Go Back   The Reef Tank > General Forums > Margaritaville
Register
View Poll Results: Do I going and get a house?
Yes, it is better in the long run, get a house.. 18 90.00%
I would wait for now, esp since you have no down payment available.. 1 5.00%
Heck, I am trying to decide that for myself! 1 5.00%
Voters: 20. You may not vote on this poll


Old 01-20-2005, 09:02 AM   #1
Jeremy1973
Crazed Fish Whisperer
 
Jeremy1973's Avatar
 
Join Date: Jul 2002
Location: Kansas City, MO
Posts: 2,611
Images: 1

Big Decision


Well, my lease ends April 31st. So, I am actually giving some thought to taking the big leap, and getting a house. But I need people's feed back. I would have no money down, so it would be a 100% loan, (or someone suggested an 80% and 20% loan to avoid PMI). If I renew my lease, rent will go up anywhere from 100 to 150 dollars a month. (Putting me at $650/mo rent). Suggestions? Feedback? Should I? Should I wait? Drawbacks?
__________________
Instead of just building a reef in my home...I so wish I could afford to build my home in the reef!
Jeremy1973 is offline   Reply With Quote
Old 01-20-2005, 09:04 AM   #2
Phishnoob
Oh no...not again!!!
 
Phishnoob's Avatar
 
Join Date: Feb 2004
Location: Colorado Springs
Posts: 9,943
Images: 725
You will get the tax benefits. If you use turbo tax or something do a practice return as all of that money is interest for a long time and is deductible.

Wow that mortgage is the same as my car payment. Houses cost $600,000 out here to get started and up from there.
__________________
Perry


Fellow of RSTK (Royal Society of Thread Killers)
Phishnoob is offline   Reply With Quote
Old 01-20-2005, 09:05 AM   #3
Jeremy1973
Crazed Fish Whisperer
 
Jeremy1973's Avatar
 
Join Date: Jul 2002
Location: Kansas City, MO
Posts: 2,611
Images: 1
Please disregard my poor use of the English language in the poll question. heh heh See how worked up I am over this!? I can't even type correct English!
__________________
Instead of just building a reef in my home...I so wish I could afford to build my home in the reef!
Jeremy1973 is offline   Reply With Quote
Old 01-20-2005, 09:15 AM   #4
Mrs Smith
Banggai Mommy
 
Mrs Smith's Avatar
 
Join Date: Jan 2002
Location: Orlando, FL
Posts: 2,395
Images: 8
Well...


Buying a house was a good decision for us. Where would you be looking? (Come to Indy with us!) There will be a lovely home for sale in Lenexa soon, although it may be a little more than you are looking for... It's also a looong drive, considering where you work. JoCo taxes are pretty high, too.

At $650 a month, I'd be building the equity and getting the tax break, personally. Of course, you do have to deal with maintenance... but it's yours, which makes a big difference in my mind.

Go for it!
Let us know if you have questions - not that I'd remember, but we'll be going through it soon again, too.

Danielle
__________________
BRW and Proud of it!
230g Softie Reef with 3 x 250W MH + actinics
Mrs Smith is offline   Reply With Quote
Old 01-20-2005, 09:19 AM   #5
Mrs Smith
Banggai Mommy
 
Mrs Smith's Avatar
 
Join Date: Jan 2002
Location: Orlando, FL
Posts: 2,395
Images: 8
Quote:
Originally Posted by Phishnoob
Wow that mortgage is the same as my car payment. Houses cost $600,000 out here to get started and up from there.
Yeah, and we live in the cheap midwest. I could buy a 5 bedroom historic home with a 3 car garage and old trees in a great part of town for 600K. I can't imagine forking over that much for a starter home. Of course, we don't have California weather, but we still like it.
__________________
BRW and Proud of it!
230g Softie Reef with 3 x 250W MH + actinics
Mrs Smith is offline   Reply With Quote
Old 01-20-2005, 10:12 AM   #6
Phishnoob
Oh no...not again!!!
 
Phishnoob's Avatar
 
Join Date: Feb 2004
Location: Colorado Springs
Posts: 9,943
Images: 725
I shall remember that this is a family forum and hold my tongue.

We are moving though as soon as our company is sold (I wear golden handcuffs) to a resort in Idaho. They just released a new report on housing vs. income and the ten places that the least amount of people could afford a home were ALL in California.
__________________
Perry


Fellow of RSTK (Royal Society of Thread Killers)
Phishnoob is offline   Reply With Quote
Old 01-20-2005, 10:55 AM   #7
Minnreefer
A goof
 
Minnreefer's Avatar
 
Join Date: Jan 2000
Location: Plymouth, MN USA
Posts: 2,923
I would first talk to a mortgage person, try to find one that someone recomends. I think that buying a house is a VERY smart decision, if you want to get ahead in life, that you can buy a house that won't strain your budget too much and if you have a stable job/income.

Jon
__________________
Looking to buy or sell your home? Please visit us at http://www.hannarealestateteam.com for information or for a personal referral to a great realtor in your area.
Minnreefer is offline   Reply With Quote
Old 01-20-2005, 11:19 AM   #8
Melissa
Skimmer and Reactor
 
Melissa's Avatar
 
Join Date: Jun 2004
Location: East Atlanta Village
Posts: 1,657
Images: 31
It's a great investment. I would say, if you have good credit, go ahead and get pre-qualified. I bought my house with 0 down. It's my first house and I'm single middle class. You'll spend enough in closing costs and getting lawn mowers, setting up your interior the way you want it, any improvements and all that you'll want to save up some money anyway.
__________________
My Old Tank - RIP

My New Tank
Melissa is offline   Reply With Quote
Old 01-20-2005, 11:40 AM   #9
Casey
Eat more PIE
 
Casey's Avatar
 
Join Date: Mar 2002
Location: Florida Panhandle
Posts: 18,611
Images: 112
Go 4 it rates are great now.
__________________
Double your drive space. Delete Windows

Casey is offline   Reply With Quote
Old 01-20-2005, 12:14 PM   #10
Junkzoo
Look deeply into my eyes
 
Junkzoo's Avatar
 
Join Date: Aug 2001
Location: Location, Location (NW In.)
Posts: 16,826
If you can swing it, by all means get a house,,,renting is good only for the landlord,,,the renter gains nothing, but a roof over them,and nothing when they leave,,(no equity)
I'm 46, got my first home 10-12 yrs ago, b4 that was renting a house that was owned by my parents,,a lil better than a regular renter situation, but still walked away with pretty much not dime one from renting for 10 yrs ,when i got married ,and bought a house..
Depends where you want to live also, cost of living is really varied by locale
Good luck!
__________________
Jeff
If you ever got irritated by angel hair, you ARE a OFR
And if you don't know what angel hair IS, you sure ain't one either
1st generation J-Crowd member
PRG Member since '09


Junkzoo is offline   Reply With Quote
Old 01-20-2005, 01:06 PM   #11
Jeremy1973
Crazed Fish Whisperer
 
Jeremy1973's Avatar
 
Join Date: Jul 2002
Location: Kansas City, MO
Posts: 2,611
Images: 1
Waiting to hear back from a mortgage person to see what I qualify for and at what rate. The quote I would get would only be for the Kansas side, so I would need to have someone else check for me on the *shutters* Missouri side.
__________________
Instead of just building a reef in my home...I so wish I could afford to build my home in the reef!
Jeremy1973 is offline   Reply With Quote
Old 01-20-2005, 01:23 PM   #12
mnreefgeek
Keeper of the stick
 
mnreefgeek's Avatar
 
Join Date: Mar 2003
Location: Farmington
Posts: 1,708
A cheaper option, what I did, in most instances is to go with a townome. It gives you all of the benefits of home ownership with the extra perks of not having to deal with any exterior upkeep.

I was also able to finance 80/20 with rates in the low 6's with no down. It is possible.


Good Luck!!!!!
__________________
Want to see thousands of reef tank and diving pictures? Goto a library.
mnreefgeek is offline   Reply With Quote
Old 01-20-2005, 02:01 PM   #13
cath
Birthday tracker
 
cath's Avatar
 
Join Date: Jan 2000
Location: Spartanburg, SC USA
Posts: 19,709
Images: 289
A townhome is a good idea, but do watch out for regime fees, which can be $100/month over and above your house payment. Frankly, I'd like to go that way, but the regime fee scares me off.

Getting a 100% loan isn't all that bad, nor is PMI. I'm sure your mortgage professional can tell you about deals to help first-time buyers.
__________________
cath

-La Dolce Vita
Proud member of the BRW crowd
cath is online now   Reply With Quote
Old 01-20-2005, 02:31 PM   #14
Big Dave
Hail to the Redskins!!
 
Big Dave's Avatar
 
Join Date: Jan 2002
Location: Gresham, OR
Posts: 1,133

Go for it!!


You will not regret it! It is a great feeling to be able to be Master and Commander of your own little 100'x100' country!! Ok, that sounds a little over the top but you get the idea! You can paint a room any color, chop down trees, build a shed, widen the driveway, run your plumbing through the floor or wall to your 'fish room' - all without getting the OK from the landlord!!

Just think... IN-WALL FISH TANK!!!!

HTH
-Big Dave
__________________
There's nothing like feeding your starfish for your party guests!!

120 Reef
SDSBBNR (sorta deep sand bed but not really)
Big Dave is offline   Reply With Quote
Old 01-20-2005, 03:07 PM   #15
Jeremy1973
Crazed Fish Whisperer
 
Jeremy1973's Avatar
 
Join Date: Jul 2002
Location: Kansas City, MO
Posts: 2,611
Images: 1
Quote:
Originally Posted by Big Dave
Just think... IN-WALL FISH TANK!!!!
Aww my friend, already been thinking that and more. I would love to build an add on that is basically a glassed in greenhouse. Lay stone/slate flooring, have seating in there, have all sorts of tropical plants, have a wall with a waterfall on it that feeds a small koi pond in the middle. Ah yes..the creative juices have already been flowing for over a year now.
__________________
Instead of just building a reef in my home...I so wish I could afford to build my home in the reef!
Jeremy1973 is offline   Reply With Quote
Reply

Tags
koi pond


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is On

Similar Threads
Thread Thread Starter Forum Replies Last Post
need a decision on flow afbengochea General Reef Discussion 4 04-06-2007 11:01 AM
Lighting Decision mcliffy2 General Reef Discussion 2 02-24-2007 06:56 PM
Please help with decision Wolfenbuttel General Reef Discussion 33 12-08-2006 12:02 AM
I've come to a decision... StellaMN General Reef Discussion 7 06-07-2004 10:50 PM
DSB Decision balakoth General Reef Discussion 7 04-19-2002 06:28 PM

Sitemap:1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 149 150 151 152 153 154 155 156 157 158 159 160 161 162 163 164 165 166 167 168 169 170 171 172 173 174 175 176 177 178 179 180 181 182 183 184 185 186 187 188 189 190 191 192 193 194 195 196 197 198 199 200 201 202 203 204 205 206 207 208 209 210 211 212 213 214 215 216 217 218 219 220 221
Sponsor Our Community

All times are GMT -5. The time now is 07:36 AM.


Powered by vBulletin® Version 3.7.0
Copyright ©2000 - 2013, Jelsoft Enterprises Ltd.
Our lawyer tells us that, by pressing the "New Thread" or "New Reply" button, you acknowledge that the opinions and information expressed in your article are yours alone and not those of thereeftank.com, dba The Reef Tank. Further, you agree to indemnify The Reef Tank, its moderators, administrators and agents from any and all liability which may arise as a result of your article. (C)opyright 2006 TheReefTank.com