For those that own their home or have

[TickTockMan]

Is it worth the stress, money and time to buy a house? Overall has it been a good experience?

Is there anything you can tell me that I probably should know, but probably have not thought of?

 

[Horschallen]

Yes, No and maybe.

 

[metta]

For me yes. I would never rent. I don't believe in renting. I love my neighbors. I love being able to do what I want with it.

If you can, over pay your payments. It saves you tons of money in the long run and you can always refinance later to drop your fixed payments.

With fixed payments, you don't have to worry about your rents going up and up over time.

 

[jonboy1645]

If you subscribe to "buy low, sell high" then this market is a great one to buy a house. It is worth it because it is all yours - and appreciates as an asset over time.

Is it easy? It's not the easiest thing in the world, but the pride in ownership is worth the landscape upkeep, routine fixes, and even paying the taxes.

Things to know? I recommend using a buyer's agent to help you find what you are looking for in a property. You shouldn't have to pay a buyer's agent - they split the commission with the selling agent at closing (which is paid by the seller).

Also, if you know anyone in the business of real estate that you trust - have them review the mortgage documents, the contracts, and if possible even be at the closing with you. Alternatively, using a real estate attorney would be a good option. Twice when I've been a buyer, and once as a seller significant errors have been caught prior to and at closing - one time a tax calculation was incorrect, once the homeowners insurance was on the HUD-1, but I had paid it prior, and then a real estate agent altered a sales contract after I had signed it. Bottom line - get the docs. reviewed.

Last thing, given the opportunity, I'd buy a new home. At least where I live the building codes are stronger in recent years, an in this market, builders have significant unsold inventory that is costing them to keep on the books. Also, it wouldn't be rare for a new home to have a warranty in case something major happens in the first couple of years.

 

[spencer]

If you have a down payment saved, have decent credit and only will spend about 1/4 of your take home on rent, then yes, go for it. Otherwise you're just giving your money to your landlord.

 

[Beef and Fur]

Yes.

Make sure your credit is good or at least start preapproved.

Get a realtor. Just remember, most times they work for the seller. Don't be naive about that.

Location. Most important. Especially the schools. For resale.

Save money. You will need it. Don't run up a lot of credit before the sale.

Plan on buying a truck or SUV. You will need it to haul things.

If you can't afford a lot of remodeling buy something that is already close to what you picture yourself being happy in. Paint is cheap. New bathrooms and kitchens aren't.

Check for good windows and doors and updated mechanicals/HVAC. Energy is more expensive than ever and you will faint when you get your first $300 gas or electric bill. Resolve to be warmer in the summer and colder in the winter. Trust me on that one.

Set a budget and stay with it. Do not overspend. Things will come up and you will need that extra money. It may be a new water heater or a weekend trip or vacation.

Spend some time in the neighborhood at different times of the day and during the weekend. Walk around if you can. Do the people wave? Are dogs barking? Is it noisy? Are there kids everywhere? Are the streets clogged with parked cars? Do the people across the street have a loud motorcycle collection or drive 12 different cars that will be parked in front of your house? You get the point? The realtor is not allowed to discuss the makeup of the neighborhood, but if you do your homework you won't be surprised the Sunday morning after you sign the papers.

Ask the realtor about any large, undeveloped tracts of land nearby. They may not tell you up front, but if you ask and they know, they have to disclose yes, the city is building an airport there, etc.

Plan your commute to work and and shopping and try out the route a few times at various times. The longer your commute the less time you have to enjoy your expensive new home.

You could also check websites that tell you crime statistics and location of felons or sex offenders.

Gird your loins and be prepared for a little heartbreak and a little stress along the way. Be prepared to jump through hoops and answer stupid last minute questions and provide just one more copy of your paychecks for the last 6 months.

It will be worth it.

 

[TickTockMan]

Thanks for the answers.

If everything goes right though I will buy land and then have a house built for me. If I can I plan on paying cash for the house in full, but I don’t know with how things are going. Time will tell.

 

[rareboy]

Buy used. It is cheaper. If you build, build the type of house that can sell. This doesn't mean it has to be boring, just quality.

A house is the best place for most people to build equity.

 

[TickTockMan]

Buy used. It is cheaper. If you build, build the type of house that can sell. This doesn't mean it has to be boring, just quality.

A house is the best place for most people to build equity.

My plan is to buy enough land to also build a skatepark on site to donate to the city. If everything works out I doubt I will ever move unless I got with someone that wanted too. I have been working on the skatepark plans now for awhile because it is something I really want to get done.

Portland has 19 skateparks and about two million people. Eugene has six skateparks and about 300,000 people. My town has two skateparks and about 300,000 people. Just going by skater population Salem should have six as well.

When it comes to the house I just need a roof over me and my stuff. The qualityof the house will last me a lifetime, but my concern is the skatepark lasts many.

 

[Edward Twinkletoes]

If you have a good landlord, good neighbors and reasonable rent, renting can be a very pleasant experience. Renting from a good landlord who takes care of his property means that if something goes wrong and you didn't cause it (or maybe even if you did), it's taken care of.

If you rent and you have bad neighbors, it's nothing short of a nightmare. Especially in an apartment or something. If you rent from a landlord who doesn't do proper upkeep, it's also a pain because you will end up living in a unit where nothing works and the assholes are too lazy or cheap to fix it.

If you buy, you need to worry about what happens if various things go wrong. If you have central air and it dies in the dead of summer, you either have to pay for it, get it replaced under warranty or whatever. I know some people who thought they had good homeowners insurance. When their water heater died, it took two weeks to get it fixed simply because the insurance company was trying to find the cheapest way to fix it and neither they or the contractors they deal with give a damn if you don't have hot water for a week.

If you know how to do a lot of stuff by yourself or you want to learn and have the aptitude to learn and the money to do it, I guess owning a house could be fun and rewarding. There are plenty of pitfalls.

 

[Edward Twinkletoes]

Buy used. It is cheaper.

Unfortunately, the old adage is often true. When you buy a used house, you are usually buying something the current owners are running from. It might not be serious problems but people don't usually abandon great property for no reason. If their excuse for selling doesn't sound kosher, be wary.

 

[wraithsa]

my thoughts have always been i would rather pay a mortgage than pay rent - if ur in canada check out the mortgage calculator at the td bank site - at the end of the day i think rent is money down the toilet for wat ? I make my last mortgage payment in the next few months and have worked my ass off to get it axed in just over half the time - it gives me a sense of stability and perminance - its now really MY home

 

[biguy732]

I would rather pay a mortgage and build equity than paying rent and somebody else's mortgage.

 

[Jayden]

Make sure you get a really good inspection on the house before you buy it.

 

[swerve]

If everything goes right though I will buy land and then have a house built for me.

I hope yours goes better then mine --- back when I did that...

What a fucking nightmare...

I paid the general contractor for everything -- but he didn't pay some of the subs...

Guess who got sued???

The foundation was built backwards with the front of the house facing the back -- guess who had to pay to tear it down and rebuild???

Well -- it goes on and on and on -- and took WAY LONGER than it was supposed to...

I was glad to sell the place several years later for what I owed on it...

This thread just brought back a lot of AWFUL MEMORIES!!!

 

[metta]

^
yeah....they typically say to expect it to take 3 times longer and 3 times as much as what you estimate with custom work. Choosing the right builder is critical. It is typically better to go with someone with an excellent reputation, not the cheapest. I don't think that I would do it unless I had a budget of several million dollars and was not concerned with how long it took.

I would love an environmentally friendly ocean front estate but don't ever see myself having that kind of money to do it right. So, my McMansion is fine for me. It is well built and has the essential modern technologies built into it.

 

[dpnice]

We all say that it is worthwhile and the best thing that you can do. But sometimes I wonder if that is true on the financial side of the matter.

True you build up an equity that you wouldn't have had; but if you are single and are not concerned about what happens to your estate after death is that really a good argument.

Okay it gives you security and you can do what you want to the property and the monthly expences, credit included, provide something that is for you and not someone else.

Yet renting can be cheaper and depending on your situation could be a better bet financially over the years. But it is never 100% secure. You cannot guarantee living there untill you decide to move rather than the owner.

My budget for the three appartments I own means that every month after the rent has repaid the credit repayments I must pay in a quarter of my salary to cover all the other costs.

Without the properties I would have an extremely comfortable salary. But when I am 60 I wouldn't have the value of those 3 properties to take into account for my retirement.

 

[TickTockMan]

I hope yours goes better then mine --- back when I did that...

What a fucking nightmare...

I paid the general contractor for everything -- but he didn't pay some of the subs...

Guess who got sued???

The foundation was built backwards with the front of the house facing the back -- guess who had to pay to tear it down and rebuild???

Well -- it goes on and on and on -- and took WAY LONGER than it was supposed to...

I was glad to sell the place several years later for what I owed on it...

This thread just brought back a lot of AWFUL MEMORIES!!!

If I do this I just want a manufactured home. They are cheap and built well. Now you have me scared though.