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Thread: Welcome to that roller coaster known as 'home ownership'

  1. #1
    Forums Administrator & Gallery Moderator NHPlanner's avatar
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    Welcome to that roller coaster known as 'home ownership'

    After renting for all of my adult life...I'm now about to become a homeowner. Made offer late last night, verbally accepted this morning.
    "Growth is inevitable and desirable, but destruction of community character is not. The question is not whether your part of the world is going to change. The question is how." -- Edward T. McMahon, The Conservation Fund

  2. #2
    Cyburbian Plus dandy_warhol's avatar
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    Welcome to that roller coaster known as 'home ownership'

    Quote Originally posted by NHPlanner View post
    After renting for all of my adult life...I'm now about to become a homeowner. Made offer late last night, verbally accepted this morning.
    Woo hoo! Congratulations! Welcome to the roller coaster ride of home ownership!

  3. #3
    Chairman of the bored Maister's avatar
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    split from RTDNTOTO6

    Congrats, NHP!

    We just got done last month with our 36 month long pest control contract to treat the carpenter ant problem we had. Hadn't seen hide nor hair of a carpenter ant in almost two years. No sooner does the contract end and I see a carpenter ant inside yesterday!
    People will miss that it once meant something to be Southern or Midwestern. It doesn't mean much now, except for the climate. The question, “Where are you from?” doesn't lead to anything odd or interesting. They live somewhere near a Gap store, and what else do you need to know? - Garrison Keillor

  4. #4
    Cyburbian ofos's avatar
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    Quote Originally posted by Maister View post
    We just got done last month with our 36 month long pest control contract to treat the carpenter ant problem we had. Hadn't seen hide nor hair of a carpenter ant in almost two years. No sooner does the contract end and I see a carpenter ant inside yesterday!
    They didn't tell you about the time release capsule?
    “Death comes when memories of the past exceed the vision for the future.”

  5. #5
    Cyburbian HomerJ's avatar
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    Wait.......wait


    Now wait just a SECOND!


    You mean to tell me you can OWN property? And SELL it later?


    When I think about the amount of money it takes to put a realistic down payment on a home, owning one seems like a far away distant fantasy land to me...
    Insanity in individuals is something rare - but in groups, parties, nations and epochs, it is the rule.

  6. #6
    Cyburbian Plus dandy_warhol's avatar
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    Quote Originally posted by HomerJ9139 View post

    When I think about the amount of money it takes to put a realistic down payment on a home, owning one seems like a far away distant fantasy land to me...
    Move to NOLA. My friend is in the process of buying her 1st home and she'll receive $12,000 match for $3,000 in savings.

  7. #7
    Unfrozen Caveman Planner mendelman's avatar
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    Yep, I joined the club last October. It's an interesting thing. We are slowly doing some very simple comestic updates inside and will need to add a new accessory building this fall, but overall it's not too bad.

    But I am very happy to have bought my first place post 2009 and layoff. If we had bought a place prior to 2008 and before the layoff that would have sucked, since we had to move two states away for the new job.

    That first buy after long time renting is nice. No house to sell + buying in a down market =
    Last edited by mendelman; 15 Sep 2011 at 1:35 PM.
    I'm sorry. Is my bias showing?

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  8. #8
    Cyburbian Cardinal's avatar
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    Just think of all the money you wasted as a renter while the rest of us have enjoyed year after year of rising property values. Oh wait. Scratch that.
    Anyone want to adopt a dog?

  9. #9
    OH....IO Hink's avatar
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    Quote Originally posted by NHPlanner View post
    After renting for all of my adult life...I'm now about to become a homeowner. Made offer late last night, verbally accepted this morning.
    Congrats! Welcome to money-pit USA.

    Bah I congratulated you in the original thread.... I swear this splitting thing is going to kill me yet.

    The only thing I would suggest is an energy audit. Just to get a baseline for what you can expect to invest. Congrats again!
    A common mistake people make when trying to design something completely foolproof is to underestimate the ingenuity of complete fools. -Douglas Adams

  10. #10
    Forums Administrator & Gallery Moderator NHPlanner's avatar
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    Thanks everyone!

    A nice program available for me and my family through the NH Housing Finance Authority will get us a cash assistance grant of about $7K to assist with closing, down payment, etc. Plus our offer called for the seller to contribute $5K for closing & pre-paid's as well.
    "Growth is inevitable and desirable, but destruction of community character is not. The question is not whether your part of the world is going to change. The question is how." -- Edward T. McMahon, The Conservation Fund

  11. #11
    Cyburbian btrage's avatar
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    We have our house rented out in GR. We're staying with family now on the east side while we save money for a new house. Anyone have any experience going through the mortgage process on a second house, with the first house now being a rental property?
    "I'm very important. I have many leather-bound books and my apartment smells of rich mahogany"

  12. #12
    Cyburbian WSU MUP Student's avatar
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    Quote Originally posted by HomerJ9139 View post
    When I think about the amount of money it takes to put a realistic down payment on a home, owning one seems like a far away distant fantasy land to me...
    Quote Originally posted by dandy_warhol View post
    Move to NOLA. My friend is in the process of buying her 1st home and she'll receive $12,000 match for $3,000 in savings.
    New Orleans is the high rent district... come to Detroit and that $15k will get your friend a few houses!

    ----------------

    We've been in our house about 2 and a half years and even though I hated the actual moving process and painting and packing and unpacking etc. and told my wife I was done and never moving again, I've started to get itchy feet already. We live in a nice enough neighborhood but now homes in nearby in other neighborhoods that we like the locations of even more and they've come down in price considerably while our home has probably gained in value over the short period. Making it even more tempting is the fact that taxes have gone down considerably because of the falling values so homes that are right in the downtown area and once had exorbitant taxes now seem much more affordable. It's probably a good thing that we don't really have the time, energy, or need to seriously consider moving right now.
    "Where free unions and collective bargaining are forbidden, freedom is lost." - 1980 Republican presidential candidate Ronald Reagan

  13. #13
    Cyburbian michaelskis's avatar
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    Quote Originally posted by btrage View post
    We have our house rented out in GR. We're staying with family now on the east side while we save money for a new house. Anyone have any experience going through the mortgage process on a second house, with the first house now being a rental property?
    Yep... but it was 4 years ago. We had to show that the rental income would more than cover the mortgage payments. Someone told me that some banks require six months of payments on the rental sitting in escrow just in case it goes vacant. But then again, that person owns a dozen rental properties and is mortgaged on all of them.

    Rental properties in GR are great now if you are not upside down. The center area of the city, including several neighborhoods, has a 93% occupancy rate for rental homes.
    Not my monkey, not my circus. - Old Polish Proverb

  14. #14
    Cyburbian dw914er's avatar
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    Congrats

    It's a big investment, but now is the time to buy if you have the resources and can afford to stay there awhile.

  15. #15
    Cyburbian TerraSapient's avatar
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    Congratulations NHP!

    Time for a house warming party !
    Occupy Your Brain!

  16. #16
    Cyburbian Linda_D's avatar
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    Quote Originally posted by dandy_warhol View post
    Move to NOLA. My friend is in the process of buying her 1st home and she'll receive $12,000 match for $3,000 in savings.
    Quote Originally posted by WSU MUP Student View post
    New Orleans is the high rent district... come to Detroit and that $15k will get your friend a few houses!
    Buffalo and most of WNY also has cheap real estate: $100,000-$150,000 will get you ...
    • a very nice house in most desirable Buffalo neighborhoods
    • a very decent house in many Buffalo 'burbs
    • a very nice house with land in the Southern Tier.

  17. #17
    NIMBY asshatterer Plus Richmond Jake's avatar
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    Quote Originally posted by TerraSapient View post
    Congratulations NHP!

    Time for a house warming party !
    Congrats, NHP!

    But the Cyburbia house warming needs to happen in summer.
    RJ is the KING of . The One

  18. #18
    Cyburbian natski's avatar
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    Congratulations new home owner!!!!! I bought my place around this time last year- its hard work, especially when average house prices here are over $400,000- but definitely well worth it!
    "Have you ever wondered if there was more to life, other than being really, really, ridiculously good looking?" Zoolander

  19. #19
    Super Moderator kjel's avatar
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    Congrats on the home purchase NHP! I loved being a homeowner but will probably never be one as long as I live in NJ. Between being priced out of anywhere I would consider living and the exorbitant property tax ($7K-$10K on an average house in a middle income area with decent schools) it's not going to happen.
    "He defended the cause of the poor and needy, and so all went well. Is that not what it means to know me?" Jeremiah 22:16

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