Official Homeowners' Thread

[EndSerenading]

So, my wife and I just closed on/moved into our first house. We had a crazy complicated closing due to the seller being in personal/consumer bankruptcy which caused snags that led to the closing being delayed 3 times. Overall though I highly recommend it; being a homeowner is awesome in so many ways (and I really think it will be worth the extra work to maintain it).

I know one thing I am pumped about and the first thing I did to the house was the intercom/speaker system I had installed in every room of the house driven by an amp downstairs. I got the aux input for the iPod all setup. Was great having music in every room of the house and on the patio while we were moving in and cleaning. Im hoping it will be great for having guests over etc.

I know I'm a bit above the average age of this site, but do we have other homeowners in here (be it single family homes like I got, or townhouses or condos). Any horror stories? Any cool DIY projects(paint jobs, hardwood flooring, media rooms, studios etc.)

[Kozzy333]

Not a homeowner but right now my family is in the process of selling my house and buying a new one. It's a pain in the ass, I don't look forward to doing it later in life.

[downpat75]

I'm a homeowner with my brother. We bought a house that needed some work, and "some" work has turned into a ton of work. Seems like every time we tear into something we find more problems or hurdles. We completely remodeled/finished the basement, gutted and replaced the kitchen/dining room, and tore up the yard and replanted. I'd still say we are only about 50% done!

We've done all of it by ourselves with some help from our parents and it's definitely a learning experience. The most important rule when doing DIY fixes or projects is to have a plan and prepare appropriately (ie measure AT LEAST twice). Mess-ups happen when you get in hurry. Oh and check on projects that you'll get tax rebates on, like insulation, windows, hot-water heaters, etc. These can really give you a boost on your tax return next April.

[drawndead]

So, my wife and I just closed on/moved into our first house. We had a crazy complicated closing due to the seller being in personal/consumer bankruptcy which caused snags that led to the closing being delayed 3 times. Overall though I highly recommend it; being a homeowner is awesome in so many ways (and I really think it will be worth the extra work to maintain it).

I know one thing I am pumped about and the first thing I did to the house was the intercom/speaker system I had installed in every room of the house driven by an amp downstairs. I got the aux input for the iPod all setup. Was great having music in every room of the house and on the patio while we were moving in and cleaning. Im hoping it will be great for having guests over etc.

I know I'm a bit above the average age of this site, but do we have other homeowners in here (be it single family homes like I got, or townhouses or condos). Any horror stories? Any cool DIY projects(paint jobs, hardwood flooring, media rooms, studios etc.)

Congrats on closing. I remember all the hassles when I bought my first townhouse in 2007 I ended up having to pay the previous owners closing costs. I ended up putting in a brand new kitchen with Cherry Rose cabinets and Cherry Wood flooring throughout the bottom floor as well as redoing the half bath downstairs and the bathroom upstairs. I ended up selling in summer 2009 to move up to school but it is definitely an experience I am looking forward too again!

[sleepyseanzzz]

dont forget the first time homebuyer and new homeowner tax credit has been extended til april 30th my friend, get on that if you already havent!

[birtcho]

Me and my girlfriend are looking to build a townhouse this year and I cannot wait

[atticus18244fss]

Congrats!

[iAMhollyood315]

sweet dude, i can't wait till i have a home some day. what do you do for a living ?

[phil19]

congrats man. im jealous

[EndSerenading]

I'm a homeowner with my brother. We bought a house that needed some work, and "some" work has turned into a ton of work. Seems like every time we tear into something we find more problems or hurdles. We completely remodeled/finished the basement, gutted and replaced the kitchen/dining room, and tore up the yard and replanted. I'd still say we are only about 50% done!

We've done all of it by ourselves with some help from our parents and it's definitely a learning experience. The most important rule when doing DIY fixes or projects is to have a plan and prepare appropriately (ie measure AT LEAST twice). Mess-ups happen when you get in hurry. Oh and check on projects that you'll get tax rebates on, like insulation, windows, hot-water heaters, etc. These can really give you a boost on your tax return next April.

Awesome! If I had more time outside of work and other stuff I have going on I would have loved to renovate. I still have some stuff I'd like to do (install hardwood throughout the entire first floor, granite countertops, etc.) but this was "move-in ready" for the most part. Definitely wouldnt mind checking into rebates on insulation though.

Congrats on closing. I remember all the hassles when I bought my first townhouse in 2007 I ended up having to pay the previous owners closing costs. I ended up putting in a brand new kitchen with Cherry Rose cabinets and Cherry Wood flooring throughout the bottom floor as well as redoing the half bath downstairs and the bathroom upstairs. I ended up selling in summer 2009 to move up to school but it is definitely an experience I am looking forward too again!

that sounds nice! I love hardwood. You make any money off the upgrades or did the housing market being down hurt you when you had to sell in 2009?

dont forget the first time homebuyer and new homeowner tax credit has been extended til april 30th my friend, get on that if you already havent!

Yea definitely! Have to change the address for the driver's license and some other stuff that I need to send in. I know it will take a few months to actually see that deposited, but $8000 will be awesome! Im planning to use it to put hardwoods in the first floor.

Me and my girlfriend are looking to build a townhouse this year and I cannot wait

Awesome, best of luck!

Congrats!

Thanks!

sweet dude, i can't wait till i have a home some day. what do you do for a living ?

Yea, you'll get there; its a great feeling. Almost a sense of pride I guess when owning as compared to renting :) Kinda cool to be able to do more upgrades and stuff. I have a degree in Mechanical Engineering from NC State and I work for Fluor as a Mech. Eng. in Engineering & Construction industry. Working on a nuclear power plant right now, its pretty fun :) (for a job haha)

congrats man. im jealous

thanks :)

[TopperHarley]

My wife and I actually just got our pre-approval last wednesday, and are meeting with the realtor on Saturday morning. Great idea for a thread!

[steve187]

Population: ~5

[EndSerenading]

My wife and I actually just got our pre-approval last wednesday, and are meeting with the realtor on Saturday morning. Great idea for a thread!

awesome! Good luck man. If you have any questions or something, I may be able to help since I just went through this. And yea, I figured it might be a useful thread for the buying process as well as home projects, repairs, etc. Wasn't really sure if there would be that many interested people here though haha. Glad to see there are a few

[Kassie09]

nah, i'm like 12.
but that music in all the rooms thing is awesome, good work.

[drawndead]

that sounds nice! I love hardwood. You make any money off the upgrades or did the housing market being down hurt you when you had to sell in 2009?





I just a bout broke even. I got more than I paid for it but with all the upgrades I made 2,000 but I was happy to get out of. I was definitely too young to be purchasing property at 19 years old

[popdisaster00]

I will hopefully be buying my first house within 2 years MAXIMUM

[SouthernCross40]

http://sidesalad.net/archives/DelmarFromOBrotherWhereArtThou.jpg

I'm gonna visit those foreclosing son-of-a-guns at the Indianola Savings & Loan, slap that money on the barrelhead and buy back the family farm. You ain't no kind of man if you ain't got land.

[rhinitus]

Not even close to being ready.

[birtcho]

Are house prices around the US back on the up after the GFC?

[.invisible ink.]

Are house prices around the US back on the up after the GFC?

not even close.

i want to sell my house so badly so i can go to grad school out of state but i can't even list it because i only bought it ~2 years ago and it's worth less than what I bought it for and there's about 15 houses in my subdivision that are for sale - and are listed for way less than they should be so it's pointless for me to even put it on the market because i don't have the money or the interest in writing the mortgage company a big fat check when i sell. Oh and before you ask, I put 20% down when I bought it.

Buying houses makes sense for some people and definitely doesn't make sense for others (myself included). I should never have bought my house, even though it's a nice place, it's still much more work than renting and you're stuck with all your money tied into one semi-risky investment. Diversify.

/end rant

[EndSerenading]

not even close.

i want to sell my house so badly so i can go to grad school out of state but i can't even list it because i only bought it ~2 years ago and it's worth less than what I bought it for and there's about 15 houses in my subdivision that are for sale - and are listed for way less than they should be so it's pointless for me to even put it on the market because i don't have the money or the interest in writing the mortgage company a big fat check when i sell. Oh and before you ask, I put 20% down when I bought it.

Buying houses makes sense for some people and definitely doesn't make sense for others (myself included). I should never have bought my house, even though it's a nice place, it's still much more work than renting and you're stuck with all your money tied into one semi-risky investment. Diversify.

/end rant

I can definitely sympathize with some of that. However, what I will say is that if you are planning to be living in the house you buy for at least close to 5 years and do your homework as far as buying in a good area, buying a house with good resale value, etc. it should rarely be a very risky investment. Anything that is market driven (stocks, houses, whatever) has the potential to seem risky over a short term like your two years. You definitely need to be diversified, but houses should be a relatively long-term investment. You shouldnt expect to turn a profit in 2 years unless you do a lot of DIY upgrades or you are turning it around quick at the peak of a bubble.

I do feel sorry for anyone who was in your situation that bought right before house prices dropped though, especially someone like you who was responsible and put a decent amount down. But just realize that it is part the drop in house prices and part the fact that you want to sell it only 2 years later that make it seem like a risky investment. Remember, you haven't lost money on your investment until you sell/cash out. If you stick around, it may be worth it. Have you considered renting the house out to cover some or all of your mortgage payment and waiting to sell until house prices pick back up?

Also, remember that growth on other investments gets taxed (sometimes fairly heavily) and also you get hit with fees for trading stocks etc. while owning a house is a huge tax write-off. Basically I guess my main point is that time that you plan to live somewhere is one of the biggest factors in deciding whether you want to buy or rent.

[lastchancegdbye]

my wife and I are in an apartment right now, but we're really interested in looking for a house, the only thing is we don't really have much of a down payment at all, is there any help for people with little to no down payment?

[EndSerenading]

my wife and I are in an apartment right now, but we're really interested in looking for a house, the only thing is we don't really have much of a down payment at all, is there any help for people with little to no down payment?

really depends on your credit scores and incomes. In other words, do you not have the money saved up because you just haven't been saving enough and you need to be more disciplined about saving it or because you are already pressing your budget and are having to spend most of what you make on normal living expenses?

If you don't have the money saved up because you are on a thin budget then that is kind of a double whammy in that it is risky for the bank because you don't have a cushion to fall back on, especially if one or both of you lost your job (not sure if both of you work or whatever).

If you just need to be more diligent with saving, you can probably get a loan showing a steady job history/income, you might just get hit with a slightly higher rate.

Owning a home is great, but you definitely want to make sure that it makes financial sense

[frenchatticus]

My friends and I might buy a 4/4 this summer.

[.invisible ink.]

I can definitely sympathize with some of that. However, what I will say is that if you are planning to be living in the house you buy for at least close to 5 years and do your homework as far as buying in a good area, buying a house with good resale value, etc. it should rarely be a very risky investment. Anything that is market driven (stocks, houses, whatever) has the potential to seem risky over a short term like your two years. You definitely need to be diversified, but houses should be a relatively long-term investment. You shouldnt expect to turn a profit in 2 years unless you do a lot of DIY upgrades or you are turning it around quick at the peak of a bubble.

I do feel sorry for anyone who was in your situation that bought right before house prices dropped though, especially someone like you who was responsible and put a decent amount down. But just realize that it is part the drop in house prices and part the fact that you want to sell it only 2 years later that make it seem like a risky investment. Remember, you haven't lost money on your investment until you sell/cash out. If you stick around, it may be worth it. Have you considered renting the house out to cover some or all of your mortgage payment and waiting to sell until house prices pick back up?

Also, remember that growth on other investments gets taxed (sometimes fairly heavily) and also you get hit with fees for trading stocks etc. while owning a house is a huge tax write-off. Basically I guess my main point is that time that you plan to live somewhere is one of the biggest factors in deciding whether you want to buy or rent.

you're preaching to the choir. i've been employed in the mortgage industry since most of the people on this board were in middle school (i'm older than the norm here) and i'm currently working on loan modifications for the people who are getting foreclosed on left and right. Everyone thought that the price of houses would keep climbing indefinitely (which is ridiculous), we're in a bigggg mess here unlike anything anyone has ever witnessed before. Not to be a bitch, but I know my options.

And yes, I've considered renting it out but when you can rent a beautiful apartment for $450/mo. in Raleigh, why would you want to spend $2k on a house? It's not logical or feasible.

[birtcho]

not even close.

i want to sell my house so badly so i can go to grad school out of state but i can't even list it because i only bought it ~2 years ago and it's worth less than what I bought it for and there's about 15 houses in my subdivision that are for sale - and are listed for way less than they should be so it's pointless for me to even put it on the market because i don't have the money or the interest in writing the mortgage company a big fat check when i sell. Oh and before you ask, I put 20% down when I bought it.

Buying houses makes sense for some people and definitely doesn't make sense for others (myself included). I should never have bought my house, even though it's a nice place, it's still much more work than renting and you're stuck with all your money tied into one semi-risky investment. Diversify.

/end rant

Ohh that is no good man. Australia seemed to do a bit too well in avoiding the very harsh impacts of the GFC. The rising dollar is causing interest to increase yet people arent spending and house prices are going through the roof, particularly in Melbourne and then Sydney (I'm in Melbourne). So it has confused things a bit. But I'm just trying to get into the market before it continues to rise too far. I'm looking at buying an old run down place on a half decent block in a good area and subdividing into two, building a townhouse on one block and selling the other. That way I get myself a cheap block, a brand new house (so we get that instant growth), and in a good area to then gain on the land growth. It would be in no way a risky investment over here

[.invisible ink.]

Ohh that is no good man. Australia seemed to do a bit too well in avoiding the very harsh impacts of the GFC. The rising dollar is causing interest to increase yet people arent spending and house prices are going through the roof, particularly in Melbourne and then Sydney (I'm in Melbourne). So it has confused things a bit. But I'm just trying to get into the market before it continues to rise too far. I'm looking at buying an old run down place on a half decent block in a good area and subdividing into two, building a townhouse on one block and selling the other. That way I get myself a cheap block, a brand new house (so we get that instant growth), and in a good area to then gain on the land growth. It would be in no way a risky investment over here

wow, that's quite an undertaking for a first time homebuyer. I wish you lots of luck, patience, and success in your endeavor. i hope you are able to do exactly what you want at a reasonable price. It sounds like things are in far better shape there than they are here. I hope that continues for you.

[phil19]

Ohh that is no good man. Australia seemed to do a bit too well in avoiding the very harsh impacts of the GFC. The rising dollar is causing interest to increase yet people arent spending and house prices are going through the roof, particularly in Melbourne and then Sydney (I'm in Melbourne). So it has confused things a bit. But I'm just trying to get into the market before it continues to rise too far. I'm looking at buying an old run down place on a half decent block in a good area and subdividing into two, building a townhouse on one block and selling the other. That way I get myself a cheap block, a brand new house (so we get that instant growth), and in a good area to then gain on the land growth. It would be in no way a risky investment over here

a mate of mine is doing pretty much the same thing over here in perth

[birtcho]

wow, that's quite an undertaking for a first time homebuyer. I wish you lots of luck, patience, and success in your endeavor. i hope you are able to do exactly what you want at a reasonable price. It sounds like things are in far better shape there than they are here. I hope that continues for you.

Yeah it is definately a long process requiring a lot of hard work, but it should all work out and pay off

[birtcho]

a mate of mine is doing pretty much the same thing over here in perth

If you've got the patience it is definately the best way to go

[anthonydarko]

I would love to have a home of my own. However since I don't make the kind of money at my job that would afford me to own a home, I'll just have to dream for now.

[EndSerenading]

I would love to have a home of my own. However since I don't make the kind of money at my job that would afford me to own a home, I'll just have to dream for now.

never too early to start saving for your dream though!

[anthonydarko]

never to early to start saving for your dream though!
True, I've been looking into starting a savings account so I can save up for a house.

[EndSerenading]

do it man. whatever you can afford to put aside. Do it now. It will be worth it.