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Old May 6th, 2013, 02:27 PM   #61
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why? Increase in home value is a beautifull thing.
Because I plan on buying a house early next year.
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Old May 6th, 2013, 02:54 PM   #62
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Dude, at this point you should have pre-approval before you even go look at stuff. I've heard so much from friends in the market about how crazy the demand is and the bidding wars that are going on as soon as stuff hits the market. Be prepared ahead of time to jump on one you like, not after you look at it.

I lucked out big time and got damn near my dream house a year ago, but things have changed enough since then that there's no way I'd be able to find something comparable now.
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W H A T,

you're just now doing that?


:edit, Skooter_Built style: rethinking that, I should not in the slightest bit be surprised by this.
I was pre-approved before with my last job. Now that I have a new job, make more monies and have less debt, information has to be updated. Simma down now
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Old May 6th, 2013, 08:01 PM   #63
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I was pre-approved before with my last job. Now that I have a new job, make more monies and have less debt, information has to be updated. Simma down now
Why? Keep your old limit, unless it was really restrictive. Buying all the way up to their lending limits is what got so many into trouble in the first place.

I think my first house, we were approved for about $225k-$240k, and we bought a house for $140k. 2 years later when we got divorced, I was awful glad to have the smaller mortgage payment, it let me keep the house.


IF you want to build something, buy a nice house, and build the barn. 25k will get you a very nice pole barn, thats designed to your specs. Most car guys aren't too picky about the house, but they want their barn to be just the way they want it. I designed mine specific for my needs, and am very happy.

Unlike contracting a house, which is months on months of work, a barn goes up in a couple days. Mine took 4 days, plus 1 more day of dirt work.
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Old May 6th, 2013, 08:29 PM   #64
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Why? Keep your old limit, unless it was really restrictive. Buying all the way up to their lending limits is what got so many into trouble in the first place.

I think my first house, we were approved for about $225k-$240k, and we bought a house for $140k. 2 years later when we got divorced, I was awful glad to have the smaller mortgage payment, it let me keep the house.


IF you want to build something, buy a nice house, and build the barn. 25k will get you a very nice pole barn, thats designed to your specs. Most car guys aren't too picky about the house, but they want their barn to be just the way they want it. I designed mine specific for my needs, and am very happy.

Unlike contracting a house, which is months on months of work, a barn goes up in a couple days. Mine took 4 days, plus 1 more day of dirt work.
This is what I have to be mindful of. Ya I could easily be approved for over 200k and have a mondo property but no buffer zone for emergencies. As evident of my thinking, I get infatuated with the ecstasy of that next great idea to pops off inside of my head to then level out later on the actual reality of life. Comfortably I think under 150k is where I will end up as I want to stick around 1 paycheck (1k or so) is all I should spend for a mortgage. Live comfortably and not have to rub nickels together.

I'm to scatter brained to conceptualize all the nuances of new construction right now but probably handle a barn being built.
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Old May 6th, 2013, 09:09 PM   #65
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I'm to scatter brained to conceptualize all the nuances of new construction right now but probably handle a barn being built.
Have done a bit of both. I still have a nice 6 acre plot in a nice spot in Metamora, that we were going to build, but it was easier/cheaper to buy existing. Maybe if the markets coming up, I'll be able to unload it.

The barn was easy. write a couple checks, watch it be built in a matter of hours. Did my own electrical inside and interior framing.
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Old May 6th, 2013, 09:29 PM   #66
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Have done a bit of both. I still have a nice 6 acre plot in a nice spot in Metamora, that we were going to build, but it was easier/cheaper to buy existing. Maybe if the markets coming up, I'll be able to unload it.

The barn was easy. write a couple checks, watch it be built in a matter of hours. Did my own electrical inside and interior framing.
Just curious when you built your barn, how thick did you go with the concrete? Where there any options with different mixes, adding strengtheners to the mix?
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Old May 6th, 2013, 10:04 PM   #67
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Just curious when you built your barn, how thick did you go with the concrete? Where there any options with different mixes, adding strengtheners to the mix?
You haven't even bought a house yet.


Watch out everybody, skutterbutt has the concrete on the way.
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Old May 6th, 2013, 10:17 PM   #68
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You haven't even bought a house yet.


Watch out everybody, skutterbutt has the concrete on the way.
It's a question I was wondering about. I like questions and answers.
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Old May 6th, 2013, 10:20 PM   #69
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It's a question I was wondering about. I like questions and answers.
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Old May 6th, 2013, 10:44 PM   #70
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This is what I have to be mindful of. Ya I could easily be approved for over 200k and have a mondo property but no buffer zone for emergencies. As evident of my thinking, I get infatuated with the ecstasy of that next great idea to pops off inside of my head to then level out later on the actual reality of life. Comfortably I think under 150k is where I will end up as I want to stick around 1 paycheck (1k or so) is all I should spend for a mortgage. Live comfortably and not have to rub nickels together.

I'm to scatter brained to conceptualize all the nuances of new construction right now but probably handle a barn being built.
FWIW, when I was getting financing lined up the bank approved me for ~150k. I ended up with a house for 60k. After PMI, insurance, taxes and misc stuff (maintenance account) in the escrow I was very glad I didn't even come within 50% of what the bank approved me for. Keep in mind, your payment isn't just the loan amount.
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Old May 6th, 2013, 10:50 PM   #71
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FWIW, when I was getting financing lined up the bank approved me for ~150k. I ended up with a house for 60k. After PMI, insurance, taxes and misc stuff (maintenance account) in the escrow I was very glad I didn't even come within 50% of what the bank approved me for. Keep in mind, your payment isn't just the loan amount.
I'm very well aware of this.
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Old May 7th, 2013, 06:19 AM   #72
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It's a question I was wondering about. I like questions and answers.
You like questions, rarely do you like the answers. I recomend that you buy a house with a pole barn already there, at well below what you THINK your budget is. Sorry Andy, but until you actually live on your own, you have no clue what it takes to keep a house maintained, let alone what it takes (and costs) just to get moved in, modify a few things the way you want them, etc. For example. You move, you now need, garbage cans, cleaning supplies, lawn mower, rugs, silver ware, curtains, blinds, a bunch of expensive tools you dont currently own, bla bla bla. You will spend $2000 the first month or two just getting the essentials. Then your refrigerator breaks the same month as your hot water heater blows up. Since the water heater needs to be replaced, you might as well replace the old plumbing going to it, ohh and insulate the rest of the pipes. Next thing you know you are remodeling your bath room.

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Old May 7th, 2013, 06:25 AM   #73
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I am getting pretty close to listing mine, I'm surprised how much the market as rebounded recently.
Someone walked up to my Realtor as he was prepping for a showing yesterday and said "I want to buy the house right now." Should see an offer today
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Old May 7th, 2013, 07:18 AM   #74
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Someone walked up to my Realtor as he was prepping for a showing yesterday and said "I want to buy the house right now." Should see an offer today
I have a few more projects I want to get done around the house. But I am hoping for that kind of luck when I do put the sign out front.
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Old May 7th, 2013, 07:18 AM   #75
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Andy these people are jealous of you, I've been reading everything you have been writing, if I were you I'd buy right up to the limit. Considering how the market is rebounding, you stand to make a nice profit should you decide to sell
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Old May 7th, 2013, 07:39 AM   #76
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We just sold our house, took 6 weeks. Lost out on the place we were wanting to buy, by one day. However we found 11 acres with a new 26x36 garage on it and will be signing on it today. Going to sit on it for a year and pay it down as much as we can before taking out the construction loan, this will make for a great building.

We are building around our motorhome, 50x80x16 with living quarters at one end. This is the best option for us as we looked at everything for sale within a 50 mile radius, it was either over priced or under water. Having a building already on this piece made the sale for us.

Long story short, we did a vacant land loan with 20% down, throw a bunch of money at it for a year, take out construction loan and build what is wanted. And we get to camp all summer long!
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Old May 7th, 2013, 07:48 AM   #77
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why? Increase in home value is a beautifull thing.
Unless you are living in the house you want to retire in & don't want the taxes to go up.
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Old May 7th, 2013, 07:50 AM   #78
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Congrats pat.
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Old May 7th, 2013, 07:51 AM   #79
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This is what I have to be mindful of. Ya I could easily be approved for over 200k and have a mondo property but no buffer zone for emergencies. As evident of my thinking, I get infatuated with the ecstasy of that next great idea to pops off inside of my head to then level out later on the actual reality of life. Comfortably I think under 150k is where I will end up as I want to stick around 1 paycheck (1k or so) is all I should spend for a mortgage. Live comfortably and not have to rub nickels together.

I'm to scatter brained to conceptualize all the nuances of new construction right now but probably handle a barn being built.
This is about the most logical thing I've ever seen you say. Do it up. That's about the same thing I did, I just lucked out big time on the house itself. 20-25% of income is the general rule of thumb for smart home buying so if you don't blow the rest of your money on stupid BS(we know there'll be stupid BS, but the fact that you haven't declared bankcruptcy yet tells me you must be good at wheeling and dealing and minimal out of pocket expense) then you should be in decent shape. Set smart limits and stick to them. Mr Green's rant about unexpected costs is sadly close to the reality of owning a home. I've sold a bunch of shit over the past year and a half to help have extra emergency money saved up and it's always gone before I know it.
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Old May 7th, 2013, 08:57 AM   #80
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I've sold a bunch of shit over the past year and a half.
I hope the Good Lord doesn't make me sell my toys.
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