Home Buyin/Maintenance Thread - Where most of us are 30ish but act 47. Oh, and fuck home inspectors

Discussion in 'The Mainboard' started by Swim Cantore, May 4, 2015.

  1. Cooler

    Cooler A mans gotta eat
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    How guaranteed is this and how fast we talking? Tried to do some research and there are mixed opinions on interest rates going up. I won't be able to lock in for another couple of months so I'm pretty curious to see how high interest rates may get by that time.
     
  2. theregionsitter

    theregionsitter Well-Known Member
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    I thought all projections for interest rates were to be slightly up but nothing crazy this year
     
  3. Barves2125

    Barves2125 "Ready to drive the Ferarri" - Reuben Foster
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    I was really speaking to short term since rates fluctuated upward a lot early this week. They've since gone back down a bit most places a

    As for long term, no one really knows. They'll probably trickle up a little but a lot of folks seem to think they'll remain relatively low most of the year. They've been in the 2s most of the past year so even if they go up into the 3s that's still very, very low historically. I think you should be able to find something in the 3-4% range later this year if you've got good credit.
     
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  4. THF

    THF BITE THE NUTS, THUMB IN THE ASS!
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    I think the idea is you turn on the generator and get it running.

    Turn off all circuits by flipping all the breakers.

    flip interlock switch and you are now powering the panel from the generator.

    Turn on each breaker you want to power, one at a time allowing each to power on and those devices to start up before moving to the next breaker. This way you limit the draw by each circuit drawing power during startup.

    When you are near capacity to the generator; just leave the rest of those breakers off. Only issue is if it’s rolling you won’t know if power has been restored.

    If you later want to switch circuits, go out and turn off the ones you want, wait a second and then turn on the other circuits.
     
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  5. NoNatty

    NoNatty Keyboard Cowboy
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    Put in an offer on a house last night. Waiting sucks.
     
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  6. theregionsitter

    theregionsitter Well-Known Member
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    Put our house up as coming soon which is new for Ohio, essentially you can advertise the property for up to 30 days before putting it active

    On day 4 we got a no look, full price offer as is! Also includes appraisal guarantees and whatever closing date we want

    I listed it $40k higher than the next comp

    Sold! If this goes through we stand to make $170k in 4 years on the house. What a fucking win
     
  7. Gotch Yarbrough

    Gotch Yarbrough Canada eh?
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    Are you building with Tanzanite? We're discussing some floor plans with them and they gave us the same timeline you mentioned in here.
     
  8. texasraider

    texasraider thanks
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    I’ve wanted to put mine up as a Make Me Move situation and list it for an ungodly number just because inventory is so low. But then I’d have to pay an ungodly number to find a new house
     
  9. NineteenNine

    NineteenNine Divers are, in fact, wankers. It's science.
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    indeed, that is how it works.
     
  10. Uncle Tupelo

    Uncle Tupelo Well-Known Member
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    Columbus Area?
     
  11. theregionsitter

    theregionsitter Well-Known Member
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    Italian Village area of Columbus
     
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  12. Uncle Tupelo

    Uncle Tupelo Well-Known Member
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    Awesome, man. I have a friend who recently sold in Clintonville and made a similar killing as well. Columbus is white hot right now.
     
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  13. theregionsitter

    theregionsitter Well-Known Member
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    it’s going to be forever, one million people moving here over next 15 years. We are short 15,000 homes as is. That situation is not improving
     
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  14. Cooler

    Cooler A mans gotta eat
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    Yup, in the final stages of signing everything off. We have one last appointment to change some cabinet plans and a few other things. We went with their amber plan but customized it a bit to add sq ft. If you have any questions on it, message me and I'll answer them. They were by far the most responsive, organized builders we met. Not why we ended up picking them, but it did help.
     
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  15. Gotch Yarbrough

    Gotch Yarbrough Canada eh?
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    I might have to take you up on that. We're meeting with another builder tomorrow who has a plan I prefer, but we've definitely had the same experience as far as responsiveness and organization. I've heard nothing but good things about their build quality from people who would know, too.
     
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  16. joe-

    joe- the air is thick with hotdog flavor
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    I painted my exposed basement ceiling black because I’m edgy but we’re struggling a bit with a wall color. I figured white/gray is the fallback but I’d like to incorporate some type of color IF it can be pulled off. What do you guys think
     
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  17. Jorts

    Jorts "Ask about my Mortgage Services"
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    Rates fluctuate daily & as Barves2125 mentioned there was a but of volatility last week, mostly due to inflationary concerns. The overall prognosis is that we should rates hovering at or near their current levels for the next 18-24 months, but will ultimately need to shift back up, over time
     
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  18. DollarBillHokie

    DollarBillHokie Greatest Asset: being, like, really smart
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    [​IMG]
    I noticed cold air coming from this hole underneath my kitchen cabinet. Should I be concerned? What should I do?
     
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  19. Eric The Viking

    Eric The Viking Nitro, the All Knowing
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    Fucking weeds, my nemesis, are starting back.

    What do I need to be doing at this point to try and get a jump on them? Am I too late?

    Live in Georgia and have Bermuda.
     
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  20. goblue31602

    goblue31602 Well-Known Member
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    Looks like romex coming in to power something, maybe your dishwasher or disposal? Is that an exterior wall? Probably just stuff some insulating material in the hole and then get some spray foam and just seal around the wire.

    Edit, nevermind I see the tile so that's possibly under cabinet lighting power. Either way, probably same recommendation, just shave it down after it expands to make sure it isn't noticeable.
     
  21. DollarBillHokie

    DollarBillHokie Greatest Asset: being, like, really smart
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    Under cabinet lighting. Yes it is an exterior wall
     
  22. goblue31602

    goblue31602 Well-Known Member
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    Edited my post. Yeah probably same recommendation.
     
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  23. infected donkey

    infected donkey Arkansas Razorbacks
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    look at these herbacides linked in this guys video and see which one wont harm bermuda. (Warm season grasses)
     
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  24. bigred77

    bigred77 Well-Known Member
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    Great stuff can, spray foam in there and cut off the excess when it dries
     
  25. Funshot Residue

    Funshot Residue This is my avatar, Asshat
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  26. leroi

    leroi Rival Shark Boat Captain
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    So I just got new gutters installed, and routed in ways that now make sense. (i.e. downhill)

    The old ones fed into a system of underground pipes (some white PVC, some black corrugated plastic) that, to make a long story short, were designed incoherently. (There should not have been downspouts on the uphill side in the first place, and the outfall should not have risen vertically, nor should it have exited in a low spot in the middle of the yard.)

    What do y'all think I should do with these? Dig them all up? Fill them with dirt? Concrete? Leave big hollow plastic tubes in the ground for squirrels to die in?
     
  27. theregionsitter

    theregionsitter Well-Known Member
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    Some progress

    lost another 3 weeks to delays, ugh
     

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  28. Funshot Residue

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    Tile looks damn good. The herringbone is a nice touch over regular horizontal subway. I know someone asked about it a while back.....did you set it yourself?
     
  29. theregionsitter

    theregionsitter Well-Known Member
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    nah the builder did it, not sure I have the patience for tile work
     
  30. leroi

    leroi Rival Shark Boat Captain
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    I've been listening to very smart, very well credentialed people make severely wrong interest rate predictions for the past 15 years

    you're lucky if you can find a financial professional who understands even the basic fundamentals of US monetary policy. Predictions are well beyond their capacity.
     
  31. Rabid

    Rabid Fan of: DQ Treats
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    I’m credentialed and understand it well enough to know not to make predictions.
     
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  32. BigReff73

    BigReff73 Well-Known Member
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    I have a 8’x12’ walkout pad filled with stone under my deck. Tired of a gravel bed when I walk out the door and want to building a deck on grade. Thinking of removing gravel, placing down weed fabric, then pressure treated lumber runners and composite decking. What’s TMB’s preferred decking material? Assuming Trex?
     
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  33. NDfanPSUgrad

    NDfanPSUgrad Well-Known Member
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    Trex here. Aside from getting ridiculously hot in the sun it’s awesome.
     
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  34. LSU90

    LSU90 Well-Known Member

    Can someone give me some guidance on best way to pay for major renovation? House is worth about 400k currently. Have 288k @ 25 years left on current mortgage. Without getting into all of the details, the reno/add ons will cost about 150k-175k. Current have about 30k saved up to start on it and am putting about 2k/month towards that fund. Not sure if I gave too much or little detail but would appreciate the help since a lot of you in here have done some large costly renovations.
     
  35. Rabid

    Rabid Fan of: DQ Treats
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    I added a home equity line of credit before renovations started. You may be able to show them the plans and get a line with added capacity based on completed value.
     
  36. Imurhuckleberry

    Imurhuckleberry Avid spectator of windmill warriors
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    Had a gas leak for my log lighter. Plumber had to pull a few bricks. Now the bricks are loose. Is remortaring fire place bricks uniquely challenging or something I should be able to handle myself?
     
  37. LSU90

    LSU90 Well-Known Member

    So I show them the plans and they are like we think this house will be worth 140k more than what it is worth now and then basically give me a line of credit for 140k? Simplified obviously.
     
  38. NDfanPSUgrad

    NDfanPSUgrad Well-Known Member
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    I’m no expert but watch the loan to value ratio. Currently 288/400 = 72%. Borrowing another 140 puts you at 428 / 540 = 79.25. You are getting close to where you may have to pay PMI or they might not let you borrow more than 80%. Also, that’s assuming 140k of improvements equals 140k in added value which I would be surprised if that’s actually the case. What are you adding on?
     
  39. rbox

    rbox Spending fun tokens since 1981
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    Talk to any bank about a home improvement loan. The LTV will be based on post-renovation value. In Texas, Frost bank has killer program which is why there are so many pools being built.
     
  40. jbr

    jbr Well-Known Member
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    It’s fine to do yourself. Just make sure to use refractory cement.
     
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  41. Uncle Tupelo

    Uncle Tupelo Well-Known Member
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    If you plan on doing everything a once, a home improvement loan/home equity loan would probably be your best bet.

    HELOCs are more used for a kind of paying as you go on a project by project basis, since your line is going to be based on the the current value of the property, while a home improvement loan will be based on the value after reno.
     
  42. Det. Frank Bullitt

    Det. Frank Bullitt God Bless Texas
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    no help other than making sure the neighborhood/location can bear a house priced that differently from the rest of the homes. If your home is worth $400k, when you go to sell - would there be buyers for a $550k-$575k home? That is a little optimistic with the return on those reno costs, but you get the idea.
     
  43. Funshot Residue

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    I'd caution you against laying treated lumber on grade. Even .60 (treated for ground contact) will deteriorate over time in those conditions, and composite decking will be wavy without proper framing. If there is already gravel there, it sounds like you'd be way better off to form, reinforce, and pour a concrete slab.
     
  44. Snakes

    Snakes stubbornly litigious
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    We are going through the process of taking out a Fannie Mae Home Improvement Loan. They loan you the money and you refinance your mortgage based on the appraised value of the finished plans. It really depends on the value of the home after the reno and if it makes sense financially to do the renovation. I would ask a few lenders about that option. We are doing it through Renesant and I know not every bank offers it.

    just for example we bought my house for $420k last year and are planning a $120k reno. We haven't gotten the final designs appraised yet but the mortgage broker is very confident based on the comps in our neighborhood.
     
  45. LSU90

    LSU90 Well-Known Member

    Here is some quick background:
    • Bought the house for 360k a year and half ago. It was built in 1970 and had minimal updates since then. Put about 40k-50k in before we moved in mostly in the bedrooms, hall, guest bathrooms.
    • 4 bed / 2.5 bath at 2400 sqft. House is in one of the more sought after neighborhoods and "old part" of my city. Houses across the street from me are 600k-800k+. I would say my house when bought was/is in the lower 20% on my street.
    Updates:
    • Current master has a small closet and bathroom is single sink with shower only. We would add on to the house in the back and make the master bedroom a little larger as well as a completely new full master bath and master closet that can fit me and the wife. Existing "master" bathroom would also be redone but put a door to the hall so the house would become a 4 bed / 3.5 bath. Adding on the new master stuff would be another 200ish sqft.
    • Living room, dining room, kitchen, corner room is all separate rooms. Would open up all the walls and completely renovate them down to the studs including raising the ceiling. Reno would also include redoing the laundry room, walling, walk in pantry. Would also be "adding on" entry room that is currently outside but under roof which is about 110 sq ft.
    • Changing carport to garage
    • Outdoor kitchen connected to home if we can swing it now
    • House would go from a 4 bed / 2.5 bath at 2400 sqft that was not updated much at 360k to a 4 bed 3.5 bath at 2700ish sqft that is full updated. I think fetching 550k would be about ballpark when all said and done.
    • We plan to here 10+ years then reevaluate if we want to stay for longer/ever or move.
    • Everything we will do will keep in mind resale but at the same time we want to make it functional for us. We are not going to put all this odd unique shit that will be tough to sell.
    Hope that is enough information. I appreciate the help
     
  46. LSU90

    LSU90 Well-Known Member

    So I guess you can kind of make the final decision once they appraise your homes final renovated value whether you want to/can do it?
     
  47. Boom TittyMilk

    Boom TittyMilk User Formerly known as Big R
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    Just got hit with the water bill that had the full month of the leak going.
    257$
    :magatears:
    read date is from the day we got the leak fixed.
     
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  48. Snakes

    Snakes stubbornly litigious
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    yeah i mean they aren't going to give you the money unless it makes sense and if you disappear off the face of the earth they can still get their money back.

    That is my simple understanding of it. But i am also a dumbass that doesn't do it for a living. I would just ask lenders about the Fannie Mae Renovation Loan and if they can offer it. If not find a Renasant banker near you. It really is a great deal that seemed too good to be true.
     
  49. Barves2125

    Barves2125 "Ready to drive the Ferarri" - Reuben Foster
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    This is called Homestyle Renovation, LSU90 .

    https://singlefamily.fanniemae.com/originating-underwriting/mortgage-products/homestyle-renovation
     
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  50. Det. Frank Bullitt

    Det. Frank Bullitt God Bless Texas
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    You are on top of it, in fact from your reply, it looks like you'd be moving closer toward "comparable" from the bottom range of your neighborhood. And if you are truly a much lower value house (no offense), then moving upward with big improvements also rises all the houses on your block because you've made a big increase to your homes value.

    In my neighborhood, I'm looking forward to two nearly adjacent homes getting flipped or restored in the coming years. While they aren't shacks or eyesores by any means, they are probably the least appealing homes on the block, which in turn will increase our own values.

    Am I recalling correctly you are in Houston?
     
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