Author Topic: On the brink of buying a house.... (Read 3437 times)

DME · « **on:** February 15, 2007, 12:25:22 PM »

Came down with pneumonia 10 days ago and has spent a lot of time in front of the ´puter.
Have been searching for a house closer to for a while, have to drive 150 kilometers a day to work as the situation is now

Happened to see an ad today on a house thats only 7 km from work.
Went to look at it and loved it!

Good sides:
- Big house, you can never have to much space...
- Heated garage, strange size though, its just 2,8 meters wide but 11 meters long. Will fit my two motorcycles and my Audi allright though and its also possible to widen it to five meters

- Price is good, will save two hours driving time a day, save a lot of gas money.

Downsides:
- is a really small yard (mowing will be quick though...)
- that it is attached to the neighbouring houses (dunno what the housingtype is called in english...)
- its not "pretty" on the ouside (inside is in great shape though...)

Talked to the bank today and got a green light from them.

So, what should I do?

Daniel

BobbyR · « **Reply #1 on:** February 15, 2007, 12:34:00 PM »

Nice looking house. If you can make the payments, there is nothing like having your own place and a two hour saving in commuting time has a value.

Serenity · « **Reply #2 on:** February 15, 2007, 12:36:26 PM »

Positives as i see it far outweigh the negatives, I think its a pretty home. You save 2 hours a day in travel sounds good , more free time in your day .
You can do the outside up if youre not happy with it.

toycollector10 · « **Reply #3 on:** February 15, 2007, 12:38:32 PM »

Hi DME, I hope that you are feeling better.

BUY, BUY, BUY!!!!

In this country (N.Z.) there is a long tradition of home ownership. Most people start with a little one or two bedroom modest house and work on it then sell up, take the profit and move to a bigger and better home. Some of them repeat the process many times until inflation and hard work have got them a very nice home.

I have done the above. Started when I was 27 and I paid off my last mortgage last Christmas at the age of 53. I am now freehold, no mortgage payments or rent to pay and it's a great feeling. Due to inflation and demand the value of my house has doubled in the last four years. Crazy but true. I couldn't have earned that amount of money let alone saved it.

So for what it's worth, my advice is to buy that house. Even though you will have a mortgage that might be more than what you are paying in rent, when you move in and unpack and sit down the feeling will be fantastic. You will own it (with help from the bank) and you have the freedom to do what you want with it. No landlord on your back. Good luck.

upperlake04 · « **Reply #4 on:** February 15, 2007, 12:42:13 PM »

DME - first thought - why is the price so good? Buyers market or is there something that needs attention?
A house in cold climate needs good tight windows and doors and insulation as you know. Upgrading all of them in a house is very expensive. Kitchens and bathrooms are expensive rooms too.
Don't know if you are renting or own the place you are in now, but if the mortgage payments are close to what rent is, of course you are better off to buy. An intangible, but owning feels good and has a way of connecting one with ones neighborhood - a big positive.
I'm wondering where all the snow from the drive and walkway is - should be a pile a meter and a half high??

jdigga · « **Reply #5 on:** February 15, 2007, 12:44:29 PM »

If you love it, go for it!

I have a small yard too. While I'd prefer a bit more elbow room, I can mow the whole lawn front and back in 15 minutes.

Ooh, heated garage! *drool*

Definitely have an inspection done. List all the positive and negatives, and anything that may need attention.

Best advice my realtor gave me: "You can change anything about your house except where it is."

andy750 · « **Reply #6 on:** February 15, 2007, 12:54:38 PM »

Hey Daniel,
If you can afford it and its a solid house AND you like it (and it checks out ok after the survey) then yeah Id buy it! renting is no fun. And you have a garage!

good luck,
Andy

Rocking-M · « **Reply #7 on:** February 15, 2007, 01:01:44 PM »

As all the folks said, buy if in decent shape. Renting is like owning a boat!

DME · « **Reply #8 on:** February 15, 2007, 01:09:27 PM »

Good advice everyone, thanks!

Renting a small place now, no garage just a shed.

Yes, it will be more expensive to live in that house but I will make the payments, no doubt.

It´s not dirt cheap, it´s normal market price for the area. It´s on the outskirts of town, ca 6 km from downtown (population 120000). The woods is just around the corner, great for snowmobiling and dirtbiking.

Kitchen renovated in 2004, new appliances (freezer, cooler, dishwasher, laundrymachine, oven and stove) in 2003.

New floors downstairs, sauna (nice in winter...), windows (2 glass... not three unfotunately) are resealed and painted.

Bathroom is standard but in good condition.

Independent inspection will be made if I decide to go ahead with the deal.

Does it shine through that I really want this place

Keep the comments coming, perhaps they can bring a bit closer to earth....

Pics of kithen and livingroom (downstairs).

Bob Wessner · « **Reply #9 on:** February 15, 2007, 01:14:45 PM »

Quote

Definitely have an inspection done.

By independent, I hope you mean your inspector. Also plan on setting aside at least 1% of the home cost per year for upkeep and maintenance. Something renters don't usually have to concern themselves with.

upperlake04 · « **Reply #10 on:** February 15, 2007, 01:22:14 PM »

Another consideration which may or may not be relevant. If there are kids or will be kids in the picture - proximity to schools(walking is good so you won't have to drive them), library, parks, etc. We chose a house equidistant from a public and high school, seemed abstract at the time, but 16 years later it is very relevant.

DME · « **Reply #11 on:** February 15, 2007, 01:23:36 PM »

Yeah, the inspector is independent.

My calculation takes maintenance, heating, insurance, mortgage and taxes into account.

All in all I will spend just under half my salary (after tax) for all that.

No kids or wifey, might just have to find one to share the costs

A lot of money but to have my own place.....

Big decisions are always hard....

supersport_CB400F · « **Reply #12 on:** February 15, 2007, 01:30:04 PM »

If you can afford it buy it! If prices in your part of Europe for property go as high as they have gone in the UK you may kick yourself in a few years time.

Cheers

upperlake04 · « **Reply #13 on:** February 15, 2007, 01:37:28 PM »

Quote

No kids or wifey, might just have to find one to share the costs

If you're calculating her wage can then go towards toys(motorcycles), you're dreaming

DME · « **Reply #14 on:** February 15, 2007, 01:44:17 PM »

Quote from: upperlake04 on February 15, 2007, 01:37:28 PM

Quote
No kids or wifey, might just have to find one to share the costs
If you're calculating her wage can then go towards toys(motorcycles), you're dreaming

Hmm, might even become more expensive with curtains, pillows, new curtains again, kids, diapers, new curtains and pillows.....

Might be a reason to why I´m still on my own

No, but seriously it´s hard to believe that it can be cheaper to live alone compared to in relationship.

gerhed · « **Reply #15 on:** February 15, 2007, 02:16:22 PM »

DME:

I'd say--Go for it--Should be able to get good fixed rate right now.
Don't go for nice low rate that can go anywhere in 5 years !

Attached--my 1st house-didn't even have a driveway--you're off to a good start.

Gerhed

clarkjh · « **Reply #16 on:** February 15, 2007, 03:22:32 PM »

If the inspection is good, buy it. Its not the wife that gets expensive, its them rug rats running around that get expensive money wise but priceless every other way. Best of luck on the "new project"

James

toycollector10 · « **Reply #17 on:** February 15, 2007, 04:01:53 PM »

And if the mortgage gets a bit heavy going, get in a couple of flatmates (if you can stand it) but that is a topic for another thread.

Flatmates:

heffay · « **Reply #18 on:** February 15, 2007, 04:58:43 PM »

Quote from: gerhed on February 15, 2007, 02:16:22 PM

Attached--my 1st house-didn't even have a driveway--you're off to a good start.
Gerhed

i see a driveway there... just no garage

DME... two houses stuck together are usually called duplexes over here. the best duplex style uses the 2 garages in the middle to separate the two housing units. makes a good buffer.
if you do buy it and post pictures afterward please do not post pictures of any more craptastic decorating schemes... gawd that's horrible! and you can tell the present owner i said that

i'm in the market too... just waiting to get out of school... if the bank says yes and you say yes, i'd say go for it!

74cb750 · « **Reply #19 on:** February 16, 2007, 06:20:16 AM »

The house looks good.
Have previous owners take the snow on the roof with them
Seriously,
get the home inspection. Then you can negotiate a better price, and/or
confirm you are getting what you are paying for.

A heated garage is a definite plus, in any area.

peace,
michel

DME · « **Reply #20 on:** February 16, 2007, 11:44:30 AM »

Just came home from a second inspection visit of the of house. Took my parents and my brother with me (8 eyes are better than 2...)

Ended up deciding to buy the darned thing if the independent inspection doesn´t reveal any horrors...

Right now I´m happy and terrified at the same time. What have I done.....

It´s just crazy, this is...

A lot of #$%* has gone down in the last two years, both personally and careerwise but finally my #$%* is coming together

Cheers
Dan

Bob Wessner · « **Reply #21 on:** February 16, 2007, 02:32:54 PM »

Quote

Right now I´m happy and terrified at the same time. What have I done.....

Not an unusual emotion for such a committment. Good luck, hope the inspection is all "thumbs-up".

upperlake04 · « **Reply #22 on:** February 16, 2007, 03:31:18 PM »

No problem DME - your pals at SOHC/4 will be over to help you relax - HOUSE WARMING PARTY AT DANIELS - I can see it now

heffay · « **Reply #23 on:** February 16, 2007, 03:37:17 PM »

everyone has started to arrive at my house ... i guess we'll be taking the atlantic ferry over?

DME · « **Reply #24 on:** February 19, 2007, 12:52:05 PM »

You guys are welcome anytime! Just leave some of those Harleys in the pics behind, tho...

The independent inspector (certified of course...) is doing the inspection tomorrow.

It´s been a long time since I´ve been this nervous actually....

A lot of money might be changing hands in the near future, stay tuned.

Cheers
Dan

Bob Wessner · « **Reply #25 on:** February 19, 2007, 01:09:26 PM »

Quote from: DME on February 19, 2007, 12:52:05 PM

A lot of money might be changing hands in the near future, stay tuned.

Cheers
Dan

Just remember, it's only money, not like it's anything real.

Best of luck.

DME · « **Reply #26 on:** February 19, 2007, 01:28:45 PM »

Quote from: Bob Wessner on February 19, 2007, 01:09:26 PM

Just remember, it's only money, not like it's anything real.

Best of luck.

Yeah, you´re right...
Thanks Bob, feels a lot better now

Sam Green Racing · « **Reply #27 on:** February 19, 2007, 02:53:46 PM »

Good luck Danny, I hope it all works out fine for you,..... now where's my passport

Sam.

Bodi · « **Reply #28 on:** February 20, 2007, 01:40:07 PM »

That's a neat looking place IMO. I live in a "semi-drtached" where two houses share a wall and there are obvious soundproofing problems, but also get one big wall that's not "outside" so heating is a bit easier. Your picture might be called a row house or link house here (Toronto) - never seen one joined by the garages only though. Link houses have one huge basement excavation for a row of houses but look like detached houses, it saves a bit on construction costs and I think there's some tax advantage.
Anyway, go for it! Paying your "rent" effectively to yourself is an excellent feeling. In a rental after 25 years you've got SFA, this way you get to burn the mortgage and have your OWN house

DME · « **Reply #29 on:** February 21, 2007, 01:26:04 PM »

Well, guys and girls, the inspection went well. Found a couple of small issues that I will be able to take care of myself (good to have a father that works as a carpenter...)

The inspector spent a whopping 6,5 hours in and around the building so now I know everything there is to know. Good stuff!

Talked to the seller this evening and discussed the price of the things that needs to be adressed.

Ended up getting the price down by ca 10%... and the deal was settled!

I´m now officially a houseowner

So happy and so very, very tired! Feels like all the tension has finally let go

Cheers
Dan

Bob Wessner · « **Reply #30 on:** February 21, 2007, 01:28:45 PM »

Hooray! Good job. Sounds like you had a good inspector, he spent a good amount of time there.

clarkjh · « **Reply #31 on:** February 21, 2007, 01:31:19 PM »

Great to hear. beats paying rent.

James

Sam Green Racing · « **Reply #32 on:** February 21, 2007, 08:45:49 PM »

Well done Danny,.....I can see a house warming party coming on

Sam.

heffay · « **Reply #33 on:** February 21, 2007, 09:04:39 PM »

HOUSED!

mrblasty · « **Reply #34 on:** February 21, 2007, 10:44:53 PM »

Another congratulations, if all goes well I will be in my own house by the end of the year.

Best of luck.

74cb750 · « **Reply #35 on:** February 22, 2007, 06:27:21 AM »

Congratulations!

tsflstb · « **Reply #36 on:** February 22, 2007, 07:00:50 PM »

Sweet.

Now it's time to remove all unnecessary weight, modify the furnace for more output, cut and stretch the garage a few feet and paint it black.

BobbyR · « **Reply #37 on:** February 22, 2007, 07:11:48 PM »

Danny, the closing (when the money changes hands) will be very tense. When it is over. Go to your House fill a tall glass of whatever you drink and enjoy your HOME. Not quite as good a feeling as sex, but it is a good feeling.

News:

Author Topic: On the brink of buying a house.... (Read 3437 times)

Serenity

upperlake04

jdigga

Rocking-M

upperlake04

supersport_CB400F

upperlake04

upperlake04