Finally bought a house!!!

[Brandon]

I was 40 when my first son was born, two yrs later Thing 2 was born.
Coolist toys I ever have had, without them you miss out on lots of things you never paid attention to.
Plus you then have someone to give your prized toys too.

37 when my first was born. Wouldnt trade it for nothing!

 

[Creedmoor]

I have several toys earmarked for our nieces, nephews and godson.

I get it, neither of my brothers have wife's or children. I don't have a wife, I didn't think I was going to have any kids myself. I also wanted toys for life.

 

[JTKelly]

Welcome to 2023, it's a **** show. Home ownership is now a privilege IMHO, the boomers killed the American Dream , buried it 12 feet deep and filled the hole in with concrete.

I don't think so.

If boomers killed it, they did it by pampering spoiled rotten kids who think their first house needs to everything they ever grew up with. Not like those "boomers" first fixer upper.

 

[JTKelly]

Dual college educated DINK incomes, just my base salary alone covers 100% of our projected monthly expenses. The wife's salary is the savings / fun money , it's not a bad set up it's making the decision to have kids very difficult not going to lie.

Have your kids. NOW. You'll make it and you'll NEVER regret it. You WILL regret waiting.

 

[Dean C.]

I don't think so.

If boomers killed it, they did it by pampering spoiled rotten kids who think their first house needs to everything they ever grew up with. Not like those "boomers" first fixer upper.

Average home price in Indiana right now according to Google is $230,000~ based on my recent house search I would personally agree with that myself.

Average income in Indiana is on average $30,902 a year. With 3.5% down for an FHA loan at 7% interest you are looking at about a $2,000 a month mortgage roughly with taxes and whatnot.

Those numbers quite simply do not add up, in the current market environment unless you are a very high earner or dual income everyone is priced out essentially.

As to the bigger houses, that's largely due to building codes and regulations, literally the smallest house my builder offered was 1,600 SQ FT.

Homes "unaffordable" in 99% of nation for average American

Home prices have jumped so much that Americans must pay a third of their income on housing, according to one study.

www.cbsnews.com

To be quite honest I am lucky to be able to afford a house at my age, I definitely worked for it, but there was a fair bit of luck involved IMHO.

 

[Dean C.]

I was 40 when my first son was born, two yrs later Thing 2 was born.
Coolist toys I ever have had, without them you miss out on lots of things you never paid attention to.
Plus you then have someone to give your prized toys too.

This is going to sound nerdy but if kids do happen I am very excited for two things , Star Wars, and teaching them relativity and them actually understanding it.

 

[KG1]

This is going to sound nerdy but if kids do happen I am very excited for two things , Star Wars, and teaching them relativity and them actually understanding it.

 

[Dean C.]

Locked in at 7.25% , today is a good day gentlemen

So I played chicken with my mortgage broker and threatened to shop around since rates have taken a relative nose dive. Just got 6.75% with no change at all in closing costs. That puts another $120 back into my investment accounts each month. Today is another good day gentlemen.

 

[JTKelly]

Average home price in Indiana right now according to Google is $230,000~ based on my recent house search I would personally agree with that myself.

Average income in Indiana is on average $30,902 a year. With 3.5% down for an FHA loan at 7% interest you are looking at about a $2,000 a month mortgage roughly with taxes and whatnot.

Those numbers quite simply do not add up, in the current market environment unless you are a very high earner or dual income everyone is priced out essentially.

As to the bigger houses, that's largely due to building codes and regulations, literally the smallest house my builder offered was 1,600 SQ FT.

Homes "unaffordable" in 99% of nation for average American

Home prices have jumped so much that Americans must pay a third of their income on housing, according to one study.

www.cbsnews.com

To be quite honest I am lucky to be able to afford a house at my age, I definitely worked for it, but there was a fair bit of luck involved IMHO.

Did you know not everyone buys a NEW house?

 

[bashMOH]

Did you know not everyone buys a NEW house?

My house is 60 years old and not much cheaper than the average. Bought early 2022

 

[Dean C.]

Did you know not everyone buys a NEW house?

Do new and older homes cost the same now? It’s complicated

Limited inventory is changing the behavior of buyers and the price of new construction relative to existing homes, several experts told Real Estate News.

www.realestatenews.com

When no one is selling due to their sub 3% mortgage all the sudden new homes are borderline the same price as "old homes". Please keep proving my point about out of touch boomers this has been phenomenal for me entertainment wise.

Also in my quote I never said anything about new builds, I just stated the AVERAGE home price. Yes I bought a nicer than average house, but I worked for the privilege.

 

[Destro]

Do new and older homes cost the same now? It’s complicated

Limited inventory is changing the behavior of buyers and the price of new construction relative to existing homes, several experts told Real Estate News.

www.realestatenews.com

When no one is selling due to their sub 3% mortgage all the sudden new homes are borderline the same price as "old homes". Please keep proving my point about out of touch boomers this has been phenomenal for me entertainment wise.

Also in my quote I never said anything about new builds, I just stated the AVERAGE home price. Yes I bought a nicer than average house, but I worked for the privilege.

The CEO of Toll Brothers said exactly that today on CNBC

 

[1SG USA Ret]

So as a millennial, buying a house has been somewhat of a challenge to say the least. Married late 2019 , laid off in March 2020 due to COVID and then the bubble burst in July of 2020 and prices and rates skyrocketed.

I literally had to get a significant promotion at work to comfortably afford the mortgage and whatnot. But after spending the last three years saving and planning we are finally doing it.

Having it built by Arbor in Westfield, I love the location. Hoping to refinance and drop PMI when rates eventually drop. It's a 4 bed , 2 bath ranch.

I don't have any experience in this realm and would appreciate some help as to what to look out for during the build process. We just did the mortgage paperwork, doing final house choices tommorow and design on Wednesday and they start building with an completion date of December.

If I provided too much information please let me know to delete, like I said I trust most on INGO and would just really appreciate some thoughts / advice.

I can tell you I went into this blind without any bat radar. I bought the land, picked out my builder and house, paid the $500 deposit and then went shopping for a bank. Found one and they accepted the contract and approved the funding after pulling our credit reports and looking at our pay stubs and previous tax returns. The contract says when the home is under roof, the builder gets 1/3 money, then when it is walled in, builder gets another 1/3 money, then when finished, gets 1/3 money. Well the bank screwed up and did not read the contract and refused to pay and said no problem, we will pay it all at closing. Builder pissed and stopped construction. I had to sign over my land to the builder as collateral before he would continue (two months later). Apparently I was supposed to apply for a construction loan along with a mortgage loan. Who knew. Read that contract carefully!

 

[1SG USA Ret]

Did you know department.....If you are a veteran and have a disability rating and are doing a VA loan.....the VA funding fee is waived. You have to tell them!

 

[Dean C.]

We now have possession!!! First day of home ownership cost me $350~ but I have a nice new drill and five gallons of paint to show for it. Wife and I spent all afternoon taping up trim and baseboards for painting.

 

[Ingomike]

We now have possession!!! First day of home ownership cost me $350~ but I have a nice new drill and five gallons of paint to show for it. Wife and I spent all afternoon taping up trim and baseboards for painting.

Congratulations!

 

[Dean C.]

Feels good gentlemen, working on the house now stop for the last 5 days. Tonight is thenfirst night we actually get to live in the house!!!

 

[KG1]

Feels good gentlemen, working on the house now stop for the last 5 days. Tonight is thenfirst night we actually get to live in the house!!!

Looks like the house is now officially a home.

 

[Nugget]

Feels good gentlemen, working on the house now stop for the last 5 days. Tonight is thenfirst night we actually get to live in the house!!!

Ah yes. The new house honeymoon phase. Where you still have unused cabinets, closets, storage space, bedrooms, and garage/basement space, all the appliances still work properly, nothing makes a weird noise, and life is peaceful and serene. Congrats. Enjoy it while it lasts!

 

[Dean C.]

Looks like the house is now officially a home.

We are slowly getting there, I really like the wife's "mid century modern" look but good Lord is is pricey.

Ah yes. The new house honeymoon phase. Where you still have unused cabinets, closets, storage space, bedrooms, and garage/basement space, all the appliances still work properly, nothing makes a weird noise, and life is peaceful and serene. Congrats. Enjoy it while it lasts!

Thank you sir! We were painting and both though we heard footsteps (perhaps a contractor but it was 9PM) she had me clear the house with my CCW I had on me lol.