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Re: How expensive of house, and do you regret it? [Re: Full3r] #15838528 02/26/21
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Our house is a pretty standard 4br/2ba, 2100SF. I bought it 9 years ago after my divorce. I paid much less than I was approved for. Which bothered the mortgage companies. But piss on them. I paid $170k. Home values for this style of home in our neighborhood have literally doubled what I paid and they sell fast! I live across from a school. There is some swamp land behind it.

Someone bought it, filled it and built about 15, 3500sf + houses on it. They range in price from $685K-$900K. We toured some when they had a parade of homes last year. The quality was no better than anything else, maybe even worse, and they're built in a swamp. Keep building them as far as I'm concerned. The value of ours will keep going up and we'll buy our next one for cash when we get out of this tax hell.


Just one more draw and we should see the trucks.
BP-B2

Re: How expensive of house, and do you regret it? [Re: MtnBoomer] #15838538 02/26/21
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Originally Posted by MtnBoomer
Related



LMAO


Just one more draw and we should see the trucks.
Re: How expensive of house, and do you regret it? [Re: Full3r] #15838557 02/26/21
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You going fishing this weekend or do you own your own home. Something to consider. Edk

Re: How expensive of house, and do you regret it? [Re: Full3r] #15838603 02/26/21
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I keep hearing about people getting 'pre-approved' for mortgage loans. If they borrowed that much, they'd never pay it off and would be tied to a high mortgage forever. NEVER borrow anywhere close to your pre-approved amount. It's just plain stupid.


Sin wouldn't be so attractive if the wages were paid immediately.
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Re: How expensive of house, and do you regret it? [Re: Full3r] #15838623 02/26/21
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In hindsight, I wish I had bought a bunch nicer house on more land with better neighbors. I had no idea I'd still be living in this house 24 years later.



Quando omni flunkus moritati
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Re: How expensive of house, and do you regret it? [Re: Full3r] #15838642 02/26/21
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No regrets.

If it's paid off the day you retire, and you are able to save enough to retire when you want to, fuuck what anyone else thinks.

Re: How expensive of house, and do you regret it? [Re: goalie] #15838653 02/26/21
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Originally Posted by goalie
No regrets.

If it's paid off the day you retire, and you are able to save enough to retire when you want to, fuuck what anyone else thinks.



Yep.


Just one more draw and we should see the trucks.
Re: How expensive of house, and do you regret it? [Re: ribka] #15838699 02/26/21
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Originally Posted by ribka
Originally Posted by Spotshooter

I had a friend who let a realtor talk him into dumping a huge amount of money to upscale and buy a huge house in Coloraodo in 1999, and his new job, and the house it market imploded in 2007 - he lost his a huge amount of his life’s savings.

If you don’t know realistate make sure you do your due diligence.

That being said - loan rates are pretty low right now.



If he was able to hold on to it it would have doubled in value


Basically, what I was going to say !

Only if he sold it.


Paul.

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Re: How expensive of house, and do you regret it? [Re: New_2_99s] #15838749 02/26/21
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Originally Posted by New_2_99s
Originally Posted by ribka
Originally Posted by Spotshooter

I had a friend who let a realtor talk him into dumping a huge amount of money to upscale and buy a huge house in Coloraodo in 1999, and his new job, and the house it market imploded in 2007 - he lost his a huge amount of his life’s savings.

If you don’t know realistate make sure you do your due diligence.

That being said - loan rates are pretty low right now.



If he was able to hold on to it it would have doubled in value


Basically, what I was going to say !

Only if he sold it.


When I go to Canada Im always shocked how much Realestate costs up there. Seems about 25 to 30 per cent higher than the US. This is BC, Alberta and Saskatchewan . How are they in Ontario?


trans gender non binary transcendent mermaid queen-king
Re: How expensive of house, and do you regret it? [Re: Rock Chuck] #15838754 02/26/21
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Originally Posted by Rock Chuck
I keep hearing about people getting 'pre-approved' for mortgage loans. If they borrowed that much, they'd never pay it off and would be tied to a high mortgage forever. NEVER borrow anywhere close to your pre-approved amount. It's just plain stupid.


You gotta be preapproved these day, they wont take an offer without a preapproval.

The loan process is way more involved than it was 15 years ago. Those easy approvals for crazy money dont happen anymore. I bought my first house in 2006, absolute worst time. I was making squat and all I took was a w2 and they preapproved me for 400k, I was maybe making 30k at the time. I knew better and only took out a loan for 135k...but I'm sure folks took all the money offered...thus the housing crash a year or so later.

IC-B

Re: How expensive of house, and do you regret it? [Re: Full3r] #15838762 02/26/21
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"If he was able to hold on to it it would have doubled in value."
Not always the case and depends on the location. Wife's friend's daughter has a forth floor walk up with a leaky roof in NYC and they thought they got a bargain at 1.5 mil. Favre owned the place on the end of the cul-de-sac and it was on the market for 1.4 mil. It sold last year for $605,000. The market here in the Midwest just isn't as vibrant as in other places. We've had management guys transferred from the coast and they can't even find an equivalent priced place.


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The bitterness of poor quality is remembered long after the sweetness of low price has faded from memory
Re: How expensive of house, and do you regret it? [Re: Full3r] #15838810 02/26/21
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Right up the street from me....supposedly the largest land owner in the state of Ga, estimated monthly payment...70k

https://www.zillow.com/homedetails/5327-Us-Highway-41-S-Macon-GA-31210/250625826_zpid/

Last edited by killerv; 02/26/21.
Re: How expensive of house, and do you regret it? [Re: Full3r] #15838844 02/26/21
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I don’t know how young people are going to progress in this new America. When houses start at $350k and you have to be prepared to bid over asking in many cases, I know the wife and I couldn’t have afforded something like that when we were younger. In my area $500,000 is a median house price, that’s insane!

Re: How expensive of house, and do you regret it? [Re: Full3r] #15838916 02/26/21
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34 years ago we built a new house, 2600 sq. ft. 4 br, 2 baths, 2 half baths in a subdivision with a great view of the water. With the down payment from profits from our other house I remember is was about 1 1/2 times our income. Back then the interest rate was 11.5% and through connections I built the house for 74K on a 14K lot.
Over the years the interest rate went down and the value went up, we put all three sons through 4 years of college by refinancing the house but keeping our same mortgage , just getting a better rate. Paid our 15 year mortgage off in 18 years, that was about 15 years ago. Our 88K house is now valued at over 400K. Our kids all bought houses before things started to go crazy around here, #3 son had a house built 11 year ago on a nice lot for 165K, in a sub made up of very similar size homes. His neighbors are selling there homes now for high 300K, he's sitting very well with a 2 5/8 % mortgage.
I design homes for 4 different builders in my area, range from 350K to over a Mill. These are usually young professionals and they usually go 2.5-3 X their family income, their monthly payment and taxes just blow me out of the water, but they survive.
For young couples I tell them to build a house they can afford 5 years down the road, the ones that build based on their current income tell me they should have listened to me, as the now feel they missed getting the house they really wanted.


"The older I get, the better I was"
Re: How expensive of house, and do you regret it? [Re: Full3r] #15839437 02/26/21
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One thing where I have swam against the current on homes.


It is not the biggest investment you will ever make.
It's the biggest expense. (Keep cars out of this)

People lie about the price of their homes.
They like to say, I paid x, and it's worth XXXX now.

Bullshit.
Principal + interest, you paid 2 or three times sale price.
You only gained 1/3, not 4x.

And you paid maintenance, taxes, and insurance.
Probably improvements too.

And your house ain't word a dam nickel until you
sell it.

Then, you are homeless until you buy another.
At current prices.
Or rent, at current rates.


Yes, buying is normally the best move.
But don't be fooled into thinking it's gonna make you rich.
Unless, you buy junk, rehab while living in it, and sell.
Working your way up.
Even then, consider labor and expenses.
You will earn every cent you gain.


I'm an American, we kneel to no man.
Only to God!

The Alabama section of Pennsylvania.
Where we cling to our God and Guns.
Re: How expensive of house, and do you regret it? [Re: killerv] #15839486 02/26/21
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Originally Posted by killerv
Originally Posted by Rock Chuck
I keep hearing about people getting 'pre-approved' for mortgage loans. If they borrowed that much, they'd never pay it off and would be tied to a high mortgage forever. NEVER borrow anywhere close to your pre-approved amount. It's just plain stupid.


You gotta be preapproved these day, they wont take an offer without a preapproval.



This - and around here banks are about 4-6 weeks out on getting you in due to everyone and their brother doing refi's and looking to take advantage of low interest rates. Houses sell in 24 hours with multiple offers over asking - if you look at a house before having your financing in order realtor/seller are gonna tell you go piss up a rope.

Re: How expensive of house, and do you regret it? [Re: Full3r] #15839705 02/26/21
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Only house I regretted buying was the one in Colorado Springs. It was 4500 sq feet, 4 bedrooms, 4 baths, and a 4 car garage. Just to much for 2 people. Taught me a lesson though. When we moved to TN we went to 2200, 3 bed, 2 bath with a detached 1,000 sq ft workshop. For the most part we only use half the inside of the house. We have collected two out door sheds, each 8x16. Hard not to when the local Mennonites sold and delivered them for $1600 each.
The older we get the more space we need outside the house, not inside.


My biggest fear is when I die my wife will sell my guns for what I told her they cost.
Re: How expensive of house, and do you regret it? [Re: Full3r] #15839847 02/26/21
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Hard to go wrong on quality property. Our present home was about 2x my annual income, in a snob knob development, and we were debt free in 3 years. Value now is about 3 times what we paid.

If one expects to stay for a considerable time, should be a good investment unless ones local economy crashes.

On Rock Chuck's comment:
Quote
I keep hearing about people getting 'pre-approved' for mortgage loans


Yes. When we were house hunting the bank handed me a slip with a number they were willing to preapprove. They would have owned me for the rest of my life, but I would have been in the finest home in our community. That was before the housing crash, however, and I don't know if they'll go that far today.

Last edited by 1minute; 02/26/21.

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Re: How expensive of house, and do you regret it? [Re: Full3r] #15839867 02/26/21
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When I bought mine it was 1.5X my income. Paid it off in 1.5 years. Don't like to be beholding to anyone. For anything.


"...the left considers you vermin, and they'll kill you given the chance..." Bristoe
Re: How expensive of house, and do you regret it? [Re: Dillonbuck] #15841747 02/27/21
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Originally Posted by Dillonbuck
One thing where I have swam against the current on homes.


It is not the biggest investment you will ever make.
It's the biggest expense. (Keep cars out of this)

People lie about the price of their homes.
They like to say, I paid x, and it's worth XXXX now.

Bullshit.
Principal + interest, you paid 2 or three times sale price.
You only gained 1/3, not 4x.

And you paid maintenance, taxes, and insurance.
Probably improvements too.

And your house ain't word a dam nickel until you
sell it.

Then, you are homeless until you buy another.
At current prices.
Or rent, at current rates.


Yes, buying is normally the best move.
But don't be fooled into thinking it's gonna make you rich.
Unless, you buy junk, rehab while living in it, and sell.
Working your way up.
Even then, consider labor and expenses.
You will earn every cent you gain.



I have a friend that had this same philosophy. Homes are a liability not an asset he used to always say. They don't bring in any money and there's always another expense. When I sold my residence that was almost paid off 3.5 years ago I had around $250,000 in equity that went into my bank account when the deal was done.

I moved into one of my own rentals and started building my dream home. Not a dream home by many standards but for a guy who grew up in a singlewide it is a dream home. Said friend told me I should just invest the money and then rent. He said rent was a fixed cost and I didn't have to worry about repairs or other things. He made a bit of sense almost but I told him I was worried that inflation was coming and I wanted money in a home to tie me to the market. I said if homes get really expensive the only way I'll be able to afford one is if I was already in one and rode the market up.

I built for $350,000 which was a bit more than I had in cash but I paid the rest off quickly. Now the home is appraising close to $700,000. If I want to move or buy a new house now I've got a good size chunk of cash to put towards it if I sale the one I'm in. Meanwhile my friend continues to rent and told me the other day that if the market stays this high he will probably never be able to buy a home.

First time home buyers have it rough in this market. Those of us that have been building equity for years can role that equity into something new and often still afford to buy in this market. I'm glad I'm not trying to buy my first home now. I'd be worried to spend $600k plus because there is room for lots of downside if things get bad. For years my home and house payments and expenses felt like pure liabilities. Now that I own it and in this market it feels a lot like an appreciating asset.

Bb

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