Bachelor Pad.

[flyny]

NT a brother needs some advice

Similar to many of you all, in stuck in that "Rent Vs. Buy" situation. Renting right now, but the feeling of tons of $$ being spent monthly on something I don't own really grinds my gears. But of course, the houses/condos in the area are extremely high ($3-400k and up) and I doubt my pockets are ready. (Although my mortgage payments may be the equivalent to monthly rent...aside from the down payment)

Basically I want to OWN something. I want to add MY TOUCH to my place, and I feel that I can't do that with an apartment that I am going to rent for 1 year, just to have to say bye to it in 12 months. I'm thinking long term. I want to do my own personal renovations and add my touch to my place..turn into something that reflects me.

Another issue is that I'm not sure where I will be in 5 years (for example). Am I going to buy a place, to just move to a diff city, and then have to rent in that city? (While renting out my og home)

Anyone been in/is in this same situation?
I'm looking at all you guys' work and I have all these ideas that I wanna push into my home. But I'll be damned if I make permanent changes to a place I'm renting, just to benefit the landlord

 

[stork]

That's gonna depend a lot on your income/future, education. It doesn't sound like you're making the kind of money that could buy a condo presently, but maybe you will be in the near future of 1-4 years.

If you bought a $300k condo that would require a 10% minimum down payment, I think 15-20% is becoming more the norm now though. Condo Renovations are gonna be cheaper than an SFR but still pricey, full kitchen remodel probably ~15-20k excluding the flooring. Bathrooms ~5k each. Plus upgrading to newer windows, replacing carpet, replacing popcorn etc. just rough figures.

Probably best to just lay out the numbers renting for the next few years vs. buying & remodeling, or buying a condo that was built in the last few years with everything updated. also the FHA offers a loan program called a purchase rehab loan, something to consider if that's what you want to do.

Section 203(k)

A purchase rehabilitation loan (purchase rehab) is a great option for buyers who want to improve their property immediately upon purchase. This mortgage loan provides the funds to purchase the home and the funds to complete the improvement project all in one loan, one application, one set of fees, one closing, and one convenient monthly payment.

 

[stork]

Also @ a blinkin the bottom clock is the one I was thinking of, they sell them at Ikea.

 

[krazyl3gz]

Got my Eames LCW in. I really need to fill these empty walls with some art and find some plants...

 

[tee eye ehm]

Sick man!

 

[nazdrowie]

i posted this in building credit thread...figured id post it here too since someone asked about buying...

===

The salary you must earn to buy a home in 25 cities

How much salary do you need to earn in order to afford the principal and interest payments on a median-priced home in your metro area?

To find out, HSH.com took the National Association of Realtors’ fourth-quarter data for median home prices and HSH.com’s fourth-quarter average interest rate for 30-year, fixed-rate mortgages to determine how much of your salary it would take to afford the base cost of owning a home—the principal and interest—in 25 metro areas.

We used standard 28 percent "front-end" debt ratios, and a 20 percent down payment subtracted from the NAR’s median-home-price data to arrive at our figures. There is no doubt that your income will need to be much higher to cover taxes, insurances and other expenses to live in the home, plus any other debts you might have.

While the NAR continues to report strong year-over-year price growth, home prices and mortgage rates  retreated from the third to fourth quarter in 2013. While homeowners continue to praise home-price growth as it adds to their equity positions, some homebuyers have actually been stymied by the rapid growth as home prices have been rising faster than incomes.

All in all, the fourth quarter was a great time to buy as lower prices and mortgage ratesincreased affordability, allowing buyers to make less money and still afford a median-priced home in their market.

Here’s a current look at how much salary you would need to spend in order to afford the principal and interest on the median-priced home in your metro.

1. Cleveland: $19,435.17
2. Cincinnati: $22,226.95
3. St. Louis: $22,397.54
4. Atlanta: $24,390.94
5. Tampa: $24,650.88
6. Orlando: $28,298.47
7. San Antonio: $29,305.47
8. Dallas: $29,751.24
9. Houston: $31,298.99
10. Chicago: $32,388.90
11. Phoenix: $32,811.94
12. Minneapolis: $33,800.09
13. Philadelphia: $36,836.47
14. Baltimore: $41,155.40
15. Sacramento: $42,832.20
16. Miami: $43,918.66
17. Portland, Ore.: $45,872.78
18. Denver: $48,122.72
19. Seattle: $59,129.86
20. Washington, D.C.: $62,809.63
21. Boston: $63,673.13
22. New York City: $66,167.27
23. Los Angeles: $72,126.90
24. San Diego: $81,570.40
25. San Francisco: $115,510.06

http://www.hsh.com/finance/mortgage/salary-home-buying-25-cities.html

 

[redman]

^^^^^ What's missleading about that info is the 20% down payment. Truth be told how many people do you know who are looking at a 200K house have 40K for a down payment?

 

[villansfinest]

^^^^^ What's missleading about that info is the 20% down payment. Truth be told how many people do you know who are looking at a 200K house have 40K for a down payment?

i think couples have an easier time coming up with the 20% when they pool together. i don't think 20% is common these days (at least with first time buyers) but it's definitely doable.

 

[flyny]

Thanks guys, I figured it's cheaper to rent for a year and get my life/situation together before I go ALL IN and cop a new spot.

Rent for a year @ $1,600 (including $100 monthly for cable and utilities) = $19,200

Buying a house/condo for $300,000 (first year expenses)= $10,500 down payment (IF FHA approved)...$60,000 down payment at 20% + mortgage payments at least $900 a month comes up to $10,800 a year

 

[krazyl3gz]

Thanks guys, I figured it's cheaper to rent for a year and get my life/situation together before I go ALL IN and cop a new spot.

Rent for a year @ $1,600 (including $100 monthly for cable and utilities) = $19,200

Buying a house/condo for $300,000 (first year expenses)= $10,500 down payment (IF FHA approved)...$60,000 down payment at 20% + mortgage payments at least $900 a month comes up to $10,800 a year

HOA's are killer. That's what I can't afford... A lot of the buildings here in seattle have ridiculously high HOA's. $200-$500 range.

 

[jumpman247]

Jesus, if I could only take my San Francisco locality pay someplace else, I'd be rich

 

[jayrockslo]

you guys seem to be forgetting closing costs which are typically 5% of the selling price. so for example at $300,000, you need an extra $15,000 in addition to your down payment.

 

[bravelude]

Thanks guys, I figured it's cheaper to rent for a year and get my life/situation together before I go ALL IN and cop a new spot.

Rent for a year @ $1,600 (including $100 monthly for cable and utilities) = $19,200

Buying a house/condo for $300,000 (first year expenses)= $10,500 down payment (IF FHA approved)...$60,000 down payment at 20% + mortgage payments at least $900 a month comes up to $10,800 a year

It ain't easy buying.

 

[stork]

That's accurate about closing cost, however that can be a lot more negotiable in a buyers favor if the seller is in a panic/rush to sell, such as a short sale to protect equity or the like or a divorce, etc. they would probably be willing to work the escrow/commission fee's to make the deal attractive.

 

[Kaleo15]

Thanks guys, I figured it's cheaper to rent for a year and get my life/situation together before I go ALL IN and cop a new spot.


Rent for a year @ $1,600 (including $100 monthly for cable and utilities) = $19,200


Buying a house/condo for $300,000 (first year expenses)= $10,500 down payment (IF FHA approved)...$60,000 down payment at 20% + mortgage payments at least $900 a month comes up to $10,800 a year

It ain't easy buying.

There are a lot of assistance programs out there for first time buyers. Don't scare them off guys I support anybody trying to buy a house.

First of all, you have to get pre-approved first, so this whole $300,000 price range isn't realistic without getting pre-approved.

Yes there are down payments and closing cost, but with the right company, they can cover your closing cost + programs that help with down payment assistance, depending on your household income.

 

[goldenticket21]

Just got a new apartment, need a nice dining room table and breakfast nook set up. My old apartment had neither , now I have a bunch of open space

 

[rrlegend]

Alright fellas here's the dilemma

First floor, hardwood everything , walk in closet, with an office
Or
Third floor, carpeted living room and bedroom , dual closets ( small though) with a giant balcony

 

[steebie j]

That's tough

I love hardwood but hate first floor anything...

I hate carpets but third floor with a balcony is a nice look...

 

[rrlegend]

Same thang

 

[Mark Antony]

1st floor never been my first choice, love hardwood though. Carpet everything will have my allergies wild, but huge balcony sounds good if it has a view.

 

[flyny]

Alright fellas here's the dilemma

First floor, hardwood everything , walk in closet, with an office
Or
Third floor, carpeted living room and bedroom , dual closets ( small though) with a giant balcony

Weight the options
Balcony? or Hardwood?...Do you think you'll be spending more time on the balcony than you would be graining on that wood? if so, go for the 3rd floor

Floor Location?...Do you mind being on the main floor, closer to the ground? It will be easier to transport groceries, and it will be easier to escape during a fire

Office and walk in closet? or Dual Closet?... You can smash **** in a walk in closet and in an office my guy. Dual closets don't make much sense to me when you have a walk in closet.

Is the balcony really worth it...Well then again, walking up on a balcony every day would be great.

Would you be able to strip the carpet off? (Maybe there might be some hard wood under there). Is the carpet that bad?

 

[executive76]

BEFORE

AFTER

 

[rrlegend]

Weight the options
Balcony? or Hardwood?...Do you think you'll be spending more time on the balcony than you would be graining on that wood? if so, go for the 3rd floor

Floor Location?...Do you mind being on the main floor, closer to the ground? It will be easier to transport groceries, and it will be easier to escape during a fire

Office and walk in closet? or Dual Closet?... You can smash **** in a walk in closet and in an office my guy. Dual closets don't make much sense to me when you have a walk in closet.

Is the balcony really worth it...Well then again, walking up on a balcony every day would be great.

Would you be able to strip the carpet off? (Maybe there might be some hard wood under there). Is the carpet that bad?

Older building 29 units in there, only 23 units have tenants. Balcony or patio is a must for a nice day and there are elevators and trash chutes . I'm trying to get y'all some pics

 

[scarsorscabs]

 

Spoiler: Warning: Spoiler!

Spoiler: Warning: Spoiler!

 

BEFORE



















AFTER

Spoiler: Warning: Spoiler!

 

Looks cool if it was just built new as it is but it ruined some incredible older architecture and details you don't see anymore.

 

Weight the options
Balcony? or Hardwood?...Do you think you'll be spending more time on the balcony than you would be graining on that wood? if so, go for the 3rd floor

Floor Location?...Do you mind being on the main floor, closer to the ground? It will be easier to transport groceries, and it will be easier to escape during a fire

Office and walk in closet? or Dual Closet?... You can smash **** in a walk in closet and in an office my guy. Dual closets don't make much sense to me when you have a walk in closet.

Is the balcony really worth it...Well then again, walking up on a balcony every day would be great.

Would you be able to strip the carpet off? (Maybe there might be some hard wood under there). Is the carpet that bad?

Older building 29 units in there, only 23 units have tenants. Balcony or patio is a must for a nice day and there are elevators and trash chutes . I'm trying to get y'all some pics

Keep in mind that in some buildings it is mandatory to have carpeting or at least a certain % of the floors must be covering in rugs (often 75%) on anything other than the 1st floor.  So if you hate carpet, you might not have an option on that 3rd floor.

It's mainly a matter of noise, especially in older buildings because of the impact of hardwoods on sound in units below.

 

[flyerthandelta]

i posted this in building credit thread...figured id post it here too since someone asked about buying...



===



The salary you must earn to buy a home in 25 cities

How much salary do you need to earn in order to afford the principal and interest payments on a median-priced home in your metro area?

To find out, HSH.com took the National Association of Realtors’ fourth-quarter data for median home prices and HSH.com’s fourth-quarter average interest rate for 30-year, fixed-rate mortgages to determine how much of your salary it would take to afford the base cost of owning a home—the principal and interest—in 25 metro areas.



NC is like 18k

We used standard 28 percent "front-end" debt ratios, and a 20 percent down payment subtracted from the NAR’s median-home-price data to arrive at our figures. There is no doubt that your income will need to be much higher to cover taxes, insurances and other expenses to live in the home, plus any other debts you might have.
While the NAR continues to report strong year-over-year price growth, home prices and mortgage rates retreated from the third to fourth quarter in 2013. While homeowners continue to praise home-price growth as it adds to their equity positions, some homebuyers have actually been stymied by the rapid growth as home prices have been rising faster than incomes.

All in all, the fourth quarter was a great time to buy as lower prices and mortgage rates
increased affordability, allowing buyers to make less money and still afford a median-priced home in their market.

Here’s a current look at how much salary you would need to spend in order to afford the principal and interest on the median-priced home in your metro.

1. Cleveland: $19,435.17

2. Cincinnati: $22,226.95

3. St. Louis: $22,397.54

4. Atlanta: $24,390.94

5. Tampa: $24,650.88

6. Orlando: $28,298.47

7. San Antonio: $29,305.47

8. Dallas: $29,751.24

9. Houston: $31,298.99

10. Chicago: $32,388.90

11. Phoenix: $32,811.94

12. Minneapolis: $33,800.09

13. Philadelphia: $36,836.47

14. Baltimore: $41,155.40

15. Sacramento: $42,832.20

16. Miami: $43,918.66

17. Portland, Ore.: $45,872.78

18. Denver: $48,122.72

19. Seattle: $59,129.86

20. Washington, D.C.: $62,809.63

21. Boston: $63,673.13

22. New York City: $66,167.27

23. Los Angeles: $72,126.90

24. San Diego: $81,570.40

25. San Francisco: $115,510.06

http://www.hsh.com/finance/mortgage/salary-home-buying-25-cities.html