Buying A House: C or D?

So I did my taxes last night and came up with this scenario:
We pay $12K +/- annually over what we paid as renters. With the deductions for interest & property tax, we are able to well exceed the standard deduction, which we never did as renters. Were we to take the standard deduction we'd be looking at paying about $5K more in income tax. So it appears that for $7K annually we are able to build equity and live in our own house.

Now of course, the house has many, many outstanding maintenance issues, and we have some pretty big remodels planned. But this is the first time in our 4 years in it that I've ever felt like owning the house has seemed like a 'good deal'.

Also my math may be way off base and someone could shatter this illusion.

Don't forget homeowner's insurance in your calculations.

That's bundled into my monthly payment and is included

For just the first year, or for the length of your mortgage?

Anyway, I've had a love-hate affair with the house but as I look around at the rental landscape of the Bay Area, and we've been here for a while, I feel a little more at peace, if not at ease, with the whole home ownership thing.

Insurance, property tax, PMI (until we refi, fingers crossed) and principal are all bundled together in our monthly payment. It's been like that from day 1, but I guess that could change if we felt like it made more sense to do it separately. On an operational level it's been more affordable that way. Having to set aside thousands for property tax (when we had to pay the supplemental difference thanks to prop 13) was very challenging.

trying to find a starter place outside of nashville as an investment house; the market out there is insane... put in bids on three places this week and none were accepted. and i offered asking price!

I've started looking properly now. Went to see a nice, fairly large maisonette in Woodford yesterday but am not hugely keen to drop £260k+ on an ex-local-authority place even if that is considered relatively affordable.

investment house

1 BR?

"Investment house"= i have enough money for a down payment on a home in Nashville (well, outside nashville) but not where i live. Si i am investing that money and renting the house in hopes of flipping it in ten years. It is actually super scary.

i approve of forks' transition to becoming a rapacious absentee slumlord

checked prices online for the first time in a few years yesterday and oh dear boom is back in dublin

Nashville market is insane: the place i put a bid on yesterday sold for 10k over asking with no inspection. Proceeding carefully.

everything in nashville is ridiculous. "oh this suffocating attic efficieny with 350 sq ft sand 6.5 ft ceiling? that'll be $1350"

and you still have to drive pretty much everywhere

California, you guys.

http://www.realtor.com/realestateandhomes-detail/3533-Glenhurst-Ave_Los-Angeles_CA_90039_M27769-04649

Significant fire damage, still pending sale for $500K.

It's well-ventilated, close to the bus stop, got a lot of natural light - I don't get your cynicism, John.

so sad out here

haha holy shit

http://p.rdcpix.com/v01/l37443045-m9xd-w640_h480_q80.jpg

http://p.rdcpix.com/v01/l37443045-m16o.jpg

http://p.rdcpix.com/v01/l37443045-m32o.jpg

i thought boston was bad, jesus christ

yeah, but the desirable neighborhood!

http://p.rdcpix.com/v01/l37443045-m3xd-w640_h480_q80.jpg

ah, a fixer upper

;_;

lol i just now read an article about nyers heading to los angeles for the cheaper housing

http://www.nytimes.com/2015/05/03/style/los-angeles-and-its-booming-creative-class-lures-new-yorkers.html?fb_ref=Default

http://static01.nyt.com/images/2015/05/03/fashion/03LANY/3LANY-master675.jpg

"we have our own studio in that burned out living room!!!"

following these last two winters it's sounding like a good idea anyway

Not a bad little azalea bush.

http://i.imgur.com/IHdh8Oo.png

The $80k pile of mildew from above is, shockingly, still on the market.

The house across the alley from mine in Seattle just sold for 135K over asking and I thought they were crazy for what they listed it for to begin with.

new plan: move to idaho, cook the potatoes in a pit like the master chefs on netflix, live off of the potatoes

Not a bad little azalea bush.

bougainvillea?

i only move to places that have water

yeah, water that freezes in the air before reaching the ground for two thirds of the year. burn.

Location, location, location, people.

Yeah, tbh, that parking lot next door could use a little expanding.

I'm still up for pooling resources and finding a cheap castle in galway for whoever wants in

http://www.realtor.com/realestateandhomes-detail/2921-Livingston-Ave_Fort-Worth_TX_76110_M76143-54808?row=1

Feeling this

I can't imagine having $25k for a 20% down payment ever, do realtors help people navigate down payment assistance and all that kind of stuff?

I believe that you can sometimes put 10% down and then get a higher-rate loan on the remaining 10%

you could talk to an agent, but you may want to just go talk to the bank that you'll use. They are the ones who'll tell you how much they'll loan you and at what down payment. I've never bought a home, though.

i put down like 6% i think including an interest free down payment assistance loan from the state. lender should help you find down payment assistance. they helped me find that and another thing for state employees that had a lower rate. my PMI is only $45/month.

We went through FHA, and were essentially 'assigned' a realtor who specializes in first time homebuyers & FHA loan sales. She came with a loan officer who worked with us on establishing a source of funding and a preapproval amount. With FHA loans at that time (2010) we were able to up 3.5% down. We were saddled with mortgage insurance of course, though luckily got in before the premium percentages on mortgage insurance went up.

That Fort Worth property is selling for twice what it sold for less than a year ago

yeah FHA mortgage insurance is way expensive now. i was steered away from FHA and am glad.

couple long-term things on my house need fixing and wouldn't clear FHA inspection also