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Some advice for buying homes.

#21
basscooker said:
Yeah usually like 2x selling price to take a mortgage full term. And ownership cost blah blah like mentioned.

But the freedom.... so so glad I bought young and did all my calculations with the horrible 20-something income I had then. It made the cost of ownership manageable as the jobs and pay got better over the years.

Too many people hamstring themselves. House-poor. Be realistic about what you can actually afford AND accommodate emergencies.
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Yep. We bought something we could actually pay for with our younger selves’ salaries, not something that we would eventually be able to afford later on. That worked well for us - my wife was able to take 5 years unpaid leave to raise our daughter instead of outsourcing that to a daycare.

We paid off the mortgage a decade before full term and the house has almost quadrupled in value over 18 years. 100% equity for us, not the bank! I do most of the reno work myself so I’ve got a lot of sweat equity into the place as well.

It’ll be 100 years old next year and we’ve upgraded almost everything except the walls since we’ve been here. Well, the walls HAVE been painted but they’re still 100 year old plaster lathe.;-)
 
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#22
Ugh, plaster.

Mine is 1870's or so. Yeah. Brick exterior, slatting then plaster. No insulation. Funny my GF "reminded" me to pick up plastic for the windows.... well, joke's on her... the cold is coming in the walls.
 
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#24
basscooker said:
Ugh, plaster.

Mine is 1870's or so. Yeah. Brick exterior, slatting then plaster. No insulation. Funny my GF "reminded" me to pick up plastic for the windows.... well, joke's on her... the cold is coming in the walls.
Click to expand...

Same here, brick, 3/4” boards underneath for siding, 2x6-ish stud framing, lathe then plaster. We have modern windows but yes, cold air makes its way through the walls. And on days when there’s a stiff wind from the north, through some of the electrical sockets.

I guess when they heated by coal it didn’t matter.
 
#26
DirtDog said:
Same here, brick, 3/4” boards underneath for siding, 2x6-ish stud framing, lathe then plaster. We have modern windows but yes, cold air makes its way through the walls. And on days when there’s a stiff wind from the north, through some of the electrical sockets.

I guess when they heated by coal it didn’t matter.
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How to Kill a House
Insulating older homes is an all-or-nothing proposition. Just blowing insulation into the walls can create moisture problems that will rot the wood structure from the inside out.
How to Kill a House
 
#27
IamGroot said:
How to Kill a House
Insulating older homes is an all-or-nothing proposition. Just blowing insulation into the walls can create moisture problems that will rot the wood structure from the inside out.
How to Kill a House
Click to expand...

Agreed. We had an eco audit done years ago. The program subsidized new windows and insulation in the attic. The techs that came to assess said insulating the walls were a waste of time in these are the older houses.

I figure this place has stood 100 years without messing around with too many things. I’m not going to start now!
 
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#28
DirtDog said:
Agreed. We had an eco audit done years ago. The program subsidized new windows and insulation in the attic. The techs that came to assess said insulating the walls were a waste of time in these are the older houses.

I figure this place has stood 100 years without messing around with too many things. I’m not going to start now!
Click to expand...

Recognize that 100 year old homes might have some electrical and plumbing issues....which you mentioned you already upgraded. I hope you replaced any pressurized water pipe. Life expectancy on cast iron pipe is 45 -60 years, depending on water quality and other factors. Pin hole leaks in copper after 20 years. I had this.
 
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#29
Owning a house reuires skill.

Renting a house requires finesse.

"Take out the rental clause about visitors staying on".
"Why?"
"Because many folks have trouble paying rent so they have other family members living with them that chip in on the rent, but they are undocumented, so they don't want to be listed on the lease."
"OK"
"Make sure you put in a clause on max number of cars parked and no parking on grass." "Check the HOA rules."
 
#30
Here are some specific pre-screening questions landlords cannot ask:
1. Where were you born?
2. Do you have children?
3. Have you ever been arrested or charged with a crime?
4. Do you need to know about the nearest church, temple or mosque?
5. Are you engaged or married?
6. How old are you?
7. Can I get your bank balance?
8. Do you have a service or emotional support animal?
 
#31
If you are buying or selling a home, and the math of where the money is going to go overwhelms you, get help!

Did not talk to the seller at a closing today, but he was in shock when he saw the final numbers after the banks with 2 mortgages got done.

Seriously, a house is probably the biggest ticket item you will own, and it behooves you to understand the balance sheet. You may hate to resurrect those high school math skills and put them to good use.
 

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