Home Buying & Real Estate Thread

[jrp44]

I mean you're gonna be buying higher, but remember you are going to be selling higher too. It all evens out. I would for sure sell and buy especially if you don't like the area you're in. Only problem now is the rates are way up from even the end of 2021, so I would make a move lol

 

[s0lefunk]

I got a contractor that's coming to see my basement next weekend but they are talking about 50000 as an estimate for a 1000+ ft basement off the bat without seeing it But it is negotiable. They seem like a reputable company.

My neighbor was quoted 65k to finish their basement a few months back. About 1,400 sqft. Quote may have been inflated due to material costs. I think they were adding a bathroom too which I read can be 10-20k alone.

 

[edshoecator]

deusavertat like ^ said…

Look on houzzz. Reach out on thumbtack for carpenters and plumbers who are licensed. Then get some drywall quotes.

If you’re pulling permits it can take longer but you can act as your own GC.

8-10k for a bathroom is what we paid for a full gut and redo. Drywall was 10k for the whole house which is 1500 sq ft. Walls and ceilings.

You can insulate and have a paint party to save money.

Keep us posted. Wish we had basements in Los Angeles

 

[Public Enemy]

 

[dunks318ti]

In a bit of a dilemma, hear me out NT brethren . Bought my place just over 2 years ago, its in a rough part of town but it was dirt cheap and i was sick of paying someone elses mortgage. I want to get out of here asap, especially with it being a sellers market and id come out on top with some nice profit, but on the flip side id be back out on the hunt with these insane inflated prices. Heres what ive been thinking:

Option 1: Sell my place and rent for a year or so and see if the market cools down a bit

Option 2: Sell my place and purchase another unit in a more desirable area knowing that ill be paying an inflated price

Option 3: Ride it out at my current place

Doesnt help that i live in seattle, its truly slim pickins here. Any advice would be appreciated.

I was in the same boat just before the pandemic and last year.

I was in a plush neighborhood, but the house was TINY and on a busier street. I had a LOT of equity, but relatively not a lot of cash on hand and I didn't want to take equity out to build on the house because it had a weird layout. So right before the pandemic I was going to sell and get into a bigger place and wanted an extra bathroom. We were on our way to listing and prepping the house when the pandemic hit, then we canceled everything because my wife didn't want ppl in the house, strangers in open house, showings, etc. (if we would have sold, we would have made about 150k profit).

Fast forward to last year, almost 2 years into the pandemic and the housing market booming (Southern California) we decided to sell and we ended up getting about 315k profit and good thing we did because market kept going up and we woulda been kicking ourselves if we sold pre pandemic (although we would probably have bought another place cheaper). After cashing in, we were in the same boat, sit on the sidelines and rent for a bit praying prices drop or buy a place high. We ended up with a nice place that fell into our lap where my agent and the selling agent knew each other and we got a great backdoor deal.

Fast forward to today, if we would just sat on our profit and rented, we woulda just been paying someone else's mortgage and prices now are even soaring higher and higher and apparently interest rates are up and homes are still going up.

My situation worked out for me because I got a killer deal on a big house in a desirable neighborhood and house prices ended up going up and interest rates went up. Now I'm in a better situation with a lot of liquid assets in my account, bigger house, better neighborhood, locked in at 2.85% interest, and my new home is worth a lot more now too because of the backdoor deal and the house prices trending up. The only downside was my property taxes. I was barely paying any property tax and my other place, but now that I bought high, the property tax is pretty significant.

 

[you go boy]

I can vouch for thumbtack.... used them a bunch of times and found my main handyman there... I ran out of money to do projects but once I save I'm a use thumbtack again to reglaze my bathtub and shower tile...

 

[beacon ave south]

Ah man pacific highway s. Still remember driving down there with the homies way back in high school to look at all the hookers.

Housing market is wild if you can pull in 100k in that area. I'd rent somewhere in the suburbs like maple valley or even Issaquah and just chill until it all settles down.

I got it for dirt cheap few years back, even with 100k appreciation its still affordable compared to the rest of king county. But hey, you get what you pay for. Nahh cant do the boonies, i got to be around variety and options.

Why would it settle down? What does that even entail? Will a 20% correction make something thesible for you?

If not youre jus setting yourself up to get rent raised 25% every year and your equity forcibly removed from your bank accounts.

Thats my fear, people who are buying now actually got money unlike back in 07/08 where banks were handing out mortgages to paperboys I don't foresee the market cooling down anytime soon either, thats the reason for my dilemma.

Appreciate everyones input. Gonna talk to my agent and loan officer to get a better idea of my options.

 

[nonnative]

I mean you're gonna be buying higher, but remember you are going to be selling higher too. It all evens out. I would for sure sell and buy especially if you don't like the area you're in. Only problem now is the rates are way up from even the end of 2021, so I would make a move lol

Not quite. Jumping into a significantly higher mortgage with no real change in your income generally isnt a great idea. Using the $600 per $100k rule, its entirely reasonable with how the market has grown over the last several years that his mortgage may jump up $1k a month and tying yourself to that extra every month for the next 20 to 30 years can get tricky since his current income isnt necessarily changing. Even if he's sitting on some cash from the sale, you never know when a car might break down or a big house repair is needed and that cushion is severely reduced or gone and now you're looking at a mortgage that is significantly higher than it was a few months ago.

Of course there's a million different factors that can go into this. Maybe he makes enough to pay it off comfortably anyway, he has a big promotion coming up, etc.

 

[crazy caballo]

Looking for opinions or personal experience.

Purchased my house about 12 years ago, just finished paying for it. In today's market I can get about 500k.

I'm looking for beach front properties that are around 1.2 to 1.4m ...

I have no debt and monthly income (take home), 10/11k ....

If I put the entire 500k down would I be cutting it close?

 

[edshoecator]

Is y’all hiring ?!

 

[mplsdunk]

property taxes are gonna destroy you on the water.

 

[jkballer5]

They used JAX as a prime example in this. It's insane here...everyone keeps using the excuse that "we're finally catching up to other hot, big city markets" as a cover for everything that's going on. Lifelong resident here and if I hadn't bought my house when I did, I would be either in a shack or priced out of my hometown.

 

[jewseejay]

property taxes are gonna destroy you on the water.

Unless you come to DE

But dont though, we full up lol

Biden need to stay his *** in DC and quit mucking up traffic

 

[mplsdunk]

I live right by the air force base. Man keep these presidents out of here.

 

[moderndarwin]

Looking for opinions or personal experience.

Purchased my house about 12 years ago, just finished paying for it. In today's market I can get about 500k.

I'm looking for beach front properties that are around 1.2 to 1.4m ...

I have no debt and monthly income (take home), 10/11k ....

If I put the entire 500k down would I be cutting it close?

It depends on a factor not mentioned - how are offers going in your area.

If you waive appraisal contingency (which is norm in many markets) you have to cover in cash the delta between the appraisal cost and your offer.

 

[deusavertat]

deusavertat like ^ said…

Look on houzzz. Reach out on thumbtack for carpenters and plumbers who are licensed. Then get some drywall quotes.

If you’re pulling permits it can take longer but you can act as your own GC.

8-10k for a bathroom is what we paid for a full gut and redo. Drywall was 10k for the whole house which is 1500 sq ft. Walls and ceilings.

You can insulate and have a paint party to save money.

Keep us posted. Wish we had basements in Los Angeles

Yea I dunno. I may have to do this in stages I want to prioritize putting a really nice bathroom with a tub that will fit my tall *** down there. Then an additional bedroom. The living room space can wait.

 

[datznasty]

that guy looked like a movie villain and was just as sleeezy as he looks.

Fam said Millenials don't want to buy houses, we're ok with renting the American dream. I wanted to punch him through my screen

 

[MakeNTGreatAgain]

that guy looked like a movie villain and was just as sleeezy as he looks.

Fam said Millenials don't want to buy houses, we're ok with renting the American dream. I wanted to punch him through my screen

bruhs out of touch

 

[mplsdunk]

"if you guys would stop buying avocado toast you could buy a house."

 

[MakeNTGreatAgain]

anybody have one of those new modern access gates?

such as this?

If you don't mind sharing photos of the hinges and door knob

I am building one for the crib and am a little confused on what type of hinges i should use and door knob

 

[yogetoffmykickz]

anybody have one of those new modern access gates?

such as this?

If you don't mind sharing photos of the hinges and door knob

I am building one for the crib and am a little confused on what type of hinges i should use and door knob

Are you welding.?? I'm thinking barrel hinges and a steel gate lock box...

The door handle would be a standard lever, and you'll have to get a access control sub to wire a mag lock if you want to set up keyless/remote access..

 

[MakeNTGreatAgain]

Are you welding.?? I'm thinking barrel hinges and a steel gate lock box...

The door handle would be a standard lever, and you'll have to get a access control sub to wire a mag lock if you want to set up keyless/remote access..

yeah im welding, picked up all the raw metal from IMS and its my first time doing this

i have the lock box, I was curious what designs yall had in terms of knobs/locks

I picked up these hinges, but I see alot of people using barrel hinges, not sure which is the better route to go, I don't mind using barrel but want to understand if there's any difference.

 

[yogetoffmykickz]

yeah im welding, picked up all the raw metal from IMS and its my first time doing this

i have the lock box, I was curious what designs yall had in terms of knobs/locks

I picked up these hinges, but I see alot of people using barrel hinges, not sure which is the better route to go, I don't mind using barrel but want to understand if there's any difference.

Dope.!! I really wanna pick up welding as a hobby..

And for the hinges, I think it's simply an aesthetic preference...

I had some custom stainless/tempered glass gates built on my last project .. wish I had better pics.. but here you go...

Two stationary panels and the door in the middle. Glass clamps on all four corners... Will post finished pics if I can find them.

 

[mplsdunk]

My wife took a 3 month welding class at a community college here and got all her certifications just for something to do and loved it.

It was worth the couple grand for sure.

 

[MakeNTGreatAgain]

Dope.!! I really wanna pick up welding as a hobby..

And for the hinges, I think it's simply an aesthetic preference...

I had some custom stainless/tempered glass gates built on my last project .. wish I had better pics.. but here you go...

Two stationary panels and the door in the middle. Glass clamps on all four corners... Will post finished pics if I can find them.

frame looks good. I'm curious was urs painted or did u pay for powder coat?

The reason I chose to do it myself is because i hit up some people and they don't even respond in a timely manner and it sounded kind of like a headache dealing with a contractor and I didn't feel like dealing with bad customer service

figured its finally my excuse to learn to weld and make it how i want