For you homeowners...

[andrew415]

Hey guys!

I'm buying my first home I can't believe it! I'm 21 and just got approved for a 300,000 dollar mortgage. Time to house hunt!

I've been living in an apartment for the last 3 years so all I pay is Electricity, Renters insurance and of course cable/internet/phone. I was wondering if someone could break down basically all costs involved in owning a home (excluding maintanence and upkeep of course).

My list starts:


Mortgage -1350.00/ Month
Electricity- Anywhere from 150-300 a month
Water- 50 dollars a month?
Taxes - On the houses im looking at 165/Month
Insurance - I have no idea?
Cable/Internet/Phone- 150 dollars
Natural Gas- no idea?

Anything else? Any hidden stupid fee's? I dont want to get in over my head.

Thanks ICMAG

 

[pack a bowl]

how the fuck are you buying at home, or WHY. at 21? shit maybe i could learn somethin, im still 20

 

[THC123]

Well here we also pay municipal tax , land tax and homeowner tax

how the fuck are you buying at how, or WHY. at 21?

he just wants an answer , he isnt asked to be judged ,

People here always give other people shit about everything and always dodge the essential reason why a topic was started

 

[andrew415]

how the fuck are you buying at home, or WHY. at 21? shit maybe i could learn somethin, im still 20

Its okay THC I Know how forums work and unfortunatly in order for a good answer there is 50 shitty ones. haha k+


Why you ask Packabowl? I moved 2500 Miles away from home when I was 18. I'm working hard in the Construction Industry to save up for my future. Had a dream to be a real estate investor after I built up enough money for a downpayment. This is just a step towards my goal.

I do not want to live the average 9 to 5 life.

 

[pack a bowl]

i don't live the average 9 - 5 either but doesnt mean i gotta leave home at 18. and im not judging im curious since your not much older than me. hell i'd love to move, but i don't see it happening any time soon. especially since my job is here and not a job i can just start up easily anywhere else.

 

[9Lives]

Uuh..don't know how it is down there but i fucking hate mortages. I always buy my stuff money down no BS..Probably gonna buy a house soon too. Foreclosures are looking real good right now. Being knee deep in dept is the best way to insure a 9-5 lifestyle imo..

 

[belfast]

Hey guys!

I'm buying my first home I can't believe it! I'm 21 and just got approved for a 300,000 dollar mortgage. Time to house hunt!

I've been living in an apartment for the last 3 years so all I pay is Electricity, Renters insurance and of course cable/internet/phone. I was wondering if someone could break down basically all costs involved in owning a home (excluding maintanence and upkeep of course).

My list starts:


Mortgage -1350.00/ Month
Electricity- Anywhere from 150-300 a month
Water- 50 dollars a month?
Taxes - On the houses im looking at 165/Month
Insurance - I have no idea?
Cable/Internet/Phone- 150 dollars
Natural Gas- no idea?

Anything else? Any hidden stupid fee's? I dont want to get in over my head.

Thanks ICMAG

best place for Financial advice is

The Dave Ramsey Radio show and web site

Dave Ramsey on How to be Financially Successful
http://www.youtube.com/watch?v=b--HwXE3064

why not call or email him
To ask Dave a question, call in during the show at 888.825.5225 or send an e-mail to [email protected].

http://www.daveramsey.com/

300,000 seems a lot for a house in America. 29 August, 2008

"Average House price $212,400 29 August, 2008

American existing-home sales rose in July to the highest level in five months, although sales have hovered in a relatively narrow range over the past 11 months, according to the National Association of Realtors.

Existing-home sales – including single-family, townhouses, condominiums and co-ops – increased 3.1 percent to a seasonally adjusted annual rate of 5.00 million units in July, 13.2 percent lower than the 5.76 million-unit pace in July 2007.

NAR President Richard F. Gaylord, a broker with RE/MAX Real Estate said the up-and-down pattern may break soon. “We hope the new tools in the hands of home buyers from the recently enacted housing stimulus package will spark a sustained sales uptrend in the months ahead,” he said. “Buyers who’ve been on the sidelines should take a closer look at what’s available to them now in terms of financing and incentives. Given some of the inventory on the market, we also strongly encourage buyers to get a professional home inspection.”

The American median existing-home price for all housing types was $212,400 in July, down 7.1 percent from a year ago when the median was $228,600.

Lawrence Yun, NAR chief economist, said home prices in some regions could soon increase. “Sales have picked up significantly in several Florida and California markets. Home prices generally follow sales trends after a few months of lag time,” he said. “Still, inventory remains high in many parts of the country and will require time to fully absorb. We expect more balanced conditions in 2009 and will eventually return to normal long-term appreciation patterns.”

Analysis of NAR price data since 1968 shows home prices normally rise 1 to 2 percentage points above the overall rate of inflation, building wealth over the typical period of homeownership.

Total housing inventory at the end of July rose 3.9 percent to 4.67 million existing homes available for sale, which represents an 11.2-month supply at the current sales pace, up from a 11.1-month supply in June. The rise in supply results from a sharp increase in condo inventory; the single family supply declined.

Single-family home sales rose 3.1 percent from June but are 12.4 percent below the 5.01 million-unit level a year ago. The median existing single-family home price was $210,900 in July, down 7.7 percent from July 2007.

West
Regionally, existing-home sales in the West jumped 9.7 percent in July to a level of 1.13 million and are 0.9 percent higher than July 2007. The median price in the West was $273,200, down 22.2 percent from a year ago.

Northeast
In the Northeast, existing-home sales rose 5.9 percent to an annual pace of 900,000 in July, but are 11.8 percent below a year ago. The median price in the Northeast was $278,700, which is 4.9 percent lower than July 2007.

Midwest
Existing-home sales in the Midwest increased 0.9 percent to an annual rate of 1.12 million in July, but are 17.0 percent lower than July 2007. The median price in the Midwest was $175,400, up 1.0 percent from a year ago.

South
In the South, existing-home sales slipped 0.5 percent to an annual pace of 1.85 million in July, and are 18.1 percent below a year ago. The median price in the South was $179,300, down 3.5 percent from July 2007.

Average House price $212,400"
http://www.livingin-america.com/news/average-house-price-212400/

http://www.project.org/info.php?recordID=410

 

[Tokin_Jo]

Make sure you house shop in rural communities and you will have no worries about that morgage

 

[Ms Carter]

How much are you putting down to get a $1350 payment on a $300k house? You must be putting down quite a bit more than 20%.

 

[iGro4Me]

Hey guys!

I'm buying my first home I can't believe it! I'm 21 and just got approved for a 300,000 dollar mortgage. Time to house hunt!

I've been living in an apartment for the last 3 years so all I pay is Electricity, Renters insurance and of course cable/internet/phone. I was wondering if someone could break down basically all costs involved in owning a home (excluding maintanence and upkeep of course).

My list starts:


Mortgage -1350.00/ Month
Electricity- Anywhere from 150-300 a month
Water- 50 dollars a month?
Taxes - On the houses im looking at 165/Month
Insurance - I have no idea?
Cable/Internet/Phone- 150 dollars
Natural Gas- no idea?

Anything else? Any hidden stupid fee's? I dont want to get in over my head.

Thanks ICMAG

They're a whole host of things I would have like to have spoken to you about before you purchased, but we're past that point now and congratulations are in order.

Home owners Insurance - It varies greatly from one carrier to another....Do your homework BEFORE closing and shop around or THEY will provide with a policy without regard to cost. You can save yourself anywhere from $200.00 - 600.00 annually. Look for an independent insurance broker who represents many companies, as opposed to one.

Water - you're high on your estimation (not always a bad thing) but unless you have more than 4 people living with you and a swimming pool, expect $40.00-80.00 quarterly

Real Estate tax - $165.00 a month seems low for a house @ 300k, confirm that number, contact the courthouse with the parcel number and verify Property, School and local tax. It's public information

Natural Gas - This is another one that depends on which fixtures use itand local rates.

Do you cook with it
Is your HW heater gas
Furnace

I'm sure they're are some points I'm missing, fire away with any questions.

Peace & Congrats again...good job

EDIT:

I also wanted to ask you if there are any HOA fees involved ?

HOA = Home owner's Association

 

[igrowwitmatches]

goodluck

 

[groady-ho]

i bought my first home at age 21..and let me tell you it has enabled me to move around the country at will..trading houses around the u.s...why pay rent!! ..my biggest expense has and always will be the upkeep..you doing right bro buying..good luck!!

 

[basilfarmer]

best place for Financial advice is

The Dave Ramsey Radio show and web site

Dave Ramsey on How to be Financially Successful
http://www.youtube.com/watch?v=b--HwXE3064

why not call or email him
To ask Dave a question, call in during the show at 888.825.5225 or send an e-mail to [email protected].

http://www.daveramsey.com/

300,000 seems a lot for a house in America. 29 August, 2008

"Average House price $212,400 29 August, 2008

American existing-home sales rose in July to the highest level in five months, although sales have hovered in a relatively narrow range over the past 11 months, according to the National Association of Realtors.

Existing-home sales – including single-family, townhouses, condominiums and co-ops – increased 3.1 percent to a seasonally adjusted annual rate of 5.00 million units in July, 13.2 percent lower than the 5.76 million-unit pace in July 2007.

NAR President Richard F. Gaylord, a broker with RE/MAX Real Estate said the up-and-down pattern may break soon. “We hope the new tools in the hands of home buyers from the recently enacted housing stimulus package will spark a sustained sales uptrend in the months ahead,” he said. “Buyers who’ve been on the sidelines should take a closer look at what’s available to them now in terms of financing and incentives. Given some of the inventory on the market, we also strongly encourage buyers to get a professional home inspection.”

The American median existing-home price for all housing types was $212,400 in July, down 7.1 percent from a year ago when the median was $228,600.

Lawrence Yun, NAR chief economist, said home prices in some regions could soon increase. “Sales have picked up significantly in several Florida and California markets. Home prices generally follow sales trends after a few months of lag time,” he said. “Still, inventory remains high in many parts of the country and will require time to fully absorb. We expect more balanced conditions in 2009 and will eventually return to normal long-term appreciation patterns.”

Analysis of NAR price data since 1968 shows home prices normally rise 1 to 2 percentage points above the overall rate of inflation, building wealth over the typical period of homeownership.

Total housing inventory at the end of July rose 3.9 percent to 4.67 million existing homes available for sale, which represents an 11.2-month supply at the current sales pace, up from a 11.1-month supply in June. The rise in supply results from a sharp increase in condo inventory; the single family supply declined.

Single-family home sales rose 3.1 percent from June but are 12.4 percent below the 5.01 million-unit level a year ago. The median existing single-family home price was $210,900 in July, down 7.7 percent from July 2007.

West
Regionally, existing-home sales in the West jumped 9.7 percent in July to a level of 1.13 million and are 0.9 percent higher than July 2007. The median price in the West was $273,200, down 22.2 percent from a year ago.

Northeast
In the Northeast, existing-home sales rose 5.9 percent to an annual pace of 900,000 in July, but are 11.8 percent below a year ago. The median price in the Northeast was $278,700, which is 4.9 percent lower than July 2007.

Midwest
Existing-home sales in the Midwest increased 0.9 percent to an annual rate of 1.12 million in July, but are 17.0 percent lower than July 2007. The median price in the Midwest was $175,400, up 1.0 percent from a year ago.

South
In the South, existing-home sales slipped 0.5 percent to an annual pace of 1.85 million in July, and are 18.1 percent below a year ago. The median price in the South was $179,300, down 3.5 percent from July 2007.

Average House price $212,400"
http://www.livingin-america.com/news/average-house-price-212400/

http://www.project.org/info.php?recordID=410

great answer

now, i'm no financial genius but I wonder if things will still get cheaper yet?

its already a buyers market though.

1) renting sucks, its flushing your money down a toilet, often in a shitty place with no piece of mind or freedom; and quite often mold

2) mortgages suck too, but at least you have peace of mind - thats worth something - the thing is, by the time you finish paying off a mortgage, due to compound interest working against you, you'll have pay for the thing twice -- but fret not -- renting is 100% loss, mortage is 50% lost or maybe less + a lot more personal space & privacy --to me thats worth it

3) be very aware of the laws and rulings in your area - will they take away your house for growing a few plants in the basement? good to know; also, if you lose your home in a fire and they find grow equipement, even if the fire wasnt started with that, some incompetant fire investigator might just rule the fire was from the grow op and you'll be truly fucked - as - fire insurance doesnt cover grow ops. btw, they doent cover wiring done that is not to 'code' or by people who are not electricians - im my neck of the woods anyway

4) dont skimp on a buiding inspection, if anything, over do it. and go in with the idea in your head, your not buying, there's something wrong -ie take your time! and dont end up sorry. people who buy second hand homes in a rush get screwed right over because the house turns out to be a p.o.s.

new homes built by some skank inc. company are even worse. * I have YET to see a house produced by a production line corperation that was faily priced and was built properly without outrageous short cuts taken buy the underpaid, hung over workers

best is to have a trusted builder with a great rep do it just the way you want but I understand if thats not in the budget.

just a few thoughts, good luck man

 

[JJScorpio]

I'm not sure of your area, but in todays market there is no reason to pay top dollar for a nice home.

There are literally thousands of foreclosures everywhere. You might start by contacting the local banks and ask for a list of homes they have going up for auction. Also check your local papers in the classifieds and look for legal notices of sales. You can also google the city you live in along with forclosures and probably get a list. After you find some you like contact a reputable company to give you a report on the condition of the home....

 

[Bobby Stainless]

Get another 6 month lease at an apartment, and check the market then.

If you buy before the end of 09, and are a first time buyer, you get 8k from the gubment.

1) renting sucks, its flushing your money down a toilet, often in a shitty place with no piece of mind or freedom; and quite often mold

That is absolutely retarded. The reason the economy is in the toilet is due to people trying to buy homes, when they should have rented. It's the people that rented during the housing boom, that are going to reap the benefits.

I am also a landlord, and just because you have not rented a decent place to live, does not mean nice places aren't available...

 

[THC123]

renting sucks, its flushing your money down a toilet, often in a shitty place with no piece of mind or freedom; and quite often mold

I mean why would I rent when with almost the same amount that i pay monthly ,when i can buy a house with a loan??

 

[Bobby Stainless]

So you don't have to pay property taxes, take care of a yard, replace a AC, replace a Hot Water Heater, etc,etc.

900-1200 of rent gets you a much nicer place then a 900-1200 mortgage.

 

[basilfarmer]

Get another 6 month lease at an apartment, and check the market then.

If you buy before the end of 09, and are a first time buyer, you get 8k from the gubment.



That is absolutely retarded. The reason the economy is in the toilet is due to people trying to buy homes, when they should have rented. It's the people that rented during the housing boom, that are going to reap the benefits.

I am also a landlord, and just because you have not rented a decent place to live, does not mean nice places aren't available...

whatever douchebag

my comment made total sense; not to a land lord with a vested interest and no social skills to boot; did I fucking say someone should buy when the cannot afford it?

I rented for half my life and all places were a rip off, and you are obviosly an asshole, but someone is supposed to believe your places are and exception to the rule & worth flushing money.

blather on, with your petty last word you're on ignore

 

[Bobby Stainless]

You are the one that stereotyped all rental properties.



Are you trying to tell me consumers are worse off now, when it comes to buying a home? It's going to get even worse for the housing market, which in turn makes it better for the consumer.

To think that I am trying to somehow cause an influx to my business, by anonymously posting my opinion, shows your true lack of intelligence. LOL!.

 

[bentom187]

secure job? cause if you dont your asking for trouble,nothings worst than losing your job then brand new house,it'll ruin your credit pretty bad and finding a apartment aint gonna be easy with bad credit & no paycheck. plus if i were you id have plenty of repair /maintanence money put aside,just prepair for the worst