Last night Ari and I were going through our finances, and we think we have enough for buying a house, and taking care of our baby and toddler expenses, even with me taking off work from my eighth month, to three months after the baby's born, my over all question is, is since the housing market crashed, and the forclosure rate is so high right now, would now be the best time to get a cheap house? (between 100,000 to 200,000K). And, since the house would end up being in his name, do you have to be an american resident to buy a house? Also, it would only be the four of us, alienbaby, Joseph, ari and I. Raspberry is moving out this summer.
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Buying Homes right now
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well, with the economy stagnating, and Gas will never go down again, common prices will only inflate from here on out, so realize that with the higher interest payments, and then the devaluation of money over time, that the cheaper housing market might not exactly cut the entire situation. If you have the spare cash, then that's good, but be prepared that the foreclosure rate is up because people can't make their payments. Make sure you get a mortgage that leaves you money left over for "Just in Case".(My Father's an Home Insurance Inspector, heh)
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I've heard the housing market could get even worse, so I couldn't say whether it's bottomed out or not. That kind of hindsight is hard to gauge.
I don't think you have to be a resident to buy a house.. Why the hell would it be only in his name? That seems like a mistake.
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Actually, we have to pay for ALL utilities, we have to haul water, bring out own garbage to the dump ourselves, and plow ourselves where we are now. Not to mention, our rent is higher then a mortgage payment would be.And I want some property. I'm tired of not having any room to spare so to speak
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BUY! I have been renting since I was 16 and it totally sucks. My friend is a realtor, and we bought last year. People are desperate to sell now. We got a brand new furnace, the sellers covered our closing costs, they paid for a 1 year warranty and we put no money down. Our mortgage is only $80 more than our rent was and after two years it will go down $180. We are considered 'high risk' because we don't have enough credit, not bad credit just not enough established credit. So they put that extra $180 on our mortgage for two years. It's so much better to know that your money is going towards something you will own. Plus, you can claim it on taxes.
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Originally Posted By: DxLISHxISx_43It's so much better to know that your money is going towards something you will own. Plus, you can claim it on taxes. Amen to that!! My house Payment is actually less the anything I could rent in the area... I also got a freakin fantastic deal on my house... over $20k less than appraisal because the guys new wife wanted to sell NOW because she wanted a bigger house hehe. After all the updates and remodeling I have done I plan on making a nice profit when the time comes to buy another house.So Java, I agree buy now. Just be picky and get the house you really want. Though I got a hell of a deal, I wish I was little more picky and got a slightly bigger house.
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I would wait, the housing crashed, its only going down, waiting six months could be a huge benefit in getting a better price, here shit dropped about 50k off a 200k house already and Utah has the strongest housing market int eh nation right now, the one least effected by the recession that everyone continues to deny we are in. Im waitng for a bit myself, sold my condo at the right time, just waiting a bit longer before I buy a house.
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We are about to get a democrat back in office. I don't think she should wait.
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Mayors are worthless.And yes, I do believe it will get better with a democrat president.
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Originally Posted By: DxLISHxISx_43Mayors are worthless.And yes, I do believe it will get better with a democrat president. I agree with ya
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mayors dont veto laws that govern big business and effect the value of a dollar, they dont have shit to do with power, they dont runteh country and they take shit from even the low life likes of me, ask the mayor inmy town what happens when snow plow fils in your fucking driveway after you spent 3 hours shoveling out 2 feet of snow to watch the plow push it into your driveway again while laughing and drive off? my mayor got a fucking ear full, and in person, and after that the snow around my house was pushed to the side of driveways instead of just thrown into all of them while the driver laughs after splattering you in frozen snow and ice driving past at fucking 40 MPH on a residential road.A mayor is a kicking post, and I do my share of the kicking when they give me a reason.
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Buy smart but don't buy as an investment unless it's just that. There is a big difference.I would say now is, generally, a good time to buy. I don't think I would wait for the market to bottom out before I bought. First, use the downward trend to your advantage. You don't need to be in rush. Look at many houses until you find something you like that is in your price range. As long as the market is headed downward, as a buyer, if you miss that house you just love you know something better may be coming along. That knowledge should give your more confidence in striking any deal and greater ability to walk away if the deal can't be made.If you do find something you like, say tomorrow, buy it don't wait. Your going to be in whatever you buy for quite a while, so buy something you like. There's nothing like making payments on something, that while it may be a good investment, you can't stand. I think you will find that would just lead to a general feeling of discontent and longing for something more. I can't stress enough to look long and look thorough. Remember with the downturn time is on your side. It's only in an upturned market that you have to hurry and be ready to jump at a moments notice. Even if your not ready to buy start looking make a few dry run offers. That may not be ethical, but who gives a fuck. It'll get your familiarized with the negotiating process and when the time comes to make a serious offer you'll be better equipped to deal.Another thing I can't stress enough, don't buy as an investment buy this as your home take care of it and let what you put into it make the value grow. A house, in reality, is probably not a good vehicle for making money. The cost over the years, in payment, upkeep and taxes can be staggering. I doubt that anyone ever gets back all that they put into it, except the rare few. As an investment a house generally works more like a savings account, unless your going to rent it out... That being said, again, buy what you like, you'll be happier in the long run.Before the purchase, no matter what anyone says insist on an inspection by a qualified inspector, some banks have become lacks on that rule over the past few years. If the house fails inspection have the home owner deduct or pay to fix what needs to fixed. If the problems encountered are to great, walk away there'll be another place you love. If there's clay soil where your looking have the foundation checked. Verify the house is not in a flood plain. If it is walk away. Flood insurance is very expensive and many insurance companies won't even insure a house in an area prone to flooding. Shop your banks just like you are your house. Look for who is going to give you the best rate. Remember their making a big chunk of money off you, they need to work for it. You don't need to go in hat in hand begging for money but go in knowing what your talking about with an understanding of the language and terms and in a professional manner.After you buy, whatever you save on your taxes apply to the principal. You will save thousands on interest and build up equity much faster. That way when it's time to replace the roof you can go to the bank and have value in the house to borrow money against if you need to or when it's time to upgrade your in better position to afford something nicer. Equity is your greatest ally in whatever may befall your property. Equity will give you the ability to deal with it when your bank account may not. As long as you'll be responsible in doing it, pay your taxes and insurance yourself. Don't let your bank do it. It can save you over the course of year and in turn that savings can be put toward the principal. Apply whatever you can to the principal, however little it may be, even if it's a few extra dollars on each payment. The interest you save by doing so will be great.That's all I can think of right now. So in answer to your question. Yes go buy now. Don't do it as an investment, it's not, but shop and purchase smart.
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Wow, Thank you so much ^.^
