1. Welcome to Tacoma World!

    You are currently viewing as a guest! To get full-access, you need to register for a FREE account.

    As a registered member, you’ll be able to:
    • Participate in all Tacoma discussion topics
    • Communicate privately with other Tacoma owners from around the world
    • Post your own photos in our Members Gallery
    • Access all special features of the site

house buying advice

Discussion in 'Off-Topic Discussion' started by gupster88, Jan 6, 2010.

  1. Jan 6, 2010 at 9:36 PM
    #1
    gupster88

    gupster88 [OP] Well-Known Member

    Joined:
    May 2, 2009
    Member:
    #16692
    Messages:
    3,791
    Gender:
    Male
    First Name:
    Brett
    Almost Heaven
    Vehicle:
    '17 Inferno DCSB O/R
    STOCK 4 NOW
    ok so as stated in my thread from earlier, im in the market for a house, i think...i have 2 options. first i can take advantage of the first time homebuyer tax credit and buy a house right now. honestly, im not in the position id like to be in to get one. ive always imagined having all the money put back to get my furniture, appliances, and all that plus to pay all the fees. i can cover the fees to buy the house, but ill either have to charge all my furniture and appliances on a credit account of slowly buy one over the next few pay checks. also i have my truck payment to deal with. getting the $8000 back though will definitely help me get what i need plus more.

    my other option is to wait until i save more money up. chances are it wont be in time to be eligible for the tax credit tho. however i will have more money put back to handle the big expenses that come with buying a house. so its either go with it now and take advantage of the tax credit and be tight on money for a while or just wait. what do you guys think??
     
  2. Jan 6, 2010 at 9:37 PM
    #2
    SlurpeeBlueMetallic

    SlurpeeBlueMetallic FFFFFFUUUUUUUUUUUUUUU...

    Joined:
    Jun 23, 2009
    Member:
    #18825
    Messages:
    1,660
    Gender:
    Male
    Go for the credit and ridiculously low interest rates now... the money you'll save with a lower rate over a 20 or 30 year mortgage will more than make up for a few lean months at the beginning while you're picking up stuff between truck payments.
     
  3. Jan 6, 2010 at 10:06 PM
    #3
    Janster

    Janster Old & Forgetful

    Joined:
    Mar 25, 2007
    Member:
    #1138
    Messages:
    14,256
    Gender:
    Female
    First Name:
    Jandy
    Lancaster, PA
    Vehicle:
    2016 GMC Canyon SLT w/ LineX and....
    You don't need 20% down and if you can get away with a minimal amount in down payment, you could have more money for other things.

    We (14 years ago) put a minimal amount down (can't remember) but we ended up paying $85 PMI insurance a month every month for years until we refinanced. The PMI insurance is in case you default on the loan. You're basically pissing $85 away every month..... But.... it's the only way you can get yourself into a house with a minimal downpayment.
    For us...it was WELL worth getting into a home NOW instead of waiting.
    We had to buy all our appliances with credit cards. We found an appliance store that had 1 year no interest and we managed to pay it off before the year was up. About 5 years later - we refinanced and was able to get rid of that PMI insurance.

    If you think you can easily handle the monthly payments after all the garbage is added on...then I'd say go for it. Try to find credit deals (on appliances) like 1 year no interest, etc. Or look for used appliances to get you going until you can buy new.

    The incentives & rates are hard to pass up!! AS long as you can handle it financially, there's no real reason to wait or else (chances are), you'll never have enough money to buy a house (shit always happens that sucks up the $$).
    Go with FIXED rates!!
     
  4. Jan 6, 2010 at 10:16 PM
    #4
    JeffRock

    JeffRock Well-Known Member

    Joined:
    Mar 18, 2009
    Member:
    #14910
    Messages:
    1,198
    Gender:
    Male
    Capital region, NY
    Vehicle:
    09 Tacoma accesscab 4x4 SR5 2.7L
    Toyota all weather floor mats. Mag light that clunks around in the jack compartment. Dog hair. Dog drool on the windows.
    Normally I'd say save the money, But that $8,000 is pretty sweet! You can tough it out. wait for the check then buy all the stuff. Plus you will want to keep at minimum $1000-$2000 in the bank for emergencies. IE. Furnace quits, Pipes break. Just something in case something goes wrong.. which it will.
     
  5. Jan 6, 2010 at 11:33 PM
    #5
    gupster88

    gupster88 [OP] Well-Known Member

    Joined:
    May 2, 2009
    Member:
    #16692
    Messages:
    3,791
    Gender:
    Male
    First Name:
    Brett
    Almost Heaven
    Vehicle:
    '17 Inferno DCSB O/R
    STOCK 4 NOW
    going with what janster said, that is my plan pretty much. except i will be doing no down payment since i qualify for the USDA loan. hopefully i can find a house with most of the kitchen appliances. ill need a washer, dryer, and a living room pretty much. for estimation reasons ill give my income and expenses as is to get a better grip of things. i bring home usually $1300 a paycheck, thats every two weeks. $435 goes out the door for the truck, and $250 for insurance, $65 for cell bill. thats it. grand total of $750 in expenses leaving me with roughly $550 on one paycheck and $1300 next paycheck for all my other bills and house payment.

    id like to keep my house payment including all fees and insurances around $550 to $650 which i have been able to find houses that will be in that range. inspection and appraisal fees are ~ $400 each. closing costs are what im worried about. i dont want to pay all of it. i can try to get the seller to pay half or what not. there is a program from the WV housing development fund where i can get a loan to cover that costs with a 4% interest over 10 years. so i have options with that.

    i dont want to jump into something ill regret years down the road. i dont want to be tied down each paycheck to bills and not have enough left over to put back into savings. buying all the appliances are going to suck. but i can put the $8000 ill get for the first time homebuyer tax credit towards that. i have enough money to cover the appraisal, inspection, and other small fees. if i have to pay the closing costs in full in cash, depending on how much they are, i may not be able to do it. a down payment is out of the question too.
     
  6. Jan 7, 2010 at 4:12 AM
    #6
    Simon's Mom

    Simon's Mom Wag More Bark Less

    Joined:
    Apr 12, 2007
    Member:
    #1297
    Messages:
    9,321
    Gender:
    Female
    First Name:
    Judy or Jude :)
    SBurl Vermont
    Vehicle:
    13 TRD OR DC MGM
    Stock for now
    I know you were talking financing option but this does have to do with expenses....

    Get experience, recommended tradesmen to do your inspections (ie electrician, hvac, etc). It cost more upfront than the all in one home inspectors but subject matter experts in their field know what to look for and save you $$$ in the long run.

    Also go to the town offices and check to see if any developments/plans/issues are happening in the area you are buying. Nothing worse than making an investment and finding out a landfill or new road is in the works. Even with disclosure paperwork, it is worth the trip. And if you can, talk to the neighbors, go to the property at different times of day to see what goes on ....

    The financing, my first home I did exactly what Janster explained. Good luck!
     
  7. Jan 7, 2010 at 4:32 AM
    #7
    Silver 10

    Silver 10 Well-Known Member

    Joined:
    Dec 16, 2009
    Member:
    #27656
    Messages:
    193
    Gender:
    Male
    First Name:
    Joe
    Valparaiso, Indiana
    Vehicle:
    10 SR5 DBL Cab 4x4
    Nitto Terra Grapplers, Leer XL100 cap , Cabelas Bug shield , Tinted windows, Bed Mat, Husky Floor Liners front and rear, seat belt mod, Rear TSB, K&N Air filter
    Buy now get the credit and low rates. Try to avoid the furniture on the credit card and go at slow. You can get things over time and you will be in good shape come a year from now. If rates go up even a point you will see a big diff in your note payment. If you can swing it now do it, buying a house always makes you have to watch your money and cut back on a few things but rt now its even a better investment you get more for less and it will appreciate in the next few years faster as that home you may be buying for example at 200,000. Was probably 225,000 two years ago so you will gain quickly. IMO
     
  8. Jan 7, 2010 at 4:34 AM
    #8
    T@co_Pr3runn3r

    T@co_Pr3runn3r XXXXXXXXXXXXXXXXXXX

    Joined:
    Jan 20, 2009
    Member:
    #12767
    Messages:
    11,948
    Gender:
    Male
    <----------------->
    Vehicle:
    08 RC Prerunner SR5
    I suggest going for it as was said due to the interest rates + 1st time credit but.........PLEASE do not cheap out on inspections especially when buying used, that's where the regret will kick your ass. Look at a bunch even if one jumps out at you. I had a cousin as my independent inspector when building our new house this year & it saved me bigtime! He called them out on everything even remotely questionable & it turned out much better because of it. Look beyond the curb appeal & appear disinterested even more so than if you were buying a car, play the game & get as much as possible. Everyone involved has a big ass NEED for you to buy the house, play it to your advantage at every turn. Play hardass hardball because you want to get it right going in. Remember, they need the sale much more than you need that particular purchase & also remember the too good to be true thing..........scrutinize, scrutinize, scrutinize. Be skeptical & question everything. Good luck & go for the 3 or 4 car man cave (garage).:D
     
  9. Jan 7, 2010 at 4:40 AM
    #9
    808matt

    808matt Well-Known Member

    Joined:
    Jun 18, 2009
    Member:
    #18604
    Messages:
    571
    Gender:
    Male
    hawaii
    Vehicle:
    15 crew cab
    pretty much same boat as you. but youre damn lucky you dont live hawaii. morgage for a condo here range around 1300 + maintanance fees. this would be for a 2 bd condo costing around 250k w/ 20% down. i've decided to save till i have 20% down and 10k on the side for furnature. got enough for the down though.
     
  10. Jan 7, 2010 at 4:45 AM
    #10
    dexterdog

    dexterdog My pee parts itch

    Joined:
    Jul 12, 2009
    Member:
    #19571
    Messages:
    4,276
    Gender:
    Male
    Oly WA
    Vehicle:
    2012 F150
    I have a little advice. Do not rush into a purchase just to get the tax credit. It's not worth it in the long run . If it happens it happens but don't settle for something just because you're trying to take advantage of the credit. Take your time and find the right house for you.
     
  11. Jan 7, 2010 at 4:50 AM
    #11
    Mark C.

    Mark C. If you want it bad, you usually get it bad!

    Joined:
    Nov 20, 2009
    Member:
    #26250
    Messages:
    1,248
    Gender:
    Male
    First Name:
    Mark
    Connecticut
    Vehicle:
    2010 MGM SR5 4WD AC
    LED Dome, Reed Switched LEDs in Glove Box and Center Console, Bumper Fogs, Tailgate anti-theft, LEDs over Cig lighter, Back-up camera anytime, Outside Temp add-on, Hidden GPS power, Sockmonkey 3rd Brakelight decal, 4X4 switch illumination, reed switch controlled engine compartment Flood LEDs, Elite Hitch Cover, Plasti-dipped cupholders and door switch control panels, Elite Hitch Cover.
    If buying a previously owned home, DO NOT skimp on the inspections! And....are there already appliances there that will transfer with the house? Sometimes if the appliances are not listed to transfer, they can become part of the sale deal for minimum cost. I would go for it now! Jump on the low interest rates and the tax credit! It will be worth it in the long run......and...you can always sleep on an air mattress for a few months....or buy furniture from yard/garage sales, if you are not fussy about having everything match perfectly. Remember....the first home you buy will probably NOT be your last!

    Best of luck!
     
  12. Jan 7, 2010 at 5:29 AM
    #12
    Brunes

    Brunes abides.

    Joined:
    May 31, 2008
    Member:
    #7011
    Messages:
    17,641
    Gender:
    Male
    First Name:
    Rotorhead
    DC or New Jersey - Depends on the day....
    Vehicle:
    08 Red/Graphite and Satin Black
    Inside: Tint, Wet Okole 1/2 Piped Red/Black Covers, Black Weathertech Digital Fit Mats, URD Short Throw w/ TWM Weighted Knob, USA Spec iPod adapter. Outside: 4300K Retro w/ Angel Eyes and Red Shrouds, 5000K Blazer Fog Light Retrofit, Debadge, Bed Locking Handle, Satin Black Rims Performance: TRD/Steigmeier Blower w/ 2.7 Pulley. 668 Injectors and 320 LPH AEM Fuel pump. URD UCON and 7th Injector. DTLT Headers, URD Y-Pipe, Wicked Flow Muffler. Suspension: Both: OME Shocks Front: 886X's and TC UCAs Rear: Dakars Armor: Relentless Front Bumper Relentless High Clearance Rear w/ Tire/Rotopax Swing Out Relentless Front, Mid, and TCase skids BAMF Diff Skid Recovery and Spares: Fullsize Spare Tire 2x2 gal Rotopax 1x1 gal Rotopax 1x1 gal Water Rotopax Warn 9.5XP-S Winch Hi-Lift Extreme 60" Ironman Off-Road Recovery Kit
    This^. You also need to find a house you are going to be happy with for a long time...unless you are planning on buying short term for now. Yu also need to make sure you get the proper inspections, and take the time for due diligence looking over records of the house.

    You need to make sure you have money every month for the mortgage, but also money to cover insurance, and taxes, utilities etc. Sounds like you could cut yourself pretty close on cash each month- so you don't much of an out if something goes wrong.

    It's a pretty personal decision tho- It your future/money/credit and it's your risk to take.
    Good luck!!
     
  13. Jan 7, 2010 at 5:37 AM
    #13
    07speedwayblue

    07speedwayblue Well-Known Member

    Joined:
    Nov 27, 2009
    Member:
    #26595
    Messages:
    372
    Gender:
    Male
    First Name:
    michael
    nineveh, Indiana
    Vehicle:
    07tacoma sport 4x4 doublecab
    Jason Rage lid, husky floorliners, Procomp 6" stage 1 lift , bilstein 5100 upfront, 33x12.50r17 MT ATZ tires MT 17x9 Classic Locks,stainless steel brake lines,N-Fab ss nerf bars,smittybuilt grille saver, Amp bed extender,Mbrp cool dual t409 exhaust. KCHiLites Daylighter Driving Lights 6", Pioneer AVH-P4300DVD, HD Tunner, Rear Camera, Focal K2 Power 6.5" Component Speakers Front/Back, Infinity Kappa Four and Kappa One Amps, Infinity Kappa 10" DVC Subs,PowerStop Drilled/Slotted Rotors ,PowerStop Heavy Duty Towing Brake Pads, Blue Painted calipers.
    It`s a buyers market, you can get more house and a way better house right now for less money, you`ll be way ahead if you were to buy now with the tax credit, and lower interest rates , plus you`ll have more deductions for you personal income taxes with , interest, taxes you can deduct , so you`ll save even more $$!! I know you should always save , and wait for the right time, ect, but alot of the time that never happens, I`m a just do it guy and enjoy what you have , because you may never see tomorrow! just my 2 cents!!
     
  14. Jan 7, 2010 at 5:42 AM
    #14
    OU812

    OU812 ban the term murdered out

    Joined:
    Aug 1, 2008
    Member:
    #8264
    Messages:
    2,653
    Gender:
    Male
    First Name:
    danusa
    Kilroy was here
    Vehicle:
    13 DblCab LB 4X4
    Nothing yet, brand new!
    Most first time homeowners seldom stay in their homes for more than seven years. It's usually a stepping stone to get into the next house. The 8k credit is a large carrot dangling out there. If you can swing it go for it. My first home was done with a VA loan at a ridiculously low rate for 15 years. I was in it for 8 years total and made a huge profit off of it and had a crazy amoutn of equity in it. I had put 5% down but I didn't need to put any money down. Buy some used appliances at an estate sale or a store that deals in them. Same goes for furniture. You'd be amazed at what people will sell after a few years.
    Get the house inspected, and make sure the the majors are good. Elec, roof, foundation, HVAC. Walk through the house, turn on the faucets, flush the toilets, etc. to check plumbing.
     
  15. Jan 7, 2010 at 5:51 AM
    #15
    WNYTACOMA

    WNYTACOMA Well-Known Member

    Joined:
    Nov 23, 2008
    Member:
    #10961
    Messages:
    1,333
    Gender:
    Male
    Clarence, New York
    Vehicle:
    09 Metalic Grey TRD OFF ROAD
    Toyota Nerf steps Bugflector 2 Tool box Weathertech floor liners Wet Okole F/R - Bk/Char
    Hiring all individual trade specific tradesmen to inspect each component of the home is not financially feasible.

    Get a top home inspector in your area through strong research. Do not count on realtor referrals for an inspector as they more often than not will steer you towards the path of least resistence. (Inspectors who will not 'complicate' the sale) Crappy system in that respect where many inspectors get work through realtor referrals, an obvious conflict of interest. Soft inspections = repeated agent referrals.

    I don't subscribe to this and get almost all of my work from past client referrals, many of them years after the referrals inspection. I hardly get any realtor referrals unless it is for their family of friends. Most won't refer me to their everyday clients because they say i am too picky and a 'deal killer'. This is what you want. A good inspector will spend 3-4 hours inisde and outside of an average sized home, given ypou the details and perspective on teh findings as you go. Bottom line, the house is what it is. I've never 'killed a deal', but i have seen plenty of houses commit suicide.

    Experience matters, including experience in the trades prior to entering the inspection business. Be leery of someone who learned from a book or classes alone.

    Detailed reports matter. You often won't be in the house till a few months later. Steer away from checklist or haphazardly constructed on-site reports. Look for someone who takes it back to the office and puts several hours into providing you with a detailed computer report with photos. I email an extremely detailed and approximate 40 page report by no later than the following day, and follow with a binder copy through the mail.

    Also, and VERY IMPORTANT, be sure to get the maximum contingency period written into your contrcat for the insepction. The last thing you need to do is research the hell out of the available inspectors in your area, only to find the guy you decide is the right one is not available due to the agent and attorneys shoe-horning you into too short a window.

    Sources like www.Inspectionnews.com might help you locate the right inspector. Go on the forum and inquire about who are the top guys in your area. Also - Affiliations with different associations mean little in spite of what anyone tells you there or elsehwere. Its more about the individual inspector, as there are good ones and bad ones who affiliate with all of the organizations. Cheap guys and large coupons are typically evidence of a newer guy or someone that has to gimmick to get work. Not what you are looking for when making the most important purchase of the next 20+ years of your life.

    Good luck!
     
  16. Jan 7, 2010 at 6:26 AM
    #16
    Janster

    Janster Old & Forgetful

    Joined:
    Mar 25, 2007
    Member:
    #1138
    Messages:
    14,256
    Gender:
    Female
    First Name:
    Jandy
    Lancaster, PA
    Vehicle:
    2016 GMC Canyon SLT w/ LineX and....
    Are you doing this alone? or do you have a spouse to share the costs?

    Have you actually sat down with a realtor and/or loan officer to give you numbers? Getting a house payment down to $550-650 sounds like a pretty small house. If that's what're looking for - that's great. I'd personally be surprised if you can get a house payment that low. Our house (14 years ago) was $136,000 and our house payments were $1200 for 30 years.

    Before committing or jumping into this - I'd talk to a realtor and/or a loan officer and get a better idea of how much your monthly payments will be on (say for instance) a $100,000 house (or more). If you're doing this alone (without a spouse) and your monthly payments are only $550-$6500 (per say), then you might be able to swing it alone. Otherwise...... having a $1000 house payment on a single income is TOO MUCH unless you make really good money!!

    If you are single and as young as you are - maybe you'll wanna think extra hard before jumping into buying a house by yourself. It's much easier to handle when you have two incomes in the family.
     
  17. Jan 7, 2010 at 6:30 AM
    #17
    WNYTACOMA

    WNYTACOMA Well-Known Member

    Joined:
    Nov 23, 2008
    Member:
    #10961
    Messages:
    1,333
    Gender:
    Male
    Clarence, New York
    Vehicle:
    09 Metalic Grey TRD OFF ROAD
    Toyota Nerf steps Bugflector 2 Tool box Weathertech floor liners Wet Okole F/R - Bk/Char
    Agree.

    It isn't easy to pull it off with a single income. Remember that other things (bills) come up when you get sick, stuff breaks or whatever.

    ...and you still have to eat...

    Ever consider looking into a 2 family home where you can have the tenant pay a nice chunk of the mortgage?
     
  18. Jan 7, 2010 at 6:31 AM
    #18
    raskal311

    raskal311 Well-Known Member

    Joined:
    Feb 18, 2009
    Member:
    #13812
    Messages:
    2,109
    Gender:
    Male
    S. Cal
    5100 set to max, pending LSD and TRD CAI
    Man $600 a month for the house is crazy, rentying a nice room from someone in our area is about $500-600/month. I say if you qualitfy go for it.
     
  19. Jan 7, 2010 at 7:07 AM
    #19
    ThreeMan

    ThreeMan Opinions Vary...

    Joined:
    Feb 22, 2008
    Member:
    #4880
    Messages:
    746
    Gender:
    Male
    Oswego, NY
    Vehicle:
    08 4x4 V6 TRD DCLB
    Eibach Springs with Billstien 5100's - Full Katzkin Leather - Back Flip Roll-X bed cover - Custom Projector/Dual Halo Headlights by ambiguous - Eagle Eye LED tail lights - LED Light Bar Mounted in Bumper - Wade In-channel Vent Visors - K&N Filter - 20% on the fronts - Rear AAL TSB - 4 Tie Down Mod - Pop N Lock - Running Boards - Billet Grille - Weathertech Mats - LED Map and Dome Lights - Optima Yellow Top - Redline Elite Hood Struts - Tunes: Eclipse 7100 HU - Eclipse IPC-106 Interface - Audison LRX 5.1K - Hertz Mille MLK2 Components - JL 13TW5 - JL cables and wires - Fully Deadened with SDS products - Metra dash kit - Custom Sub Box and Amp Rack - Still Under Construction.
    For inspection sake, go with a structural engineer. They are expensive at first but they pay off. With individual home inspectors, if an electrical item is in question they document it, but they dont check it. You then have to get an electrical inspector/repairman to do that. The same with other areas, plumbing for example. With the engineer they have those guys under thumb. If they see a problem they call thier guy in to handle it. It is a more thourough inspection as well, the get on the roof, in the attic, in the crawl spaces, usually where a regular inspector will not.

    And no, $550-600, will not buy a dream home, well it could I guess. But you might use this opportunity to invest in your future. With your new found employment situation, it looks like you are set up for the rest of your working years.

    I agree with the tax credit. Get it if you can, but not at the cost of good decision making. Get this first house before the low interest loans dry up. Which is coming very soon, banks are getting greedy again. When you are ready to upgrade, rent the first house and have someone else pay it off for you. That first house will become a retirement fund.

    Good luck, if you were here in Charlotte, I would set you up.
     
  20. Jan 7, 2010 at 7:20 AM
    #20
    MBIGBLUE

    MBIGBLUE Well-Known Member

    Joined:
    Oct 29, 2009
    Member:
    #25106
    Messages:
    55
    Gender:
    Male
    Hillbilly Peninsula, FL
    Vehicle:
    08 DC PreRunner Sport SWB
    OEM Skid Plate, K&N Air Filter
    Everybody above has given you excellent advise on what you should look for and what to keep in mind. Buying a house can be a long process with it's highs and lows.
     
To Top