House situation

Discussion in 'Real Estate' started by mtowncyclone13, Jan 9, 2017.

  1. throwittoblythe

    throwittoblythe Active Member

    Aug 7, 2006
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    I try to keep my monthly payment below 25% of my TAKE HOME pay. The bank will generally lend up to 33% of your pre-tax income, assume you have good credit.
     
  2. KnappShack

    KnappShack Well-Known Member

    May 26, 2008
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    You can get programs much higher than 33% of your gross pay.

    25% of take home pay??? Ahhh.....sometimes I miss the homeland
     
  3. Stewo

    Stewo Well-Known Member

    Oct 29, 2008
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    I don't have any input on your situation, but we just bought a house in Marshalltown last July and we're going to likely be selling it later this year to get back to the Des Moines area. We've already dropped $10k (new windows in the br's, new light fixtures, new fridge) in the house and just begun the painting process (the place is/was a throw back to the early 90's). We bought the house for $113k and hoping to get $125k for it when we sell. I'm getting a bit concerned that Fisher's continued struggles are going to make selling tough, though.
     
  4. throwittoblythe

    throwittoblythe Active Member

    Aug 7, 2006
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    Minneapolis, MN
    The 25% has worked for us in the two homes we've purchased. It's conservative but I don't mind it. Usually translates into a solid house in a good neighborhood, but one that needs updating. I also have only lived in Iowa, Nebraska, and Minnesota. So, that rule may be tougher to get by with in more expensive parts of the country.
     
  5. Bryce7

    Bryce7 Well-Known Member

    May 4, 2016
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    List it.
     
    • Agree Agree x 1
  6. erikbj

    erikbj Well-Known Member

    Aug 31, 2006
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    hiawatha, ia
    Put an offer in on the house being built, contingent you sell your house. Sell your house by owner and save on the commission. If it sells, make the switch - if it doesn't sell, keep the house and lose out on the new one.

    Flip side, now you just disclosed everything that is wrong with your current house and no one on CF will buy it
     
  7. carvers4math

    carvers4math Well-Known Member

    Mar 15, 2012
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    My niece has a similar situation, her house makes even less sense than yours. Two bedrooms up, master on first floor that has one of those great rooms that isn't very great, with not a ton of space and a high ceiling, and a nice furnished basement with a roomy family room that is freezing. She has a toddler and a baby in the two upstairs rooms, and spends most of her life going up and down the stairs. House would be so much nicer with a full second floor instead of that energy and room sucking high ceiling great room.

    But to your problem, I guess I would maybe put out feelers on how difficult it would be to sell your house before you decide. If that is going to be difficult, might as well keep it and fix it.
     
  8. Stewo

    Stewo Well-Known Member

    Oct 29, 2008
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    Oh, the other thing I meant to mention is that when it comes time to sell, I'm going to look at using FSBO. It's basically 3% commission to sell. The OP may have some interest in that.
     
  9. ElephantPie

    ElephantPie Member

    Aug 17, 2011
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    Isn't the recommendation for newborns to sleep in their parents' room for 1 year? Add the 9 months of pregnancy and mtown has almost 2 years before the downstairs bedroom is needed. Given Stewo's info about Fisher struggling, mtown might be able to find a very good deal on some real estate in those 2 years. Something to consider.

    Edit: I didn't consider mtown having to sell his current house though. A market that gets you a good deal on a house will likely also make it tough to sell the current home.
     
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  10. 1100011CS

    1100011CS Well-Known Member

    Oct 5, 2007
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    We are looking to down-size. DM me with the specifics of your house as I might be interested.
     
  11. 3TrueFans

    3TrueFans Well-Known Member

    Sep 10, 2009
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    That doesn't seem like a thing. And if it is a thing, **** that, no way Jose.
     
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  12. cowgirl836

    cowgirl836 Well-Known Member

    Sep 3, 2009
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    we saw a lot of those first floor master set ups when hunting. Seems like that was thing to build around 2000. I thought they seemed terrible - especially the waste of space 2 story great rooms! Maybe if we had teenage kids or something, but the idea of going through the infant and toddler stage with them upstairs - all I could imagine was going up and down those steps 80 times a day and night.
     
    • Agree Agree x 2
  13. CloneHead

    CloneHead Member

    Apr 11, 2006
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    See if the builder will take your current house as a trade, thus avoiding the commission hit.
     
  14. carvers4math

    carvers4math Well-Known Member

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    I'm not sure what the current recommendation is, but we always kept our babies in our room while still breast feeding. Once you have to get them a bottle or something anyway, might as well go get the baby too.
     
  15. Jacktronic

    Jacktronic Well-Known Member

    Dec 16, 2013
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  16. jsb

    jsb Well-Known Member

    Mar 7, 2008
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    I think it might be the new recommendation.
     
  17. cowgirl836

    cowgirl836 Well-Known Member

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    think the recommendation just came out to keep them in the same room (not bed!) for six months to reduce SIDs risk.
     
  18. cowgirl836

    cowgirl836 Well-Known Member

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  19. carvers4math

    carvers4math Well-Known Member

    Mar 15, 2012
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    Well I guess I always made it more than six months breastfeeding so they all lived.

    I'm not sure why it would reduce the risk of SIDS though unless you spend a lot of time awake listening to them breathe, which I did when one of them had that RSV virus.
     
  20. ArgentCy

    ArgentCy Well-Known Member

    Jan 13, 2010
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    The First step is to figure out what your current home would actually sell for. What you paid and the improvements cost are not necessarily relevant. Look to see if you can find a few similar split levels for sale or ones that have recently sold and compare those to your house.

    I would probably lean to just installing a HVAC system to meet the needs of the house. A heating system that can't warm a house over 69 degrees was poorly designed or is broken. Of course I keep ours colder than that so toughen up buttercup's. The one thing you can't change is how many bedroom's are on the main level so if you are not going to move someone downstairs then that would be a reason to move. I still don't like paying the depreciation/builder's profit on a new home when there are plenty of good resales available.
     

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