Deleted
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Post by Deleted on May 9, 2012 10:44:58 GMT -5
Closing in on May 15th at 11am. I've been cool this whole time, but now I'm starting to freak out. Purchase price was $265k, we did electrical work ($1750, the seller held the amount in escrow if the deal falls through) and the seller did foundation fix and radon remediation (about $10k of work). While we can afford our mortgage, insurance, and tax bill, it's just IMO a crazy amount (~$2200/month). And then of course we need to paint, replace flooring and appliances, and fix/erect a new fence. All I see is money down the drain. What should be exciting is quickly becoming dreadful and nerve-wracking.
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Post by Deleted on May 9, 2012 10:48:10 GMT -5
Closing in on May 15th at 11am. I've been cool this whole time, but now I'm starting to freak out. Purchase price was $265k, we did electrical work ($1750, the seller held the amount in escrow if the deal falls through) and the seller did foundation fix and radon remediation (about $10k of work). While we can afford our mortgage, insurance, and tax bill, it's just IMO a crazy amount (~$2200/month). And then of course we need to paint, replace flooring and appliances, and fix/erect a new fence. All I see is money down the drain. What should be exciting is quickly becoming dreadful and nerve-wracking. Yup. Suck it up and get through it. It gets better. Give it a month or two after closing.
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midjd
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Post by midjd on May 9, 2012 10:51:04 GMT -5
Take a deep breath... welcome to the world of homeownership Have you made a list of what needs to be done? Something that helped keep us from going into new-homeowner-overload (sorta) was prioritizing all our projects... it's nice to be able to cross something off the list, and helped keep me from the "OMG where do I start?" entropy. Some things (like fixing the a/c) needed to be done ASAP... others (guest bed) can wait indefinitely. Good luck! It sounds dorky but I really enjoyed making our first mortgage payment, I felt like a real adult. This is an exciting time!
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movingforward
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Post by movingforward on May 9, 2012 10:56:09 GMT -5
Congratulations on your new home. I know home ownership is scary but I am sure you will enjoy your new place.
Home ownership is scary to me! I am single and like renting because if something breaks I can pick-up the phone and call someone. I have been in my current apt for 7 yrs and so far they have replaced my refrigerator, fixed my AC twice (I think one time it just needed more freon), put in new carpet, cleaned my air vents, and now the dryer is on the fritz. Who knows they might end up giving me a new one...
At any rate, being single I love apt life but I am sure if I had a family I would want a house. I am sure your new home will bring you many wonderful memories with your husband and son.
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Post by Deleted on May 9, 2012 10:58:51 GMT -5
I think I will make a list in the next couple of days. I told DH that we should paint first so that we don't have to worry about putting a tarp down (we'll be ripping up all the carpets). I'd REALLY like us to address the linoleum floor in the kitchen (it's about as old as the house, and the house was built in the 60's) as well. I'd love tile, but we can't afford all that, so just some new linoleum or laminate would be fine with me. We also need a dishwasher. We don't want their fridge, so I've been pricing out those as well. The fence is what's really blowing my mind.
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Deleted
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Post by Deleted on May 9, 2012 11:00:34 GMT -5
Just think you are going to be in that house for quite a while. You don't need to do everything right away.
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Post by Deleted on May 9, 2012 11:04:20 GMT -5
dem, I feel like we're a little overextended (we're not - we can still save and contribute to retirement as well as do fun things), but this was the best house we've seen in our town and it's an expensive area. Houses in the new neighborhood typically sell for $350k-400k or more, so I joked that DS will be the "poor kid" at school. We're in our late 20s (okay, I turn 30 in November), so hopefully we will be making more money in the next few years. We also got a less than 4% interest rate which is fantastic. FWIW, I felt like an adult when I pushed DS out 9 months ago.
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Post by Deleted on May 9, 2012 11:05:42 GMT -5
MJ, I have a suggestion on ways you can relax on the serious, just eat the elephant one bite at a time....
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Deleted
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Post by Deleted on May 9, 2012 11:06:28 GMT -5
Just think you are going to be in that house for quite a while. You don't need to do everything right away. I know, but I don't want to move everything in and then move it out again in a few months. The paint, carpets, and dishwasher are on the "must do before move-in" list. The other stuff can wait.
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Deleted
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Post by Deleted on May 9, 2012 11:07:22 GMT -5
Closing in on May 15th at 11am. I've been cool this whole time, but now I'm starting to freak out. Purchase price was $265k, we did electrical work ($1750, the seller held the amount in escrow if the deal falls through) and the seller did foundation fix and radon remediation (about $10k of work). While we can afford our mortgage, insurance, and tax bill, it's just IMO a crazy amount (~$2200/month). And then of course we need to paint, replace flooring and appliances, and fix/erect a new fence. All I see is money down the drain. What should be exciting is quickly becoming dreadful and nerve-wracking. Wow, how high is that tax bill to arrive at that monthly payment?
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Deleted
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Post by Deleted on May 9, 2012 11:10:32 GMT -5
Closing in on May 15th at 11am. I've been cool this whole time, but now I'm starting to freak out. Purchase price was $265k, we did electrical work ($1750, the seller held the amount in escrow if the deal falls through) and the seller did foundation fix and radon remediation (about $10k of work). While we can afford our mortgage, insurance, and tax bill, it's just IMO a crazy amount (~$2200/month). And then of course we need to paint, replace flooring and appliances, and fix/erect a new fence. All I see is money down the drain. What should be exciting is quickly becoming dreadful and nerve-wracking. Wow, how high is that tax bill to arrive at that monthly payment? something like $8500/year.
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Deleted
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Post by Deleted on May 9, 2012 11:27:53 GMT -5
Wow, how high is that tax bill to arrive at that monthly payment? something like $8500/year. 1/2 the home value but 60% more taxes than we pay.. Are you at least HOA free?
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Post by Deleted on May 9, 2012 11:29:38 GMT -5
something like $8500/year. 1/2 the home value but 60% more taxes than we pay.. Are you at least HOA free? California has weird rules about property taxes.
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Post by Deleted on May 9, 2012 11:42:21 GMT -5
Jen's in NJ.
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Post by Deleted on May 9, 2012 11:43:12 GMT -5
but MMC is in San Diego.
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Deleted
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Post by Deleted on May 9, 2012 11:45:56 GMT -5
Ahhh.... HOA's are not common around here. I don't "get" buying a house somewhere that you have no say on it's outward appearance.
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Deleted
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Post by Deleted on May 9, 2012 11:48:41 GMT -5
1/2 the home value but 60% more taxes than we pay.. Are you at least HOA free? California has weird rules about property taxes. Weird or smart? The only real problem with the system is the inability to raise taxes in times like this when property values fell. Then again, it sure has trimmed the bloat out of school districts. What NJ charges should be criminal.
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Deleted
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Post by Deleted on May 9, 2012 11:56:16 GMT -5
Ahhh.... HOA's are not common around here. I don't "get" buying a house somewhere that you have no say on it's outward appearance. What you describe is not the norm. Having an HOA means you don't have the ultimate say - they can block you from going way outside the norm - buy saying you have no say is not correct. I have always felt the tradeoff was worth it since these rules protect my property value. My current HOA is a no-frills HOA. We have no pool or parks. Their only jobs are to maintain the fire brakes on our mountain, prevent erosion, and maintain some minimal rules on external property modifications.
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Deleted
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Post by Deleted on May 9, 2012 12:03:57 GMT -5
Was having good neighborhoods "go bad" a common occurrence before the implementation of HOAs?
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GRG a/k/a goldenrulegirl
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Post by GRG a/k/a goldenrulegirl on May 9, 2012 12:05:46 GMT -5
Oh, congratulations, Jenny!!!!!
Sunday was the 2 year anniversary of our own purchase. The days leading up ARE anxious days, but it is a good anxiety, LOL.
Take a deep breath. Prioritize, prioritize, prioritize. There are things that were on our "must" list that still haven't been done, but we've come to realize that they weren't really as critical as we thought.
Buy a bottle of champagne, drive to the new house immediately after closing, and celebrate!!!!!!
Wishing you 30 years and more of happy family memories in your new home.
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Post by Deleted on May 9, 2012 12:09:18 GMT -5
something like $8500/year. 1/2 the home value but 60% more taxes than we pay.. Are you at least HOA free? there is no HOA in our new neighborhood, thank God. We would have never bought in a place with an HOA. NJ "gets away" with those high taxes because of the location (we're about an hour train ride from NYC) and because the civil services are pretty damn good. Our local library is actually frequented by people outside the town because it's so good, and out-of-towners have to pay a yearly membership fee that's around $150. And the schools are top notch - it's the reason we were so adamant about staying in our town. Well that and the fact that the ILs are in the next town over and they provide us with free daycare. ;D
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Miss Tequila
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Post by Miss Tequila on May 9, 2012 12:27:18 GMT -5
Damn Jen, that's a whole lotta mortgage payment! If it's any consolation, that's around what I used to pay in property taxes...then I got smart and downsized and cut my bill in half Seriously, good luck to you. I am much to conservative to have such a high debt/income ration but that's me...lots of other people do it and are just fine.
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Deleted
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Post by Deleted on May 9, 2012 12:28:12 GMT -5
Ahhh.... HOA's are not common around here. I don't "get" buying a house somewhere that you have no say on it's outward appearance. What you describe is not the norm. Having an HOA means you don't have the ultimate say - they can block you from going way outside the norm - buy saying you have no say is not correct. I have always felt the tradeoff was worth it since these rules protect my property value. My current HOA is a no-frills HOA. We have no pool or parks. Their only jobs are to maintain the fire brakes on our mountain, prevent erosion, and maintain some minimal rules on external property modifications. HOAs make me think about that X-Files episode where this one HOA made everyone have the same landscaping and mailboxes. If you changed your mailbox, the HOA monster would eat you.
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swamp
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Post by swamp on May 9, 2012 12:29:30 GMT -5
I guess I'll have to take your word on that one! Wow, those taxes are staggering. We pay about $1,700.00 on an evaluation of $225,000.00. Of course we don't have water, sewer or a police department either. Damn, I need to move to Maine. I pay about $5,000 a year in taxes, and I don't have water, sewer, trash removal, a police dept, or anything other than a volunteer fire dept. The school also sucks adn the library is tiny. I'm also seriously underassessed and should be paying about $6,000 in property taxes. If anyone of you tells the assessor on me I will cut you.
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Deleted
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Post by Deleted on May 9, 2012 12:30:30 GMT -5
<< adds this to stalker notebook >>
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Post by Deleted on May 9, 2012 12:35:00 GMT -5
Seriously, good luck to you. I am much to conservative to have such a high debt/income ration but that's me...lots of other people do it and are just fine. it bothers me too, but it's either this or buy a house in a less desirable town further away from work or the ILs. A condo is out of the question - we are sick of sharing a wall with people.
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swamp
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Post by swamp on May 9, 2012 12:36:14 GMT -5
Seriously, good luck to you. I am much to conservative to have such a high debt/income ration but that's me...lots of other people do it and are just fine. it bothers me too, but it's either this or buy a house in a less desirable town further away from work or the ILs. A condo is out of the question - we are sick of sharing a wall with people. At least you know your actual mortgage payment will never go up, unlike rent, and I assume you guys will be making more money in the future. I dunno about those taxes though.................
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Deleted
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Post by Deleted on May 9, 2012 12:36:40 GMT -5
it bothers me too, but it's either this or buy a house in a less desirable town further away from work or the ILs. A condo is out of the question - we are sick of sharing a wall with people. Then you just spend the money on gas, vehicles and daycare. Might as well put it into a house. Congrats.
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Miss Tequila
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Post by Miss Tequila on May 9, 2012 12:41:16 GMT -5
"I dunno about those taxes though................. "
PA isn't much better with taxes, though. We were paying $8K on the house I just sold 2 years ago..freaking insane if you ask me.
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Peace Of Mind
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Post by Peace Of Mind on May 9, 2012 12:42:01 GMT -5
Wow! The time flew! Jen, most people get that feeling when getting locked into a large expense like that. Maybe you could look at your home improvements as you would a 401K. You are putting money towards something that may, or may not, go up in value. After you make it your own you will be so happy and those feelings will go away soon. But like having children, you are so trapped for many years to come! buwahahahahaha ETA: I will never complain about our property taxes again.
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