NOVA/DC/MD - Z's & Coffee, Saturdays at 10AM in [WHERE?!], VA & Columbia, MD

MightyBobo · 03-13-2013, 02:00 PM

Quote:

Originally Posted by b1adesofcha0s

I meant my max range would be $2500. I'm just going by what my cousin told me since he's a loan officer. This doesn't include things like homeowners association fee and stuff like that though, just the mortgage.

Why on earth do you need a $500K house anyway? lol

Also, my fee Im counting is the escrow in hole: mortgage, plus taxes. If you're talking JUST the mortgage and not including taxes, that number only gets people interested in buying the house. You need to add like, another 30% onto a mortgage payment to get the REAL payment lol. Depending on how much property you have, of course.

m4a1mustang · 03-13-2013, 02:01 PM

Quote:

Originally Posted by MightyBobo

Why on earth do you need a $500K house anyway? lol

because racecar?

Cristobal09 · 03-13-2013, 02:01 PM

Quote:

Originally Posted by MightyBobo

Why on earth do you need a $500K house anyway? lol

My thoughts exactly LOL

More to clean if you ask me.

RandyD · 03-13-2013, 02:03 PM

Quote:

Originally Posted by MightyBobo

Why on earth do you need a $500K house anyway? lol

Also, my fee Im counting is the escrow in hole: mortgage, plus taxes. If you're talking JUST the mortgage and not including taxes, that number only gets people interested in buying the house. You need to add like, another 30% onto a mortgage payment to get the REAL payment lol. Depending on how much property you have, of course.

seriously - that wouldn't even be enough for the servants..

b1adesofcha0s · 03-13-2013, 02:06 PM

Quote:

Originally Posted by MightyBobo

Why on earth do you need a $500K house anyway? lol

Also, my fee Im counting is the escrow in hole: mortgage, plus taxes. If you're talking JUST the mortgage and not including taxes, that number only gets people interested in buying the house. You need to add like, another 30% onto a mortgage payment to get the REAL payment lol. Depending on how much property you have, of course.

Well I'd like to get a nice sized house now so that I don't have to get a bigger one when I start a family in a couple years. Trying to get one of the new houses they are building around the Severn area. Will probably end up in the $400-500k range in the end.

m4a1mustang · 03-13-2013, 02:08 PM

Quote:

Originally Posted by b1adesofcha0s

Well I'd like to get a nice sized house now so that I don't have to get a bigger one when I start a family in a couple years. Trying to get one of the new houses they are building around the Severn area. Will probably end up in the $400-500k range in the end.

Dana wanted to get a huge house initially so she wouldn't have to go through moving again. I said that's silly and that we should just get what will work for us for the next ~10 years or so then expand when we need to.

The key about a mortgage is not to get yourself underwater. You don't want to be tied down.

b1adesofcha0s · 03-13-2013, 02:13 PM

Quote:

Originally Posted by m4a1mustang

Dana wanted to get a huge house initially so she wouldn't have to go through moving again. I said that's silly and that we should just get what will work for us for the next ~10 years or so then expand when we need to.

The key about a mortgage is not to get yourself underwater. You don't want to be tied down.

Yeah I'm definitely gonna look at everything carefully before buying. Definitely not going to buy a house I can't afford. I'll have 5 people living in the house, so I'll need something decent sized.

aniceh · 03-13-2013, 02:46 PM

Quote:

Originally Posted by m4a1mustang

Dana wanted to get a huge house initially so she wouldn't have to go through moving again. I said that's silly and that we should just get what will work for us for the next ~10 years or so then expand when we need to.

The key about a mortgage is not to get yourself underwater. You don't want to be tied down.

As much as I hate moving, I have to agree with Steve here. Your lifestyle is likely to change dramatically over the next 10 years. Get something that's big enough for what you know is in the pipeline now, and worry about trading up later. That's pretty much what I've done. My home is modest but comfortable, and living well within my means has given me the luxury of saving up money so now I'm ready to step up to something a little better.

XwChriswX · 03-13-2013, 02:52 PM

Quote:

Originally Posted by aniceh

As much as I hate moving, I have to agree with Steve here. Your lifestyle is likely to change dramatically over the next 10 years. Get something that's big enough for what you know is in the pipeline now, and worry about trading up later. That's pretty much what I've done. My home is modest but comfortable, and living well within my means has given me the luxury of saving up money so now I'm ready to step up to something a little better.

Yep, totally skimping... Your house needs a hot tub.

aniceh · 03-13-2013, 02:58 PM

Quote:

Originally Posted by XwChriswX

Yep, totally skimping... Your house needs a hot tub.

MightyBobo · 03-13-2013, 02:11 PM

Quote:

Originally Posted by b1adesofcha0s

Well I'd like to get a nice sized house now so that I don't have to get a bigger one when I start a family in a couple years. Trying to get one of the new houses they are building around the Severn area. Will probably end up in the $400-500k range in the end.

So dont buy new. Josh just picked up a GREAT house for like, 2/3rds of that money.

Buying new for you is NOT the logical choice at that price range...

b1adesofcha0s · 03-13-2013, 02:15 PM

Quote:

Originally Posted by MightyBobo

So dont buy new. Josh just picked up a GREAT house for like, 2/3rds of that money.

Buying new for you is NOT the logical choice at that price range...

Still like a year to go before I start looking seriously so I'll just have to wait and see what the situation is like then.

MightyBobo · 03-13-2013, 02:16 PM

Quote:

Originally Posted by b1adesofcha0s

Still like a year to go before I start looking seriously so I'll just have to wait and see what the situation is like then.

And by then, rates will be higher and housing prices, even higher.

b1adesofcha0s · 03-13-2013, 02:21 PM

Quote:

Originally Posted by MightyBobo

And by then, rates will be higher and housing prices, even higher.

Exactly. I will just have to wait and see what the market is like early next year.

MightyBobo · 03-13-2013, 02:22 PM

Quote:

Originally Posted by b1adesofcha0s

Exactly. I will just have to wait and see what the market is like early next year.

Yarp. Im not saying you to buy now, sorry if it sounded like that.

Just saying, be prepared for the same house today for $500k may be $550k next year, and rates almost certainly will be higher is all.

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