Saving for my first house has ruined my gun buying...

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  • SPOOK331945

    Sharpshooter
    Rating - 0%
    0   0   0
    Feb 7, 2018
    410
    27
    Southern IN
    Kind of venting here, but for the past year I've been saving/looking for my first house and it has been absolutely miserable... The market is nothing but a sellers market. I've talked to several realtors and I'm amazed at what individuals in my generation "think" is a good house. They're blind! I've been called extremely picky by some, but bottom line is, it is one of the largest investments I will make in my lifetime if not the largest. Shouldn't I have the right to be picky with my money? I'm not going to by a house for $200k that's on .25 acres, 1000sq/ft and hasn't been updated since it was built in the 60s.

    This is my 2 cents but I feel the market has been ruined by realtors and house flippers. Apologies to any that are reading this, its just my 2 cents. I'm not going to buy a house that you just bought for $75k less just because you bought a bucket of white paint and new carpet and call that a remodel. What about that saddle back ridge board? Because you threw another layer or shingles on and it cant even hold the weight now. What about the grade that's falling back towards the foundation that's causes the basement to flood or worse the foundation to settle and split? You would BE amazed how many people down realize water runs down hill. Oh your basement is getting wet, just water proof it. No you d#$% fool walk outside and see it the grade is running toward the house, taper it AWAY. S$%^ rolls down hill goof. Its equivalent to some used car salesman selling a lemon with a fancy paint job.

    Buying a new house isn't great either, past few I've walked through, half the house is rotted 2x4s and 2x6s. Its a joke. at least maybe I'll get 10 years out of it tell I sell it to the next poor dumb b@#$@^$ for it to fall in on. Very close to buying land and building it myself.

    A lot of complaining I know, appreciate the readers. I just see it through different eyes when both sides of the family built homes. One side built crappy spec homes the other built 20 penny nail, hundred year homes. Just needed a good vent.

    Not to mention my gun collecting hobby has come to a crashing halt. Spoiled first world problems I know lol. Local gun shops are probably wondering where I've been. Can't walk in there with all this cash burning haha.
     

    rhino

    Grandmaster
    Rating - 100%
    24   0   0
    Mar 18, 2008
    30,906
    113
    Indiana
    Many of us feel your pain, especially the hit to the gun buying budget. On the other hand, it's better than what losing your job does to your mortgage paying budget!
     

    JollyMon

    Shooter
    Rating - 100%
    2   0   0
    Sep 27, 2012
    3,547
    63
    Westfield, IN
    Something is always worth what someone is willing to pay for it.

    I bought my first house before the bubble burst. Lived in it years longer then I wanted (especially after my first kid), but an investment is just that, and I sold when the market came back up.
     

    Mark-DuCo

    Master
    Rating - 0%
    0   0   0
    Aug 1, 2012
    2,265
    113
    Ferdinand
    I was in your situation for about three years, finally found some land and just built my own about a year ago. Anything I looked at under $150,000 was either falling apart or needed major remodeling.

    If you can do a lot of the work yourself, building is the way to go, My house and 4 acres appraised for around 180,000, and I only had $120,000 stuck in it total including the land.
     

    patience0830

    .22 magician
    Site Supporter
    Rating - 96.6%
    28   1   0
    Nov 3, 2008
    17,593
    149
    Not far from the tree
    Sweat equity is a good thing if you're any kind of craftsman.

    Just think of the saving as a way to get a castle old your own to defend.




    And repair. . . .



    And pay taxes on. . .


    Yeah that.
     

    dvd1955

    Expert
    Rating - 0%
    0   0   0
    Apr 10, 2013
    783
    63
    Howard County
    I know what you're talking about. My daughter sold her condo and bought a new home recently, near geist reservoir. I was amazed and shocked by the asking prices and how quickly the homes sold. We found one we all loved, and I advised her to offer slightly more than asking price, since it was the most solid, well kept up home we saw. And we looked at a lot of homes. Most of them had offers within a day or two after listing. Just crazy! She did get the home and is moving in soon. We heard from her realtor that there were other offers on it, so maybe it worked out that she offered more.

    I think you might be on the right track to build your own, if you are up to it.
     

    HoughMade

    Grandmaster
    Rating - 0%
    0   0   0
    Oct 24, 2012
    35,615
    149
    Valparaiso
    Lucky for me that the only way I'm leaving my current house is feet first.

    But the house still cuts into my gun budget. Small example- I am currently renovating the front lawn. What I will have into weed killer, seed, fertilizer and equipment rental by winter would have bought the 1874 Pedersoli Sharps I've wanted for a while.

    ...but hey....grass.
     

    churchmouse

    I still care....Really
    Emeritus
    Rating - 100%
    187   0   0
    Dec 7, 2011
    191,809
    152
    Speedway area
    As with about any thing we do that is a major investment patience will out. Something will come along.

    Find the right area and there may be something in there that only needs 10 gallons of paint and new carpet that you can get into at the right price. In this crazy market you are not going to find the turn key place you are desiring at anywhere near a bargain price.
     

    JHB

    Sharpshooter
    Rating - 0%
    0   0   0
    Oct 7, 2016
    502
    18
    Columbus
    Don't feel bad my sister bought a house in Phoenix two years ago 1800 sq ft for 400k. Six months later AC went out.
    My son and daughter bought a 2500 sq ft house in NY in July for 700k. So far they had an electrician in to repair the wiring had to replaced the carpets paint the whole place and re roof the place. They tell me they got a good deal.
    In this part of the country 150-200k would be the asking price for earthier house and lets not bring up property taxes.
     

    SPOOK331945

    Sharpshooter
    Rating - 0%
    0   0   0
    Feb 7, 2018
    410
    27
    Southern IN
    I wont mind the general cost of upkeep on a house. That comes with anything, cars, boats, guns. My old man put it best. You just bought a house for 200k that needs work. Throw half your money in the trash. Because that's what your doing when your ripping drywall and insulation out and throwing it away.

    Hoping the market tilts soon, a lot of talk like it will come this spring before the election. Hard to say. 3-4 years ago is when I should have bought or built instead of renting. Paying rent is like a fart in the wind, money is gone for good. I'll never do it again.
     

    jagee

    Grandmaster
    Rating - 100%
    24   0   0
    Jan 19, 2013
    44,415
    113
    New Palestine
    Bought my first house about 8 years ago for ~$60k. Painted the whole thing and replaced furnace and carpet before even moving in. Over time replaced roof, siding, gutters, screen doors. Just this year repainted the whole thing on the inside, painted cabinets and new hardware, new flooring in kitchen and dining, new deck(s)...just sold it for more than double my original purchase price.

    I bought a move in ready house a few months ago (that CM replaced the HVAC system in) for what I felt was a fair deal. I'm happy all around.
     

    jd4320t

    Grandmaster
    Rating - 100%
    23   0   0
    Oct 20, 2009
    22,891
    83
    South Putnam County
    Just take your time and wait for what you want. Keep saving. Paying rent is better than buying something you don’t want and may be stuck with for a while.

    Watch or listen to Dave Ramsey for some good info and motivation.
     

    jkaetz

    Master
    Rating - 100%
    3   0   0
    Jan 20, 2009
    1,953
    83
    Indianapolis
    While the housing market is a bit crazy, it is still not a bad investment. You will pay more to enter the market now, when you decide to sell you will most likely make a profit. Unless you sell outright, the market conditions after you have a house are mostly irrelevant. In a seller's market like now you could sell your house at a good price, but you'll of course spend more on a new house. In a buyer's market you will sell your house for less but also be able to get the new house for less. Interest rates are also in your favor right now being so low unless you plan to pay cash. Even if you can pay cash you could be better long term financing the house and investing the $$ at a rate higher than your mortgage.

    I bought my first house in 2006 and after the crash thought I'd be good to get out of it breaking even. When we sold it last year we actually made a profit and set the $/square foot mark in our old neighborhood. The couple that bought it came in over ask with no contingencies as they had been trying to get similar houses and had lost them all. Similarly our mortgage broker told us that anything under $350k was selling just about as quickly as you could put it on the market. There are of course exceptions and you'll have to find out what factors you must have vs want to have. For us, square footage, school district, and garage needs narrowed down our search pretty quickly. Like you our initial budget was bringing us to houses where we would be coming in and needing to renovate a kitchen or bathroom. We ended up increasing our budget significantly and that finally got us to something that we didn't feel the need to do major work on. You will be in a house for years to come and you will notice the things you compromise on. If you can find some land and a builder to build good luck. Unless you go completely custom you're still working with the same yahoos that put neighborhoods together and build the houses as quickly as possible. Nevermind that people want crazy sums of money for a plot of dirt too. Depending on where you are the home prices will have an impact on the neighbors you're surrounded with too. We noticed that our old house was in the lower range of prices and if you looked around the neighborhood as a whole you could easily see the less desirable elements creeping in.
     

    Tactically Fat

    Grandmaster
    Site Supporter
    Rating - 100%
    22   0   0
    Oct 8, 2014
    8,270
    113
    Indiana
    I'll sell you my move-in ready ranch for $350k. Tons of updates / upgrades - including an awesome custom kitchen renovation + a bonus room addition w/ full bath. AND my house has an extra 1 bay garage at the back.

    A good kitchen reno can work its way to $25k very very easily, in a modest house, if it's a big space. Can absolutely do it cheaper if you buy pre-made cabinets.

    Balance out the costs of a move-in ready home with the cost of renovating a "yeah, we can live here while we work on it" house.

    Signed,

    A guy who has put a crap ton of money into his very modest Greenwood home.
     

    mmpsteve

    Real CZ's have a long barrel!!
    Site Supporter
    Rating - 100%
    11   0   0
    Nov 14, 2016
    5,870
    113
    ..... formerly near the Wild Turkey
    With interest rates where they are, you need to get into something, if at all possible. We bought our home in '91 for $80K, with a 8.75% interest rate. We paid it off as fast as we could, and it's worth somewhere around 220. Property taxes are a big consideration. My taxes are around 2000, but the same house 10 miles north of me would probably be double that. Of course, the higher taxes are in areas considered more desirable, and probably easier to sell when the time comes. Condos might be an option for you to at least start investing in your own property. Best of luck with it.

    .
     

    russc2542

    Master
    Rating - 100%
    24   0   0
    Oct 24, 2015
    2,111
    83
    Columbus
    Lucky for me that the only way I'm leaving my current house is feet first.

    But the house still cuts into my gun budget. Small example- I am currently renovating the front lawn. What I will have into weed killer, seed, fertilizer and equipment rental by winter would have bought the 1874 Pedersoli Sharps I've wanted for a while.

    ...but hey....grass.

    Lofty expectations there... green is green. or brown. ish. Hey, it's not dirt!
     

    HoughMade

    Grandmaster
    Rating - 0%
    0   0   0
    Oct 24, 2012
    35,615
    149
    Valparaiso
    Lofty expectations there... green is green. or brown. ish. Hey, it's not dirt!

    I have already gotten rid of the clover (green) and crabgrass (usually green)...and am down real grass (keeping in mind my front yard is approximately 1.1 acres)...I'm not convinced this is worth it...but this wasn't my idea.
     
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