Buying a house

SupraOfDoom

Starcraft II ^^;;
Mar 30, 2005
3,342
0
36
40
Milwaukee, WI
www.cardomain.com
Well I'm not seriously thinking about it. The guy I've been discussing it with tells me I can pay as low as $500~ a month for a $150-160,000 house + $500 more for bills + taxes. If I had a house I could easily get a friend roommate and charge $400-500 and easily be able to live, and eventually make a profit on the house if i ever decide to sell. Any advice is welcome..... good idea? It just seems like a better idea then renting the rest of my life ya know?
 

IJ.

Grumpy Old Man
Mar 30, 2005
38,728
0
0
61
I come from a land down under
I say go for it!

I've owned mine since I was 24 and while it was a hard slog but the security of your own place is brilliant! (was low 80k back then got offered 320k last year as the land size is big and there's a boom in my area for putting units up)

It may be a dump but it's my dump and I can do what I want here! :)
 

kwnate

Lurker
Jul 10, 2005
2,725
0
0
None of your fucking business
Buying a house is the best thing you can do! There are many options for your mortgage. The lowest price might not always be the best. My mortgage is 1234\mo. after all escrow costs. I have a 30 year fixed rate at 5.75 for a $169000 loan. I get stuff in the mail all the time talking about refinancing and payments as low as $500\mo, that is for an Adjustable Rate Mortgage. Its kinda like the 0% intrest credit card you get then in 6 months its 18%. Make sure you do your research and pick a loan that fits you and your needs. Good luck!! I bought my house when I was 22, 3 years ago. I was making $14 an hour.
 

SupraOfDoom

Starcraft II ^^;;
Mar 30, 2005
3,342
0
36
40
Milwaukee, WI
www.cardomain.com
kwnate said:
Buying a house is the best thing you can do! There are many options for your mortgage. The lowest price might not always be the best. My mortgage is 1234\mo. after all escrow costs. I have a 30 year fixed rate at 5.75 for a $169000 loan. I get stuff in the mail all the time talking about refinancing and payments as low as $500\mo, that is for an Adjustable Rate Mortgage. Its kinda like the 0% intrest credit card you get then in 6 months its 18%. Make sure you do your research and pick a loan that fits you and your needs. Good luck!! I bought my house when I was 22, 3 years ago. I was making $14 an hour.

Thats about what I make, and I will be 22 when I do this... good to hear!
 

drunk_medic

7Ms are for Cressidas
Apr 1, 2005
574
0
0
Woodstock, GA
If you buy your house in a place where it LOOKS like it has potential and then 5-10 years later has grown, you can sell your house for multiples what it originally cost.

My parents bought a house in Murrieta, California for about $130,000 back in 1997.The local area was just south of Lake Elsinore and the town was a dustbowl being developed. Last I saw, the place was grown so much that you couldn't recognize it. It looked like your typical well-grown SoCal suburban city. Earlier this year, due to my dad's job move, they sold their house for more than 3x that amount and were able to find a wonderful place in Yuma, Arizona. Now, looking at Yuma, it's a desert town BUT it's growing the same way Murrieta was. Costs for nice homes are low at the moment, but give it 5 years and THAT house will be worth a ton of money as well.

If you play the real estate game just right, you can turn one HELL of a profit. A girl I work with had a home for a year with her husband, and when they divorced, they sold the home - for $60,000 more than they paid. I was talking to her one day and she said she didn't know what she wanted to do with her half of that money. She's not going to spend much of it, but she is going to buy a few nice things.
 

Supra Blues

Virgin Booster
Mar 30, 2005
373
0
0
46
Supramania
Just make sure you don't get an interest only loan and/or a variable rate loan.

Rates are continually going up and you should pay the bank back instead of just interest.
 

wh0wants2know

New Member
Apr 4, 2005
55
0
0
seattle
I wish that I could get a house in seattle for that cheap. The least expensive houses I've seen here are 250k+ and although I make decent money, there is no way I can afford a house that expensive without a big down payment. I'm saving up my money, but in a few years, everything's going to be more expensive anyway, so hopefully by then I'll have a better job and make even more money and be able to afford one.
 

kwnate

Lurker
Jul 10, 2005
2,725
0
0
None of your fucking business
wh0wants2know said:
I wish that I could get a house in seattle for that cheap. The least expensive houses I've seen here are 250k+ and although I make decent money, there is no way I can afford a house that expensive without a big down payment. I'm saving up my money, but in a few years, everything's going to be more expensive anyway, so hopefully by then I'll have a better job and make even more money and be able to afford one.

I live about 20mins away from Seattle. You're right about Seattle, nothing under 250... There are 0 down loans, I only had 6k to put down, 3k for closing costs and 3k down... that was like 1.5% down or something. I shoulda put 0% down. Apply for a loan, you'd be surprised what you'll find out, as long as your credit is decent, but then again, they will loan you over your head to, its good to leave some emergency room on the monthly payments, leave a little comfort buffer ;)
 

Charlie97L

New Member
Jul 16, 2005
230
0
0
45
Clarksburg, MD
obviously you people don't live in the DC metro area... ha. it's 450K plus to get into anything not totally ghetto. yikes. i wish i could buy something! whoohoo. my first off-topic post. i'm such a rebel.