Bad324 Posted June 15, 2012 Report Share Posted June 15, 2012 I'm looking at a house today for the 2nd time and probably goin to put in an offer. This is my first house so I want to make a mock budget up so I can figure out my best offer. What am I missing?Up front: down payment, closing costs, realtor fee, title transfer?Monthly: mortgage, taxes, HOA, insurance, utilities Quote Link to comment Share on other sites More sharing options...
crb Posted June 15, 2012 Report Share Posted June 15, 2012 (edited) Depends on how the offer is written. Realtor fee usually comes out of sellers. Are you going to do inspection? If so budget $200-400. The more inspections (radon, water, sewer, etc) the more it cost you. Utility hookup. Do you have 20% down if not expect PMI.Don't forget property taxes, most people have them included in the mortage. Even if you have the bank pay them you need to budget them in as they increase the payment monthly.Beer for the moving party. Edited June 15, 2012 by crb 1 Quote Link to comment Share on other sites More sharing options...
20thGix Posted June 15, 2012 Report Share Posted June 15, 2012 Dont forget earnest money in the up front part. Also if possible, ask the sellers what they pay on average for there utilities. 1 Quote Link to comment Share on other sites More sharing options...
YSR_Racer_99 Posted June 15, 2012 Report Share Posted June 15, 2012 This is easy. Just figure that you won't have any "extra" money. Ever.If you get a bonus or "birthday money", something in the godforesaken fortress will break immediately. Watch the movie "Money Pit" three or four times before you sign the papers. Oh! Congratulations! And welcome to hell... 1 Quote Link to comment Share on other sites More sharing options...
crb Posted June 15, 2012 Report Share Posted June 15, 2012 This is easy. Just figure that you won't have any "extra" money. Ever.If you get a bonus or "birthday money", something in the godforesaken fortress will break immediately. Watch the movie "Money Pit" three or four times before you sign the papers. Oh! Congratulations! And welcome to hell...True, but I like owning my home. Quote Link to comment Share on other sites More sharing options...
cmh_sprint Posted June 15, 2012 Report Share Posted June 15, 2012 If you have the budget, sock away a little every month in an "aw shit" fund for the times something breaks of for future improvements/upgrades. 1 Quote Link to comment Share on other sites More sharing options...
YSR_Racer_99 Posted June 15, 2012 Report Share Posted June 15, 2012 If you have the budget, sock away a little every month in an "aw shit" fund for the times something breaks of for future improvements/upgrades.See #4 above. "Extra money"??? Quote Link to comment Share on other sites More sharing options...
crb Posted June 15, 2012 Report Share Posted June 15, 2012 Oh its a buyers market still DON'T pay too much! Quote Link to comment Share on other sites More sharing options...
grapesmuggler27 Posted June 15, 2012 Report Share Posted June 15, 2012 If you have the budget, sock away a little every month in an "aw shit" fund for the times something breaks of for future improvements/upgrades.Yep because the furnace is going out on the coldest day and Ac is breaking on the hottest, figure $6000 for new.equipment on the cheaper side. Quote Link to comment Share on other sites More sharing options...
namtugeoj Posted June 15, 2012 Report Share Posted June 15, 2012 Move to Pickerington, Buy my house ill give you a good deal! Quote Link to comment Share on other sites More sharing options...
gen3flygirl Posted June 15, 2012 Report Share Posted June 15, 2012 Suck it up and buy a little cottage in marble head. Quote Link to comment Share on other sites More sharing options...
motozachl Posted June 15, 2012 Report Share Posted June 15, 2012 This is easy. Just figure that you won't have any "extra" money. Ever.If you get a bonus or "birthday money", something in the godforesaken fortress will break immediately. Watch the movie "Money Pit" three or four times before you sign the papers. Oh! Congratulations! And welcome to hell...Will never own house ever Quote Link to comment Share on other sites More sharing options...
20thGix Posted June 15, 2012 Report Share Posted June 15, 2012 If you have the budget, sock away a little every month in an "aw shit" fund for the times something breaks of for future improvements/upgrades.Here is an example: Earlier this week i had to take the pipe off my wash sink in the basement that runs to the cast iron main waste pipe. Well the Wye broke off the 4" cast iron pipe about 4-5" from the floor. So now i will be spending fathers day weekend replumbing all the waste lines in the basement. And praying to sweet baby jesus that the cast iron pipe does not have a crack running below the floor.This needed done anyway but i like to do things when i want to not when i have to. Quote Link to comment Share on other sites More sharing options...
Kennyb357 Posted June 15, 2012 Report Share Posted June 15, 2012 go to the franklin county(if that's where the house is) auditors web site, you can search ALL the history tax-wise, sales, etc.. on whatever you're looking at. Zillow sometimes has utilities on it as well. Quote Link to comment Share on other sites More sharing options...
Cinci-King Posted June 15, 2012 Report Share Posted June 15, 2012 Be careful not to over-buy regarding the cost. Keep in mind a house payment is not like a car payment, it doesn't go away in 3-5 years. More importantly, you could have the gnarliest house around, but what good is it if you're terminally broke !!! No money = No happy... Quote Link to comment Share on other sites More sharing options...
Ron505 Posted June 15, 2012 Report Share Posted June 15, 2012 I try to keep my house payment at about what I clear in one weeks pay. That also gives me a little peice of mind if I should change jobs.Also, you forgot about the Porn channel subscription on DTV. 1 Quote Link to comment Share on other sites More sharing options...
Bad324 Posted June 15, 2012 Author Report Share Posted June 15, 2012 Depends on how the offer is written. Realtor fee usually comes out of sellers. Are you going to do inspection? If so budget $200-400. The more inspections (radon, water, sewer, etc) the more it cost you. Utility hookup. Do you have 20% down if not expect PMI.Don't forget property taxes, most people have them included in the mortage. Even if you have the bank pay them you need to budget them in as they increase the payment monthly.Beer for the moving party.I will indeed have 20% down as not to deal with PMI garbage thankfully!Dont forget earnest money in the up front part. Also if possible, ask the sellers what they pay on average for there utilities.They were kind enough to have a sheet with the last year history of all utilities! This was my 2nd look at the house so I think they know I'm interested and doing what they can to help This is easy. Just figure that you won't have any "extra" money. Ever.If you get a bonus or "birthday money", something in the godforesaken fortress will break immediately. Watch the movie "Money Pit" three or four times before you sign the papers. Oh! Congratulations! And welcome to hell...and this is why I gave in and decided to get a house thats only 5 years old. Could've gotten bigger and land but all the houses were damn near 50 years old and I wasn't about to deal with that shit. However, yes I'm aware shit goes wrong even with newer houses so there will be a substantial "fuck this shit" fund Oh its a buyers market still DON'T pay too much!This is the exact reason I've been looking for 7 months and nothing has come to fruition until this week. If I get it for what I want, I'll be the least expensive house on the street as well as paying well under market value for a premium lot in this neighborhoodMove to Pickerington, Buy my house ill give you a good deal!you couldn't give me your house for me to move anywhere near Columbus!I try to keep my house payment at about what I clear in one weeks pay. That also gives me a little peice of mind if I should change jobs.That is exactly what my plan is. If I can keep the mortgage, taxes, insurance and HOA to 1 weeks pay or just slightly above I will be more than comfortable Quote Link to comment Share on other sites More sharing options...
YSR_Racer_99 Posted June 15, 2012 Report Share Posted June 15, 2012 On a seriouse note, with the house being five years old, and with builders putting the cheapest everything that they can in a house (my house is 8 years old), things will start breaking at 7-8 years. Dishwasher. Water heater. Mounted microwave. My next house will be a rock-solid 1960s brick ranch. Quote Link to comment Share on other sites More sharing options...
madcat6183 Posted June 15, 2012 Report Share Posted June 15, 2012 On a seriouse note, with the house being five years old, and with builders putting the cheapest everything that they can in a house (my house is 8 years old), things will start breaking at 7-8 years. Dishwasher. Water heater. Mounted microwave. My next house will be a rock-solid 1960s brick ranch.Very good post. This is very true in all homes now adays. And like everyone stated, when you think everything is honky doory, something will break. But the research you are doing now, and number crunching is what too many people DONT do. I'd say you are figuring everything the way one should. Quote Link to comment Share on other sites More sharing options...
buildit Posted June 15, 2012 Report Share Posted June 15, 2012 Don't forget all your other bills and the cost of furnishing the new place. Also many utilities require a fee for hook up or even transfer of utilities. Also confirm there are no community fees or such BS for some looser group that will tell you what color your mail box has to be. Last is to look at your current vehicles. Nothing like buying a home and then finding out your car is dying.On the plus side take every discount you can find. Like wait for the HD or Lows 20% off coupon before buying that new fridge. Combine home/bike and cars on insurance and take the time to compare companies. Your insurance company has NO loyalty to you so don't feel the need to be loyal to them.Oh and good luck. 1 Quote Link to comment Share on other sites More sharing options...
kawi kid Posted June 15, 2012 Report Share Posted June 15, 2012 I'm in the same process as your right now. We went met with a mortgage company and it was probably one of the biggest learning experiences I have ever had. If you can find time to sit down with one you will learn a ton in a short period of time. Quote Link to comment Share on other sites More sharing options...
madcat6183 Posted June 15, 2012 Report Share Posted June 15, 2012 Yeah bro, I've offered my help to a few people, some have PM'd me, some haven't its not biggy either way, but this is what I do daily. I've worked in home lending for 6 years or so, from lending, refinancing, to purchases, etc.If I can help let me know. 1 Quote Link to comment Share on other sites More sharing options...
kawi kid Posted June 15, 2012 Report Share Posted June 15, 2012 Didn't know that ^^^ you might get a pm from me sometime wig a few quick questions. Quote Link to comment Share on other sites More sharing options...
slingingchic Posted June 15, 2012 Report Share Posted June 15, 2012 Good luck.. we were looking to buy a house next year but the husband wants to switch jobs and make less money. Go figureI recommend stick with your job even after you buy home, Ohio sucks ass in the job market, never know what's going to happen unless its reputable company, more money and you don't mind starting from the bottom again. Quote Link to comment Share on other sites More sharing options...
kawi kid Posted June 15, 2012 Report Share Posted June 15, 2012 He is pretty secure in his job position lol Quote Link to comment Share on other sites More sharing options...
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