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Buy a house now? Or trailer now, house later?

Discussion in 'Stocks & Investments' started by gupster88, Apr 19, 2013.

?

Buy trailer now? Or house later

  1. Buy trailer now, save up some, sell it, buy a house later

    18 vote(s)
    20.5%
  2. Screw the trailerhood life, save up now, buy house sooner

    65 vote(s)
    73.9%
  3. You tell me

    5 vote(s)
    5.7%
  1. Apr 26, 2013 at 9:21 AM
    #61
    gupster88

    gupster88 [OP] Well-Known Member

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    factoring in maintenance costs was a big thing for me. But it has a new hot water tank, appliances, and a new AC unit. the only thing that is really old is the furnace, but it was rebuilt. paying lot rent is still money wasted but not as much as $485 a month is. it was a hard decision, but i really think buying the trailer is a better move. i can get my money back out of it in 2 years which by then i'll have the truck paid off and a 20%+ down payment for a home.
     
  2. Apr 26, 2013 at 9:26 AM
    #62
    Tacomada

    Tacomada Well-Known Member

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    Sounds like you're making a sound choice. I don't know about the rules for your park, but maybe you can rent the trailer to someone else after you're ready to move out. Rental income (especially on a fully paid off home/tailer) is a great source of extra income. The more money you can earn through passive sources (i.e. not a job ) the easier your life can be.
     
  3. Apr 30, 2013 at 11:46 AM
    #63
    maxpower29

    maxpower29 Well-Known Member

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    Anything is better then renting. I laugh my ass off every month when the people renting our other house up the street pay me lol. Thanks for the mortgage payoff. Trailer is not a bad idea, even when you factor in the fact that a house grows more equity. Its a scary buying a house in the next few years unless you really get a good deal. People dont realize that once the banks up their interest rates (probably in about 2.5-3 years), all the house prices will drop with it. So if you pay 300k for a house and then the interest rate goes sky high, your stuck with a 300k mortgage and the house may really only be worth 250-260 or lower
     
  4. Apr 30, 2013 at 12:27 PM
    #64
    sammy87

    sammy87 Well-Known Member

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    Depends on where you live too. Some areas house prices are already increasing. In CO, a house stays on the market for about 3 days with multiple offers. If values and interest rates go up in the next 2 yrs, you will not be able to get teh same value as now. That and if you're a 1st time buyer, banks are a pain in the ass to deal with. I just signed a contract on a house, hopefully we can move in a few months. I dont see home values dropping that drasticaly. THere isnt a huge supply like there was in 07 and 08.
     
  5. Apr 30, 2013 at 1:48 PM
    #65
    maxpower29

    maxpower29 Well-Known Member

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    It all depends on how high the interest rate goes though, which also depends on who owns bank stocks. Rich people rule this world and if they want the rates to go up then house prices will HAVE to drop somewhat
     
  6. Apr 30, 2013 at 1:55 PM
    #66
    sammy87

    sammy87 Well-Known Member

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    They can only go up so high though. Banks make money off mortgages and now there are still a lot of ppl that cant get a house. Jack up interest, that will push ppl away/less money for the banks, less revenue for the govt. Banks are still afraid of the economy and dont want to give away too many mortgages unless its a sure bet. More ppl are hanging onto their older homes longer, lots of ppl want homes but cant get them. High supply+low demand=increased home values. That should cause more ppl to sell, but the banks need to be less stringent on loans. Its in the best interest of the Fed to keep % low for the time being. Housing is a strong indicator in the economy and thousands of jobs depend on it. It may go up to 6-8% like it was at the height in a few yrs, but not 20% like it was in the early 80's.
     
  7. Apr 30, 2013 at 2:01 PM
    #67
    maxpower29

    maxpower29 Well-Known Member

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    6-8 % is enough to kill house prices a lot. Do a quick mortgage calculator and see the difference. Once less and less people can afford it, the values will tank. Banks also want their share prices to be high, and thats what will happen if rates go up. Always does
     
  8. Apr 30, 2013 at 2:12 PM
    #68
    sammy87

    sammy87 Well-Known Member

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    So your saying that you can:

    1: Buy a 300k house now at 3.25%
    or
    2: buy a 250k house in 3 yrs at 6%

    I'll go with option 1. Say you own the house for the life of the mortgage, eventually even if there are fluctuations in home values, id rather pay the bank less and buy more house.
     
  9. Apr 30, 2013 at 4:44 PM
    #69
    maxpower29

    maxpower29 Well-Known Member

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    I agree with that. Just all depends on what the guys plans are, and with him saying he wants to upgrade a house in so many years (I think he did) then it could be different. But really, who owns the same house their whole life? lol, I said that when I was 23 buying my first home it would be my last and now Im 26 and buying my 3rd
     
  10. Apr 30, 2013 at 5:19 PM
    #70
    maxpower29

    maxpower29 Well-Known Member

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    Im getting 2.99 on a fixed right now when I sign
     
  11. Apr 30, 2013 at 6:42 PM
    #71
    gupster88

    gupster88 [OP] Well-Known Member

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    The market crash actually didn't effect WV homes as much as it did other states. And compared to other "better" areas, WV home prices are way inflated IMO. For $150k I could buy a house half as old, with more square footage and better area in Greensboro, NC than I could in my area of WV. The potential rise in interest rates has been my biggest fear of this entire decision. I haven't crunched the numbers yet, but I would say putting 20% down on a $150k house (financing $120k) @ 6% a few years from now is better than putting 3.5% down right now and financing @ 3.5% interest WITH a truck payment compared to my or at option being debt free as well.
     
  12. Apr 30, 2013 at 6:51 PM
    #72
    tooter

    tooter play every day

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    That all depends on your approach...
    I rented while I saved up enough money to buy land and build a home debt free.
     
  13. Apr 30, 2013 at 6:53 PM
    #73
    OZ-T

    OZ-T You are going backwards

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    US mortgages are generally a fixed rate for 30 years , no ?

    You're talking 5 year term
     
  14. Apr 30, 2013 at 6:53 PM
    #74
    OZ-T

    OZ-T You are going backwards

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    Bottom line is now is a buyer's market

    In 3-5 years ? Who knows
     
  15. Apr 30, 2013 at 7:01 PM
    #75
    gupster88

    gupster88 [OP] Well-Known Member

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    It's definitely still a buyer's market. Not so much now as it was a couple years ago. All I've heard is to buy now due to interest rates and all that. But I don't want to buy because rates are low. I'd rather but a house because I'm both financially ready and have all my ducks in a row. I have all but 2 ducks left to get lined up, which are paying off the truck and getting about $30k saved up.
     
  16. Apr 30, 2013 at 7:12 PM
    #76
    tooter

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    Southern California was a different story... a classic popped real estate bubble. On Zillow our home topped out at 1.3m and then plunged to 560k. Now it's back over 800k. The total cost of land and home ran us under 200k so it really doesn't matter.

    This is the advantage of developing and building yourself, instead of buying. When you hire yourself as your own developer and builder, you can work for yourself to create a finished product. And then as your own hired real estate agent you sell it to yourself at that same wholesale cost and totally commission free. The finest business transactions you can make are with yourself.
     
    Last edited: Apr 30, 2013
  17. Apr 30, 2013 at 7:31 PM
    #77
    gupster88

    gupster88 [OP] Well-Known Member

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    Buying land and building is something I've always wanted to do. But quite frankly I don't have the carpentry, plumbing, or electrical skills to do so. Sure I can do the household repairs but not build a house. Or at least I don't think I can. How long did it take you to build from beginning to end?
     
  18. May 1, 2013 at 2:09 AM
    #78
    tooter

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    I didn't have all the skills either...
    ...so I learned some of the simpler ones on the job (like silver soldering copper plumbing pipes, and laying ceramic floor tiles). And I'm an electrician by trade, so I was familiar with the construction process. We hired small local companies for the stuff that was beyond our capabilities (like roofing, pumping a concrete foundation, and installing a septic system), and my wife and I worked as their laborers to help keep costs down.

    By acting as general contractor, building a very simple plan using standard construction methods with nothing fancy (Home Depot), we were able to own a small home (including land) for under $170 a square foot in an area where comparable homes are presently selling for $700 a square foot.

    Do a Google search: tiny homes and you will be amazed and inspired at the innovative homes people are building! :eek:

    They're the wave of the future for Americans who want to build their own home but don't have a lot of money.

    It took 2 1/2 years to develop the raw land and one year to build.
     
    Last edited: May 1, 2013
  19. May 1, 2013 at 5:50 AM
    #79
    EricTheRed

    EricTheRed Damn dirty Swede

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    That's freakin' awesome. As soon as I heard about the tiny house movement (about a year ago) I was in love with the idea. I'd much rather have a smaller home and a decently sized property for kids/dogs to run around on. Calgary is almost entirely suburban, and a lot of folks in my area have these large homes, and a large garage...and maybe 25 feet of yard space between the two. No thank ye.
     
  20. May 1, 2013 at 7:14 AM
    #80
    tooter

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    Yes. :)

    The land surrounding a home is much more valuable for food production and recreation than being paved over with bloated urban structures.

    A question clarifies the choice of priorities: Do you want to live in a monstrous McMansion surrounded by a concrete sidewalk that's a financial burden...

    ...or do you want to live in a small modest cottage surrounded by the beauty of nature that you own outright?

    Even a small trailer on a small piece of land can be an asset, as you can live in the trailer while you build your home. We lived in a rented converted garage next door while we built. :)
     

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