Buying A House: C or D?

I feel like I didn't explain that well, did it make sense? Short version: not having a mortgage at all saves you more money than the mortgage tax deduction.

No I know what you mean, I think the total interest would end up something like more than twice the condo price or something close.

Oh, excellent. I think we will do it. And that will be about $1K per month I can save or invest or whatever. Thanking U, JP Morgan CEO. ;D

Planning to buy in 2014 (have decided I like this city and job enough to put down roots), but the process still seems overwhelming to me. I can get through this, though, because if my doofus brother can buy a house then I should be able to do it standing on my head.

― Johnny Fever, Wednesday, 20 November 2013 07:08 (1 week ago) Permalink

fwiw, we found our place without an agent, using the Redfin app. It posts listings straight from MLS so there's no bullshit listings like on Trulia. The app lists the name of the sellers' agent, and then I'd just google the agent and call them to set up an appointment to see the place. Agents sometimes favor you if you don't have your own agent, because it means no one for them to split commissions with. OTOH, if you're short on time and/or DON'T enjoy obsessively checking a real estate app on your phone, a good agent can be very helpful, since they know what they're doing.

Ooh nice. I've been using zillow to look, but I know I'm not seeing everything.

My buyer's agent was indispensable.

mine too. our purchase would have been close to impossible without him.
i like the zillow app more than the redfin app, but it's true that zillow doesn't have every listing.

iirc redfin not only has all listings but has them faster. And because it's MLS-based, that also means that when listings go into contract, it says that they're in contract, and when a place is sold it shows that it's sold.

fwiw I was also looking in a small geographic area (one neighborhood) in which I already lived, so it was easy to set up appointments. And the lawyer we used helped me in terms of putting together the documents I needed.

Also I spent a lot of time looking at sales in the neighborhood so I had an idea of what kind of an offer to make.

Redfin is nice but some markets are covered better by Zillow or Trulia, and some sites have content (e.g. pictures of the of the interior, video walkthroughs, property history, etc.) that the other doesn't. But all of them are delayed compared to the actual MLS listings, so if you're in a highly contended market, that small window between something popping up on MLS vs. subsequently popping up on the sites can make a huge difference.

Also in my experience all the sites are terrible at actually posting when a property goes to Pending or etc.

Also a buyer's agent may have an idea of which properties are about to go on the market via word of mouth. No replacement for experience.

Just throwing this question out there to see if anyone will know. Is a condo association fee something that's carved in stone or can it be negotiated? There's one right around the corner from the apartment that I'm currently living in, and it's been on the market since July (first through FSBO and now an agent), but the condo fee seems absurdly high for what's offered and for the condition of the property (not a dump by any means, but not luxury accommodations either). Just curious about that.

no doubt about that. But the benefit of not using an agent can be significant when it comes to bargaining power and/or being favored by the sellers' agent. And even if you use an agent, it's a good idea to check something like redfin regularly as well, since agents are only going to devote so much of their time to you.

fwiw, redfin is very fast -- I more than once had the experience of calling a sellers' agent right away and having them say "Whoa, I just put that up."

xp condo association fees are not negotiable afaik. I bought in a co-op, and a high fee can sometimes be a sign of a recent or ongoing large repair or renovation. I don't know if that's how it works with a condo. Maybe the management company is just ripping people off. But I'd also keep in mind that a high fee sometimes results in a lower sale price, because people tend to calculate their total monthly cost when they make an offer.

thx

obvs other "amenities" like a pool or gym or doorman can also raise fees

even if you use an agent, it's a good idea to check something like redfin regularly as well, since agents are only going to devote so much of their time to you.

this. yeah if you're buying million+ they'll keep a good lookout for you, but buyer legwork is key if you're looking for affordable or highly desired

This is just a cluster of mid-centry multi-unit buildings where the only amenity I can discern is nicer than average landscaping and trash pick-up (+the standard rainy-day repair/renovation pool). I haven't ever contacted anyone to see what else the fee covers because I'm not even in a position to buy yet, but $330/mo seems high for what's offered. That place is taunting me. I want to stay in this neighborhood, chiefly because everything else is quiet, old growth, stable and rising values, but that fee kind of prices me out of even making an offer. :(

http://home.howstuffworks.com/community-living/condos-townhomes/included-in-association-assessment-fee.htm

IDK, is it high compared to similar condos in your area? I would look at other comparable listings. To me it doesn't sound notably high, but I'm not in your area and I also don't know how big a unit you're talking about. I guess it's possible that if they're mid-century buildings there are more maintenance concerns.

That's about double what I've seen of others (and about 2/3rds of others I've seen), so it really just depends on the property management around here I guess. My mom warned me about special assessment fees when I told her I was thinking about condo shopping, so that's another concern.

I don't want to rent all my life, but maybe it's just the most practical option until I make more money (whenever that will be).

man, other places in the country are so cheap compared to nyc. I never see condo fees below $600-700 when I look. Co-ops are even higher, although that fee includes your RE taxes.

Bought a condo!

Congratulations!

this one goes out to doo dah:

https://www.youtube.com/watch?v=O-tSEiZvUGM

https://www.youtube.com/watch?v=c_gm38wocjw

Woo!

:) Hee, thanks folks!
Now, how do I shot buying interior paint? I know about the "sheen", but how to figure out how many gallons, should I overestimate? It is about 1400 sq ft, total, I calculate 4 gallons ceiling paint, 8 gallons eggshell, and 3 gallons semi-gloss for bathrooms and kitchen (we removed wallpaper).
Or maybe I'll copy this to I Love Home, which seems to be not very active.

http://www.lowes.com/cd_Paint+Calculator_1352225126183_

Count on two coats minimum of color to get color uniformity as good as you can.

if you're going from dark to light, a primer is extra work and expense but will deliver MUCH better results.--same for your kitchen.

Also, buy the best paint you possibly can. Cheap paint will just mean worse coverage and more labor.

FWIW, we hired a good painter, and they told us that Benjamin Moore Regal Select is the tits, but that the Benjamin Moore is considerably more expensive than that with little added value. We were very happy with the results.

Also, while eggshell seems to be the standard thing to do for walls, we used matte and I really like the way it came out.

eggshell for walls? interior walls?
I've only ever used it on woodwork (skirting boards, etc)
Might be different/a different thing in the US, idk

Yeah, for some reason the standard advice for interior walls is eggshell. I think matte looks so much nicer.

i will cosign the BM Regal Select suggestion, but it does indeed come at a premium, about $65USD a gallon compared to around $35 or so for Behr, which is about my baseline. I've only ever used Matte on interior walls except in the kitchen & bathroom. On wood I only use the glossiest paint I can find.

sorry that was supposed to say that the AURA paint is much more expensive without much added value. We also tried the Natura paints once when we had our baby and paranoid, but the Regal Select is already low VOC and seems to be better quality paint.

Flat looks best but usually isn't washable. Anything with a sheen will hold up better to being wiped off.

I've mostly bought from Sherwin-Williams in recent years, we avoid Benjamin Moore like the plague unless someone specs it and is willing to pay without complaint. I'm surprised that some of the Behr lines at Home Depot are great for ~$20/gal - one claims one-coat coverage with a built-in primer effect and with a neutral color in Eggshell actually worked.

Glidden? Anyone?

Yeah our painter *only* used Benjamin Moore, but they get a substantial discount on the paint. Of course the paint cost is dwarved by the cost of the painter, yow.

Oh no I got it confused BM's entry level is BEN, then Regal Select, then Aura. Aura is Very Nice Paint. Regal Select is Just Fine. I wouldn't do alot with BEN.

I've only had one experience with Glidden. It was contractor grade shit, and have avoided Glidden ever since.

I like the Behr with added primer. Behr in general is a good value.

Regal Select is one of those things that used to be the "premium" paint and then they came out with some even more premium shit. It's like the Absolut of paint or something. Our painter said that Regal Select was worth it but Aura wasn't.

I would tend to agree.

so we just got a note from our neighbours offering to buy our garage. Is this a good idea? How much are garages? It's over the road from us and pretty derelict, as is their's, which is next to it. We don't use it except for storing wood but in theory we would if we spent a lot of money on fixing the doors, walls, etc.
I'm a bit suspicious they want to build a skyscraper there or something too (or granny annexe).

Unless the price is too good to pass up, it's not worth it. You'd be losing sq ft in your lot, right?

Why not rent it to them at a low rate

And if they want to make upgrades you could take it out of the rent, or go 50/50. Or you could just let them use it for free

i have been preapproved for a mortgage but everytime i think about buying something i feel like a horrible fraud

polyphonic's advice sounds right

I was quoted $20K as the value a garage adds to your property in Seattle.

Just replaced a 40 year old window that decided to crack all on its own last fall. We had been holding it together with duct tape.

Part of our sunporch roof caved in following some torrential storms around xmas. Still waiting to hear back from the insurance company about whether they'll cover that one.

Some of the screws holding the back door to the hinges have become stripped. That's an easy fix, but it was a sad feeling to have my door fall off into my hands.

Renting wouldn't work because they want to either knock through to enlarge & do up their garage, or use the land, which is otherwise in their garden, for something else.
I think we'll have to ask an estate agent plus mortgage providers (as it could devalue the property). Going to talk to the neighbs about what they have in mind...