The Quest for a House Saga-Part 1

[awptickes]

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.

I think I'm going to do a pellet stove this year, but it'd take me three years to hit 100% ROI. I use 250 gallons of heating oil per year, about $1100 worth at current prices. I just have to find a place to put the damn thing. I don't have a fireplace to use, and the oil furnace is down in the basement, and there's no sane way of getting to the chimney for it. I'm hesitant to cut into a wall to get a vent, because none of the sides of the house are free from obstructions, I have trees around the whole house, some as old as 50 years.

 

[Briansol]

Pellet stove venting code is actually VERY lenient. it's like 2' of clearance from windows, and doesn't even have to clear the roof line.

my stove PDF:
http://www.woodpelletheat.com/WinslowManual.pdf

check page 9. most vent outlets are less than 2 feet clearances. Your local code may vary.

 

[awptickes]

That's the thing, I'm pretty sure MD and Baltimore County have shitty code requirements.

EDIT:
per http://www.baltimorecountymd.gov/Agencies/permits/buildinspec/index.html

Building Permit Requirements

Building Permits are required for the following:

Accessory structures (sheds, garages, gazebos, etc.) over 120 square feet (link accessory to go to that section)
All accessory structures located in Flood Zone A or located in historic districts
Garages and carports attached to single family dwellings
Above ground swimming pools over 250 square feet with water depth of 24 inches or more
All in-ground pools (a 48 inch safety barrier with self latching, self closing gates is required)
Retaining walls over 36 inches (engineered drawings are required for over 48 inches)
Fences over 42 inches in height
Decks greater than 16 inches above the lowest grade and exceeds 120 square feet
Wood stoves, pellet stoves and fireplaces
Additions and structural modifications to existing dwellings
Enclosing of open porches and decks
Basement excavations
Change of use of structure
Razing permits
Grading over 5000 square feet
Alterations to historic houses

 

[Briansol]

Yes, i had to pull a permit too... it will be inspected if you do it legally. If you don't, and the house burns down, your insurance might not cover you. Mostly, the city just wants their 75 bucks and a 5 min once-over to make sure you aren't going to die.

 

[Jeef]

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
64 Lake Ave Bristol CT - New Home for Sale - MLS #G625712 - Realtor.com®

I would avoid lake ave area. The water treatment plant and the dump are right there. After moving out of Bristol, I would not go back.

 

[Briansol]

If i were looking right now, I'd probably be looking in burlington/harwington area. But that adds 20 min to most people's commutes, and there's some lack of services there which increase your homewowners ins (lack of real fire dept, water hydrants).
I also wouldn't buy a house with less than .75 acres I have about a half and wish i had more. .25 is too close to comfort with annoying neighbors

 

[Jeef]

Burlington is a great area. There are some deals.
I am looking in the Portland area. We want to be closer to the beach, but we could end up in Canton. I love Farmington but I don't know if I can afford to get a house I would like.

Corvette, good luck with getting out of the condo. I have a nightmare neighbor that is constantly harassing us, so I am selling my condo soon to get away from her.

 

[corvetteguy78]

I would avoid lake ave area. The water treatment plant and the dump are right there. After moving out of Bristol, I would not go back.

good point i forgot about that...i lived in Bristol for 27 years. Definitely not anxious to move there, but you do get a lot for your money...and all of my friends in Family are in Southington/Bristol/Meriden so it would be a good location as far as convenience

 

[Briansol]

This is a steal

mls id
W1068295

 

[corvetteguy78]

This is a steal

mls id
W1068295

only i go from a 7 mile commute back to a 27 mile commute....nooooo thanks!

Talking to our realestate agent and webster bank, it seems like the best scenario for us to to rent her place out as well and keep it until it's not under water.

This way we don't waste 30k out of our pockets to sell it. This will still allow us to buy in the same range we are looking at. so after we get back our honeymoon, we are going to find a house then putting he rplace up for rent

 

[Briansol]

you might have a hard time getting a mortgage of any value with 2 rental properties hitting the debt to income ratio-- especially since it won't be rented at the time of your closing (as you'll still be living there). Talk to your lender about that option before you get set on it.



Wolcott is closer to the highway than bristol/burlington/etc so if you are considering moving there, you're all in the same ballpar commute wise.

 

[corvetteguy78]

you might have a hard time getting a mortgage of any value with 2 rental properties hitting the debt to income ratio-- especially since it won't be rented at the time of your closing (as you'll still be living there). Talk to your lender about that option before you get set on it.



Wolcott is closer to the highway than bristol/burlington/etc so if you are considering moving there, you're all in the same ballpar commute wise.

no, the mortgage guy at webster bank was the one who recommended we do it that way....they key is to have a rental agreement at the closing.

I really think Bristol is out and Burlington was never an option

 

[Bob Vila]

no, the mortgage guy at webster bank was the one who recommended we do it that way...

the mortgage guy /= the underwriting guy. The U/W guy makes the final call. I'd be very leery of that...

 

[BigJ]

If you can pull it off, it'd be great amigo. Make that money work for you. But save, save save just incase they go unrented. That's some pressure.

 

[corvetteguy78]

If you can pull it off, it'd be great amigo. Make that money work for you. But save, save save just incase they go unrented. That's some pressure.

Yeah....I figure when we are ready to buy...we will have around 45k....only going to use about 20k for dp ... 5k to furnish....another2-3k for misc... rest is going to savings

 

[BigJ]

Yeah....I figure when we are ready to buy...we will have around 45k....only going to use about 20k for dp ... 5k to furnish....another2-3k for misc... rest is going to savings

Yeah can be done. Just be smart and frugal. I know people that lost their shirt when their houses went unrented for a while. Just depends on the market and location.

 

[Briansol]

The key is to be able to pay all your bills, eat, gas, etc, and be able to pay all 3 mortgages should they be empty if necessary solely on your main job income.

The second you rely on at least a 50% fill ratio is when you get in trouble.

And then there's money for damages/fixes, etc etc and the time that goes in to being a landlord when stuff breaks.

 

[corvetteguy78]

Condo is on CL for rent, already got 1 showing scheduled for tomorrow. ..We narrowed it down to about 4 houses...We are looking at a house tonight....we already drove by the neightborhood and house, it's really nice. It's in Meriden but the nice part of Meriden. 5 minutes from the highway but you can't hear it at all. I made sure of that. Very residential area.

93 Stephen Dr Meriden CT - Home For Sale and Real Estate Listing - MLS #N328880 - Realtor.com®

Check it out on google maps.

 

[Briansol]

Meriden has a prety high mill rate. something to keep in mind.

 

[corvetteguy78]

Meriden has a prety high mill rate. something to keep in mind.

yeah got it all figured out already....taxes are about $6893/y (i used 8k in my budget) mill rate is 34.70, assessment is 198,666