blazinlow89
Big Poppa
25 months. Rent was in the range of 1050 a month or more.
Dear folks who wish you owned your own home
- Thread starter vraiblonde
- Start date
25 months. Rent was in the range of 1050 a month or more.
Namikazenaru
New Member
Then add on a mortgage rate of 3.75 makes the deal that much more sweeter
blazinlow89
Big Poppa
We closed on our first home on May 25th. We are no longer shackled to an apartment, now we own what is being paid on. At least when it is paid off I will have something to show for it.
Interest rate of 3.75% too
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Interest rate of 3.75% too
.Namikazenaru
New Member
We closed on our first home on May 25th. We are no longer shackled to an apartment, now we own what is being paid on. At least when it is paid off I will have something to show for it.
Interest rate of 3.75% too
Congrats, I know the feeling just closed on my first home on may 4th. What area did you purchase at if you don't mind me asking?
blazinlow89
Big Poppa
Lexington Park. I am far enough away from everything that its quiet. I would have liked to have been in a different area, but for the price it was well worth it. 2000 sqft house, .60 acres, fenced in, pretty much new everything and I have a garage so I will have man space. I looked at new homes but they had no land.
Namikazenaru
New Member
Yeah I ended up building in lexington park. The land thing in lexington park is hard to come by. I looked at HBI for awhile for land but they had higher prices than I'd like and it was further out from base than the lexington Park areas.
glhs837
Power with Control
Lexington Park comprises a lot of different areas, some pretty remote. Nami, I know what you mean, we looked hard at the HBI place south of St Mary's City, but the lots, even the "larger" ones, had no real privacy. Silly things like +20K for added space over the garage, just not worth it.
blazinlow89
Big Poppa
Our home was built in 1973, while it is older everything was replaced. New electric, new plumbing, waterproofed basement inside and out, renovated kitchen, hardwood and ceramic tile floors, new carpet in the bedrooms, new vinyl siding. Basement was 90% refinished, just needs some paint and trim work. We did have to redo the deck but it came out freaking sweet.
I am still close enough to everything that only takes me 5-10 min to get to places. Best part is I am close to work.
glhs837
Power with Control
I hear ya, BL. My "new" house was built in 86 or so. After leaving the house built to whatever passed for codes in the county in the 50s, was a joy to deal with standardized things put together the way you would expect. And built well, not by a rushed crew struggling to meet an impossible schedule using all builder grade stuff like the new subdivisions.
My commute is less than 10 minutes, 7 of those are on two lane roads
My commute is less than 10 minutes, 7 of those are on two lane roads
blazinlow89
Big Poppa
Our home was built in 1973, while it is older everything was replaced. New electric, new plumbing, waterproofed basement inside and out, renovated kitchen, hardwood and ceramic tile floors, new carpet in the bedrooms, new vinyl siding. Basement was 90% refinished, just needs some paint and trim work. We did have to redo the deck but it came out freaking sweet.
I am still close enough to everything that only takes me 5-10 min to get to places. Best part is I am close to work.
somdrenter
Sorry, I'm not Patch...
Part deux?
Now that we've had all this housing recovery; folks are back to work, have had salary increases to afford home prices without toxic mortgages and loose lending, is there a part 2?
The Fed is throttling back (supposedly) and interest rates are rising. Will interest rates ever return to historic norms? Pre-bubble, it wasn't uncommon to have a 10%+ interest rate, and that was with great credit. What if we see those types of rates in the next 5-10 years?
Will the average buyer continue to see his/her salary increase (as we have seen during this recovery) commensurate with interest rate increases to support continued price growth?
Now that we've had all this housing recovery; folks are back to work, have had salary increases to afford home prices without toxic mortgages and loose lending, is there a part 2?
The Fed is throttling back (supposedly) and interest rates are rising. Will interest rates ever return to historic norms? Pre-bubble, it wasn't uncommon to have a 10%+ interest rate, and that was with great credit. What if we see those types of rates in the next 5-10 years?
Will the average buyer continue to see his/her salary increase (as we have seen during this recovery) commensurate with interest rate increases to support continued price growth?
Baja28
Obama destroyed America
Ask me how much $$ I've socked away since paying off my mortgage 2 years ago then tell me what a fool I am for not having a mortgage or renting.
PJay
Well-Known Member
CrashTest
Well-Known Member
Ask me how much $$ I've socked away since paying off my mortgage 2 years ago then tell me what a fool I am for not having a mortgage or renting.
What I would do is sell the house for whatever it's worth (perhaps $300,000), take that money and invest it into a fund earning 20% - 25% interest ($75,000 a year), pay $2,000 a month rent to live in the exact same type of house ($24,000 a year), and come out $50,000 a year ahead.
Vince
......
Same here and I sayAsk me how much $$ I've socked away since paying off my mortgage 2 years ago then tell me what a fool I am for not having a mortgage or renting.
That house payment has been getting put into a nice retirement account.
C
czygvtwkr
Guest
There is something to be said for having a paid off house, my mom is able to live on social security alone. My dads retirement accounts and life insurance are just sitting there gaining value so I can get the half that the government doesn't take some day.
Baja28
Obama destroyed America
How bout you PM me the name of that fund consistently earning 20% - 25% interest and I'll sell the house, take all my savings, pull my 401K (pay the penalty), redirect my deposits and sock everything I own into it. TIA
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CrashTest
Well-Known Member
Right now, almost all of my 401k is in the Wilshire 4500 Index Fund which earned 36.6% for the past 52 weeks.
So if I had put $300,000 into last fund last year, I would have gained about $110,000 in that year.
https://www.google.com/#q=wilshire+4500
kwillia
n/a
Yeah, but won't that only be a real gain if you move it to somewhere safe before the crash wipes it all out? It's only a real gain if you can keep it, right?