zeitgeist57 Posted December 19, 2016 Report Share Posted December 19, 2016 I think you HAVE to have a realtor as a buyer these days. Realtors ultimately make way more money representing sellers from the bonus they get for listings they represent, as well as buyer's commissions...but a good realtor will spend a bit of time with you. If we sold our home, I'd FSBO. However, it really helps to KNOW WHAT YOU WANT, WHERE, AND WHAT YOU CAN AFFORD beforehand. Don't go "Kinda looking for a deal and I can only go up to $150k". You should seriously narrow down either the type/size of house, features you want or it's going to be a waste of time. Quote Link to comment Share on other sites More sharing options...
STEVE-O Posted December 19, 2016 Report Share Posted December 19, 2016 The best part is finding a house that meets all the things your looking for and can afford then someone else buys it and you start all over again. I can not express how much fun that adventure is . This is also why a lot of people are also building new because then it's a garuntee the house is yours and you don't get trapped in a bidding war and have a house sold underneath you Quote Link to comment Share on other sites More sharing options...
Geeesammy Posted December 19, 2016 Author Report Share Posted December 19, 2016 Ive thought buying new, but seems like all the new home construction companies around just flat out suck. All i see is complaints on social media. Quote Link to comment Share on other sites More sharing options...
zeitgeist57 Posted December 19, 2016 Report Share Posted December 19, 2016 Ive thought buying new, but seems like all the new home construction companies around just flat out suck. All i see is complaints on social media. You're going to tend to see complaints more than praises, as those are the incensed consumers that want to "share" more than satisfied customers. Take a look at Florida - during the 2003-2008 real-estate boom, houses/condos were built to modern codes and looked nice, but the materials (Google "Chinese Drywall") and sub-assemblies (HVAC, etc) were cheap......and now, people are paying the price: rotted pipes and rusty wiring inside the walls from sulfur outgassing in the drywall, water tanks and HVAC equipment that gets destroyed by the humidity/salty air and sun. Plus, in every other major metropolitan area, new homes are built on cheap land - generally meaning it's out somewhere where your commute time will escalate. E. Broad street has normal rush-hour traffic that backs up to Waggoner road??? That's 5 miles to I-270!!! Enjoy that daily frustration. Quote Link to comment Share on other sites More sharing options...
Exodus Posted December 19, 2016 Report Share Posted December 19, 2016 Just waiting on another crash. I know some people who got good deals back in 08 and 09 Sent from my SM-G935T using Tapatalk Quote Link to comment Share on other sites More sharing options...
turbospec29 Posted December 19, 2016 Report Share Posted December 19, 2016 This thread has me thinking. For those of you who are buying a new house and selling your old one, what's the easiest/best way to go about it? Do you start shopping before your current house is sold? Seems like there are risks either way. Quote Link to comment Share on other sites More sharing options...
cstmg8 Posted December 19, 2016 Report Share Posted December 19, 2016 This thread has me thinking. For those of you who are buying a new house and selling your old one, what's the easiest/best way to go about it? Do you start shopping before your current house is sold? Seems like there are risks either way. Shop while trying to sell, if you sell before you find something, work in a longer closing time. Sent from my XT1585 using Tapatalk Quote Link to comment Share on other sites More sharing options...
Linn1647545492 Posted December 19, 2016 Report Share Posted December 19, 2016 This thread has me thinking. For those of you who are buying a new house and selling your old one, what's the easiest/best way to go about it? Do you start shopping before your current house is sold? Seems like there are risks either way. Keith, call Brandon. He is building a new house and it's contingent on the sale of his current home. You should move up north. Quote Link to comment Share on other sites More sharing options...
Brandon Posted December 19, 2016 Report Share Posted December 19, 2016 Keith, call Brandon. He is building a new house and it's contingent on the sale of his current home. You should move up north. Keith, You can list your house and place in the contract a detail where you can not move until you find a new one so to speak, some form of contingency. Granted most buyers right now are move in ready and that could hurt a potential deal. And vice versa you can start shopping now and "buy a home" on and offer contingent on selling your home, however the buyer may decline the offer depending on their timeline. We are in contract with a builder, however I have and out in the contract should our current home not sell for the builders/my realtors market analysis price. AKA everyone thinks the home is worth say 100, we are not forced to sell for less then 100 by our choice, so we can bail on the home build and get our deposit back. Most builders will do this (beyond custom custom builders) as they will just convert the home into and inventory home and sell it quickly. Just some basic protection so I dont get screwed and end up with two homes. Quote Link to comment Share on other sites More sharing options...
turbospec29 Posted December 19, 2016 Report Share Posted December 19, 2016 Keith, You can list your house and place in the contract a detail where you can not move until you find a new one so to speak, some form of contingency. Granted most buyers right now are move in ready and that could hurt a potential deal. And vice versa you can start shopping now and "buy a home" on and offer contingent on selling your home, however the buyer may decline the offer depending on their timeline. We are in contract with a builder, however I have and out in the contract should our current home not sell for the builders/my realtors market analysis price. AKA everyone thinks the home is worth say 100, we are not forced to sell for less then 100 by our choice, so we can bail on the home build and get our deposit back. Most builders will do this (beyond custom custom builders) as they will just convert the home into and inventory home and sell it quickly. Just some basic protection so I dont get screwed and end up with two homes. I'm almost thinking I'd have the most selling and buying power if I just moved most of my stuff into storage and rented an apartment during the transition. I'm not sure a new build is my style, but I'll research them. Quote Link to comment Share on other sites More sharing options...
C-Mart Posted December 19, 2016 Report Share Posted December 19, 2016 If you think Columbus is bad try Denver... Quote Link to comment Share on other sites More sharing options...
evan9381 Posted December 20, 2016 Report Share Posted December 20, 2016 I think I saw that Columbus is top 10 housing markets in the country right now...like #9 Girlfriend sold her condo recently. She bought it for like $30-35k 4-5 years ago, sold it for $73k cash, and had the offer 36 hours after listing. She walked away with a little over $40k in her pocket. I bought my house in 09 while the market was crashing, but not at it's lowest. Paid $78k, paid down about 8k, refi'd with Marc early this year, and it appraised at ~125k. I pulled out a little bit to do new windows/doors, and we converted a half bath to a 3/4 downstairs, so I'm hoping between those two projects, it bumps it up a good amount more. There is a similar house in my neighborhood listed for $149,900 right now...I'm excited to see what it goes for when all is said and done. It'll give me a better idea of where I stand. Quote Link to comment Share on other sites More sharing options...
kirks5oh Posted December 20, 2016 Report Share Posted December 20, 2016 i'm going to go against the grain and tell you NOT to buy a house, unless you're ready to make a 10+ year commitment. what could go right:::: the housing market does well, and you make 5% profit on your house after you subtract realtor fees, taxes, repairs, etc. what could go wrong::::: you sell the house after a couple years because-----relocation for work, find another house in a different location that you prefer, get married, kids, and need a bigger house, realize you hate your neighborhood/location, need to upsize, need to downsize the housing market stays the same or does worse---you lose money. remember if the house sells for the exact amount that you paid for it, then you lose money. realtor fees, and repairs will FAR outweigh any equity that you've built up during such a short ownership put a roof on the house?? new furnace?? A/C?? appliances?? yes, these are all things that you will lose money on, since the next buyer gets to keep them, assumes that the house will have them already, and they DON'T add true value to a house. the new owner thanks you for the new roof, but won't pay extra for it. again, this offsets any potential equity that you've built up. maintenance---this costs money. no one buys a new lawnmower, snowblower, weedeater, or anything for that matter, to upkeep their apartment/condo. not to mention this takes time, and time is money to some people. if you aren't interested in taking the time to manicure your yard to match the neighbors, then home living may not be for you. upgrades---i can guarantee everyone posting in this thread (myself included) has put some serious upgrades on their house. you don't typically see the return on these. it will increase the worth of your house, but not by the same amount you've paid. in other words, when i spent nearly six figures to gut my kitchen and upgrade the fuck out of everything imagineable, it did not increase the worth of my house by anywhere near that figure. again, this is money lost. nothing parties like a rental. if something breaks in your apartment, you likely don't really give a shit. you don't have to worry about taxes, upkeep, homeowners insurance, if you have to call the plumber for an emergency fix, you simply don't give a shit. home-ownership is not the investment it was 30 years ago, no matter what anyone here will say. i'm just as guilty as the next, owning a big house that i will never get out of it, what i put into it. i enjoy the hell out of it though---but it is NOT an investment. few are. Quote Link to comment Share on other sites More sharing options...
LJ Posted December 20, 2016 Report Share Posted December 20, 2016 A personal home should never be treated as an investment, it's an asset. Quote Link to comment Share on other sites More sharing options...
o0n8 Posted December 20, 2016 Report Share Posted December 20, 2016 Don't forget to look across the river off of Hayden Run as well. There's a strip of neighborhoods over there that are Columbus taxes but Hilliard schools (good for resale). I've lived there for over five years now. It's a great area and prices have only slowly increased since we moved in as opposed to the skyrocketing happen elsewhere. I hear neighbors like to attach their fences together there i'm going to go against the grain and tell you NOT to buy a house, unless you're ready to make a 10+ year commitment. +1 Quote Link to comment Share on other sites More sharing options...
Lauren Posted December 20, 2016 Report Share Posted December 20, 2016 A personal home should never be treated as an investment, it's an asset. It a liability. It's never an asset unless investing Quote Link to comment Share on other sites More sharing options...
zeitgeist57 Posted December 20, 2016 Report Share Posted December 20, 2016 A personal home should never be treated as an investment, it's an asset. It a liability. It's never an asset unless investing LJ's technically right; the house itself is an asset. Property that provides value, hopefully appreciating in time. The mortgage most of us have is a liability. Quote Link to comment Share on other sites More sharing options...
MattKatz Posted December 20, 2016 Report Share Posted December 20, 2016 I personally wish it was a sellers market...I cant seem to give my home away...Ive had it for sale twice, its all updated and very nice for the area and IMO especially for the price I have it at now which is thousands less than the first time and I put $8K in a nw roof and a few other upgrades between listing times. Ive had a showings this time at least but still not a single offer. Kills me as I watch dumps around here sell and I have one of the nicer houses not selling. I know whats killing my sale, but damn, theres an ass for every seat Ive always believed but not sure who is gonna sit in this chair. Im personally really discouraged as I am WELL beyond ready to move on from this home but cannot until it sells. I will not be buying another home in Ohio, Ill rent until I relocate south, Wont play this game again. Quote Link to comment Share on other sites More sharing options...
LJ Posted December 20, 2016 Report Share Posted December 20, 2016 It a liability. It's never an asset unless investing WRONG LJ's technically right; the house itself is an asset. Property that provides value, hopefully appreciating in time. The mortgage most of us have is a liability. Correct Quote Link to comment Share on other sites More sharing options...
Lauren Posted December 20, 2016 Report Share Posted December 20, 2016 No you are wrong. The whole the house is an asset is terrible way for you to view a house. It's a liability month after month, unless you are purchasing homes to flip or rent out which create a revenue stream. https://www.biggerpockets.com/renewsblog/2015/04/08/house-you-live-in-probably-a-liability-not-an-asset/ Quote Link to comment Share on other sites More sharing options...
LJ Posted December 20, 2016 Report Share Posted December 20, 2016 No you are wrong. The whole the house is an asset is terrible way for you to view a house. It's a liability month after month, unless you are purchasing homes to flip or rent out which create a revenue stream. https://www.biggerpockets.com/renewsblog/2015/04/08/house-you-live-in-probably-a-liability-not-an-asset/ Wrong. The mortgage is a liability, the REAL PROPERTY is an asset. The difference is your equity. I don't care what (invalid for this) argument some blog is making. Quote Link to comment Share on other sites More sharing options...
Supplicium Posted December 20, 2016 Report Share Posted December 20, 2016 No you are wrong. The whole the house is an asset is terrible way for you to view a house. It's a liability month after month, unless you are purchasing homes to flip or rent out which create a revenue stream. https://www.biggerpockets.com/renewsblog/2015/04/08/house-you-live-in-probably-a-liability-not-an-asset/ you might want to understand what equity and fair market value means before you say a house is not an asset Quote Link to comment Share on other sites More sharing options...
Farkas Posted December 20, 2016 Report Share Posted December 20, 2016 No you are wrong. The whole the house is an asset is terrible way for you to view a house. It's a liability month after month, unless you are purchasing homes to flip or rent out which create a revenue stream. https://www.biggerpockets.com/renewsblog/2015/04/08/house-you-live-in-probably-a-liability-not-an-asset/ You probably lease cars too, huh? Quote Link to comment Share on other sites More sharing options...
Farkas Posted December 20, 2016 Report Share Posted December 20, 2016 Wrong. The mortgage is a liability, the REAL PROPERTY is an asset. The difference is your equity. I don't care what (invalid for this) argument some blog is making. This. Quote Link to comment Share on other sites More sharing options...
Zx2guy19 Posted December 20, 2016 Report Share Posted December 20, 2016 Sorry folks, Lauren is right (fucking kill me now). Anything that does not make you money is a liability, plain and simple. And Bigger Pockets isn't "some blog"...it's the largest real estate investing site in the world. Quote Link to comment Share on other sites More sharing options...
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