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Quarter Mil' Y'all!

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tallen702 View Drop Down
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    Posted: 29 February 2012 at 8:04pm
Damn straight! That's what the bank gave me! Actually, I could have gotten more, but as it stands with our down payment money and what we'd like our payments to be each month, we're FHA approved to spend $250k with only 5% down at 4.5%APR. For those not in the know, that's pretty damned sweet given that I have a semi-crappy credit score. (you couldn't get a 4.5 unless you were Warren Buffet at one point) That said, while 250k will get you something really rather nice in places like NC, OH, WV, etc. It's not a whole lot around here. If you remember back before the market went to hell, Shorty paid something like 350k for a 1000sqft cape cod in Falls Church.

The good news for Erin and I is that we're looking further out, which means more for our money.

Still, it's great news for us since we're through with throwing our money away each month renting.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote RoboCop Quote  Post ReplyReply Direct Link To This Post Posted: 29 February 2012 at 9:14pm
I definitely want to live in an area where a $200,000 house is darn good house. I can't believe the price tags they put on these houses up north. Just doesn't seem worth the price.

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Post Options Post Options   Thanks (0) Thanks(0)   Quote Skillet42565 Quote  Post ReplyReply Direct Link To This Post Posted: 01 March 2012 at 12:04am
You can get a lot of land and a home in Kentucky that are nice.
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impulse418 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote impulse418 Quote  Post ReplyReply Direct Link To This Post Posted: 01 March 2012 at 7:24am
What are the property taxes on a 250k house there?
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Post Options Post Options   Thanks (0) Thanks(0)   Quote pntbl freak Quote  Post ReplyReply Direct Link To This Post Posted: 01 March 2012 at 8:11am
New car...new house...someone having an (early?) midlife crisis? Tongue
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Post Options Post Options   Thanks (0) Thanks(0)   Quote oldpbnoob Quote  Post ReplyReply Direct Link To This Post Posted: 01 March 2012 at 9:05am
Yeah, $250k will get you a pretty nice house here in NW Ohio. Then there's the weather and lack of anything to do.
 
Congrats. Owning a home is amazing and terrifying at the same time. When most people are buying a house, they forget to remember that things need to be fixed, replaced and/or maintained. Too many people stretch their budgets and end up married to their houses. Make sure you stay within budget and allow yourself enough comfort room to still be able to have a life. Having a nice house is awesome, but if you have to stay home every night and eat ramen noodles and hotdogs 7 days a week and only see movies at the $1 Cinema to afford it, it aint worth it.
 
With that said, I don't get how people up North or in high price areas do it. We moved from Florida just before things started to get ridiculous, but had friends in places like NY and Mass that would tell us about the outrageous prices people would pay for tiny little houses. We also watch "Trading Up" and some of the other shows on HGTV etc. where people are looking for houses and they are paying like $700k for some house that would sell for $60k here in Ohio. It's truly insane. I never understood how people could afford something like that.


Edited by oldpbnoob - 01 March 2012 at 9:11am
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Lightningbolt Quote  Post ReplyReply Direct Link To This Post Posted: 01 March 2012 at 9:20am

it makes it sound like a lot of money.

not picking on you but this is what got the entire u.s economy up side down.

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Post Options Post Options   Thanks (0) Thanks(0)   Quote Skillet42565 Quote  Post ReplyReply Direct Link To This Post Posted: 01 March 2012 at 10:52am
Kentucky is essentially a land owner's paradise.  Beautiful land, very few (but friendly) neighbors, excellent firearm laws, its my perfect state haha.

However, life in the countryside can be quite boring, where the land is cheapest.  My family paid around 100 thousand for our place, which was 110 acres, and there was already a house on the land, which we renovated.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote tallen702 Quote  Post ReplyReply Direct Link To This Post Posted: 01 March 2012 at 11:48am
Originally posted by impulse418 impulse418 wrote:

What are the property taxes on a 250k house there?


Depends on where you buy. Montgomery County, MD where we are looking is a bit weird. While they assess land and house and tax based on that, they're a little wonky with their assessments based on the locality. I'd pay between three and four thousand if I bought a house for that price IN Germantown, but if I buy in Boyds (right next door) it can be as low as 2500.

Originally posted by pntbl freak pntbl freak wrote:

New car...new house...someone having an (early?) midlife crisis?†Tongue



Not at all. It's called "being an adult and having to buy things to live and get to work to be able to buy the things you need to live and get to work.


Originally posted by oldpbnoob oldpbnoob wrote:

We also watch "Trading Up" and some of the other shows on HGTV etc. where people are looking for houses and they are paying like $700k for some house that would sell for $60k here in Ohio. It's truly insane. I never understood how people could afford something like that.


It's pretty tough actually. There's a reason I'm 32 and just now getting a mortgage. Honestly, nowhere is the disparity between the "norm" for the US and the "elite" so readily visible than in centers of population. One of the issues around here is that DC has just grown so much so quickly that all the commutable areas have been developed. Shorty lives on .14 Acres in a 1000sqft cape-cod and paid $350k for it because it is inside the beltway where there isn't any more land to develop. Even now, Northern Virginia residents are out of land to build and are starting to butt up against national parks and battlefields. It's gotten so bad that Wal-Mart petitioned to actually build a super-center on the battlefield at Manassas. Employers, knowing the cost of living around here, pay more so that they can attract viable candidates. In turn, that means there's more money going around which jacks up the price even more. Add in the fact that there are tiny little lots with decrepit houses on them going for 200-500k depending on the area which people buy, tear down, and then build million dollar homes on, and you get the picture of why people can ask so much for so little.

Originally posted by Lightningbolt Lightningbolt wrote:

not picking on you but this is what got the entire u.s economy up side down.


No, actually it isn't. Banks and Brokers allowing "Liar's Loans" to go through (Mortgages without verifying employment or salary) in a mad dash to rack up commissions is what put us in this mess. Of course, that all springs from the deregulation of the banking industry during the Reagan era.

Originally posted by Skillet42565 Skillet42565 wrote:

My family paid around 100 thousand for our place, which was 110 acres, and there was already a house on the land, which we renovated.


Yeah... cheapest lot I've found here is 86K for 1 Acre.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Ceesman762 Quote  Post ReplyReply Direct Link To This Post Posted: 01 March 2012 at 11:51am
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Post Options Post Options   Thanks (0) Thanks(0)   Quote FreeEnterprise Quote  Post ReplyReply Direct Link To This Post Posted: 01 March 2012 at 12:31pm
When I was graduating from college, I was offered a job in New York City... $70,000 a year back in 94, which sounded like a TON but, once I figured in the cost of living... It would have been like making $30,000 in Ohio...
 
It was between Texas, NYC, and Ohio, and I went to Ohio. We bought and sold houses for a decade, and built our dream house when I was 32. I learned a ton about buying and selling houses.
 
I can't imagine trying to buy real estate near DC. The prices are so far out there, that it isn't logical. If the government starts to shrink, you will see a drop in real estate prices there I would guess... As most of the property is owned by people who work for the government.
 
If I were in your shoes, I would look for a fixer upper. You can make mad money if you have the time to do the work yourself. (big if, obviously).
 
I bought from HUD, and relocation houses in my area, not sure if there are many of those in your area again, because the biggest employer there is the government, and government has been growing for years with DC being one of the highest income areas and highest real estate prices in the country.
 
 
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Post Options Post Options   Thanks (0) Thanks(0)   Quote little devil Quote  Post ReplyReply Direct Link To This Post Posted: 01 March 2012 at 1:22pm
Congrats! Now comes the real fun.

House inspector-  Worth the weight in gold. Talk to your friends/fam obviously.
Water -  The biggest problem for any home, look for grading of the property, water stains in basement, evidence of repair in the basement.
Trees near the house, roots pushing against the foundation is never good. Maple trees are a big one here.
Driveways running alongside the house where a basement will be is something that's best to stray away from.
Carry one of those outlet checkers to see if the place is at least wired correctly. Check type or wire used, before inspection if not listed on the information page.

Hope your wife is rational and the kitchen and bathrooms are not the only thing that matter. "Who cares if the foundation is cracked and we have to go through the driveway to repair it,  have you seen the kitchen!" Is not something you wanna hear.
 
Anything that you can learn to check before blowing another $500+ for the inspection can only help.

Places around here can sell in a day easily if it's priced right. If it's the same for you, good luck. It gets stress full, get some bottles of the good stuff out.

Good luck!
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Post Options Post Options   Thanks (0) Thanks(0)   Quote mbro Quote  Post ReplyReply Direct Link To This Post Posted: 01 March 2012 at 2:14pm
That's almost 4 times what I paid for my house.

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Post Options Post Options   Thanks (0) Thanks(0)   Quote stratoaxe Quote  Post ReplyReply Direct Link To This Post Posted: 01 March 2012 at 3:41pm
You can get an incredibly nice home on quite a bit of acreage here in Texas for 250K.

My buddy just bought a 4 bed 2 bath fixer upper (not in bad shape at all, basically an unfinished new home) on 4 acres for 50K and sunk about 10K into finishing it.

Texas cost of living is why I stay here ;)
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Post Options Post Options   Thanks (0) Thanks(0)   Quote choopie911 Quote  Post ReplyReply Direct Link To This Post Posted: 01 March 2012 at 3:55pm
Originally posted by RoboCop RoboCop wrote:

I definitely want to live in an area where a $200,000 house is darn good house. I can't believe the price tags they put on these houses up north. Just doesn't seem worth the price.



I think there are 4 houses left in Vancouver that are less than $1 Million.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote choopie911 Quote  Post ReplyReply Direct Link To This Post Posted: 01 March 2012 at 3:57pm
Originally posted by stratoaxe stratoaxe wrote:

You can get an incredibly nice home on quite a bit of acreage here in Texas for 250K.

My buddy just bought a 4 bed 2 bath fixer upper (not in bad shape at all, basically an unfinished new home) on 4 acres for 50K and sunk about 10K into finishing it.

Texas cost of living is why I stay here ;)


Holy crap, that's insane. I just picked up a flyer for apartments that came in the mail the other day. 1 Bedroom, 577 square feet. $385,500.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote tallen702 Quote  Post ReplyReply Direct Link To This Post Posted: 01 March 2012 at 4:10pm
Originally posted by choopie911 choopie911 wrote:

Originally posted by stratoaxe stratoaxe wrote:

You can get an incredibly nice home on quite a bit of acreage here in Texas for 250K.

My buddy just bought a 4 bed 2 bath fixer upper (not in bad shape at all, basically an unfinished new home) on 4 acres for 50K and sunk about 10K into finishing it.

Texas cost of living is why I stay here ;)


Holy crap, that's insane. I just picked up a flyer for apartments that came in the mail the other day. 1 Bedroom, 577 square feet. $385,500.


That's about what it'll run you in DC, in an area where you won't get shot just for coming outside that is.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote RoboCop Quote  Post ReplyReply Direct Link To This Post Posted: 01 March 2012 at 5:44pm
Ya, condos are super expensive in Chicago area too. My girlfriend lives there and I told her we are not living anywhere near Chicago area.

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Post Options Post Options   Thanks (0) Thanks(0)   Quote Rofl_Mao Quote  Post ReplyReply Direct Link To This Post Posted: 01 March 2012 at 7:57pm
Originally posted by choopie911 choopie911 wrote:

Originally posted by RoboCop RoboCop wrote:

I definitely want to live in an area where a $200,000 house is darn good house. I can't believe the price tags they put on these houses up north. Just doesn't seem worth the price.



I think there are 4 houses left in Vancouver that are less than $1 Million.



Thats insane. I mean I heard that its expensive our there but thats extreme.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote choopie911 Quote  Post ReplyReply Direct Link To This Post Posted: 01 March 2012 at 8:35pm
Yeah, we're the most expensive in the world now I think, more than NYC. Our cabs are also the most expensive because they wont issue new licenses, so a smallish group (comparitively) is servicing the whole city.

My 2 bedroom apartment is $1300 a month. (total, not each)

Edited by choopie911 - 01 March 2012 at 8:36pm
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