cshea said:The process of trying to buy a house fucking sucks.
Yeah, had a P&S fall through yesterday due to an inspection finding. Sucks, but back to the drawing board.TheRealness said:
We had our first P&S fall through when the home inspection revealed a ridiculous amount of issues with the house. The second one looks good though, as the home inspection was yesterday and it went well. With all the bank shit, the back and forth on the first house, and then finally this, it's nice to have a finish line in sight. Just a crazy amount of work to get it all done, so I feel you.
I'm looking forward to having the time suck of taking care of my own house. Living in an apartment is fucking brutal and we need to get the fuck out of this place.
cshea said:Yeah, had a P&S fall through yesterday due to an inspection finding. Sucks, but back to the drawing board.
I have a bunch of friends that are looking to buy places in Southie. Given the market that's out there right now, I have no idea how they'd recoup that investment.The Four Peters said:Fine by me. Plenty of places to live in the city (and I'm looking for one now too).
A friend of mine bought a house in this same shape - his wife somewhat pushed him into buying a huge old (original structure built in early 1800s) house. He's a handy guy so he figured he could do it.TheRealness said:
My wife fell in love with this old style house (built in 1915), and I was wary of it, but she was happy so I went forward with it. Then the inspector found the foundation, electrical, roof, pests, oil tank, etc. etc. I actually felt really bad for the seller who was really old and likely had no idea. I disclosed the entire report to her, but it was obvious there was no way they could fix everything so we got out of it pretty easily.
It's absolutely insane. Some of the rental market there is nuts too but not nearly as bad as buying. There are some reasonable rental deals to be had that don't involved you owning an old ass house and dropping 60-80k on a down payment.kenneycb said:I have a bunch of friends that are looking to buy places in Southie. Given the market that's out there right now, I have no idea how they'd recoup that investment.
I just had my home appraised. I've earned $30k a year by owning it over the past 3 years. Still like renting?The Four Peters said:This re-affirms my decision to rent.
The Four Peters said:I put a monetary value on my time, stress, and flexibility, so yes. I can also put that cash to other uses as well, so it's not like I make no money on it. I can also quit my job at any time (or get laid off) and have easily 6-9 months expenses saved up. That peace of mind is also worth something to me too.
It's a tradeoff for sure, and it's different values for different people. There's certainly value in owning, but there's other values in renting, depending on what you what. I certainly won't talk anyone out of buying, I just know it's not for me at this time.
Haunted said:A friend of mine bought a house in this same shape - his wife somewhat pushed him into buying a huge old (original structure built in early 1800s) house. He's a handy guy so he figured he could do it.
Well, the poor guy bit off way more than he could chew. I've spent a few saturdays over there helping him work on it this summer. It's frightening how much crap is involved.
The lesson for me is never to leave the condo/townhouse market.
Completely agree, but the kicker is that I want/need to live in the city. If I was out in the suburbs and could get a good place, I would definitely do that over renting. Maybe in the future if I want to get out of the city it might make sense too.Salem's Lot said:
I thought the same way as you did a few years ago, but if you can get a good deal on a decent house and you make over $50,000 a year ($80,000 if you're married) it makes financial sense to buy, especially if the market is down. My house was a huge pain in the ass to buy (it was a short sale) but when I moved in I was paying $100 less a month for my house then I was for rent in the apartment that I just left. I also got about triple what I would've got back on my taxes the next year.
AMcGhie said:Totally agree. Owning a home is a huge decision, and there are dozens, if not hundreds of things to consider and evaluate. If its not for you, and you want to put your money/time/effort elsewhere, go for it. I'm happy with my decision. its a lot of work/time/money, but the mortgage never goes up (I can probably refi it down soon), I don't ever have to deal with a shitty landlord, and I can move whenever I choose to.