Buying a 'large' house (and how to heat it)

[mithesaint]

Run Away! The costs of upkeep are going to kill you. Unless you're cutting a lot of wood, it will be expensive to heat the house. AC will be the same in the summer (dunno how hot it gets there). A new roof will be tens of thousands of dollars. New flooring will be thousands of dollars, even if you do it your self. Property taxes will be murder, and those don't go away. They only go up.

 

[PoolGuyinCT]

Deans won't miss you lol

 

[briansol]

These tax rates don't scare me at all. They are a bargain.

For my current 1400 sq ft house on .4 acres of land in the 2nd best school district,
my house costs 5800 in prop taxes
That's on top of the 6750 i paid in state income taxes from my paycheck this year. And of which, i will probably owe a few more hundred too when i do my taxes.
and then there's the yearly tax on vehichles, which is about 500 a pop for modern vehicles, and i have 3 (2 cars, 1 truck) between the 2 of us. so another 1500 bucks.
and that's on top of the 6.35% sales tax on everything i buy, which im sure totals 2-3 tousand a year.

Oh, to live in the welfare state......



So, from my eyes, 6 grand for taxes a year is 50% of what pay now to the state. going to 7 8 or even 10 is still a significant discount. And i'll actually have land to boot.




All that said, i think i'm going to pass on this after some more thinking. I can't get the gf behind it and it is seeming like more trouble than its worth.

 

[SmokeyTheBear]

Did you check with the town about the actual tax bill.

 

[briansol]

yup,
Taxes 9296

 

[SmokeyTheBear]

Maybe you found a low tax rate town.

 

[saladdin]

I wish I paid that. I pay more then that just for the school tax Love NY

Great State of Tennessee checking in with $407 annual city AND county property taxes combined. No state income tax either. 1400 sq ft, brick, sitting on an acre.

 

[mfglickman]

I would run and not walk away from that place. You assume a lot in your OP, dont have a job yet, have killed your credit and want your GF to stay at home with yet to be born kids. IMO it's just too many ifs.

 

[P38X2]

Briansol, I like the idea of a B&B BUT, IMO you gotta think more conservatively here. The drug dealer and his associates would be the least of my concerns.

Your goal should be to have a strong foundation in family, home and employment. Start basic and if you wanna make a change down the road, reassess the situation and go from there.

There are TONS of good deals on homes. IIRC, we PM'd a while back. Unless the property has some sort special history to it, a house/barn/acreage is not uncommon in NH. Just don't expect to find the best deals within larger towns like Concord, Manchester, Keene, etc. Stay a town or two away and you're golden.

 

[Happy Hour]

All that said, i think i'm going to pass on this after some more thinking. I can't get the gf behind it and it is seeming like more trouble than its worth.

Sounds like the G/F is pretty smart here. That is a pretty big house to heat/up-keep/taxes/etc. If you could afford that, why would you walk away from your current house instead of paying for it?

 

[briansol]

I'm 100% up to date on my mortgage. I make good money. I have a roomate renting out my basement, and my gf lives with me as well. I can afford it and never missed a single payment even when i was under employed for 2008-2010 after a lay-off. But i'm stuck in a 7 3/8% mortgage on it. I bought it in 2007. My lender F'ed me at the last minute and 2 days before closing (and mind you i had already sold my condo and had a whole line of peole moving riding on it). He pre-qualed me for 5.5 on a 30 yr which was a good rate at this time. 2 days before its suddenly 7 3/8 on a 40 year. I basically had no choice in the 2 day time frame but to sign it or risk losing my sale of my condo, and the house i wanted. I figured, I'd just re-fi 2 years later (the earliest you can re-fi) and eat the lenders mistake... or mine for choosing him.

And then the housing market collapsed and suddenly my loan to value ratio was more than 97%. Fast forward to today, my loan to value is somewhere around 260% after paying on it for 6 years. It should be 80% by now. Considering it was 85% the day i bought it after my DP.
my town is going to chit. They are raising the mill rate again. all the restaurants are closing up one by one. there's 15 dollar stores. everything takes ebt. The city is corrupt. The state is worse. And at the end of the day, I still owe over 315,000 on a house appraised for 167,000 this year.

i'm tired of the liberal politics. i'm tired of the lack of jobs. i'm tired of everyone buying crap with food stamps that i paid for while they leave in their escalade talking on their obama-paid for iphones... because having a cell phone is a right. :rollseyes:

on top of all that, I'm tired of the city/suburbs. I want to move to a more rural area. I want a small 'farm' or a big garden. That land doesn't exist here. if it does, its $200,000 an acre. (no BS)

If i could sell my house, I would. But why should I? no one else did... and it's their fault the market went to hell. So why should i be the good one? Why would i sell it and still owe 100 grand after the sale price? I'm tired of doing it right and getting nothing for it. Our country has become a nation of helping the fails and punishing success.
even a short sale, just helps the bank.
and i have nothing but hate for the bank. they f'ed me.... my turn to f them. And the kicker of all of this is that there's re-fi programs available to stop foreclosure once you miss 6 payments. Why can't you just re-fi me now why i'm up to date? why can't i take advantage of the 3% rates these days? It will save me over a MILLION dollars, lower my payment by over $1000 a month, and allow me to spend more to up the economy. But, they can't because Obama won't let them. Regulation won't let them. We had to stop 'bad lending'. But wait, suddenly when you become a leech on society, there's suddenly help available!? it's all backwards. Other's dropped the vlau eof my house, and i have to eat their mistake? nope. not any more. I'm sick of it.
So, i'm going to take that risk and just stop paying my mortgage. if i get a chance to re-fi, nice. if i don't, i'm out.... and with my hefty mortgage, in those 6 months i basically saved up the downpayment for my next place.... in cash.
frankly, its stupid of me to stay here.
I have some interviews in manchester in the works at some places. I'm looking about 45 minuets out (west) of the city (waere/hillsborough area) but am exploring other areas as well. I drive 45 minuets to an hour now for work, so it's no big deal. it's a 20 min ride, but i always seem to get stuck beind a prius with an obama 2012 bumper sticker in the left lane doing 45.

i need out of here.

 

[saladdin]

I'm 100% up to date on my mortgage. I make good money. I have a roomate renting out my basement, and my gf lives with me as well. I can afford it and never missed a single payment even when i was under employed for 2008-2010 after a lay-off. But i'm stuck in a 7 3/8% mortgage on it. I bought it in 2007. My lender F'ed me at the last minute and 2 days before closing (and mind you i had already sold my condo and had a whole line of peole moving riding on it). He pre-qualed me for 5.5 on a 30 yr which was a good rate at this time. 2 days before its suddenly 7 3/8 on a 40 year. I basically had no choice in the 2 day time frame but to sign it or risk losing my sale of my condo, and the house i wanted. I figured, I'd just re-fi 2 years later (the earliest you can re-fi) and eat the lenders mistake... or mine for choosing him.

And then the housing market collapsed and suddenly my loan to value ratio was more than 97%. Fast forward to today, my loan to value is somewhere around 260% after paying on it for 6 years. It should be 80% by now. Considering it was 85% the day i bought it after my DP.
my town is going to chit. They are raising the mill rate again. all the restaurants are closing up one by one. there's 15 dollar stores. everything takes ebt. The city is corrupt. The state is worse. And at the end of the day, I still owe over 315,000 on a house appraised for 167,000 this year.

i'm tired of the liberal politics. i'm tired of the lack of jobs. i'm tired of everyone buying crap with food stamps that i paid for while they leave in their escalade talking on their obama-paid for iphones... because having a cell phone is a right. :rollseyes:

on top of all that, I'm tired of the city/suburbs. I want to move to a more rural area. I want a small 'farm' or a big garden. That land doesn't exist here. if it does, its $200,000 an acre. (no BS)

If i could sell my house, I would. But why should I? no one else did... and it's their fault the market went to hell. So why should i be the good one? Why would i sell it and still owe 100 grand after the sale price? I'm tired of doing it right and getting nothing for it. Our country has become a nation of helping the fails and punishing success.
even a short sale, just helps the bank.
and i have nothing but hate for the bank. they f'ed me.... my turn to f them. And the kicker of all of this is that there's re-fi programs available to stop foreclosure once you miss 6 payments. Why can't you just re-fi me now why i'm up to date? why can't i take advantage of the 3% rates these days? It will save me over a MILLION dollars, lower my payment by over $1000 a month, and allow me to spend more to up the economy. But, they can't because Obama won't let them. Regulation won't let them. We had to stop 'bad lending'. But wait, suddenly when you become a leech on society, there's suddenly help available!? it's all backwards. Other's dropped the vlau eof my house, and i have to eat their mistake? nope. not any more. I'm sick of it.
So, i'm going to take that risk and just stop paying my mortgage. if i get a chance to re-fi, nice. if i don't, i'm out.... and with my hefty mortgage, in those 6 months i basically saved up the downpayment for my next place.... in cash.
frankly, its stupid of me to stay here.
I have some interviews in manchester in the works at some places. I'm looking about 45 minuets out (west) of the city (waere/hillsborough area) but am exploring other areas as well. I drive 45 minuets to an hour now for work, so it's no big deal. it's a 20 min ride, but i always seem to get stuck beind a prius with an obama 2012 bumper sticker in the left lane doing 45.

i need out of here.

You're tired of people buying food stamps with your money but you want to stick other taxpayers with your mortgage?

You have a poor understanding of politics.
You have a poor understanding of finances.

Homes are not investments. You signed the loan, no one made you. You make idiot choices but blame others.

I feel sorry for your girlfriend if she marries you. You have no morals, ethics or character.

Other then that, I'm sure you're a stand up guy.

 

[lock&load]

well said

 

[briansol]

Since when do tax payers foot the bill for private banks and lending, not secured through FHA, fannie, or freddie?

My loan is insured through PMi, which i pay for every month, to the lender.

If i walk, the only one that gets the bill is the re-insurance company which pays the insurance company which pays the bank, who then sells the house and comes out even.

get your facts right before you point fingers.

 

[The Ds]

I think we've gone off topic...............

 

[briansol]

yup, just close this thread down, please moderator. orig topic is a wash at this point.