Big Decision

Jeremy1973 · 01-20-2005, 09:02 AM

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?

Phishnoob · 01-20-2005, 09:04 AM

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.

Jeremy1973 · 01-20-2005, 09:05 AM

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!

Mrs Smith · 01-20-2005, 09:15 AM

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

Mrs Smith · 01-20-2005, 09:19 AM

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.

Phishnoob · 01-20-2005, 10:12 AM

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.

Minnreefer · 01-20-2005, 10:55 AM

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

Melissa · 01-20-2005, 11:19 AM

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.

Casey · 01-20-2005, 11:40 AM

Go 4 it rates are great now.

Junkzoo · 01-20-2005, 12:14 PM

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!

Jeremy1973 · 01-20-2005, 01:06 PM

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.

mnreefgeek · 01-20-2005, 01:23 PM

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!!!!!

cath · 01-20-2005, 02:01 PM

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.

Big Dave · 01-20-2005, 02:31 PM

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

Jeremy1973 · 01-20-2005, 03:07 PM

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.

Big Decision

Go for it!!