[audio-pals] Re: Older Houses

  • From: "BethAnn LaPresta" <dmarc-noreply@xxxxxxxxxxxxx> (Redacted sender "bela28_02@xxxxxxxxx" for DMARC)
  • To: "audio-pals@xxxxxxxxxxxxx" <audio-pals@xxxxxxxxxxxxx>
  • Date: Thu, 12 Mar 2015 15:12:41 +0000 (UTC)

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 
      From: Josh <lawdog911@xxxxxxxxxxx>
 To: audio-pals@xxxxxxxxxxxxx 
 Sent: Thursday, March 12, 2015 4:44 AM
 Subject: [audio-pals] Re: Older Houses
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{}#yiv9482183298 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 
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 


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