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Home Owners........question please if you will.....(22 posts)

Home Owners........question please if you will.....CARBON110
Dec 12, 2003 10:41 AM
Looking at homes to buy and wondering how much to spend. Whats your mort. monthly and whats your income? If your married thats fine to consider. Im not yet...or even close LOL! Id appreciate any info or anything to look out for other then common sense issues

Anyway I net 6200 a month and Im thinking around 1600-1800 a month for a mortg. I have NO other debt and lots of capitol. Thanks you crazy argumentative NON cyling folk

Mucho Gracias
With no debt, I 'd say your fineDave Hickey
Dec 12, 2003 10:53 AM
We're at about 15% of net income but we have other debt. Outside of our home, our 2 kids travel hockey is our next largest expense. Hockey would average out to about $1000/mo. You all thought cycling was expensive!
There was a thread like this several weeks ago ...HouseMoney
Dec 12, 2003 11:00 AM
Mortgage underwriters normally look at gross income, not net. Regardless of what the numbers say, it's all about what you're comfortable carrying. Based on the info you gave (does $16-1800 incl taxes & insur?), you'd be in Schaefer City.

The usual ratios of debt:gross income (debt to income, or dti) are 28% for housing and 36% when other installment/credit debts are included. There's a lot of flex in this, though. Depending on other circumstances, investors can/will lend to a 50%, even a 55%, dti, as scary as that sounds (remember that's gross income).
And don't forget the black hole of ...RoyGBiv
Dec 12, 2003 11:20 AM
repairs and renovations. Surely, you'll want to install a deck in the backyard or expand the one that's already there. And a basement rec room. And don't forget fixing up the garage for all your bikes. Did I mention landscaping? And if and when you get married, she might start lobbying for an in-ground swimming pool.
Deltec Homes....Tri_Rich
Dec 12, 2003 11:23 AM
Semi-custom round homes based in Asheville. Land plus one of these is frequently cheaper.

My wife desperately wants to move back to WNC, so I know about the house situation there I really want to.
Down paymentfiltersweep
Dec 12, 2003 11:28 AM
$1600-1800 is right in the ballpark. Keep in mind that if you end up needing mortgage insurance due to a low down payment, you might need to add $300/month- plus all the escrow fees for insurance and property taxes. It isn't that unusual for a first time buyer to be paying at least $500 out of a "house payment" that doesn't even go toward the house!
word of advice....funknuggets
Dec 12, 2003 12:01 PM
If you want to ride and do so consistently... get a SMALL yard and with NO TREES. Grass and leaves, and sticks and those dang 'helicopters' all create undue work that eats daylight hours. So... just a forwarning, unless you are gonna hire someone to do your lawn maintenance and that type of stuff... think smaller the better. I wish I would have...

word of advice....bill105
Dec 12, 2003 12:23 PM
and..depending on where you live, you can landscape with almost all evergreens that dont leave any leaf clutter. from trees to small plants there are lots available and different varities that dont require much maintainence.
then, fence in a small herd of goatsfunknuggets
Dec 12, 2003 12:25 PM
they will chew your grass really close so you dont have to mow.
and after mowing will crap all over your lawn (nm)ColnagoFE
Dec 16, 2003 12:04 PM
very good advice.dr hoo
Dec 12, 2003 12:30 PM
I have 14 trees that drop leaves, all at different times. At least they make good compost for the garden(s). And about a mile of lawn (measured by walking as I mow).

I would plant prairie, but I don't think my neighbors would appreciate the look, or the biannual burn off. Someday I want to replant my lawn with one of those new dwarf grasses. I like the idea of mowing once a year.

On the other hand, trees do shade the house and lower cooling bills. Established trees add quite a bit of value to a house and neighborhood. But that damn grass has got to go!
Townhouse=no yardwork, roofing, or painting...........NMTri_Rich
Dec 12, 2003 12:34 PM
oh, give me a few years.dr hoo
Dec 12, 2003 12:52 PM
Perennial flower beds don't need mowing or weeding (and they are my wife's job anyway). Slowly, those are taking over the lawn.

Stucco house, so no painting needed.

New roof, so I have 30 years.

And truth be told, I like working with my hands. Since I spend my day dealing in ideas and words, I find projects around the house to be very relaxing and satisfying. Putting in a new floor, or even dealing with my lawn, is fun.

I complain, but I would not trade my house for a condo/townhouse lifestyle.
Established trees also...funknuggets
Dec 12, 2003 1:13 PM
bring mass destruction.

One tree fell during a thunderstorm and smashed my Ford Explorer.

During an ice storm, a HUGE limb fell and smashed half of the deck we built the week before....

Then the leaves, the helicopters, the grass, the pruning, the blah blah blah blah... oh how I wish we had an apartment again and just rented this damn thing out for the taxes.

Tree lecture 101.dr hoo
Dec 12, 2003 1:36 PM
Tree limbs should be trimmed so that they do NOT overhang structures. If you have branches over your house or deck, and they fall, well, why didn't you trim them back?

As for trees falling whole, that usually happens due to 1) a weak tree that is diseased, 2) a shallow rooted variety (that should not be used for landscaping) or 3) a tree that was improperly established so that it was leaning or did not have a proper "leader" trunk.

For example, some maples are notorious for shallow roots, and often will have a tap root that encircles the root ball killing the tree after a number of years. This is ESPECIALLY true if it was not properly planted. Silver maples are one variety like this. Fast growing, but crappy landscaping trees in every other way.

Guess what the previous owner planted a bunch of at OUR house? Yep.

Yes, some trees fall in storms. But the vast majority of those that do have some underlying defect that could have been eliminated by proper selection and cultivation.
the do it all tree...bill105
Dec 12, 2003 1:50 PM
the leyland cypress. its evergreen so no leaves to rake, its semi conical and branches go all the way to the ground and it looks good. it grows tall and moderately fast (6 to 10 in a year). not much chance of falling but if it did its too soft and "leafy" to do any damage. and its full so it makes good natural privacy fencing. its zero effort to maintain. the only drawback is they are about $35 to $55 a piece.
One more drawback: Zone 6dr hoo
Dec 12, 2003 2:58 PM
And since I live in Zone 4, that kind of rules me out. It does look like a good one though, for those that can grow it.
doubt it would grow in COColnagoFE
Dec 15, 2003 10:59 AM
Whatever you do...don't move into a house with cottonwoods in the front yard unless you love cleaning up tons of cotton each season. should know by now that trees hate SUVs! (nm)ColnagoFE
Dec 15, 2003 10:58 AM
$1k per tree I've heardColnagoFE
Dec 15, 2003 11:49 AM
At least that's what the realtor rold me that they added to the value of a house. And a house without trees just looks so barren and cold to me. Just get trees that you don't need to do much with. As far as raking? I don't do it. I just mulch up the leaves and leave 'em on the ground.
You'll be sittin' prettyjtolleson
Dec 12, 2003 3:41 PM
if you only have an $1800 mortgage with $6200 net pay. Your net pay is close to mine, and I feel "under leveraged" with my current mortgage payment. I realized I was pi$$ing cash away on other things, and it is one of the reasons that we've gone into a more expensive home (AND I've up my retirement savings).

My cushy life was great, but shortsighted. Also, for the first ten years, an amazingly large percentage of a mortgage payment is tax-deductible interest payments, so it is very sweet at tax time.
re: Home Owners........question please if you will.....eyebob
Dec 13, 2003 8:00 AM
I too am a single guy with a fair income. I bought small in a nice neighborhood (smallish yard for the reasons stated below) because it was a good value at the time. I also only need to use two outlets to vacuum the entire thing! The comment made about going small on the yard to preserve your sanity and biking time also applies to the size of the house. In the end, though, you'll buy what you like because of other factors as well.

My prime motivations for buying what I bought were...
1) Size of house/yard (upkeep)
2) Fencible back yard (for the dogberts)
3) plenty of good road and mountain rides out my back door.
3) Value of house at the time
4) Garage (New England's a b%tch in the Winter)

BTW, a good realtor goes a long way in helping. Hook up with someone you like. They should be able to hook you into the MLS (for free) so that you see real-time listings in your area.