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re: Home Ownership: thoughts?
Posted on 3/26/14 at 1:49 pm to UMTigerRebel
Posted on 3/26/14 at 1:49 pm to UMTigerRebel
My in-laws used to have chickens. I wish they'd get them again. Fresh eggs are awesome.
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Posted on 3/26/14 at 1:51 pm to TheCheshireHog
quote:
The minimum we would have paid in that neighborhood would have been 300k which after insurance and all the other add-ons would have been well over $1500.
Yep and the bulk of that payment wouldn't even be principal (equity) but rather interest, taxes, insurance (not to mention all the closing costs of buying). You basically pay all of that (interest, taxes, insurance) to rent the principal. So technically you are still a renter because you don't actually own the property until it's paid off.
This post was edited on 3/26/14 at 1:53 pm
Posted on 3/26/14 at 1:53 pm to UMRealist
quote:You know that's not true. I can look at my amortization schedule and tell you exactly how much I own.
So technically you are still a renter because you don't actually own the property until it's paid off.
Posted on 3/26/14 at 1:54 pm to genro
it isn't very much until the latter part of your loan period.
Posted on 3/26/14 at 1:58 pm to CheeseburgerEddie
quote:
it isn't very much until the latter part of your loan period.
Not always true. We bought a foreclosed home and put a decent down payment down and had equity from day one. After 10 years on a 30 year fixed, our equity is over 50% of the last appraisal.
Posted on 3/26/14 at 2:00 pm to The Spleen
Yep. We have a good bit of equity as well, because our mortgage is unusual. Big down payment + 10 years + balloon payment
Posted on 3/26/14 at 2:04 pm to genro
quote:
As mentioned, if you have the credit, buying is cheaper than renting.
Agreed. my current mortgage payment is cheap, even cheaper than renting an apartment. Buying is only dangerous if you pay high mortgage payment out the arse every month.
Posted on 3/26/14 at 2:09 pm to Phat Phil
We also bought our home with no real estate agents. No, I did not know the previous owner. But she was doing a FSBO. She and I negotiated price, closing costs, etc. When we came to an agreement, I bought a contract template from Office Depot for $10. Typed up a couple of addenda. We signed it, with witnesses. Called my bank and a title company.
Easy peasy. At no point did we need an agent.
Easy peasy. At no point did we need an agent.
This post was edited on 3/26/14 at 2:11 pm
Posted on 3/26/14 at 2:10 pm to The Spleen
depending on down payment, of course.
However very little of your monthly payments have contributed to your equity, at least relative to the amount of interest you have paid, on a 30 year term.
and genro ^^ terrible advice for the general public while it may work out great for you. Please, if you don't know what you are doing and don't the area you are looking for a home in very well, get a qualified agent.
However very little of your monthly payments have contributed to your equity, at least relative to the amount of interest you have paid, on a 30 year term.
and genro ^^ terrible advice for the general public while it may work out great for you. Please, if you don't know what you are doing and don't the area you are looking for a home in very well, get a qualified agent.
This post was edited on 3/26/14 at 2:13 pm
Posted on 3/26/14 at 2:18 pm to genro
quote:
You know that's not true. I can look at my amortization schedule and tell you exactly how much I own.
When you sign your promissory note you agree to make x payment for x amount of years. Until then, under the trust deed, the mortgage holder has a lien on your house that says they can remove you of your rights to the property (foreclosure) should you default. So yes you theoretically own it the way I theoretically own google by purchasing 1 share but it's not mine.
This post was edited on 3/26/14 at 2:20 pm
Posted on 3/26/14 at 2:20 pm to The Spleen
quote:
Not always true. We bought a foreclosed home and put a decent down payment down and had equity from day one. After 10 years on a 30 year fixed, our equity is over 50% of the last appraisal.
I'm so jealous of everyone who capitalized on foreclosures. It was sickening in our area when some of the houses were going for half of the original selling price.
Posted on 3/26/14 at 2:23 pm to UMTigerRebel
quote:
I'm so jealous of everyone who capitalized on foreclosures. It was sickening in our area when some of the houses were going for half of the original selling price.
Collierville got slammed. There were half million dollar houses selling for less than 220K
Posted on 3/26/14 at 2:27 pm to Rebelgator
That's about what happened to the Renaissance developments in Eads.
This post was edited on 3/26/14 at 2:28 pm
Posted on 3/26/14 at 2:30 pm to UMTigerRebel
I'm hoping for another hurricane to scare some people away from NO and reign in the current demand.
Posted on 3/26/14 at 2:31 pm to UMTigerRebel
Didn't the city annex part of that area too?
Posted on 3/26/14 at 2:32 pm to UMTigerRebel
A lot of foreclosures around here were so damaged that they were cash-buy only. No mortgage would approve them. frick that.
Posted on 3/26/14 at 2:34 pm to Rebelgator
Not the part in Fayette Co. We're just over the line, but have an Arlington address.
Posted on 3/26/14 at 2:39 pm to UMTigerRebel
Oh, I thought y'all were in Shelby.
Posted on 3/26/14 at 2:46 pm to UMTigerRebel
quote:
I'm so jealous of everyone who capitalized on foreclosures. It was sickening in our area when some of the houses were going for half of the original selling price.
This is what my wife and I did when we moved to Missouri. We scored big time in a very nice neighborhood and bought our house for waaaaayyyy less then what houses on our street are now selling for these days. Assuming we sell at the right time down the road, we stand to make a good bit of money off of our house.
This post was edited on 3/26/14 at 2:47 pm
Posted on 3/26/14 at 2:47 pm to Rebelgator
Nope. I wish because Arlington is growing quickly, and we'd probably be able to sell our house (We're not upside down, but don't want to sell it at short sale prices). We'd like to move to Collierville.
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