Author Topic: The Benefits of Home Ownership?  (Read 14643 times)

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Offline Cool Chris

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Re: The Benefits of Home Ownership?
« Reply #245 on: February 02, 2018, 12:48:40 PM »
Congratulations! Give us more deets, brah!
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Offline cramx3

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Re: The Benefits of Home Ownership?
« Reply #246 on: February 02, 2018, 12:51:14 PM »
I was looking for the thread a while ago and couldn't find it. Not to interrupt the discussion, but I just closed on my first home on Wednesday. It's just a 1500 sqft townhome, but I'm still really excited about it.

Congrats, thats awesome  :yarr

Offline Phoenix87x

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Re: The Benefits of Home Ownership?
« Reply #247 on: February 02, 2018, 01:31:33 PM »
I was looking for the thread a while ago and couldn't find it. Not to interrupt the discussion, but I just closed on my first home on Wednesday. It's just a 1500 sqft townhome, but I'm still really excited about it.

That's awesome. Its a surreal and exciting experience.
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Offline Implode

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Re: The Benefits of Home Ownership?
« Reply #248 on: February 02, 2018, 01:47:47 PM »
Thanks guys.

Congratulations! Give us more deets, brah!

No interesting deets yet. 2 bed 2.5 bath with extra room to be my cosplay workshop. It's a bit dirty so I need to really clean it, but it's good. Unfortunately I can't really begin to do work on it and move in for a couple weeks, but it's gonna be great.

Offline ReaperKK

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Re: The Benefits of Home Ownership?
« Reply #249 on: February 03, 2018, 05:05:34 PM »
Congrats!

Offline millahh

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Re: The Benefits of Home Ownership?
« Reply #250 on: February 03, 2018, 06:37:53 PM »
Looks like I'm finally joining the club, we just went under contract on a place, beautiful 1920s house in Maplwood NJ with a (relatively) huge yard.  It was just the second place we looked at, but we knew the market and knew what we wanted.
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Offline ReaperKK

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Re: The Benefits of Home Ownership?
« Reply #251 on: February 03, 2018, 08:26:29 PM »
Nice! Congrats millahh, when is the tentative close date?

Offline millahh

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Re: The Benefits of Home Ownership?
« Reply #252 on: February 03, 2018, 08:36:50 PM »
April 20 is the tentative date, though would ideally push it out a week or two, to minimize paying both rent and mortgage any longer than necessary.
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Offline axeman90210

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Re: The Benefits of Home Ownership?
« Reply #253 on: February 03, 2018, 10:29:03 PM »
Mazel tov sir! We'll have to do beers before the suburbs take you.
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Re: The Benefits of Home Ownership?
« Reply #254 on: February 04, 2018, 09:21:38 AM »
Looks like I'm finally joining the club, we just went under contract on a place, beautiful 1920s house in Maplwood NJ with a (relatively) huge yard.  It was just the second place we looked at, but we knew the market and knew what we wanted.

Nice, that doesn't seem to far away from you now (I think) and into suburbia.  I'll be over by you for the Bon Jovi concert before you move out

Offline millahh

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Re: The Benefits of Home Ownership?
« Reply #255 on: February 04, 2018, 11:49:17 AM »
Looks like I'm finally joining the club, we just went under contract on a place, beautiful 1920s house in Maplwood NJ with a (relatively) huge yard.  It was just the second place we looked at, but we knew the market and knew what we wanted.

Nice, that doesn't seem to far away from you now (I think) and into suburbia.  I'll be over by you for the Bon Jovi concert before you move out

It's only about a 16 minute drive (at off-peak) from where we are now, and a relatively short train ride as well.

Convening @ the Biergarten (or Barcade) soon will be a sound decision. 
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Offline gmillerdrake

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Re: The Benefits of Home Ownership?
« Reply #256 on: February 04, 2018, 12:40:07 PM »
Looks like I'm finally joining the club, we just went under contract on a place, beautiful 1920s house in Maplwood NJ with a (relatively) huge yard.  It was just the second place we looked at, but we knew the market and knew what we wanted.

 :tup   despite the stress that can come with finding/purchasing a new home it's always exciting as it's a new chapter in your life. Good Luck!!
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Offline Nick

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Re: The Benefits of Home Ownership?
« Reply #257 on: February 06, 2018, 10:39:10 AM »
I was looking for the thread a while ago and couldn't find it. Not to interrupt the discussion, but I just closed on my first home on Wednesday. It's just a 1500 sqft townhome, but I'm still really excited about it.

Congrats, you're basically following in our footsteps. Our first and current home was bought Sep. 2016 and is 1,400 square feet. Weird having 2.5 bath in something that size, I must say. In any case we have 3 "bedrooms" and only use the master. One of the rooms is Jennie's office, with a little storage, and the other has her crafting stuff, a closet for my hockey gear, and my electronic drum kit.
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Offline ReaperKK

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Re: The Benefits of Home Ownership?
« Reply #258 on: February 06, 2018, 08:29:49 PM »
Looking at this thread just reminds me that even though it can be a pain to keep up with my house it's amazing to have my own space and no one above or below me like my city apartment

Offline Phoenix87x

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Re: The Benefits of Home Ownership?
« Reply #259 on: February 12, 2018, 06:25:01 AM »
I was analyzing my mortgage payments and wow, the interest alone paid each month is 3x the principal. Amazing



Thank goodness that 74 grand isn't a mammoth amount overall. My heart goes out to people with 200-300 thousand dollar mortgages. How in the holy hell do people handle payments like that. Damn
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Offline lordxizor

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Re: The Benefits of Home Ownership?
« Reply #260 on: February 12, 2018, 06:35:08 AM »
My heart goes out to people with 200-300 thousand dollar mortgages. How in the holy hell do people handle payments like that. Damn
Yeah, it kinda sucks, but obviously we all buy homes that are within our means to pay for. My mortgage + all the extras is $1700 a month. Renting a similar home would likely be $1800-2000 a month, so I guess it's worth it.

Offline millahh

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Re: The Benefits of Home Ownership?
« Reply #261 on: February 12, 2018, 06:53:39 AM »
Looking at this thread just reminds me that even though it can be a pain to keep up with my house it's amazing to have my own space and no one above or below me like my city apartment

Yeah, I'm not going to miss living above a bar, or having asshole neighbors.  Of course, the cost of that is a mortgage that, while reasonably within our means, is...substantial.  But, such is the nature of having a nice house in a great neighborhood in the NYC metro area.
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Offline kaos2900

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Re: The Benefits of Home Ownership?
« Reply #262 on: February 12, 2018, 07:24:59 AM »
We just bought our second house! The home inspection is scheduled for tomorrow and then we just have to sell our house.

Offline Chino

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Re: The Benefits of Home Ownership?
« Reply #263 on: February 12, 2018, 08:05:24 AM »
We just bought our second house! The home inspection is scheduled for tomorrow and then we just have to sell our house.

This is the thing I'm least looking forward to about being a homeowner.

Offline Phoenix87x

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Re: The Benefits of Home Ownership?
« Reply #264 on: February 12, 2018, 08:15:30 AM »
We just bought our second house! The home inspection is scheduled for tomorrow and then we just have to sell our house.

This is the thing I'm least looking forward to about being a homeowner.

Me too. It seems like the pain in the ass to end all pain in the asses. Buying was enough of a headache...
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Offline Stadler

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Re: The Benefits of Home Ownership?
« Reply #265 on: February 12, 2018, 08:26:35 AM »
I was analyzing my mortgage payments and wow, the interest alone paid each month is 3x the principal. Amazing



Thank goodness that 74 grand isn't a mammoth amount overall. My heart goes out to people with 200-300 thousand dollar mortgages. How in the holy hell do people handle payments like that. Damn

Your interest rate is a shade high (but probably not high enough to think about a refi) but you should kind of rethink your complaint about "interest" (which you can get back at tax time as it can be written off) and pray, burn candles, whatever it is you do to give thanks to an unkind cosmos, because your escrow payment is about 20% of mine, and your insurance is about 10% of mine.   

Offline Cool Chris

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Re: The Benefits of Home Ownership?
« Reply #266 on: February 12, 2018, 08:34:13 AM »
My heart goes out to people with 200-300 thousand dollar mortgages. How in the holy hell do people handle payments like that. Damn

I don't think there is a homeowner within 50 miles of me who has a mortgage for less than that.

Yeah, it kinda sucks, but obviously we all buy homes that are within our means to pay for.

Sadly many people buy homes that are not within their means.
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Offline cramx3

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Re: The Benefits of Home Ownership?
« Reply #267 on: February 12, 2018, 08:50:46 AM »
I was analyzing my mortgage payments and wow, the interest alone paid each month is 3x the principal. Amazing



Thank goodness that 74 grand isn't a mammoth amount overall. My heart goes out to people with 200-300 thousand dollar mortgages. How in the holy hell do people handle payments like that. Damn

Your interest rate is a shade high (but probably not high enough to think about a refi) but you should kind of rethink your complaint about "interest" (which you can get back at tax time as it can be written off) and pray, burn candles, whatever it is you do to give thanks to an unkind cosmos, because your escrow payment is about 20% of mine, and your insurance is about 10% of mine.

Yea, my interests payments are really high as well just due to being so early in a 30 year loan, that I don't start making that dent into the principal for a bit. I've looked at the numbers (they give like a 10 page printout of each payment of the life of the loan when I signed so I knew exactly what my numbers would look like in year 1 vs 10 vs 25 so this doesn't hit me hard since I understand the why and how this came to be).  But yea, that insurance and tax makes me jealous.

Offline Chino

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Re: The Benefits of Home Ownership?
« Reply #268 on: February 12, 2018, 09:02:29 AM »
I was analyzing my mortgage payments and wow, the interest alone paid each month is 3x the principal. Amazing



Thank goodness that 74 grand isn't a mammoth amount overall. My heart goes out to people with 200-300 thousand dollar mortgages. How in the holy hell do people handle payments like that. Damn

If it's any consolation. Here is my breakdown for an 1800 Sqft home that cost $143K

Principal Payment: $235.77
Interest Payment: $407.45
Escrow & Insuarance Payment: $682.26
Other Charges: $5.93

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Re: The Benefits of Home Ownership?
« Reply #269 on: February 12, 2018, 09:24:20 AM »
Why not, from last month:

Quote
Principal Received$402.90
Interest Received$703.81
Escrow Received$859.92

Offline gmillerdrake

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Re: The Benefits of Home Ownership?
« Reply #270 on: February 12, 2018, 09:25:24 AM »
I was analyzing my mortgage payments and wow, the interest alone paid each month is 3x the principal. Amazing



Thank goodness that 74 grand isn't a mammoth amount overall. My heart goes out to people with 200-300 thousand dollar mortgages. How in the holy hell do people handle payments like that. Damn

If it's any consolation. Here is my breakdown for an 1800 Sqft home that cost $143K

Principal Payment: $235.77
Interest Payment: $407.45
Escrow & Insuarance Payment: $682.26
Other Charges: $5.93


Ours on a $270k loan

Principal Payment: $427.28
Interest Payment: $922.16
Escrow & Insuarance Payment: $405.33
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Offline jingle.boy

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Re: The Benefits of Home Ownership?
« Reply #271 on: February 12, 2018, 10:35:31 AM »
Aye Carumba!!!  I'm so glad it's been a long time since I've been on the wrong side of P+I payments.  I bought my first house in 1999, and moved 3 years after that.  Still in the same house - though our runway to moving is going to be about a year or so.   Not to rub it in to anyone, but I paid it off last April.  THAT, ladies and gentlemen, is the benefit of home ownership - less than 20 years, and no more monthly payments.  Ever.  I consider myself very lucky in that regard - between the profit we made on the first house, getting the 2nd house for a steal, re-financing with a shortened amortization period when interest rates bottomed out, and my separation package last year ... we had a run of good things happen to get to this point.

Don't get me started on property taxes though.   :biggrin:
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Offline millahh

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Re: The Benefits of Home Ownership?
« Reply #272 on: February 12, 2018, 10:42:21 AM »
Taxes...sigh.  The yearly on our soon-to-be place are almost $18K.
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Offline Cool Chris

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Re: The Benefits of Home Ownership?
« Reply #273 on: February 12, 2018, 10:44:03 AM »
Good lord, ours are $4200 and I thought those were high, mainly because of the ~15% increase from last year.
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Re: The Benefits of Home Ownership?
« Reply #274 on: February 12, 2018, 10:44:56 AM »
Taxes...sigh.  The yearly on our soon-to-be place are almost $18K.

Yeah, the taxes on my parents' place are in that neighborhood as well. Hooray New Jersey  :|
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Re: The Benefits of Home Ownership?
« Reply #275 on: February 12, 2018, 10:45:29 AM »
Good lord, ours are $4200 and I thought those were high, mainly because of the ~15% increase from last year.

I'm a tad higher, just under $5k.  Milahh's livin the high life!
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Re: The Benefits of Home Ownership?
« Reply #276 on: February 12, 2018, 10:46:29 AM »
Good lord, ours are $4200 and I thought those were high, mainly because of the ~15% increase from last year.

I'm a tad higher, just under $5k.  Milahh's livin the high life!

$6700 after last years increase for me, yay NJ

Offline kaos2900

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Re: The Benefits of Home Ownership?
« Reply #277 on: February 12, 2018, 11:33:25 AM »
We just bought our second house! The home inspection is scheduled for tomorrow and then we just have to sell our house.

This is the thing I'm least looking forward to about being a homeowner.

In Omaha it's 100% a sellers market right now and houses in our price range are selling same day with competing offers. We were lucky to find our new house so quickly with no competition.

Offline gmillerdrake

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Re: The Benefits of Home Ownership?
« Reply #278 on: February 12, 2018, 11:57:00 AM »
We just bought our second house! The home inspection is scheduled for tomorrow and then we just have to sell our house.

I've been contacted by (4) agents....two of whom I know....in the past three months asking if we'd be willing to sell our house. Apparently, the inventory for our particular price range/square footage etc. is extremely low in the St. Louis area and so we've been told that we could make some good $$.

It is tempting but we love our location, neighbors and the school system the kiddos are in so we are standing pat. But...if we were to sell at the price my buddy told me our house would most certainly sell at....we'd be staring at a $60k gain (prior to paying the costs associated with selling a home) Like I said...tempting but we've decided against it.
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Re: The Benefits of Home Ownership?
« Reply #279 on: February 12, 2018, 11:59:17 AM »
There's something to be said about being happy with all those things that money can't buy (or it will at least cost a large amount).