KillJoy Posted September 22, 2007 Report Share Posted September 22, 2007 You get a lot of breaks for being a first time home owner so dont waste them.... WE did not qualify as "First Time Home Buyers" when we bought our first home. We "made too much". KillJoy Quote Link to comment Share on other sites More sharing options...
Bam Posted September 22, 2007 Author Report Share Posted September 22, 2007 I think you guys are missing the point. He does not plan on living there for a long time. At this point renting would be the best option, but if you dont want to rent get a condo. A 6-12 month lease will give you time to make up your mind. You get a lot of breaks for being a first time home owner so dont waste them.... Exactly, and not only that but if I go the condo route my actual mortgage + taxes + insurance + condo fees = LESS than what I pay in rent. So I'm not worried about PROFITING on the house/condo, since I'm only there a short time. If I can buy it at a good price and sell it for 5-7k, or actual market value at the time, just enough to cover my realtor fees, than its worth it. Because if I rent I'm literally throwing money away, not only that, but MORE money each month. Get this, condo is on the market for $99k, market value of around $105k. I can get it for around 90k or a hair less. So in 5 years I just hope to sell it for $100k, or just under. Basically I want my original price + 6% for realtor fees, NOTHING else, and I still win by saving each month. The cheapest in this complex has sold for is $102k, and the most expensive has been $128k, all in the past 12 months. If I get in a 90k and want to sell for $100k in 5 years, I doubt I'll have a problem. lots of good info guys, thanks for the thoughts. I'd love a house but with my schedule and the fact that that areas I'm looking in demand higher prices, the only ones that are affordable to me need lots of work. And a mortgage company is NOT going to loan me more than what the selling price is, especially not in this market. Quote Link to comment Share on other sites More sharing options...
Bam Posted September 22, 2007 Author Report Share Posted September 22, 2007 WE did not qualify as "First Time Home Buyers" when we bought our first home. We "made too much". KillJoy What's the cutoff? I make around $36k. Quote Link to comment Share on other sites More sharing options...
99BlownYellowGT Posted September 22, 2007 Report Share Posted September 22, 2007 You should buy my condo Quote Link to comment Share on other sites More sharing options...
Bam Posted September 22, 2007 Author Report Share Posted September 22, 2007 You should buy my condo Is it $100k or less in worthington or dublin schools? if so, you should give me more info on it. Quote Link to comment Share on other sites More sharing options...
RangerTurbo Posted September 22, 2007 Report Share Posted September 22, 2007 WE did not qualify as "First Time Home Buyers" when we bought our first home. We "made too much". KillJoy We had the same problem. The cutoff out here for the "first time home owners" mortgage was $69K a year combined. We obliterated that number. I was dumbfounded that I was pissed that I/We made too much. Any how. SuperHawk, at the current rates, it's about $6 a month more for every thousand you finace. So, if the house is $30K more, you will only be financing an extra $180 a month. Can you swing that? If so you'd be better of, especially since you seem fond of having a garage/land. Quote Link to comment Share on other sites More sharing options...
Bam Posted September 22, 2007 Author Report Share Posted September 22, 2007 We had the same problem. The cutoff out here for the "first time home owners" mortgage was $69K a year combined. We obliterated that number. I was dumbfounded that I was pissed that I/We made too much. Any how. SuperHawk, at the current rates, it's about $6 a month more for every thousand you finace. So, if the house is $30K more, you will only be financing an extra $180 a month. Can you swing that? If so you'd be better of, especially since you seem fond of having a garage/land. Well,its not just the extra mortgage amount, its the higher taxes, as well as more upkeep. If it was just a straight 200 more per month, I'd have no problem, but in reality its about 500 more or so. Quote Link to comment Share on other sites More sharing options...
99BlownYellowGT Posted September 22, 2007 Report Share Posted September 22, 2007 Is it $100k or less in worthington or dublin schools? if so, you should give me more info on it. It definately fits all of the above requiremtents. 3br finished basement garage and patio. Off of sancus so its worthington schools. Ill cut you a deal. Quote Link to comment Share on other sites More sharing options...
Bam Posted September 22, 2007 Author Report Share Posted September 22, 2007 It definately fits all of the above requiremtents. 3br finished basement garage and patio. Off of sancus so its worthington schools. Ill cut you a deal. you have pm Quote Link to comment Share on other sites More sharing options...
Nitrousbird Posted September 23, 2007 Report Share Posted September 23, 2007 House, you'll never get your investment back on a condo in five years. Also, keep your dick in your pants. Though I agree house 100%, that's not always true on a condo. My g/f bought her condo 5 years ago, and can easily sell it for WAY more than she bought it for (and hasn't sunk a bunch of money into it). BUT...this isn't your cookie cutter, 400 condos in the area place either; rather a nice, 1980 built deal without many other condo complexes in the area. But then don't forget about condo fee's. Hers are so high, she could throw that money into a savings account, pull out for someone to professionally take care of the ouside of her house, have money after a few years to put new siding/roof on without ever digging out even more money, and most likely still have cash left over. And condo fees don't include anything that goes wrong inside the home, nor your outside A/C unit. And don't forget the shared walls, no yard, lack of garage space, etc. A condo is an apartment you own...yuck. My g/f will never buy another one, and she LIKES her place and her neighbors. Quote Link to comment Share on other sites More sharing options...
thorne Posted September 23, 2007 Report Share Posted September 23, 2007 Like I said man 5 years the calc says RENT A HOUSE because you will make jack and diddle when house prices fall to the ground in the next 5 years because of the artifical inflation. Quote Link to comment Share on other sites More sharing options...
Bam Posted September 23, 2007 Author Report Share Posted September 23, 2007 It's not always about making money, its also about saving money each month or something. If I can own a home for $800/month where to rent an identical home for $1000/month, it makes financial sense to purchase the house, even if I were to resell it for what I paid. Not only the monthly difference, but there is a tax incentive to home owners that will lower the cost. I see what that website says, but you can't always trust the internet and its sources. I understand that many people can get screwed by the market, but that doesn't mean all will and that all houses are BAD purchases. If I can get something 15% under value today, why not? The real estate market is not horrible, and it is a cycle, it will rise and fall many times in the future. You just have to be secure in your purchase, buy smart, and save, plan for the future. That's what negotiations are for. I'm going to buy, no way around that, just takes some more thought and care in today's market. Quote Link to comment Share on other sites More sharing options...
Tractor Posted September 23, 2007 Report Share Posted September 23, 2007 I'd never even consider a condo myself, but I just don't see any value in them at all. If you can buy a house or a condo if you must then definately buy something. As you say markets are in a cycle and will improve. Probably 5 years from now you could sell either and probably get your money back. If you list it yourself you might even make $5 to 10K to take with you. The bottom line is at least your not throwing money way to an apartment and honestly the cost of keeping a home running isn't any more than just renting anyway. Its possible, but highly unlikely that any major things would go wrong in 5 years. Maybe you could buy a place on a nice deal in this market that just needs some TLC to look nice. At the moment only the very best condition houses are going to sell at all and that leaves alot of room to work on the ones that need some minor work. Maybe remodel a bath room or kitchen over the next 5 years and then it will be one of the top condition houses when its time to move again. Thats what I did and my house sold in 1 week because it was exactly what people were looking for and required no work to just move in and enjoy. And in my opinion it sold for way to much for that area and size house, but I guess thats a good thing for me. Evan Quote Link to comment Share on other sites More sharing options...
Dave1647545494 Posted September 24, 2007 Report Share Posted September 24, 2007 house all the way I will never be in an apartment or a condo again Quote Link to comment Share on other sites More sharing options...
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