The Quest for a House Saga-Part 1
- Thread starter corvetteguy78
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UNDR8D
...has a job!
I'm shocked that no one has mentioned the vast pitfalls of buying a house with someone you aren't actually married to yet....you think it's hard to get out of a marriage? Try getting out of a mortgage...impossible. I wouldn't want to live with a girl I wasn't married to, never mind put my name on a legally binding document with her. October is nearly 11 months away. At least wait til you say I do, to say I mortgage.
just keep both places and live separately so you can go home every night, and you get to skip shark week all together.
we will be married by then, we are set to be married Oct 6th 2012, don't plan on actually being able to buy a house until atleast 6 months later
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Aren't you the one who bought the condo with your exgirlfriend?
Good luck selling your condos, nothing is selling in my area. 10% of my complex was for sale a few months ago not one sold. Some are off the market now. Several estate units that are going cheap to unload aren't selling.
Good luck selling your condos, nothing is selling in my area. 10% of my complex was for sale a few months ago not one sold. Some are off the market now. Several estate units that are going cheap to unload aren't selling.
am I the "one"? i guess you can say i am one in about 100,000,000 other people who have yes....also had her help run me up some sick debt which took me 3 years to pay off...absolutely destroyed my credit....best learning experience of my life...
this time i'm with a girl who makes more then me instead of less lol
j/k of courseThankfully the units in her Complex sell all the time...My condo will take longer to sell. once her sells, we move in mine, put it immediately up for sale and see what happens. If it sells early we rent for about 6 months to save some money for down payment.
yes they have, my condo is no longer FHA approved, so its gonna be rough selling mine. Her's I anticipate will go with in 2 months or less. It's allot nice then mine and its 2b 2b where mine is 2b 1b
Where did you live?
I have a real estate agent coming today to look at the condo so we can put it up for sale. Couple things need to be fixed up but other then that we sould be in good shape to sell.
Had a long conversation with a good friend of mine who is VP of Commercial loans for New England Bank, he ran some numbers for us and said we are in great shape for an FHA loan with a 22% Debt to income ratio and $145,000 combined income. He said we will qualify for over $450,000 lol.....uhhh no thanks....
Realisticly we are looking at something newly built around $350,000 which my buddy said would be perfect as one of our pay checks can cover the mortgage if one of us were to loose our jobs.
at 4% rate and 3.5% down payment, financing $337750(12250 down payment) with $150 PMI and estimated $7500 taxes, we are looking right around a $2250/m payment, right where we want to be.
So now we just need her condo to sell..any takers?
Had a long conversation with a good friend of mine who is VP of Commercial loans for New England Bank, he ran some numbers for us and said we are in great shape for an FHA loan with a 22% Debt to income ratio and $145,000 combined income. He said we will qualify for over $450,000 lol.....uhhh no thanks....
Realisticly we are looking at something newly built around $350,000 which my buddy said would be perfect as one of our pay checks can cover the mortgage if one of us were to loose our jobs.
at 4% rate and 3.5% down payment, financing $337750(12250 down payment) with $150 PMI and estimated $7500 taxes, we are looking right around a $2250/m payment, right where we want to be.
So now we just need her condo to sell..any takers?
yes there are.... actually, we looked at houses in Bristol , brand new construction, 1870SQ feet on .27 acres, $254,000 ...but its on Lake Ave, it's not just about buying a house for cheap, you need to think long term as far as area and land type. A new house in Bristol on Lake Ave is only going to depreciate very quickly. Looking at Southington, Berlin area and a very small possibility of Avon(but not new). Bristol is not out of the question just need to research some areas more.
L-2a-3 Robin St Bristol CT - New Home for Sale - MLS #G587286 - Realtor.com®
Roberts Trace Bristol CT - New Home for Sale - MLS #G596294 - Realtor.com®
64 Lake Ave Bristol CT - New Home for Sale - MLS #G625712 - Realtor.com®
My Dads house was just appraised at $315,000, 2800 SQ/FT Raised Ranch on .50 acres, its very high end, the appraiser said realisticly, in Bristol you can expect $275,000, if it was in Southington, $400,000+
I'm hoping to steal a new contruction home in a nice area in hopes that it will eventually increase in value. Not that i ever plan on moving but i want to be in the black in 6-8 years.
however, lower 300's is not out of the question, but it limit new construction in nicer areas, i'm not dealing with replacing windows, roof, furnace, AC, and updating half the house which is why i want new construction
I feel ya, my house was 10 year sold when i bought it. Old houses are a pain in the ass. Just ask Steve. he even said that he'd not enjoy doing another kitchen reno in a house as hold as his again (40s i think). Too many wires, etc out of date.
The houses on lake ave are actually really nice... they just put in that new street behind the commuter lot.
That said, i wouldn't live there. No trees. One big open plot of land iwth no privacy.
There's a house for sale behind me on pine valley. NICE places back there man. Desireable neighborhood in the new school district if you have kids, in your price range, and isn't near the ghetto.
The houses on lake ave are actually really nice... they just put in that new street behind the commuter lot.
That said, i wouldn't live there. No trees. One big open plot of land iwth no privacy.
There's a house for sale behind me on pine valley. NICE places back there man. Desireable neighborhood in the new school district if you have kids, in your price range, and isn't near the ghetto.
yeah my buddy just bought a $330,000 house in a very nice desireable hood in Southington..i wouldn't have touched it with a 10ft pole, but the houses in his neighborhood are all 400k- 1Mil. He has done a crap load of work to it already and it's coming out mint, but he is very handy and has had alot of help and has the summers off lol...plus he has every tool imaginable.
I'll have to look into that area, any idea of the prices of the houses for sale?
Don't forget about ancillary costs, such as increased utilities, higher water bill, furnishings, exterior maintenance, etc. While going from a condo to a house doesn't seem like a big deal, there's a lot of additional $ that you're going to end up spending. You should factor that in and make sure you're putting enough into savings. You don't want to work to live in your house.
Robin St isn't by a cemetery, its literally right down the street from you over by my old' hood on Pondview. It intersects Claire/Maheu/Marlene. They opened up the far end of it and made it into a cul-de-sac.
Yeah all of that is well thought out. I have all my dads lawn equipment waiting for me: blower, tractor, mower, weed wacker etc....that I won't have to buy. that will save a few grand right there....he also gave me a bedroom set that's sitting in her parents basement with a queen size mattres for a second bedroom. We have a nice master bedroom set already. Might need a few room sets depending on what we buy.
Also since her condo is much older, im assuming that with everything being new and energy efficient these days, and with zone heating/cooling, ultility costs won't be that much more however, it's budgeted for 20% increase
I was thinking of Bird st, not Robin. lol damn names. That's the one up by the cemetary.
pine valley is all 300-600k houses. it's on the first hump on Peacedale going up chippens hill.
I think the biggest bump for me going from condo life to house life was the added cost of heating oil. Plan to buy a pellet stove. Save's me about 3 grand a year. ROI after 1 year, and its fun to sit around the fire I spend about 800 bucks a year in pellets and about 100 a month in oil, tops in the winter, and it does 80% + of my heating for the house. Some friends spend upwards of 1000 a month in oil for thier 2200 sqft houses, keeping a modest 66 temp. It could potentially do the whole house, but it is on the 3rd of my 4 split stories (including basement), so the 1st floor (above basement) doesn't get any of the heat and requires the furnace.
Plus, it supports US economy, not arabs. And its a carbon-neutral product, so it's consdered green. Some tax credits might still be around... not sure. they had them at one point a few years ago at least.
pine valley is all 300-600k houses. it's on the first hump on Peacedale going up chippens hill.
I think the biggest bump for me going from condo life to house life was the added cost of heating oil. Plan to buy a pellet stove. Save's me about 3 grand a year. ROI after 1 year, and its fun to sit around the fire
I spend about 800 bucks a year in pellets and about 100 a month in oil, tops in the winter, and it does 80% + of my heating for the house. Some friends spend upwards of 1000 a month in oil for thier 2200 sqft houses, keeping a modest 66 temp. It could potentially do the whole house, but it is on the 3rd of my 4 split stories (including basement), so the 1st floor (above basement) doesn't get any of the heat and requires the furnace.Plus, it supports US economy, not arabs. And its a carbon-neutral product, so it's consdered green. Some tax credits might still be around... not sure. they had them at one point a few years ago at least.
