Home Buying & Real Estate Thread

[lovehateself]

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[moderndarwin]

Got the pre approval letter.

Just now learned about all these closing costs etc this whole process is a racket lol. Lot more money is needed up front than just a down payment :/

 

[solewoman]

Got the pre approval letter.

Just now learned about all these closing costs etc this whole process is a racket lol. Lot more money is needed up front than just a down payment :/

never simple

 

[deusavertat]

Got the pre approval letter.

Just now learned about all these closing costs etc this whole process is a racket lol. Lot more money is needed up front than just a down payment :/

You're in for a ride. Good luck man, buying a house was one of the most stressful things I've ever done. Even closing day was a mess. What bank/lender did you use?

 

[deusavertat]

I think once I save another 50 to 75 grand I'm going to start the process of finishing my basement.

 

[monstar]

That's gon be the cost to do a kitchen remodel couldnt believe some of the quotes I got.

Got the pre approval letter.

Just now learned about all these closing costs etc this whole process is a racket lol. Lot more money is needed up front than just a down payment :/

The one thing people always forget to bring up is the closing costs.

Good luck once you get through it would've been worth it

 

[you go boy]

^ i got lucky that my kitchen is small and the company im using is cheap and does great work... but if anything i felt like the bathroom quotes i got are ridiculous... my guest bathroom i wanted to remodel the whole thing but with the quotes im getting being so overpriced im a just keep it simple and reglaze the tub and and shower wall and replace the vanity and thats it to keep costs down lol...eventually though ill renovate the master bathroom... i want a walk in shower and know that will be expensive so that will be a few years from now...

 

[edshoecator]

Bathroom ~8k for labor and mid finishes
Kitchen ~8-10k just in cabinets (look on Craigslist for rich folks renovating or old wood boxes that you can have new doors made for)

you can get a 50k kitchen for 12-18k if you’re saavy. I bought all dented appliances this go round. Granted I don’t have a 500sq ft kitchen but for most mid sized kitchens you can get it done for under 20k

 

[antidope]

I move in three weeks and am still in the market for a fridge. Would prefer kitchenaid so it matches the rest of my appliances but really any quality stainless steel fridge will do. French door.

 

[1c3m4m]

Anybody in here have a property with 2+ family and is renting it out?

thats the route I want to go, was told recently by someone right now is not a good time because of the high prices, covid and tenants possibly being affected, and also mentioned to wait for a incoming crash in about 2-3 yrs. Was told wait ubtil you have $50k cash to start the process of buying a home to rent out, how do yall feel abt this honestly

 

[thenewjs23]

Got the pre approval letter.

Just now learned about all these closing costs etc this whole process is a racket lol. Lot more money is needed up front than just a down payment :/

Yep, my wife wasn't aware as well. $10k each to close in DC. IIRC, it help us with taxes.

 

[thenewjs23]

If there any Vet in here, You don't have no Down payment or PMI. If you're disabled, no funding fee. Came in clutch when the wife and I bought.

 

[deusavertat]

Chase gave me 5 grand toward closing costs, you should look into it

 

[moderndarwin]

Am I understanding this right on the cash I’d need to close:

Down Payment
Closing Costs
Property Tax
Property Insurance
HOA fees
Touch up fixes (rental)
Vacancy buffer (rental)

This is all out of pocket cash upfront (normally) is what i’m reading.

 

[s0lefunk]

Your lender should give you a sheet like this detailing closing costs in your loan estimate. It all depends on the lender. Some stuff is negotiable. You can angle for seller credits, roll some closing costs into the overall mortgage, etc. Gotta shop around and ask. I believe the general rule of thumb is expect to pay at least 3-5% of the purchase price in closing costs. Add that to your downpayment to calculate total cash needed to close.

We went with the builder’s financing company to get additional credits/discounts. Looking to do a cashout refi next year to get some work done and hopefully a lower rate.

 

[miniojw]

My wife and I want to start looking for a house in Texas (not sure where). We have a lil over 100k saved up but our jobs have not been stable due to covid.

 

[edshoecator]

Have the seller pay them via credit or something f

 

[oh you mad]

Have the seller pay them via credit or something f

Ain’t happening in this market

 

[(*Fin)]

Closing on Wednesday. Been a long time coming and then the real work begins. Such a tough market in San Jose especially when you don’t work in tech.

 

[ballinsam23]

Anyone here from NC? Looking for an investment property out there.

 

[moderndarwin]

My wife and I want to start looking for a house in Texas (not sure where). We have a lil over 100k saved up but our jobs have not been stable due to covid.

do you live in texas?

 

[antidope]

Locked in my rate today. 2.875%. Feel very fortunate to have a 2 handle with the way things are going.

 

[アミーゴ]

Locked in my rate today. 2.875%. Feel very fortunate to have a 2 handle with the way things are going.

Go get em man

My friends just refinanced to 2.5 - was shocked

 

[deusavertat]

I want a hot tub

 

[freshpairs]

Go get em man

My friends just refinanced to 2.5 - was shocked

Damn for a 30yr?