NicksGamingStuff
NicksGamingStuff
Joined: Feb 2, 2010
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April 16th, 2012 at 5:38:13 AM permalink
I decided not to buy a car (something I knew deep down, but the helpful advice from everyone on the forum helped!) I now want to use that money to buy a house or a condo. Only the Wizard has seen my small apartment. I have been browsing real estate here in LV, there is a lot for sale! A mortgage payment would be about the same or lower than my rent. Anyway, that is just an update from me. My big project this year is to buy some property. I won't ever see rates this good for the rest of my life, and I am satisfied living here in LV since I know when I buy I will have a hard time reselling.
boymimbo
boymimbo
Joined: Nov 12, 2009
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April 16th, 2012 at 5:39:45 AM permalink
Good for you. It's probably a wise decision and it's good to see your money go into the capital of your home.
----- You want the truth! You can't handle the truth!
JamieV
JamieV
Joined: Aug 8, 2011
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April 16th, 2012 at 6:35:41 AM permalink
I think that is a great decision on your part. Las Vegas definitely has some great opportunities to own property and I wish you the best of luck on your purchase. I really considered relocating to Las Vegas because I know I could own property but I couldn't get myself to do it. Maybe next year I will re-examine my options.
Bang Biscuit!
pacomartin
pacomartin
Joined: Jan 14, 2010
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April 16th, 2012 at 6:35:46 AM permalink
Quote: NicksGamingStuff

I won't ever see rates this good for the rest of my life, and I am satisfied living here in LV since I know when I buy I will have a hard time reselling.



While the gonzo increases in real estate value may be gone forever, that doesn't mean you can't still do some old fashioned sweat equity. If you have money and a job then you are in control. A lot of value can be found by cleaning up a yard, replacing some drywall, fixing some old cabinets in a kitchen. It's much cheaper than adding a bathroom.

If you can afford it, 15 year mortgages have dropped their interest rates spectacularly. If you can't afford a 15 year mortgage, then take a 30 year mortgage and try and add $50 extra a month to reduce principal.
ThatDonGuy
ThatDonGuy
Joined: Jun 22, 2011
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April 16th, 2012 at 6:36:13 AM permalink
Quote: NicksGamingStuff

A mortgage payment would be about the same or lower than my rent.


Don't forget that, if you itemize, you can deduct the interest - and if you don't itemize, the interest by itself might be enough to exceed the standard deduction (I assume Nevada still has no state income tax).
DJTeddyBear
DJTeddyBear
Joined: Nov 2, 2009
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April 16th, 2012 at 6:38:40 AM permalink
Quote: NicksGamingStuff

A mortgage payment would be about the same or lower than my rent.

There's more than that involved.


You have to also consider the taxes, as well as general maintenance stuff that you're currently depending on your landlord.

What about utilities? Are any included in your apartment that you'll suddenly have to pay for?

Then there's homeowner's association fees if you buy into that type of development.

Let's not forget about insurance!



Don't get me wrong. Owning is better than renting. Just be sure you're thinking about all the variables.
I invented a few casino games. Info: http://www.DaveMillerGaming.com/ 覧覧覧覧覧覧覧覧覧覧覧覧覧覧覧覧覧覧 Superstitions are silly, childish, irrational rituals, born out of fear of the unknown. But how much does it cost to knock on wood? 😁
FleaStiff
FleaStiff
Joined: Oct 19, 2009
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April 16th, 2012 at 7:50:21 AM permalink
Quote: DJTeddyBear


Then there's homeowner's association fees if you buy into that type of development.


Avoid HOA tyranny if at all possible.

Sweat equity? Fine if you can trade your sweat in a sensible manner. Just don't buy a tear-downer that has been trashed by vagrants and think some sweat will take care of insidious problems such as mold or legal problems such as a foreclosure of dubious validity.

Vulture funds are picking over the debris of Vegas real estate. You do not know for certain the geographic location of your dealing job, you only know the present one. Its not an industry known for stability of earnings or employers.

Good luck to you.

I think it was a wise decision to abandon the "show" of a car that spends most of its time empty.
Home Depot has books and classes. Those books and magazines are free at the local library.
Learn to apply your sweat to various items.
tsmith
tsmith
Joined: Jan 15, 2010
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April 16th, 2012 at 8:13:47 AM permalink
DJTeddyBear has mentioned some good things that most first-time buyers don't consider, that add up to quite a bit. Taxes can usually be escrowed as part of the mortgage, raising your monthly payment.

Also remember that your credit score has a big impact on whether you'll be able to get financing at all, just like with a car. If your score isn't that high or you've been at your job less than 2 years a bank might pass on giving you a mortgage. There are companies that cater to people with less-than-stellar credit, but be warned that your interest rate might be a little higher because of it, raising your monthly payment.

If you do decide to go house-hunting make sure you look only at properties that are within your budget. Don't let an agent show you homes you can't afford and don't let an agent talk you into anything. By the same token, if you hate a house the minute you walk into it, walk right back out and don't try to talk yourself into it because you'll always regret it.

Never forget about re-sale. Don't buy a property in a bad area just because it's cheap because you might never be able to sell it when you want to leave.

Look past the paint colors and furniture because you're not buying the furniture and paint is the cheapest thing to change. Don't be distracted by the cosmetics. Make sure to turn on the faucets and flush the toilets to check the water pressure. Check the electrical panel to make sure there are no fuses and that there are sufficient breakers with empty slots for expansion; a full panel might indicate that some circuits are overloaded. Look at the roof and ask how old it is, check the foundation for cracks.

Good luck.
Nareed
Nareed
Joined: Nov 11, 2009
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April 16th, 2012 at 8:19:15 AM permalink
Quote: tsmith

Check the electrical panel to make sure there are no fuses and that there are sufficient breakers with empty slots for expansion; a full panel might indicate that some circuits are overloaded.



I've been advised that on older proeprties, you may watn to have an electrician check the instalation, too.

And as a matter of course I'd make sure the water heater works.
Donald Trump is a fucking criminal
DJTeddyBear
DJTeddyBear
Joined: Nov 2, 2009
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April 16th, 2012 at 8:35:04 AM permalink
Quote: tsmith

If you do decide to go house-hunting make sure you look only at properties that are within your budget. Don't let an agent show you homes you can't afford and don't let an agent talk you into anything.

Similarly, if you get pre-approved for a mortgage, don't assume that you can actually afford to purchase something for the amount of the pre-approval.

When the wife and I purchased our house 13 years ago, we were pre-approved for almost $400K. We purchased a home priced at $178K. And we struggled with the finances for the first few years.


Quote: tsmith

By the same token, if you hate a house the minute you walk into it, walk right back out and don't try to talk yourself into it because you'll always regret it.

I disagree.

You've already driven out to the house. It takes only a few more minutes to look around so you can use it as a basis of comparison.

Our agent took us to a house next to rail road tracks. We told her "no" before we even got out of the car. But she said, "We're already here. Let's just take a look and see if there is anything there you DO like, so I'll have a better idea of what to look for." It made sense.
I invented a few casino games. Info: http://www.DaveMillerGaming.com/ 覧覧覧覧覧覧覧覧覧覧覧覧覧覧覧覧覧覧 Superstitions are silly, childish, irrational rituals, born out of fear of the unknown. But how much does it cost to knock on wood? 😁

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