May your foundation be sturdy, and your roof leakfree. Godspeed OP.
this post was submitted on 29 Nov 2024
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Enjoy your home OP. May you live out many happy years under its shelter.
Thank you very much, kind stranger
grats.you have my well wishes and supreme jelousy.
Congrats! You're now going to find out that some of your expenses will go down. Your insurance specifically and that unless you take out another loan on the house or got a balloon loan, your monthly bill won't change. It's a fun thing to find out.
I'm counting on it 😅
It's still a weird feeling when you're 3 years later and everyone is complaining about their rent going up and yours is staying still. It kind of feels like cheating.
100% agree. It's crazy that we have 30 year fixed rate loans with basically no penalty to refinance. Don't get me wrong, it's working for me, but I wish it was different because it's so unfair.
I think you misunderstood me, rentals should have more of limit on how much they can raise the rent, not that banks should get more money from homeowners. I guarantee that banks are making a shit ton of money or they wouldn't do it.
I definitely agree that rent should be much more controlled and affordable. And yeah banks definitely don't need more money. But a majority of Americans have fixed mortgage rates under 4%, which makes a lot of them keep their old house when they move, and just rent it out. Which just makes it harder for people to break into the housing market. And houses are an investment that renters don't have access to, and that's just one of tons of things that keeps poor people poor.
which makes a lot of them keep their old house when they move, and just rent it out.
Yeah, that's not a thing:
Meet the Billionaire Investors Behind the US Housing Affordability Crisis
With roughly 800 billionaires in the U.S. with combined wealth of $6.2 trillion (and 2,781 billionaires globally with over $14.2 trillion), ultra-wealthy investors tend to diversify their holdings across multiple kinds of assets. A huge amount of this billionaire wealth is invested in property, land, and housing. Billions and possibly trillions of dollars are sucked into predatory investment practices and luxury housing schemes — where global billionaire investors park vast quantities of wealth in U.S markets.
This is not your grandparent’s gentrification, but rather a hyper-gentrification fueled by concentrated wealth driving up land and housing costs, expanding short-term rentals, and treating housing like a commodity to speculate on or a place to park wealth. The billionaires are displacing the millionaires, and the millionaires are disrupting the housing market for everyone else.
Congrats bro! I'm happy for you and also a bit jealous 😁
As you should be 😁
Hell yeah, one of the smart ones. I hope you got a fixed rate mortgage.
Not sure what this is implying. I personally know a few others (myself included) who have been working to get a house but stuck in the rent going up/cost of homes going up cycle. I feel (opinion) that most people would rather have a home instead of renting.
Many states have first-time homebuyers programs that will absolutely shunt the issue of transitioning to Rent/homebuying. Most people are too lazy or stupid to take the initiative though. Every person I have talked to about renting vs home owning has always managed to make excuses why they can't do something, instead of working to make it happen. It's daunting as fuck, for sure - but it's possible if you scrimp and do without for a while. That short-term of doing without, ultimately ends up with you paying into something you OWN. You're building your personal equity with a house, and many people will argue against that because of learned helplessness.
Most people are too lazy or stupid to take the initiative though
Full stop, go fuck yourself.
Aww...lol It's okay, they have a totally different type of home for you.
I would point to demoralized instead of lazy or stupid. If you talk to a lender they will immediately tell you about the programs as it’s in their interest for you to buy a home. A coworker and myself are military vets which lets us do the VA program. Even the finding a house to buy that isn’t paid for with cash 5-10% over asking is a nightmare. I lost 8 bids the first year trying. Also the prices for an home are just absolutely insane as starter homes don’t really exist anymore. New construction is focusing on McMansions and any 2 bedroom home is built in a 55+ community. Now I’m just venting.
Congratulations OP on the home. I hope to be in your shoes before I retire.
Yeah, I probably used too harsh of a term there -- It's not stupidity or laziness, but more ignorance. You can't exactly chase something that you haven't been taught about.
And you're right, the process is daunting - many of the people that argue against it are those that have to live in the city, and refuse to live further out in order to get better pricing. I've got plenty of housing around me being built in the 200k-300k range (2/1 and 3/2) - in Florida no less. But it's in the country.
I went the "buy a slum house and live in squalor, putting whatever extra money I have into it to fix things" route. I learned a lot about housing maintenance; installing your own appliances, replacing well pumps and tanks, electrical, etc.
A buddy of mine is shacking up with his brother and they're buying a house together for now so that in 10 years they can sell it an split the equity for their own individual houses.
It's all possible, though for sure - you may have to do some things that we'd consider unconventional today. It's definitely not ideal. The big guys are going to find out sooner or later that not paying people for jobs ends up with nobody having any money to spend.
You know as soon as us millennials hit 55 they’ll make those communities 70+
😢 don’t jinx us like that.
I did!
Fuckin' Smarrrrrrt. You'll be one of the ones who doesn't get fucked if the housing market crashes, because your interest rate won't balloon through the roof.
Congrats, I read it as horse first time round, either way, best of luck!
We're in the same boat. We're just waiting for an official moving date. We've been moving boxes today. Scary times doing grown up things.
I was in your situation until about a week ago. It's such a relief once the bed moves and you get to start sleeping in your new house, but the first few sleeps were not very restful for me. Try to replicate your good sleep situation as best as you can. For me, that means a fan for air flow and white noise, plus blackout curtains to block out both the sunrise and outside noises. I'm assuming you would bring all of your normal bedding stuff.
I think that the best part was waking up in the house and being able to get coffee brewing and breakfast cooking while playing some Ray Lamontagne on the stereo. Do yourself a favor and think of how you want to start your first morning in your house and set yourself up!
Congratulations!
Congratulations!
I've had my place 20 years. Here's a couple of tips:
If you're not already in a fixed rate loan, refi into one as soon as its feasible for you.
The Home Depot 1-2-3 series books will save you thousands in basic troubleshooting and repairs. YouTube is really good for general handyman advice too. Caveat: learn your limits and don't take on anything you don't know ypu can see through. Several hours' research is generally all you need.
Be judicious about home warranties. They'll spam you with FUD. Just hang out at a local trades bar and chat with the regulars. You'll learn a lot.
Electric and water generally* pretty are easy. Don't mess with the gas lines.
If you DO undertake your own repairs, don't cut corners and leave it for the Next Guy. That Next Guys will inevitably be you.
Nothing will be plumb, square or true. You learn to deal with it.
If you like to use rich colors in your décor, learn about tinted primers, especially when dealing with red paints.
Equity is Capital. Don't touch it except for capital improvements to the structures & grounds, and even then be judicious. I'm talking new roof, new sump, kitchens & baths. Do not usenit to pay off consumer debt or college loans. No matter how tempting.
Really, Don't Touch The Capital.
Live there for you. Its your house. Make it your personal retreat from the world, and set it up how you like it. Don't worry about resale until it's actually time to sell.
Again, congratulations and good luck!
--
* for basic repairs, receptacle replacement, and the odd new branch. Know your limits.
Lots of great advice here. I'll 2nd the YouTube as a resource. I've repaired AC units, a garbage disposal, and replaced the damn water heater all from an hour or 2 of research and watching YouTube.
Also keep a note book that you jot down the seldom done stuff, like blowing out sprinklers, which furnace filter size you need, etc.
Anything you buy for home improvement, from new cabinet handles to drywall, get an emailed receipt and put it in a special folder/tag that you can find again when you sell. Those dollars spent are tax deductible when you sell your house.
Builder's grade = cheapest shit they can buy in bulk.
Enjoy your new house!
The home improvement book.
It's on Amazon used for super cheap. I just paid $2.99 + $4 ship for it
Thanks!!
I'll second the last bit. I've got too many friends who bought their houses and they're so insanely worried about "well what if the paint color on the outside makes people not want to buy the house" or whatever. That's (hopefully) a problem that's years and years in the future, and you shouldn't have to worry about it. Don't worry about how other people might see it - it's your house, and you should do things that please you. Always wanted a bright pink bedroom? Go for it.
Yep, for me that's the number one principle of home ownership - it's my house, I'm gonna make it the way I want it. If the time comes when I sell it, somebody will like what I did. Even if some real estate agent insists that I paint everything white, I'm never painting a fucking brick fireplace white.
Live there for you. Its your house. Make it your personal retreat from the world, and set it up how you like it. Don't worry about resale until it's actually time to sell.
One additional thing I'll add: make "nice" repairs, e.g. things that you normally repair when you're about to sell the house (e.g. wobbly toilet paper dispenser, crooked trim, etc.) as your budget and time allow. These things add up when you're selling and you'll regret not having your place look nice when you lived there.
These are nice weekend projects and often help you learn basic home repair.
Great comment, though I disagree with
Electric and water generally* pretty are easy. Don’t mess with the gas lines.
I've done all three in multiple houses now, and I'd say that water and gas are pretty easy. Electrical is where you can get yourself in real trouble.
If you screw up water or gas you're going to know it. The tiniest gas leak smells noticeably even in larger spaces. Water leaks usually become evident once you turn the water on. If you inspect your work afterwards you'll find it.
Electrical is another story. You can turn on the circuit and everything works and you think you're good, but you've somehow switched the hot and neutral, which is dangerous. Or you used 14 gauge wire on a 20 amp circuit, which will be fine until you put a huge AC unit on that circuit and start a fire inside your walls. I'm not suggesting you shouldn't do your own electrical, because once you know the basics you're going to be fine, but as far as dangerous conditions go electrical is the one I worry most about.
+1. Honestly, any of the three can be a recipe for disaster, especially when messing with DVW.
Of all of them, gas is the one that can be explosive, although crossing electrical pairs is a big risk too. I bought my house from an electrician, and you probably would not be amazed at the number of 20A breakers on 14awg branches. There were at least 3 I've swapped back to 15A first time I cracked open my panel.
To every man his domain, I say. Myself, I grok electric and plumbing. I hate messing with gas.
I'm Australia electric and plumbing are the two licensed trades.
That's cause they're the two the if you mess up you do massive damage ( plumbing covers gas fitting )
If you're a not a carpenter and screw up your kitchen you live in a shit kitchen.
If you do electric work turn in on and you have electried the frame of your house or you taps you die
Don't let any contractors into your house until you've lived there for at least a few months, and learn how to recognize high pressure sales pitches from them. They'll take advantage of you if you don't. Always get more than one quote. If you're as much as tell them you're getting multiple quotes, they'll start lowering their prices pretty dramatically.
Holy fuck, what shit advice.
Please finish your thought. Let me get you started:
"Because..."
It's the first part that I don't agree with. There's zero reason to not hire a contractor in the first weeks of owning a new place. Assuming due diligence, you should know prior to closing what areas might need attention.
Moral.
Ignorance is expensive.
A lot of times you won't know what needs attention until you've lived in the house long enough. Not everything is immediately obvious.
After 30 years of owning my own home my red flag is when they say "this is going to be a big job".
Probably because it is, they don't like you, or they don't want the job.
I'm not trying to be mean, but contractors will price it outrageously or say "this will be a big job" because they don't want the job, so you say no.
Amateur, I just find an empty one and squat.
Wait [X] years as defined by your state. Boom free housing*
*Terms and conditions apply
The time my coworker told me she signed the papers to buy a house the previous night. "I went home and had 3 beers for dinner."
OP searching for years when they're on every street
I'm sorry.
Congratulations! 🎉
Hell yeah, good job! You should feel incredibly proud of yourself. You worked hard and made this happen.
Congratulations! You'll be fine. I knew zilch when I bought my first house (total dump) and learned as I went.