[audio-pals] Re: Older Houses

  • From: Thomas McMahan <thomas.mcmahan@xxxxxxx>
  • To: audio-pals@xxxxxxxxxxxxx
  • Date: Fri, 13 Mar 2015 08:23:56 -0500

Probably at least 900 per, I think it will b more though.  Reclaiming a house 
in bankruptcy isn’t cheap well house and car.  Although that is easier on the 
rest of us than moving her, that would be a nightmare in itself with all that 
stuff in there, then there’s all the animals, umm, no thanks.  She has to stay 
there and out live most of those animals *lol*.  

> On Mar 13, 2015, at 7:47 AM, Josh <lawdog911@xxxxxxxxxxx> wrote:
> So, is she looking at going up to 10.00 or 11.00 a month? I think I could 
> afford 10 or 11 dollars  a month *LOL*.
> From: audio-pals-bounce@xxxxxxxxxxxxx 
> <mailto:audio-pals-bounce@xxxxxxxxxxxxx> 
> [mailto:audio-pals-bounce@xxxxxxxxxxxxx 
> <mailto:audio-pals-bounce@xxxxxxxxxxxxx>] On Behalf Of Thomas McMahan
> Sent: Thursday, March 12, 2015 12:21 PM
> To: audio-pals@xxxxxxxxxxxxx <mailto:audio-pals@xxxxxxxxxxxxx>
> Subject: [audio-pals] Re: Older Houses
> I think my neighbor’s which is Patti’s mother that her house is around 6.40 
> per month.  That is going to change though, but that is all her own fault.  
>> On Mar 12, 2015, at 10:12 AM, BethAnn LaPresta (Redacted sender 
>> "bela28_02@xxxxxxxxx <mailto:bela28_02@xxxxxxxxx>" for DMARC) 
>> <dmarc-noreply@xxxxxxxxxxxxx <mailto: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 <mailto:lawdog911@xxxxxxxxxxx>>
>> To: audio-pals@xxxxxxxxxxxxx <mailto: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> 
>> [mailto: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 <mailto: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 
>>> <mailto: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 
>>>> <mailto: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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