Home buying thread

Wait that's the same guy? Isn't his place a townhouse?

Eyashusa_sl said:

Wait that's the same guy? Isn't his place a townhouse?

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Yes,
In addition, Townhouses are often 3 floors

So that's probably not all one house but multiple connected.

What he posted is about all you see nowadays in terms of townhouses in the MD/VA/DC region. Three floors and tightly packed units.

Eyashusa_sl said:

So that's probably not all one house but multiple connected.

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This makes more sense! Without knowing it's not all the same house, I was thinking we got a big balla' making it rain up in here! lol

It's interesting that some people thought his picture was just one house! I guess it depends on what you're used to seeing. I see so many of those exact same townhouses every day that I just took for granted that it's a townhouse, but looking back at the picture I can see that it really isn't clear whether it's townhouses or a single, large house.

Not a lot of townhouses in my area, so tough to picture them

Ok that is more reasonable then. I don't see townhouses around here.

Tax question regarding new house purchase.

Purchased house in April 2013. Was told to make sure we get aHomestead Exemptionbefore end of year because it helps on your taxes. Applied for it, got it. From Wiki:

Property tax exemption

A homestead exemption is most often only on a fixed monetary amount, such as the first $50,000 of the assessed value. The remainder is taxed at the normal rate. In that case, a home valued at $150,000 would then only be taxed on $100,000; a home valued at $75,000 would be taxed only on $25,000.

The exemption is generally intended to make the property tax a progressive tax. In some places, the exemption is paid for with a local or state (or equivalent unit) sales tax.

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We received our 1098 Mortgage Interest Statement. On it, it had Mortgage Interest paid, Mortgage Insurance Premium paid, and the amount disbursed from escrow towards Property Taxes. So I filled out all that stuff on TurboTax, but don't see any place in particular to deduct anything about a Homestead Exemption or First Time Homebuyer credit.

Anyone know how this works?

The Homestead Exemption should just reduce the amount you pay on property taxes during the year, it shouldn't effect anything on your income taxes.

Eyashusa_sl said:

The Homestead Exemption should just reduce the amount you pay on property taxes during the year, it shouldn't effect anything on your income taxes.

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^^

Closing escrow on Friday. House doesn't have central heating/air, so we're getting a ductless system installed Wednesday of next week. We're knocking out a wall to make a built-in bar Monday/Tuesday, will also connection the kitchen with the living room better for entertaining. We're going to do the floors over the weekend ourselves (press and stick linoleum in the kitchen and bathrooms), then painters and the and guys who are going to tear up the carpet and treat the original hardwood floors underneath. Appliances are all picked out and financed, just need to set a delivery date. Has been a pretty awesome process. My girlfriend's family lives in the area and knows everyone. The guy doing our HVAC did the roof of her Mom's first house when he was 18 some 20 years ago and he was first getting into the business. So everything we've needed done (running a gas line to switch to a gas range for instance) has basically been taking care of for us at little to no cost.

First big project after moving in is to turn the enclosed back patio into a dance floor.

Burnesto_sl said:

How the fuck do you afford to maintain a house that big if you need government assistance to buy it in the first place?

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I make good money, but not enough to afford the county average home price of $480,000. I qualify for a program that provides me housing at a reduced rate, at no cost to the taxpayer, sorry you don't. I can pay all my bills, tuition for continuing my education, mortgage, and even my medical bills.

The Master_sl said:

First big project after moving in is to turn the enclosed back patio into a dance floor.

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Dance Dance Revolution party at your house!! Congrats on the new home. Sounds very exciting!

Edit: So I have a question that's been bugging me for a while about buying a new home and renovations on that home right away. So my idea is skewed from HGTV house buying shows, where they have a budget, and then have a ton of money left over for renovations.

It may be as simple as these people had a lot of money stashed away, so when they bought a house, they could afford it, but it's never presented that way which is why I have a question.

It looks to me, like these people go get pre-approved for a mortgage of example $500,000, and then they go buy a house that's in bad shape for $350,000 and then they have a $150,000 remodeling budget. wtf?

My mortgage wasn't going to be for a penny over the appraisal value, even though I was approved for much more than we bought. So how are these people doing that?

Dividends, inheritance, wealth, education, powerball.

Crone_sl said:

My mortgage wasn't going to be for a penny over the appraisal value, even though I was approved for much more than we bought. So how are these people doing that?

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They could be doing an FHA 203k loan. It provides for extra loan based on what it would appraise for if it is renovated, if I understand it correctly.

On a house that expensive I'd think something of this sort would be disqualified based on their income though.

Ya, some of the shows, clearly they just had outside money. But plenty of others, where they purposely buy a home that needs a ton of work, and they don't say anything about special loans, just that they are approved for this amount, house is this, so that leaves this amount for renovation.

Just never made sense where they would be getting the extra money for the renovation, but it sure could be the FHA 203k.