I'm buying a house!

[Teh One Who Knocks]

My lease will be up in just under 4 months and from what I understand, they will be raising the rent again (it's gone up every year I have lived there for the last 3 years).

I'm already paying almost $1000/month in rent and there are so many houses on the market in the area for pretty reasonable prices considering what they were priced at just a few years ago, I can't not buy a house now. I just can't see paying more than $1000/month in rent.

Already been pre-approved for the mortgage, so now I just have to find a place. So, if all goes well, in less than 2 months I'll be in my very first house.

[minz]

It's the best thing you will do, no point in paying off somebody else's mortgage when you could be paying off your own.

[Jezter]

That's awesome! There is no point paying that insane rent when you could be paying for your own house. I mean... that is a really, really high rent. You must have a big place... I hope to one day be able to quit paying rent and pay back the loan instead.

[Teh One Who Knocks]

That's awesome! There is no point paying that insane rent when you could be paying for your own house. I mean... that is a really, really high rent. You must have a big place... I hope to one day be able to quit paying rent and pay back the loan instead.

Sadly, it's not very big...rent in a city in the US is very expensive...and the nicer the place, the higher the rent.

[Jezter]

Sadly, it's not very big...rent in a city in the US is very expensive...and the nicer the place, the higher the rent.

I don't know if it is just in Texas then, but the rents over there are a lot cheaper than here in Finland. A whole lot bigger places for less than what I pay for this little box... or then it was just the city/town.

[KevinD]

I don't know if it is just in Texas then, but the rents over there are a lot cheaper than here in Finland. A whole lot bigger places for less than what I pay for this little box... or then it was just the city/town.

It was the area Jez. If you had been closer to Dallas or Houston, in nice areas, can be quite spendy, lol

[Jezter]

It was the area Jez. If you had been closer to Dallas or Houston, in nice areas, can be quite spendy, lol

Well ofcourse. Huge cities like that are always expensive. Just like here in Helsinki.

[beowulf]

we both have guitars....he'll love us

*checks out 1000 watt amplifiers online *

*buys a drum kit*

*buys bagpipes*

cant play them but no one will know that ......can i join in too?

[KevinD]

Beat me to it.

[Hal-9000]

Sadly, it's not very big...rent in a city in the US is very expensive...and the nicer the place, the higher the rent.

Congrats Lance

...and 1000 bucks a month is nothing for rent up here.I looked at a one bedroom, cable and net included place recently for 1200/month.It had less room than the area my computer and TV are currently sitting in.

[Teh One Who Knocks]

Congrats Lance

...and 1000 bucks a month is nothing for rent up here.I looked at a one bedroom, cable and net included place recently for 1200/month.It had less room than the area my computer and TV are currently sitting in.

Oh I know, I live in a tiny apartment (864 sq/ft) and I looked at some nicer/bigger places and they easily top $1300/month....that's just insane

[Noilly Pratt]

Congrats Lance

...and 1000 bucks a month is nothing for rent up here.I looked at a one bedroom, cable and net included place recently for 1200/month.It had less room than the area my computer and TV are currently sitting in.

Same here...I bought a this townhouse in 2001 in a really good neighborhood -- just outside a seaside resort town. I could easily rent it for $1,200 per month (next door's rent - identical place just the mirror image and it doesn't have a decent deck or remodelled bath like mine).

When you first get a mortgage, you look at your first 6 month statement and get all depressed. You are primarily paying off interest. But, after 3 years, it gets better and then at 10 years, the principle (part that is the actual value of the place) gets paid off more. And it gets better every year thereafter.

Nothing will beat the feeling when I had done the deal and I opened up the door to my townhouse. I layed on the empty floor and said "It's fuckin' MINE!" and cackled like I was a mad scientist

Talk to a mortgage broker and see what rate they can give you - when I renewed my mortgage 5 years in, I got 1% knocked off my renewal rate. (Get one that is free of charge for you - Don't pay a dime for this service -- that's a common scam - the banks pay the dude.) Brokers will also get you good rates for buying new houses as well.

If you can hone in on what you are looking for -- the "must haves" -- for me it was a Townhouse - I wanted semi-independence that Apartments didn't give and a little bit of ground to call my own, my own washer/dryer etc. So, I got this place after bidding on 3 others. It's kind of like buying a car, with all the same pitfalls and possible shysters out there -- but the pricetag is way higher!

I suggest when you make an offer you have a few "Subject" clauses. Those are "I'll buy it IF the house has/does the following" - like you say "has the Inglis Washer and dryer as shown to me, Serial # xxxx," and I recommend one subject for sure -- subject to home inspection. These guys can find stuff you can't.

Any questions along the way -- just ask and I'll do my best.

[RBP]

[PorkChopSandwiches]

My little boy is all grown up

[MrsM]

Sounds great Lance - good luck on the house hunting.

One good thing you have going for you on offers is that you won't have the condition of sale. This could be big for someone selling and may elevate your offer over someone who is offering more $.