I'm (kinda) buying a house. Discuss - Page 5 - Miata Turbo Forum - Boost cars, acquire cats.

Welcome to Miataturbo.net   Members
 


Insert BS here A place to discuss anything you want

Reply
 
 
 
LinkBack Thread Tools Search this Thread
Old 08-17-2015, 06:50 PM   #81
Elite Member
iTrader: (2)
 
fooger03's Avatar
 
Join Date: Jan 2009
Location: Columbus, OH
Posts: 4,133
Total Cats: 188
Default

Quote:
Originally Posted by aidandj View Post
<p>Small update.</p><p>Took lots of your guy's advice into account. Some of my own. Backed down a bit from the buying idea.</p><p>If the perfect house does pop up then it will probably happen but that is doubtful.</p><p>Here's what mostly changed my mind.</p><p>Found a house that me and my gf fell in love with. Huge yard, big gate into the yard. Already had a concrete pad. Extra garage/shop in the back, and a garage in front. Basically exactly what I wanted.</p><p>But my parents didn't like it. They have a different style. Thought the neighborhood was bad. Etc. That's when I realized that they weren't just loaning me the money, they wanted a say in where I lived and whatnot. And I realized I didn't want that. When I thought it was just a 0% interest loan that I had to pay off I was happier, when I realized they wanted a say in where I lived it made me shy away. My mom has always done her best to control my life and in the beginning of college it turned into a couple ugly fights.</p><p>So I think I'm going to end up renting, putting the money I was going to be paying to my parents for the downpayment in savings and trying this again in 2 or 3 years when I have my own downpayment.</p><p>Thanks for all the advice and insights guys, it was all really helpful.</p>
That's a smart decision. My best friend took a loan from his parents to buy a condo. 5 Years later when he wanted to buy a house his dad gave him a bunch of **** about the move, but he was able to get into a house with...another loan from his parents. He's even paying a low interest rate on the loan. The borrowing of money wasn't the issue. It's the leverage that his dad has over his life that really is the issue. Taking a step to show your parents that they can't decide how you live your life is a big deal. I'm not sure how my friend will fare in the future, but I can't wait for the day that he gives a big F-U to his dad.

Also, my current home was a Fannie Mae Homepath. I'm pretty sure that they laid new flooring (carpet/vinyl) and repainted the interior (white) before the home was listed. I got a hell of a good deal on it, even with competing bids (my bid accepted 5 days after the home was listed). Seems that it was listed a little below market value, and you're not competing with cash-bidding-investors for a homepath (which can give you a hard time if you're looking for good deals).
fooger03 is offline   Reply With Quote
Old 08-17-2015, 06:53 PM   #82
SADFab Destructive Testing Engineer
Thread Starter
iTrader: (5)
 
aidandj's Avatar
 
Join Date: Apr 2014
Location: Beaverton, USA
Posts: 17,999
Total Cats: 1,466
Default

<p>I have a really good relationship with my parents, and it has actually improved since I pulled farther away. I would like to keep improving it and I think that giving them control over a mortgage that I am carrying the majority of the debt on is not a good way to continue improving it. I don't doubt that they believe they are doing what's best for my interests, but thats not for them to decide lol. Although I will stay on their health insurance. My mom works for the county and gets kick *** health insurance, for way less than I would ever get it for.</p>
aidandj is offline   Reply With Quote
Old 08-17-2015, 10:32 PM   #83
Elite Member
 
codrus's Avatar
 
Join Date: Mar 2007
Location: Santa Clara, CA
Posts: 3,878
Total Cats: 344
Default

Quote:
Originally Posted by z31maniac View Post

Well not all of it, I hate to make the landlords more money, but if you work out the long term math, the ONLY way owning makes sense is to be able to put down a big chunk and do a 15 year mortgage. But what happens when you have to replace a $10k AC unit, or the foundation needs jacking (common problem in OK), or need a new roof, etc. Renting allows you to pack up and peace out.
Financially speaking, owning vs renting varies widely depending upon where you live and the relative supply and demand of housing there. Don't take anyone else's word for it, you have to do the math yourself for the area you want to live in.

From a non-financial standpoint, owning vs renting has tradeoffs both ways. Yes, you're not liable for the major repairs, OTOH if the landlord has any sense you're pre-paying for those repairs every month and he's taking that cash and putting it away against the expected lifetime of the roof, AC compressor, etc. You have mobility because of the flexibility to leave at the end of your lease, but you lack stability because you have no rights to the property beyond the length of that lease. You might be forced to move when you don't want to because the landlord is selling it, and you're vulnerable to massive rent increases if the real estate values in your area suddenly rise.

IME, the mobility looks appealing in one's 20s, but as marriage and kids happen the stability starts to take over. It's a lot harder to pick up and move to another state when it means your kids need to go to a new school and make new friends. You also tend to acquire more stuff, which makes moving a serious PITA.

As for the original topic, it sounds like it's moot now. It's good that you realized that before it became difficult and expensive to resolve.

--Ian
codrus is offline   Reply With Quote
Old 08-17-2015, 10:34 PM   #84
SADFab Destructive Testing Engineer
Thread Starter
iTrader: (5)
 
aidandj's Avatar
 
Join Date: Apr 2014
Location: Beaverton, USA
Posts: 17,999
Total Cats: 1,466
Default

<p>
Quote:
Originally Posted by codrus View Post
You also tend to acquire more stuff, which makes moving a serious PITA.
</p><p>I'm 22 and I'm already fucked in this department. I have way too much stuff.</p>
aidandj is offline   Reply With Quote
Old 08-17-2015, 10:37 PM   #85
Elite Member
 
codrus's Avatar
 
Join Date: Mar 2007
Location: Santa Clara, CA
Posts: 3,878
Total Cats: 344
Default

Quote:
Originally Posted by aidandj View Post
<p></p><p>I'm 22 and I'm already fucked in this department. I have way too much stuff.</p>
bwhahahaha, wait til you're moving your kids' stuff as well.

--Ian
codrus is offline   Reply With Quote
Old 08-17-2015, 10:39 PM   #86
SADFab Destructive Testing Engineer
Thread Starter
iTrader: (5)
 
aidandj's Avatar
 
Join Date: Apr 2014
Location: Beaverton, USA
Posts: 17,999
Total Cats: 1,466
Default

<p>i dont even want to think about it. My gf wants to do a cross-country move and I'm just like...fuckkkk thats a big u-haul.</p>
aidandj is offline   Reply With Quote
Old 08-18-2015, 09:18 AM   #87
Elite Member
iTrader: (2)
 
fooger03's Avatar
 
Join Date: Jan 2009
Location: Columbus, OH
Posts: 4,133
Total Cats: 188
Default

Owning for me was a no-brainer. No way would I be enjoying my 480 sq. ft. composite deck if I was renting; also I don't have to put up with bullshit "duct tape" repairs on everything: My A/C recently went out on me. Instead of getting it replaced with the absolute cheapest thing on the market that would continue to do a shitty job of cooling my home (or getting a shoddy repair that would last 6 months), I got to spend a little extra and get the unit that *I* wanted. Much quieter, installed on the side of the home (away from the new deck), and on the ground (instead of attached to the block foundation on brackets).
fooger03 is offline   Reply With Quote
Old 08-18-2015, 09:28 AM   #88
Boost Pope
iTrader: (8)
 
Joe Perez's Avatar
 
Join Date: Sep 2005
Location: Delicious and Moist.
Posts: 26,326
Total Cats: 1,926
Default

There's a part of me which envies those of you for whom purchasing a home is a practical option.
Joe Perez is offline   Reply With Quote
Old 08-18-2015, 10:15 AM   #89
Murderator
iTrader: (76)
 
18psi's Avatar
 
Join Date: Apr 2008
Posts: 36,196
Total Cats: 2,583
Default

When we were buying our 1st house we absolutely did not need to borrow money from our parents, not even a little bit. But we did anyway, because 30% down payment is much better than 10. They had absolutely no say in anything, but we ended up getting a house they loved anyway. We paid them back I think the very 1st year of owning, and then paid off the house entirely 2 years after that. Then got another house.

What I'm saying is that borrowing from parents isn't a bad thing, if you have the correct relationship and both sides understand what's happening. Kinda bothers me when people just want to say F-U to their parents, that just shows how poor their relationship is. (and I'm not saying it's necessarily their fault).
18psi is offline   Reply With Quote
Old 08-18-2015, 10:54 AM   #90
SADFab Destructive Testing Engineer
Thread Starter
iTrader: (5)
 
aidandj's Avatar
 
Join Date: Apr 2014
Location: Beaverton, USA
Posts: 17,999
Total Cats: 1,466
Default

I'm in no way trying to say FU to my parents. They (mom mostly) just have a little bit of a control problem. When the borrowing first came up I thought she was going to set it aside. When I realized she wasn't, thats when I backed down.
aidandj is offline   Reply With Quote
Old 08-18-2015, 11:00 AM   #91
Murderator
iTrader: (76)
 
18psi's Avatar
 
Join Date: Apr 2008
Posts: 36,196
Total Cats: 2,583
Default

Yeah I get it. If she's a control freak then you likely made the right choice. It's one thing to provide input and opinions, it's another thing if she wants everything done to her liking down to the very last details.

I think for you to look into this now is good preparation for the future when you're actually ready
18psi is offline   Reply With Quote
 
 
Reply

Related Topics
Thread Thread Starter Forum Replies Last Post
Need help - Stock Balancer and Fastforward overlay pulleys Frank_and_Beans Supercharger Discussion 13 09-12-2016 09:17 PM
WTB Bellhousing Bolts patsmx5 WTB 1 10-01-2015 10:43 AM
Any pnp megasquirt for 2001 Big_gumby WTB 0 09-30-2015 04:34 PM


Thread Tools Search this Thread
Search this Thread:

Advanced Search

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off



All times are GMT -4. The time now is 05:30 AM.