[audio-pals] Re: Older Houses
- From: Daniel Crone <averagegrabbag@xxxxxxxxx>
- To: audio-pals@xxxxxxxxxxxxx
- Date: Fri, 13 Mar 2015 07:48:44 -0500
Wow, what an idea.
On Mar 13, 2015, at 7:44 AM, "Josh" <lawdog911@xxxxxxxxxxx> wrote:
> I guess we will be packing up and moving to Detroit. I need to purchase me a
> school building. That will be good, Amanda will get her square footage she is
> looking for, her big kitchen i.e. the cafeteria, and Little Man will have a
> gymnasium. As for me, I just need to be able to access the roof and I can use
> that as a deck *LOL*. I have the guns and ammo to live in the area I do
> believe *LOL*. I wonder if I could ge the school system to throw in security
> or at least alarm system monitoring.
>
> From: audio-pals-bounce@xxxxxxxxxxxxx
> [mailto:audio-pals-bounce@xxxxxxxxxxxxx] On Behalf Of Thomas McMahan
> Sent: Thursday, March 12, 2015 2:08 PM
> To: audio-pals@xxxxxxxxxxxxx
> Subject: [audio-pals] Re: Older Houses
>
> Why didn’t you tell us you lived in Chicago? Sounds very much the same as it
> is up there.
>
> Hey Josh, I just thought of another option. There are lots of houses
> available in Detroit. Heck you can probably buy yourself a school building
> there. That would be a big house for you. Utilities might be a little high
> though.
>
> On Mar 12, 2015, at 11:57 AM, BethAnn LaPresta (Redacted sender
> "bela28_02@xxxxxxxxx" for DMARC) <dmarc-noreply@xxxxxxxxxxxxx> wrote:
>
> My house is in a neighborhood that is definitely considered "the hood". I
> refinanced in January at $130K and my payment is about $800/mo. My property
> taxes are spendy though, over $2K per year, so that adds almost $200/mo right
> there. They tossed 26 of my cottage style single detached homes on little
> 3900 sq ft. lots, so our cul-de-sac is very busy with all of us stacked up
> right against each other. But, living out west, things cost much more, it is
> shocking actually.
>
> I could've purchased a 100 yr. old home where Heather lives in Ohio with
> about the same size lot for $60K, just to give perspective. The guy who got
> himself into trouble with my house paid $263K for it in 2006 when real estate
> prices were obscene out here. Because he was short selling the home, I was
> able to get it for just $110K in 2011. A house on my street has just gone up
> for sale and they're asking $200K for 3 bedrooms (and they are tiny), 2 baths
> with one car detached garage. So, if I need to sell, I should still be able
> to make a little.
>
> Thought I should explain my monthly payment since I was saying I didn't think
> the $600/mo. seemed like enough.
>
> From: Thomas McMahan <shadowmonstrosity@xxxxxxx>
> To: audio-pals@xxxxxxxxxxxxx
> Sent: Thursday, March 12, 2015 9:23 AM
> Subject: [audio-pals] Re: Older Houses
>
> Oh mine btw was $162, because we’re cheap! *lol*. Then it went down to $150
> then down to $128, but again we’re cheap and live in a piece of s— house, but
> as Pat used to say, “it’s our piece of S— *lol*.
>
>
> On Mar 12, 2015, at 10:12 AM, BethAnn LaPresta (Redacted sender
> "bela28_02@xxxxxxxxx" for DMARC) <dmarc-noreply@xxxxxxxxxxxxx> wrote:
>
> I am not sure that $600/month figure is accurate. I just refinanced at 3.25%
> and my payment is $800/mo. (this does include property taxes and insurance
> though).
>
> From: Josh <lawdog911@xxxxxxxxxxx>
> To: audio-pals@xxxxxxxxxxxxx
> Sent: Thursday, March 12, 2015 4:44 AM
> Subject: [audio-pals] Re: Older Houses
>
> Amanda did some figuring using a mortgage calculator online and the 120,000
> house was going to run us roughly 600 something a month for I want to again
> say it was 1700 sq. ft. We currently live in a 1100 sq. ft. apartment and pay
> 714.00 a month. So, given the differences there and the fact that we have
> nothing to show for it at the end of the year is a little much in my book.
> So, if the 120,000 was going to be 600 something it would go to reason that
> the 112,000 would be less money than that. Now, as far as utilities go,
> Knoxville Utilitiy Board (KUB) will give us high and low figures for the last
> 12 months. The last 12 months is a good thing providing there has been
> someone living in the house, but if the house has sat empty then the numbers
> that KUB quotes are not in the least bit accurate. I really like the idea of
> rolling insurance and taxes into the monthly payment so that way at the end
> of the year or whenever land taxes are due we are not hit with a big lump sum
> of money to pay. Sure it would be nice to think that I could just put that
> money back each month and not touch it, but the minute something needs to be
> paid for guess where the land tax money goes that was being put bac into an
> account. If it is figured into the monthly payment then for the most part the
> majority of it will be paid throughout the year. The thing that really sucks
> is that stinking PMI payment each month.
>
>
>
> From: audio-pals-bounce@xxxxxxxxxxxxx
> [mailto:audio-pals-bounce@xxxxxxxxxxxxx] On Behalf Of Thomas McMahan
> Sent: Thursday, March 12, 2015 4:58 AM
> To: audio-pals@xxxxxxxxxxxxx
> Subject: [audio-pals] Re: Older Houses
>
> I accidentally hit the send before cleaning up that mail darn it.
>
> Here’s another little exercise to work on. Lets say you guys decide to go
> for this house. You should have a ballpark of the monthly payment. Sit down
> and plot out a budget around it on one paper, as well as a list of possible
> repairs to do on another list and their costs. Yes a house payment can be
> cheaper than rent, but their are other realities such as the taxes, and
> insurance. Are you going to escrow your insuranc and tax payments into your
> house payment? Most people do that and it usually works out well until they
> assess your house taxes up and then you have to make up the short fall. Of
> course if they assess them downward you get a chunk of money back in the mail
> like my sister-in-law has done the past two years. I didn’t escro my other
> payments. I deal with insurance as I would any other utility, and we would
> do our taxes on our own. Because of that I now pay my insurance once a year
> and it’s cheaper, and once the house was paid for there was less entanglement
> with the bank. I even removed the automatic withdraw for house payment
> because they double dipped us a couple of different months, and didn’t have a
> very good explanation as to why. So it put us into over draw land, which
> isn’t a place you want to be. They did the same to my sis-in-law too and she
> went in and practically threw a fit because she wasn’t working at the time
> and didn’t have income yet. They refunded her money on that one, but as she
> asked them, “now how am I supposed to pay the rest of my bills? You think
> you guys are my only bill to pay?” Banks and their computers can be sloppy
> sometimes.
>
> Now when you do your budget here’s another game to play which may be
> beneficial. Can you run your whole budget on one income? Everybody that
> lives as a couple should do this whether renting or paying for a house. Most
> of us find we can’t, but it is a nice goal. The guy we had going along with
> us to check out houses etc and sort of pointed and guided us along through
> the process gave us that little bit of wisdom. As he said, what happens if
> Pat loses her job and can’t get one very fast? Can you live on just your
> income alone, because if you can get to that point, then you can start paying
> extra against your house on it’s principle and have more paid off faster
> which is good for the credit rating, but if you decide to move in 20 years
> you are carrying less of a load thus will get more money back to leverage
> against your next place should you decide to do that. Or you can both pay
> some extra on house and car, then put the rest in the bank against major
> repairs which are going to come even if you buy a house that was built today,
> in 30 years you will have to had to replace things, they just don’t build
> stuff that good anymore and sometimes that includes homes btw.
>
> Lots of decisions, but at least it looks like you guys aren’t just jumping
> right and grabbing what shines in front of you which is good.
>
> Btw, I don’t think our budget is currently within the lowest income level of
> the house here at this time which would be Patti’s income, although it’s not
> way above that amount. It is a good goal to work for actually, so we will be
> able to start seriously working on this place. Get a lot of little stuff
> done over time, then do a loan down the road and fix the major stuff such as
> re doing the roof etc. I don’t think I am going to lift the house and work
> on foundation, but it would be nice to do actually.
>
> But it’s a good exercise to do. I would run it on your income Josh because
> it is likely to always be there and Amanda’s income is the variable one, it
> can be lower if she’s out of work, but can also be a lot higher should land a
> great paying job. Drop in everything, credit cards the whole deal, then
> figure out once you get to where you’re going which angles to cover and get
> paid off in the budget.
>
> I am guessing you guys have done some of this already though in preparing for
> checking out the housing market and talking to lenders because they are going
> to do roughly the same thing when checking your credit etc. Especially if
> it’s a conservative bank.
>
> Now I think I’ve completed all I was going to say. Took two e-mails, but if
> I had been able to clean up the other one first it would have fitted into one
> probably *lol*.
>
> Instead you get two.
>
> On Mar 12, 2015, at 3:34 AM, Thomas McMahan <shadowmonstrosity@xxxxxxx> wrote:
>
> Wouldn’t worry about a house on market for 5 months. Most around here are on
> a year or so. To many deals fall through each time that happens that just
> adds more time that the house is sitting there. Age, is only a problem if
> the house hasn’t been kept up and modernized over the years. There are
> people who prefer older houses simply because they are more solid. The house
> I live in was placed here in 1922. Yes it came from somewhere else. The
> house next door is older and was also brought in here from another place too.
> Fairly common in a town that springs up by a railroad. I wouldn’t worry so
> much about that as apposed to how it’s fundamentally built, there are a lot
> of newer places that are likely to give you just as much trouble if not more.
>
>
> Any house is going to have ongoing mantainence of some kind. Sided house are
> nice but siding fades over the years for example and eventually would need
> replacing. Wooden houses have their things that have to be done, and so
> would brick, but brick is the best option as far as I’m concerned accept
> maybe when a big earthquake comes, then I would favor a wooden house, but
> what are the chances of that huh?
>
> I don’t know the market down there anymore so don’t know if that is a low
> ball figure on that house or not, but I can tell you it is larger than mine
> is and mine is two stories, but so is it’s price too.
>
> Go through it with a fine tooth comb with the idea of what has to be fixed
> now, and then in the next 5 years and what would be ongoing over the years, I
> don’t think for the long term ongoing it will be much different than a 10
> year old house verses the 60 year old house, but agin it is a matter of what
> would immediately have to be worked on. When was the house last occupied
> too? A house that hasn’t been occupied for a good while can have problems
> such as drainage because they haven’t been flushed etc. It sounds like you
> already have someone with you who knows how to examine a foundation well and
> give you an idea of what would have to be done and when which is good. Same
> with tuck pointing brick etc.
>
> It may be sitting on market because folks think it’s to high also, but you
> are going to drop in a price and they will take it or leave it, or you both
> the buyer and seller will eventually come up with something in the middle, or
> the seller is going to have an empty house on their hands.
>
> What heating and cooling does it have, and when was it installed too that is
> a factor, a 30 year old furnace is getting kind of old in this part of the
> world, but most of our furnaces are gas and they do have to work pretty hard
> for a good part of the year. Does it have any chimnies, and where do they
> run through the house. Ones that run through centers of houses on the
> surface are nice, but when they have to be worked on they are a lot more
> work. Of course where you live a lot of homes are electric heat and electric
> water heat, which is another thing to add to your check list, how old is the
> water heater and when will you be replacing that. A brand new house
> obviously you would get to wait a while before doing that, but chances are
> you would have to do it eventually, or have your price knocked down when you
> are selling it, or when your descendants are selling it. But that goes with
> any house again.
>
> What neighborhood is it in? How accessible is it to you. Pretend Amanda had
> to leave town for a Month and start your math, what is easy to get to via
> walking etc. Maybe that isn’t a problem for you at this moment, but life can
> always hand you changes, and well, next thing you know, you are walking to
> the grocery store if you know what I mean.
>
> Find out what their highest bills were for each utility in the last year it
> was occupied if you can, you need that in planning a general budget. I don’t
> know your property tax situation anymore, but here they just give an estimate
> from the seller, but the problem is, that if the sell lived in the house for
> a long time you might get a little surprise when the annual taxes come.
> Our’s wasn’t a surprise because the previous owner hadn’t lived or owned the
> house for to long.
>
> So it becomes also a matter of do you get a house that you won’t have to do
> any work or as little work as possible on, verses one that may have to have
> some work done, or one that is a fixer upper. We bought a fixer upper, but
> when we bought it was a seller’s market, it definitely isn’t that nowadays,
> so we went for a house we knew we could likely get. Well the trade off is
> that it’s needed work done on it and still does actually, but likely we would
> at least get some money back when we sell it. Maybe not a lot but probably
> some when all is said and done, and of course the sell of this place could be
> the lverage to getting a better place. It’s probably what you parents did,
> if not them then your grand parents did, that is more the normal thing in
> history. Well up until recently where you have people who expect to buy a
> brand new house that is larger than what their parents owned as their first
> house. Well if it can be swung, go for it, but to me it’s a little
> unrealistic, well to my income level it is *lol*.
>
> What appliances are already there, and how quickly do you think you will be
> having to replace say: stove, washer, or more of a bear dishwasher? What
> about cabinetry etc, is Amanda happy with that, having that done can also be
> expensive unless you have someone who works with you to give you a break.
> How much stuff will you guys do on your own for modifications verses having
> to hire outsiders. So yes the advantage of a new place is that you won’t
> have to do that, but I guarantee you will pay up front for that, but that is
> why newer houses don’t stay on market long.
>
> So then it falls back to degree of work and mantainence that has to be done.
> On Mar 11, 2015, at 9:41 PM, Josh <lawdog911@xxxxxxxxxxx> wrote:
>
> Hello,
> We are finding tons of older houses that we absolutely love. When I say
> older I am talking 1950’s. I am struggling with this a bit though because I
> am looking ahead, past when I am living there. Or rather to the point that I
> am ready to not live there anymore. So, when I get to the point of not
> wanting to live there anymore it could be 10, 20, 30 or more years down the
> road, but I am sure there will come a time that I am ready to move on. If
> this is not the case and I stay there until I die then it is not a concern,
> However, a 1950 house that I live in for 20 years will then be 85 years old.
> I know the specific house that we are looking at has been on the market for
> right about 5 months. So, what do you all think, do you think I would have
> trouble selling an 85 year old home? It is on the market for 5 months at the
> age of 65 years old. It is right about 112,000.00 right now without
> negotiating a lower price. Do you think I would be able to get my money back?
> If it is not a major concern, the age of the house, then I will not let it
> sway my decision, but taking into consideration that it is an all brick
> rancher with over 1700 sq. ft. and it is almost 100,000.00 and still on the
> market concerns me regardless how beautiful the house seems right now.
>
>
>
>
>
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