Home Buying Question

Started by JTA, October 05, 2013, 05:48:38 AM

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JTA

Quote from: Telmark on October 15, 2013, 04:28:46 AM
Do not even think about defaulting on you mortgage obligations. If you're not sure you can meet these obligations throughout the term of the loan, then you are not ready to buy a house. And don't think that bankruptcy can "save" you (those days are long gone).

Also remember that defaulting on a home loan can destroy your credit for many years and can also reflect badly on your ability to get a job.

I should've been a little more clear on my last post, when I said "From what I've been reading, if we default on our obligations mortgage interest rates" I meant the US Government, not me personally :).

I'm good to go as far as house payments go and don't expect to be house-poor.

Let me ask you guys this, what percentage of your net income do you pay towards mortgage/insurance/taxes? The max I heard you should pay is 25% of your net income. This seems to be a pretty good number to go by.

supsalemgr

Quote from: Telmark on October 14, 2013, 02:49:21 PM
Slab foundations are also common where water table levels are high. This is probably the number 2 reason (behind lower build costs) for slab foundations.

My wife and I have purchased 2 houses with slabs and 2 with crawl space foundations (we've never had any plumbing issues with slabs that we know of...).

Some of the main drawbacks with either type have been well stated by other members. However another problem with slabs is that lot grade and/or drainage problems can be difficult if not impossible to correct due to cost factors.  This, and the absolutely terrible lot grading that's often seen with low-to-mid cost housing built during the boom, can make for an iffy buy (lots with little or no drainage away from the foundation coupled with "soft" land-fills can result in a foundation that's a half a foot or more below grade in just a decade or so).

Anyway, all said and done, my wife and I prefer slabs over crawls for the simple reason that we're used to the feeling of a  "solid" floor (my wife doesn't care for HVAC floor registers either).

As for the "mortgage shopping" question; yes, always always go with a fixed rate.

I'd also recommend retaining not only a CPA, but an attorney as well. This may seem kind of "expensive" but it can save you a ton of money in the end. I also strongly recommend that you have 2 separate home inspections from different companies Never, ever trust only the inspector that's recommended by your, or the sellers, R.E. agent/broker (always get a second inspection from your own inspector).

Purchasing a house is usually the biggest single expenditure that we make in your lives and, as such, it's a good idea to seek and retain legal representation before and during the escrow process. With proper inspection(s) and some luck, you'll not have a need for legal rep. after the sale.

I lived in slab homes for 25 years in the mid-south where they are very common. If constructed and plumbed properly it should not be a problem. Knowing where you are I don't see any issues, but taxed has a point about tree roots. However, those are an issue with most homes.
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walkstall

Quote from: supsalemgr on October 15, 2013, 02:25:16 PM
I lived in slab homes for 25 years in the mid-south where they are very common. If constructed and plumbed properly it should not be a problem. Knowing where you are I don't see any issues, but taxed has a point about tree roots. However, those are an issue with most homes.


In the West in the desert area that I live in, we only water areas that we need to water.  So if your yard (grass area) is lined with trees for wind breaking or for shed almost all the roots grow into your yard for water.  Very little grow out the other way as you do not water out there.  So there always looking for the water. 
A politician thinks of the next election. A statesman, of the next generation.- James Freeman Clarke

Always remember "Feelings Aren't Facts."

Solar

Quote from: walkstall on October 15, 2013, 03:22:31 PM

In the West in the desert area that I live in, we only water areas that we need to water.  So if your yard (grass area) is lined with trees for wind breaking or for shed almost all the roots grow into your yard for water.  Very little grow out the other way as you do not water out there.  So there always looking for the water.
Good point, and that's why leaky sewer pipes get invaded by roots.
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walkstall

Quote from: Solar on October 15, 2013, 04:46:18 PM
Good point, and that's why leaky sewer pipes get invaded by roots.

When I lived on the West side of the state in Tumwater Wa.  My good wife would plant a tree right over the main sewer line down to the street.   I pulled it out twice and she got very unhappy with me.   :ohmy:  I told her what the roots would do.   She said no it would not.   So rather being the bad ass with her, I trained her dog (German Shepherd) to tear it up each time she put one in.  To this day she does not know about the meat drippings I put on those little tress.  After 10 years she gave up.   Ten years after that our next door neighbor had to dig up and replace there main sewer ling from roots.  At that time she said wow now I see why you did not like me putting them trees in.  As they say a picture speaks thousand words.
A politician thinks of the next election. A statesman, of the next generation.- James Freeman Clarke

Always remember "Feelings Aren't Facts."

Solar

Quote from: walkstall on October 15, 2013, 05:40:45 PM
When I lived on the West side of the state in Tumwater Wa.  My good wife would plant a tree right over the main sewer line down to the street.   I pulled it out twice and she got very unhappy with me.   :ohmy:  I told her what the roots would do.   She said no it would not.   So rather being the bad ass with her, I trained her dog (German Shepherd) to tear it up each time she put one in.  To this day she does not know about the meat drippings I put on those little tress.  After 10 years she gave up.   Ten years after that our next door neighbor had to dig up and replace there main sewer ling from roots.  At that time she said wow now I see why you did not like me putting them trees in.  As they say a picture speaks thousand words.
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