I am finally thinking of buying a house

DzynKingRTR

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It turns out the engineer I have been doing work for has a daughter that is a part time realtor. She says she can get me in a place in my price range in the same area I currently live. My only issue is HOAs. I hate them with a passion and most places around here have them. I want to see how the economy does before taking the plunge, but interest rates are very low right now. It seems like a good time. I have rented over half my life now and it has gotten ridiculous. I am looking at everything condos, townhome, house. If I went condo, I think I would prefer high rise just for the views alone. If any of my fellow Atlanta resident have some opinions in neighborhoods let me know. I have an app that she sent me, but looking at pics is one thing talking to people that actually live there is another thing.
 

Bazza

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Only advice I can offer is.....you'll know it's the right place when you first walk in.

If it doesn't feel right - it's likely not.

Don't force it.

The other piece of advice is to put as much extra payment on your principle each time you make a mortgage payment.

I had a 30 year mortgage and paid it off in 16 years by doing so --- and saved myself a heap of interest!

Do this as early on as possible.
 

DzynKingRTR

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Dec 17, 2003
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Only advice I can offer is.....you'll know it's the right place when you first walk in.

If it doesn't feel right - it's likely not.

Don't force it.

The other piece of advice is to put as much extra payment on your principle each time you make a mortgage payment.

I had a 30 year mortgage and paid it off in 16 years by doing so --- and saved myself a heap of interest!

Do this as early on as possible.
I paid off my car that way. I got a 5 year and paid it off in just over 3 years.

I have looked before. Nothing has ever felt right. I have always found something wrong with the place.
 

The Ols

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I paid off my car that way. I got a 5 year and paid it off in just over 3 years.

I have looked before. Nothing has ever felt right. I have always found something wrong with the place.
I've read that one extra payment per year to the principal will take 7 years off in the long run and save 10s of thousands on the term...so that's what I do...

Second note...If you work remotely, considered the N.Ga mountains...It's beautiful and with growth you have everything you need store/shopping wise. Great towns, great people...and A LOT fewer of them!!!
 
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B1GTide

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My only advice - whatever you think this home will cost you in maintenance and upkeep, double it. On average, I spend about $10k per year on home maintenance for our NJ home alone. Add my $14k in property taxes and my NJ home costs me $2k per month before I pay my mortgage, utility bills, etc.

Home ownership should be considered carefully. Most people spend far more money on their homes than they realize. And it is unlikely that you will see significant enough appreciation in home value to make up for the taxes paid and the maintenance, even with the tax break on the property taxes.

As long as you have the discipline to invest the money instead of spending it on hot cars and women, the more sound financial decision might be to invest and continue renting. My oldest son is 23 and he went to see my financial analyst in January. He was told straight out that he should not buy a home right now, and that was before the economy collapsed. He was given a list of financial goals to achieve before considering buying a home.
 

crimsonaudio

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FWIW, if you find the right HOA, it's an asset.

The last thing you want is to watch your real property value drop because some trashy neighbor paints their house pink, has loud dogs that bark at everything (with a chain link fence, naturally), or is a shade tree mechanic with car parts all over the yard.

And for the record, I've seen all of these things in otherwise nice neighborhoods.

A good HOA protects your property value and nothing else. I get there are plenty of examples of poorly managed HOAs, but there are lots of good ones, too - and your home will almost certainly be the largest single investment you ever make.
 

CrimsonNagus

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The problem with HOAs are the neighbors on the board. They suddenly get big heads and think they are the federal government. Then you got the yahoos who want to be on the board but aren't popular enough so, they walk around playing yard cop all day.
 

BamaNation

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It turns out the engineer I have been doing work for has a daughter that is a part time realtor. She says she can get me in a place in my price range in the same area I currently live. My only issue is HOAs. I hate them with a passion and most places around here have them. I want to see how the economy does before taking the plunge, but interest rates are very low right now. It seems like a good time. I have rented over half my life now and it has gotten ridiculous. I am looking at everything condos, townhome, house. If I went condo, I think I would prefer high rise just for the views alone. If any of my fellow Atlanta resident have some opinions in neighborhoods let me know. I have an app that she sent me, but looking at pics is one thing talking to people that actually live there is another thing.
The only thing worse than an HOA is living in a community w/o an HOA or an inactive / unreliable HOA. Believe me, in down markets if you're in a neighborhood community, you definitely want an on-top-of-it HOA making sure yards get cut, houses painted, hedges trimmed, etc. especially on lots where the owner has bailed. And, you want to iptay ixnay that weird person who wants purple columns with their fuchsia gutters and green shutters. I"m lucky that 3 of my 5 cul du sac neighbors are on the board...and they're all good folks with common sense.

If you move just outside the perimeter where I am the houses are about 60% of what they are just across & inside the perimeter for exact same house :) Feel free to shoot me a PM with the price range you're looking at and general areas you're interested in and I may have some suggestions.
 
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rolltide_21

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My only advice - whatever you think this home will cost you in maintenance and upkeep, double it. On average, I spend about $10k per year on home maintenance for our NJ home alone. Add my $14k in property taxes and my NJ home costs me $2k per month before I pay my mortgage, utility bills, etc.

Home ownership should be considered carefully. Most people spend far more money on their homes than they realize. And it is unlikely that you will see significant enough appreciation in home value to make up for the taxes paid and the maintenance, even with the tax break on the property taxes.

As long as you have the discipline to invest the money instead of spending it on hot cars and women, the more sound financial decision might be to invest and continue renting. My oldest son is 23 and he went to see my financial analyst in January. He was told straight out that he should not buy a home right now, and that was before the economy collapsed. He was given a list of financial goals to achieve before considering buying a home.
Dave Ramsey is that you? 😂

hahaha, just kidding of course!
 
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TIDE-HSV

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Years ago, I had to put up with a condo association run by a guy who was thoroughly corrupt. He used it as a cash cow. The only way to get anything done was to pay him off. "Cynthia" made me think of him because he once had me take down hanging baskets... :)
 

4Q Basket Case

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It turns out the engineer I have been doing work for has a daughter that is a part time realtor. She says she can get me in a place in my price range in the same area I currently live. My only issue is HOAs. I hate them with a passion and most places around here have them. I want to see how the economy does before taking the plunge, but interest rates are very low right now. It seems like a good time. I have rented over half my life now and it has gotten ridiculous. I am looking at everything condos, townhome, house. If I went condo, I think I would prefer high rise just for the views alone. If any of my fellow Atlanta resident have some opinions in neighborhoods let me know. I have an app that she sent me, but looking at pics is one thing talking to people that actually live there is another thing.
Good advice all around, especially Bazza's encouragement of early payoff. But based on how you handled your car note, looks like you already understand that.

Regarding HOAs, they're not all bad, though there can be HOA nazis. The key is having a good one.

Regarding condos, I'd be careful there. Not because of the HOA. But because, within the same condo complex, they're all similar to one another, or can be made so for relatively little money. So when you want to sell, you're in competition with all other sellers in the complex.

Might not be a problem if it's a highly-desired location or complex. But if demand for the area or complex is average, it can result in a reverse bidding war for a buyer.
 
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jthomas666

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We're getting ready to buy a house in Warner Robins. It's be at least a year before the rest of the family can move, but even if they never move, the mortgage will be $100/month less than what I'm paying in rent.
 
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TexasBama

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Years ago, I had to put up with a condo association run by a guy who was thoroughly corrupt. He used it as a cash cow. The only way to get anything done was to pay him off. "Cynthia" made me think of him because he once had me take down hanging baskets... :)
A Condo monthly is generally much higher than your garden variety HOA monthlies. But the building insurance is usually a part of the Condo monthly, so you have to dig a bit to get apples to apples.
 

Bazza

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I will be looking at 2 possibilities on Sunday. Skipping a morning bike ride to do it so it is getting serious.
Good luck, Design. This is a really big deal is one's life. I'm happy for you and wish you all the best in this endeavour.

Remember - if it doesn't feel right when you walk in - it's probably not right for you. You want a home you're in love with.

Keep the passion burning.......in all you do!

And you won't go wrong. ;)
 
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