to my carriers, related by the state, or whatever though. Ok, well it's probably something I should ask the agent anyway - if necessary I guess it wouldn't be too bad to check with them, then table things for a couple months if necessary.
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Jul 2, 2020 19:01
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Re: Gift monies chat, if I followed correctly, the reason this was brought up this time was because someone's friend offered to float the cash if a transfer didn't pan out in time. I understand that the situation is now moot for that person (and it was related to earnest money not down payment funds anyway), but as a thought exercise, I am curious how mortgage companies would handle that sort of thing. I get that, in general, it's just way easier to get all your money in place well before you close and not move things around during closing. But let's say someone does run into a situation as follows: down payment is $X, buyer has assets in an investment account (or other account that can't be directly distributed to outside parties) of well over $X, buyer transfers $X from investment account to personal checking in order to be able to wire the money, but something happens and it becomes clear it won't be available in time. With all the documentation of the transfer and account balances, it's clear that the buyer is financially able to complete the deal without assistance, so why would, say a 2 day, no interest loan from a friend to allow the wire to take place cause an issue if they can provide something similar to a gift letter that says it's a 2 day, no interest loan? Is it because as soon as someone goes into debt to someone else that other person has overlapping interests with the bank if the buyer doesn't pay back the loan? Is it not so much that the loan suggests the person can't afford the house on his\her own, but rather that the debt-to-income or debt-to-assets ratio briefly changes with the introduction of the loan, which affects the buyer's eligibility for the loan\quoted interest rate? Note: I know very little about the finance world outside of my limited exposure from personal endeavours, so apologies if this is dumb.
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Aug 10, 2020 22:04
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Sirotan posted:In terms of a real estate transaction, the only caveat I can think of is when my deed was signed it listed me as "Sirotan, a Single Woman" which felt like a bit of an attack imho Haha! I'm so glad someone else had the exact reaction I did to that wording. Inner Light posted:Any opinions on buying a house as a single person as opposed to with a partner (that you're ostensibly married to)? Might be too much of an individual type thing, but it seems like the large majority of posters are buying with a partner, and I wonder if there are caveats to buying as a single person I should be aware of if I'm considering it. To Inner Light: if you have the means, procedurally, there's no major difference in buying on your own versus with a partner other than it being somewhat simpler having only one set of financial history to consider. I mean I guess there's also the downstream consideration of a bit more risk versus a multi-income household (no cushion of a partner carrying you if you lose your job), but that generally falls under "if you have the means." Edit: I may've misread your question: if you're asking from the perspective of a married\partnered person whether there are considerations between buying on your own or jointly with your partner, I can't speak to that from personal experience. Though it seems the biggest thing is if you buy a house after being married, I believe it could end up being a messy asset for consideration if you ever split, depending on the circumstances, pretty much regardless of whether you buy it on your own or jointly. If you're not married, I think the thread's advice is pretty solidly: don't do a joint transaction. marjorie fucked around with this message at 21:10 on Aug 24, 2020 |
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Aug 24, 2020 21:01
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Hawkeye posted:It’s killing me inside that I closed on a 30 year about 1 month ago at 2.99% and people are now getting around 2.5%. Sundae posted:I closed 2 months ago at 3.5%. Yeah, I refinanced right when the rates started dropping in March and got 3.25. But I'm not kicking myself about it because my refi changed my FHA to a traditional loan, getting rid of the MIP in the process, so between that and the interest rate decrease (I was at 3.625), I've been saving around $300 per month these last 5 months. Plus, if the rates keep dropping\stay low, I can always refinance again next year!
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Aug 28, 2020 17:49
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I think the joke is just that there's only one photo (based on the original post - I didn't actually look up the listing) and it's terrible because it's nighttime so you can barely see anything about the house.
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Sep 25, 2020 00:10
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This reminded me of that Gainesville house listing with only one picture taken at night. This was just listed so maybe they'll add more later, but it just seems so hasty throwing this up with a faraway picture (not clear from the picture alone which house is actually for sale) taken during the recent wildfire smoke haze nightmare so it just looks awful.
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Sep 28, 2020 19:15
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H110Hawk posted:I mean it already has 3 all cash no contingency offers which average out to $655,000. Honestly, I wouldn't be surprised.
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Sep 28, 2020 19:51
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Hadlock posted:I think at this point we went from "housing is popular due to covid", to, "this is definitely a housing bubble" Out here it seems it's a mix of #1: folks from higher CoL areas (California) wanting to live in a cheaper place (e.g., while still scooping their high salary via remote work) and #2: investors from all over taking advantage of influx of renters here due to increase in housing prices due to #1. We've been trending upwards because of #1 for quite awhile, but I think it's accelerating because of increased remote work availability due to Covid.
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Sep 28, 2020 20:22
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GoGoGadgetChris posted:She wrote a letter back and said the asking price will allow her to retire & listed all the various hobbies she plans to engage in! They were probably pretty confused. This is adorable. As far as I can tell, the letter writing thing is just something buyers should probably do on the off-chance the seller is sentimental, because it shouldn't take that long and at worst it just won't matter. Some realtors even have form letter type things they customize a little and send off with offers as a matter of course.
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Oct 8, 2020 05:30
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These posts are just affirming that it would be dumb for me to "remodel" (I'll clarify below) my basement bathroom for pretty much the sole purpose of resale value. Right now my basement technically has a half bath - in that there's a funky black toilet and matching hair washing sink (? Or something - it's got an extended shallow side bit) in a busted free-standing vanity sitting in a big open area. So the plumbing is all there (there used to be a tub and a utility sink, so there is additional drainage and hookups), and I guess demo would be reduced because there's no flooring and limited fixtures, but they'd also have to put up a wall and a door to make the space work. I'd probably still be looking at a 40k+ project, and since the house already has 2 full baths (3 br), it'd be better to leave the basement unaltered and market as a clean slate you can totally remodel to your preferences!* *In about 7 years when you finally get around to it. marjorie fucked around with this message at 21:34 on Oct 16, 2020 |
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Oct 16, 2020 21:32
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The Big Jesus posted:I mean you can get a non-black toilet for like 400 bucks and some stock vanity Yeah, but it'd still be in the middle of a giant open space (no doors) and on concrete floors, so I don't see where that helps me or a future home-buyer (unless you just mean it's less of an eyesore, but I figure the costs to get someone to haul the old stuff and install the new stuff would still make this a multi-thousand dollar project that will not affect the house price). If the market here stays relatively hot, I don't think it'll be a problem to sell, just looking at whether increasing from a (technically) 3 br 2.5 ba to a real 4br 3 ba (or more specifically just setting up the downstairs so it looks like a livable space for guests\roommates and they don't have to imagine it) would be worth the cost.
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Oct 16, 2020 22:04
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Ok, you can't see the whole space, but this is the first picture I came across (it's actually the first picture on my camera roll!) and you can get an idea. And yes, this was my band's practice space before covid. E: I guess I misused "middle," I just generally meant it's part of a big ol open space rather than in like a bathROOM.
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Oct 16, 2020 22:52
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BRAKE FOR MOOSE posted:That's hilarious and I wonder what the hell the previous owner was thinking. If I were you I'd just put up a room divider when you sell and not worry about it otherwise. Yeah, and behind\beside the organ (on the same wall as the toilet\sink) is a faucet and drain left over from the utility sink that was there. Tbf, I think it was the a confluence of dumb decisions leading back to the original owners that led to this setup. The black toilet is practically original to the house (it's circa 1970; the house was built in '68), but the bump out with the stone wall was by the second owners (who apparently did that because there used to be an exodus door leading up\out that got broken into a bunch so they just sealed it up by erecting that weird stone wall and even weirder diy skylights above it). There is also some rumoured history of rampant sex parties when there was shag carpeting down there in the late 70s, so I think the previous (most recent, before me) owners just ripped out a whole bunch of stuff leaving this.
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Oct 16, 2020 23:19
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When buying my house, the wire transfer for the down payment was no big deal, but delivering earnest money to the title company ended up being my stressful moment. I lost the receipt (including a scanned copy of my check and an indication of my new house's address) somewhere on the streets of Portland. It's 4 years later and no stolen identity yet so I guess it was ok.
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Oct 22, 2020 01:57
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B-Nasty posted:Normally, the rule of thumb is that these kinds of large additions aren't worth it. That is, you'd be better off selling and buying what you want. However, this calculus changes if the land is what's truly valuable. Of course, not everything in life needs to be a strict dollar calculation, but the construction of an addition is pretty disruptive to day-to-day life if you're living there. I think this last part can't be overstated. I don't have personal experience, but practically lived through it with my officemate (we're pretty close, so I got daily updates). They had a pretty substantial reno including a nearly complete reworking of the interior layout (although no major square footage changes besides a small bumpout from the kitchen and some roof area lofting), and even though they had an ADU on the property they could stay in, things were still rough for them (a family of three). They basically had to pack up\store everything as if they were moving, deal with noisy construction, and be crammed in a garage apartment for the better part of a year. That being said, they were really happy with the outcome; it totally increased the workability of their house and made it something that would comfortably accommodate their kid's transition into an older kid\teen, plus they got to keep their double lot (pretty much impossible to find in a comparable location here). And the place looks fantastic. So it could definitely be worth it for you if you have the same uniqueness of location\land at play, but be prepared to get really cozy with your fam for a long time during it. And it's very likely going to be substantially more expensive than buying\moving to a different house that has your desired features.
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Dec 2, 2020 23:44
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I'll add to Hadlock's comment that you'll definitely have a better idea, for better or worse, after you have even just a few more in-person house viewings under your belt. I was stalking the market virtually for years before buying, but learned way more about what I wanted after starting to do drive-bys and then even more after doing in-person viewings. I also originally wasn't too hot on the house I ended up buying (it was maybe the 2nd or 3rd I saw in person) but realized its worth after seeing about 10 others (and I was lucky the market wasn't moving too fast in this particular area at that time). I don't know if this was just a weird thing about where I was looking, but the most surprising thing I realized was how many houses I decided to eliminate because they just reeked. This includes pet smells (like, clearly set-in cat piss), general mustiness, and one that was probably only bad because they had just ripped up all the carpet like a day before, but it was awful and I couldn't see past it (there were other issues anyway). Not to mention the one that looked adorable online but ended up having so much traffic noise nearby that I literally had to shout for my realtor to hear me as she was unlocking the front door. And the one that looked like it was in an earthquake with how uneven\sloping the floor was (not evident in the pictures). I wasn't and still am not an expert by any stretch, but I'd say I learned something about my tastes\what to look out for with literally every viewing.
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Jan 29, 2021 22:23
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Thanatosian posted:If the market ever starts to drop, I'm sure private equity will step in and insure that no one who just wants to own a place to live in will be able to take advantage of it. Just get ready for lifetime indentured servitude to your landlords. My understanding is that the only advantage of an FHA loan is lower interest rates for those with bad\sparse credit. If you can qualify for a traditional loan at close to market rates, there's no reason to go with FHA. Well, technically there's one advantage in that an FHA loan is transferable to other parties, so for instance if you're worried about selling your house down the road and think interest rates will be significantly higher, being able to transfer an FHA loan with the home could be a selling point. But that's such a fringe scenario I think it's mostly irrelevant.
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Mar 4, 2021 15:09
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I don't remember if this was being discussed in this thread or the ownership one, but I just came across a listing for a house that cures all your "basic grey/beige walls" fatigue.
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Mar 22, 2021 17:41
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