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Old
03-26-2013, 12:47 AM
  #626
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I can honestly say I really don't have any interest in buying a house.... too much responsibility. Maybe a condo or apartment where I pay maintenance type dues, but not a house.
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I never understood renting, unless you have to. Buying a house or condo is the best bet. I'd rather build up my equity after mortgage payments than pay someone else's mortgage.
The best thing to do is figure out financially what you're paying for both. And don't treat the purchase of a house and a condo as the same - b/c you'll probably be paying maintenance on the condo - and will have to deal w/ property taxes on the house (although depending on where you live you might get a tax break re a house that isn't available re a condo).

figure out the financial consequences of everything - and also take into consideration tax issues. The other thing to keep in mind is what you'll do with cash you're not using to purchase a house. If you buy a house, not only will you pay down equity (rather than paying rent)...you're also holding an asset which is pretty much guaranteed to appreciate over time...a domestic property is one of the most secure investments you can buy. Think about what you're doing w/ the $ you didn't spend on a house? Is that $ you didn't use to buy a house (or condo) making as much for you as it would if you'd bought the property.

btw - i'm not necessarily advocating for buying a house - i'm actually a long term renter. the reason i am is b/c i took over my apt. @ cheap rent, pay no utilities, taxes, etc - and have made use of my $ elsewhere which "running the spreadsheet" justifies my living situation.

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03-26-2013, 12:53 AM
  #627
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Blah finally off tonight
Took ****ing forever

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03-26-2013, 10:20 AM
  #628
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I never understood renting, unless you have to. Buying a house or condo is the best bet. I'd rather build up my equity after mortgage payments than pay someone else's mortgage.
I don't want the 30 year commitment to a mortgage, and the thought of being tied down to one place. Not to mention being responsible for almost everything that goes wrong with the house, all the outdoor maintenance, the taxes, HOA dues, coming up with a massive downpayment that basically just disappears, and no amenities.


I like the convenience of an apartment/condo, personally, and the ability to get up and go anywhere in a year or so almost at any time, if not sooner. I'd really love to know how much people actually get back in their investment of a home, when you factor in the cost of all the maintenance and taxes. I know there is more to it than that, but I know the in laws themselves have probably spent $20K in maintenance the last 12 months, on a 250K home, that they have had since the late 80s.


Me personally, I'd rather have a little more cash freed up, while having a saving intact, to get out and do stuff... but to each their own.

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The thing is that rent is so high in a lot of places that it's about the same, if not more, than the mortgage for a bunch of foreclosed homes, so really the only question in my head is if I'm committed to staying in the area for the next 15+ years.

Going to be giving it a lot of thought the next couple weeks....
Housing costs down here are absurdly cheap. Go check out what you can get for $250K on Trulia and you'll probably break your monitor.

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But that awesome apartment that has the roof terrace. I want to sleep on the roof when I come down.
Moving their in late October or early November.

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i.e. like a trainer, that sort of stuff? or in the business side of things?
Yeah, that kind of stuff. I start after I get back from Miami on my NASM Certified Personal Trainer courses. Will have that completed and should have a job by October at a local gym just training whoever. Then I'm going to start completing my classes for a sports science degree, and just debating if I want to focus on strength and conditioning or athletic training. Although they're kind of similar, but that's something I want to discuss with a counselor before I decide. Should be able to complete the courses I need for that in about a calendar year.

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03-26-2013, 12:32 PM
  #629
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Ray, Dexter is back June 30th. Just over 3 months.

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03-26-2013, 12:37 PM
  #630
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Ray, Dexter is back June 30th. Just over 3 months.
Glad it's finally coming to an end, and also glad we don't have to wait till fall. Did they ever announce if or how many episodes they're adding by starting it in June?

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03-26-2013, 02:38 PM
  #631
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I didn't read the article because I'm at work on my phone. Just the headline. I'm hoping like 16 instead of the normal 12.

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03-26-2013, 03:35 PM
  #632
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Alright, going to be hearing back from my realtor likely tomorrow regarding about a half dozen houses and condos in the Skokie/Niles/Morton Grove area.

Going to be an interesting week...

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03-26-2013, 04:14 PM
  #633
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Alright, going to be hearing back from my realtor likely tomorrow regarding about a half dozen houses and condos in the Skokie/Niles/Morton Grove area.

Going to be an interesting week...
Good luck bro. Property taxes BLOW.

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03-26-2013, 04:21 PM
  #634
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My copy of Bioshock just got here. Wish the Hawks played earlier, can't throw it in until my daughter is sleeping.

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03-26-2013, 04:32 PM
  #635
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Moving their in late October or early November.



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03-26-2013, 05:51 PM
  #636
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Good luck bro. Property taxes BLOW.
Oh yeah, I'm aware. Just pulling for a good deal on a foreclosed property to make it all worthwhile in the long run.

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03-26-2013, 07:58 PM
  #637
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Murray, when we do move you'll have to make that trip down that we discussed. My favorite mega sports bar will be like right across the street.

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03-26-2013, 09:15 PM
  #638
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Murray, when we do move you'll have to make that trip down that we discussed. My favorite mega sports bar will be like right across the street.
I am 100% planning on it. It's going to be epic.

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03-27-2013, 01:09 AM
  #639
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Ugh.... need to stop being such an anxious mess. I swear, ever since I decided I wanted to buy a house or a condo, I've been constantly running what if's in my head. Think I'm just worried over the possibility of finding out that it's not economically viable for me to buy now..... that and I always get anxious over the moving process, even though it's weeks and weeks away.

Fretting over money and overthinking step 900 when I'm on step 7.... my two biggest mental weaknesses....

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03-27-2013, 09:30 AM
  #640
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Originally Posted by No Fun Shogun View Post
Ugh.... need to stop being such an anxious mess. I swear, ever since I decided I wanted to buy a house or a condo, I've been constantly running what if's in my head. Think I'm just worried over the possibility of finding out that it's not economically viable for me to buy now..... that and I always get anxious over the moving process, even though it's weeks and weeks away.

Fretting over money and overthinking step 900 when I'm on step 7.... my two biggest mental weaknesses....
Look at A LOT of them. I looked at about 25 over a period of 2 months and the one I bought is so far above the rest in every way. It's a cliche I didn't believe in until it happened to me but when you walk through the door of your home, you'll know.

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03-27-2013, 10:11 AM
  #641
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Originally Posted by No Fun Shogun View Post
Ugh.... need to stop being such an anxious mess. I swear, ever since I decided I wanted to buy a house or a condo, I've been constantly running what if's in my head. Think I'm just worried over the possibility of finding out that it's not economically viable for me to buy now..... that and I always get anxious over the moving process, even though it's weeks and weeks away.

Fretting over money and overthinking step 900 when I'm on step 7.... my two biggest mental weaknesses....
IIRC, didn't you just recently start a new job within the last 5-6 months... or was that a promotion or switch in position?

That's gotta be hurting you with your interest rate for the time being, unless you plan on sucking it up for a few years and then refinancing onces you have a longer track record with work.

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I am 100% planning on it. It's going to be epic.
And I believe you. Don't believe Goots McPoops, think he's all talk. Hope he proves me wrong.

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Old
03-27-2013, 12:15 PM
  #642
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Look at A LOT of them. I looked at about 25 over a period of 2 months and the one I bought is so far above the rest in every way. It's a cliche I didn't believe in until it happened to me but when you walk through the door of your home, you'll know.
Oh yeah, I'm planning on it. Unless I find a place this weekend that I absolutely love and for the right price, I'm fully planning on checking out the area as much as possible, though I need to move ASAP as I'll need to be out of my current place by the end of May. Looking at both condos and houses, too. From what the realtor said, he's expecting my price range to be more in the line of ranch-style homes, which can be a good thing or a bad thing depending on a number of things, for obvious reasons.

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IIRC, didn't you just recently start a new job within the last 5-6 months... or was that a promotion or switch in position?

That's gotta be hurting you with your interest rate for the time being, unless you plan on sucking it up for a few years and then refinancing onces you have a longer track record with work.



And I believe you. Don't believe Goots McPoops, think he's all talk. Hope he proves me wrong.
I was promoted about five months ago, though I have been with the company only about a year now. The good thing is that the job is very stable and the corporate heads are extremely happy with me as my office went from being essentially the least busy in the entire company to being the fourth busiest since I've gotten here (out of 15 or so, I think), so I don't need to worry about the job drying up like I had to in the past with my mostly political work.

And don't know what the rate will be quite yet. Should be getting a prelim list of possible places today, reviewing them tonight and tomorrow, visiting the ones I'm interested in on Saturday, submitting the necessary material for loan preapproval on Monday, and then hoping to avoid a double whammy and find out that I've got good prospects for a loan and hopefully some good properties in my price range. This Saturday, likely going to be looking at places in Skokie, Niles, and Morton Grove. From there, I'll probably look a bit more to the north and if push comes to shove I'll glance a bit more to the west as well. So, while there's a lot on my plate moving forward, I'm still very early in the process.


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Old
03-27-2013, 12:18 PM
  #643
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I advise you talk to some of the owners in the condos about the association too.

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03-27-2013, 12:24 PM
  #644
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I advise you talk to some of the owners in the condos about the association too.
Makes sense. I'll have to keep an eye on that.

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03-27-2013, 12:26 PM
  #645
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Good luck with the interest rate... And I definitely second coolsteel's idea on talking to current owners, if you can. My buddy bought a condo about 2-3 years ago and is in absolute hell right now, and he's on the top floor. I really wish you could rent the place for like a week or two before committing to buying a place.

I take it the area you're looking in is near the office?

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03-27-2013, 12:29 PM
  #646
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Good luck with the interest rate... And I definitely second coolsteel's idea on talking to current owners, if you can. My buddy bought a condo about 2-3 years ago and is in absolute hell right now, and he's on the top floor. I really wish you could rent the place for like a week or two before committing to buying a place.

I take it the area you're looking in is near the office?
Yeah, I'm essentially trying for within a 20 minute drive from the office if at all possible, which would be a huge improvement given that my current commute is closer to an hour.

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03-27-2013, 12:31 PM
  #647
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So graduated from undergrad this week. Feels good man.

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03-27-2013, 12:33 PM
  #648
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Makes sense. I'll have to keep an eye on that.
-Ask about snow removal/General upkeep of the grounds
-The assesment fee, does it increase or stay the same/Are they always trying to justify projects, when was the last time the roof was worked on, this applies to the garage area too if there is one.
-Any nosey neighbors and stuff like that
-Have there been any problems with the buidling

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03-27-2013, 12:34 PM
  #649
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Yeah, I'm essentially trying for within a 20 minute drive from the office if at all possible, which would be a huge improvement given that my current commute is closer to an hour.
20 with or without traffic? Plenty of houses out there, and sounds like you're in the middle of your career and not leaving that place any time soon by your choice.


Speaking of houses, the woman's aunt is about to sell her... which we knew was coming, but were hoping it'd maybe be 5-6 years from now so we could buy it. Kind of sucks. It's the coolest house I've ever been in, but a bit older and reasonably priced, and a house I'd actually be ok with buying even with my posts yesterday against buying.

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03-27-2013, 12:37 PM
  #650
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So graduated from undergrad this week. Feels good man.
Congrats! PREPARE TO MISS THE BUBBLE

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-Ask about snow removal/General upkeep of the grounds
-The assesment fee, does it increase or stay the same/Are they always trying to justify projects, when was the last time the roof was worked on, this applies to the garage area too if there is one.
-Any nosey neighbors and stuff like that
-Have there been any problems with the buidling
Will do, especially with the noisy neighbors part. Kind of got screwed in my current rental with that on both sides.

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20 with or without traffic? Plenty of houses out there, and sounds like you're in the middle of your career and not leaving that place any time soon by your choice.


Speaking of houses, the woman's aunt is about to sell her... which we knew was coming, but were hoping it'd maybe be 5-6 years from now so we could buy it. Kind of sucks. It's the coolest house I've ever been in, but a bit older and reasonably priced, and a house I'd actually be ok with buying even with my posts yesterday against buying.
Hopefully with traffic, though I'll obviously test it before I buy just for a check.

And sorry to hear.

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