Buying a Home is a Headache

[I'm Blackman]

My buddy is getting a new construction. It sounds like a good idea... until I heard he spent 589k bones on that bytch...

This. It sounds sexy, but that shyt real. We just slowly got our crib how we wanted it over time. Way cheaper.

 

[R.E.N. Spells Ren]

First off....I don’t even like the way most new homes in my budget look.

My budget for a house is $300000. I’ll have about $60k to put down and I qualify for a first time homeowner program and down payment assistance programs as well

I feel you, you’re poor.



And I mean no disrespect. Just stating it’s a realization most first time home buyers must come to when looking for a house.


I suggest you start throw the price limit out the window and look for the house you want. See what’s a reasonable budget for such a house. Then, start whittling away at those requirements. For example, you require a 3 car garage, decide if you really need a 3 car garage or how much lifting that requirement will cost you. You need to separate your “wants” from your “needs”. Drive the price down as far as you reasonably can. Then, determine if 300k is truly your limit. Would you walk away from a house that checks all the boxes but is 305k? Find your true limit and be patient as you search but ready to pounce when the right house comes along (cuz you may not see another “right” house for months if you miss on that one).

Finally, make sure you have the best mortgage you can get. Getting a better rate allows you to buy a better house. Look into NACA to see if it’ll fit your needs. The best mortgage offer I’ve come across, I highly recommend it if you can get it to work for you.

 

[Michael's Black Son]

buying a house should be as simple as buying a car * (which is a low bar cause even that is a pain in the ass but you can at least get it done in one day)

but they know how much you have, how much the property is worth generally.. and your credit situation

I feel like they just use this drawn out process to generate miscellaneous fees and to prevent minorities via frustration.. from being able to move out of low income areas since
racial segregation still exists in education based on location
which is a key cog of the racial divide

breh the fees are their way of eating off of you one last time in the event you never move again since the bank is the only one to be eating from you aside from utilities and Home Depot.

and the way all of this is set up it just feels like it’s designed to fukk brehs over unless you walk in that bytch with 100% cash. You can’t outright prove it but the the shyt feels the way it feels.

 

[MMA]

Yeah I went and got pre-approved thinking I’d be able to hit a Corona deal or even a foreclosure. But NOPE! Every remotely nice home I see with decent space that isn’t overpriced has like 80 offers on it as soon as it hits the market.

You are in a market filled with people who are sick of their apartments with 2-3 adults and then add children etc, looking for more space. They will pay whatever it cost to leave. This is not the market where you'll get your "dollars worth". This recession will come in waves and currently people are prepared with cash on hand. It'll be another year or two before the housing market is really affected - if the government/banks does not find a viable solution.

 

[BigMan]

wish i could buy a house now but i'm in the DMV
gotta save a lot more

 

[Pseudonym]

I built my house because I knew what I wanted and I didn’t want any issues with termites, mold or damage that the homeowners didn’t disclose.


Girllllllllllll.....wait until you have to send 40 letters of explanations

that was the most stressful part for me. The land, building , choosing features was very easy but I absolutely HATED LOEs

It’s none your damn business why I transferred $200 to that person.

None of your damn business why I got that $1200 deposit (it was an insurance claim, but still)

 

[Mac Brown]

Sounds like you have old fashion taste, therefore need to look at older well maintained homes, if that is available in your area. That way you would get the type of floorplans you desire.

 

[Orange cream shake]

The easiest thing about buying a home right now is the financing. Finding a house and actually getting a contract approved is the hardest. We gave up. The builder we were going with hasn’t started their second phase so I’m waiting on that or more homes to get on the market so prices can come down. I’m blessed because I’m in a house now but we outgrown our current home so we need more space. It’s so bad that I let two different pre approvals expire.

 

[⠝⠕⠏⠑]

6709 Pencade Ln, Charlotte, NC 28215 | MLS #3680989 | Zillow

Soon as I refresh my browser, they are under contract.

 

[⠝⠕⠏⠑]

I feel you, you’re poor.



And I mean no disrespect. Just stating it’s a realization most first time home buyers must come to when looking for a house.


I suggest you start throw the price limit out the window and look for the house you want. See what’s a reasonable budget for such a house. Then, start whittling away at those requirements. For example, you require a 3 car garage, decide if you really need a 3 car garage or how much lifting that requirement will cost you. You need to separate your “wants” from your “needs”. Drive the price down as far as you reasonably can. Then, determine if 300k is truly your limit. Would you walk away from a house that checks all the boxes but is 305k? Find your true limit and be patient as you search but ready to pounce when the right house comes along (cuz you may not see another “right” house for months if you miss on that one).

Finally, make sure you have the best mortgage you can get. Getting a better rate allows you to buy a better house. Look into NACA to see if it’ll fit your needs. The best mortgage offer I’ve come across, I highly recommend it if you can get it to work for you.

Yes! I am! I’m nowhere near six figures just yet. My side business just popped off. Even worse...I’m cheap!!!

So my current rent is comfortably $1350 but that includes water, trash, sewage, cable, and internet.

So really don’t want a house payment over $1300 if I can help it.
I also have to consider space because I have a family member who will be living with me.

I’ve heard about NACA so ill definitely look into it. Thanks!

 

[GnauzBookOfRhymes]

Honestly, if I were you I'd get an FHA backed loan and put down a cpl percent. Take the rest from that 60K, wait a month or so until the market sorta crashes and buy the SP500.

Stupid to dump 60K cash into a down payment for a house.

 

[the bossman]

Finally, make sure you have the best mortgage you can get. Getting a better rate allows you to buy a better house. Look into NACA to see if it’ll fit your needs. The best mortgage offer I’ve come across, I highly recommend it if you can get it to work for you.

In this kind of market sellers will laugh you out the door coming in with NACA

 

[⠝⠕⠏⠑]

I built my house because I knew what I wanted and I didn’t want any issues with termites, mold or damage that the homeowners didn’t disclose.


Girllllllllllll.....wait until you have to send 40 letters of explanations

that was the most stressful part for. The land, building , choosing features was very easy but I absolutely HATED LOEs

It’s none your damn business why I transferred $200 to that person.

None of your damn business why I got that $1200 deposit (it was an insurance claim, but still)

Yeah I’m dreading this shyt. Partially because of the variability of my income sources right now. I dunno how they will look at grant payouts and independent educational contracts for income. I also got like 44acres of heir land to sort out with family members after my dad passed away. Life is hard.

 

[Sad Bunny]

Yeah I went and got pre-approved thinking I’d be able to hit a Corona deal or even a foreclosure. But NOPE! Every remotely nice home I see with decent space that isn’t overpriced has like 80 offers on it as soon as it hits the market.

This is why I am doing new construction.

I have an open floor plan so I'm going to close part of it for an office/den area.

I prefer open concept though.

 

[Rawtid]

Price out a new build or get a fixer to renovate how you want. My next and last house will be something I design myself.