Home buying thread

TJT

TJT

Mr. Poopybutthole
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Tide27 said:
Question for many of you that have more experience than me.

Situation:

Long time renter, using VA loan to purchase

Every home in the Indy area thats in any prox to a semi decent district starts at 275k+.

Placed bids on around 11 homes for 15k-20k above ask / appraisal, outbid every time.

Gave that search up and went with a new build.

Signed contract in Feb for $300k new build. Interest rates were about 3.85%, but cant lock in until 120 days from close.

In the past 2 months, interest rate has gone from 3.85 to 5.75 despite only a 25 basis point raise.

Fed is talking about 3 to 4 more rate raises before the end of the year.

Just got our yearly renewel for rent....went from $1600 to $2100. ( this is well above normal, so i think the majority of places now are at $1800, so can move if needed to save $300.

If interest rates go any higher, itn will knock us out of buying a home and be out the $10k for backing out of a new build + the $2500 ernest money.

Just wtf do we do? The base house we bought was listed at $275k when we signed the contract in Feb. Its not even May yet and its listed as $302k base now.

Prices are still sky rocketing, interest is sky rocketing, rent is sky rocketing.....like wtf is a family to do that is trying to purchase a home??

By the time interest rates calm down, there wont be a house in the US less than $400k and all these mega corps will just buy every house with cash.
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I am in a similar position and it just sucks. I am just going to deal with it and refinance, hopefully, within a few years when rates are closer to 3% again.

Had the house finished on time I would have had a 2.85%-3.5% rate or something. With it finishing in July who knows what it will be now.
 
TJT

TJT

Mr. Poopybutthole
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Also there is an interesting plague here in Austin that I didn't even know existed.

Apartment complexes here have bans on tenants airbnb-ing their apartment to varying degress of strictness. However, the current game going on is an investment group under a s-corp comes to the apartment complex and gobbles up some number of units at the complex. Then they repackage them as short term rentals to skirt the airbnb restriction. But due to how batshit Austin is they make solid profit doing this.

This further drives up rent in Austin as supply is consumed to create more profitable rentals that are using what would otherwise be 1 year lease or more apartments meant for residents.
 
P

Pescador

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Question about flooring: we're replacing all the carpet in our new home with a combination of new carpet (bedrooms) + LVP (other rooms). Anyone have an idea of the going rate for LVP installation (demo+remove previous carpet, pour new concrete to everything level with existing tile, install moisture barrier + LVP). I think the LVP we are looking at is around $5 / sqft and the quote I've gotten so far seems high.

We are replacing carpet with about 750 sqft of LVP, and 750-1000 sqft of carpet. First contractor is giving me a quote for 16.5-18k ($10-12.5k for LVP, $5.5-6.5k for carpet), depending on whether we want the family room (~150-200 sqft?) with carpet or LVP. Seems high, but I've never paid for new flooring (last home was new construction) so I have no idea whether that's typical these days. We've got a few more quotes coming in but we liked this guy the most so I'm a little annoyed.
 
fris

fris

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I recently saw ~$2 / foot labor for lvp. Higher if u got cheap planks that require separate subfloor layer
 
C

Creslin

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Lvp really depends on the state of the subfloor. If it is in good shape then lvp is stupid easy and even 700 sqft is probably only like 40 man hours including carpet removal and light patching from removing the tack board. if it’s fucked and they are repouring concrete then who knows. I would get an idea of how much they are budgeting for the different aspects of the job.
 
Tmac

Tmac

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Finally pulled the trigger on moving and finding a place to rent. Drove out to the city I'm renting in with two places to look at. I checked Trulia/Zillow one last time last night to see if anything new popped up. Something had and it was a brand new remodel w granite everything for $1900/mo ($100 and $500 less than the two I was going to go see) for 1500 sq ft.

Called the guy this AM and told him I wanted to be the first to see it. So, I postponed a meeting and made sure I was there early. Within 10 minutes I said I'd take it. I paid him half of the first month's rent as a sort of earnest payment. Came back to my buddy's house to fill out the application and should be good to go by the end of the day.
 
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Koushirou

Koushirou

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My mother and brother stopped by for a quick walkthrough of the house today. Bit of landscaping's done, driveway is paved; looks like just a couple of appliances and a few more items on the punch list with some tidying up left to go. Project manager gave the thumbs up that we're still on time for settlement. Got my inspector coming in on the 9th and I'm driving down the 12th to do my last walkthrough. Just a tad over 2 weeks to go!
 
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Lanx

Lanx

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Koushirou said:
My mother and brother stopped by for a quick walkthrough of the house today. Bit of landscaping's done, driveway is paved; looks like just a couple of appliances and a few more items on the punch list with some tidying up left to go. Project manager gave the thumbs up that we're still on time for settlement. Got my inspector coming in on the 9th and I'm driving down the 12th to do my last walkthrough. Just a tad over 2 weeks to go!
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is there a landscaping, sod, sprinkler situation you work out? cuz summer is coming around, and i just spent the day defeating weeds and not fun
 
Koushirou

Koushirou

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Lanx said:
is there a landscaping, sod, sprinkler situation you work out? cuz summer is coming around, and i just spent the day defeating weeds and not fun
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My brother is a champion and is going to work from my house and run the sprinkler for me.
 
Sanrith Descartes

Sanrith Descartes

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Lanx said:
is there a landscaping, sod, sprinkler situation you work out? cuz summer is coming around, and i just spent the day defeating weeds and not fun
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Chemicals my man chemicals. Weed and feed > weeds.
 
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Sludig

Sludig

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Truck companies say supply shortages affected getting new trucks. Uhaul basically says they don't they can get me a truck in co. Down to trying to fly to oklahoma to get a 2 way rental to drive to co and back for 4500 ish vs 5k plus 7-800 in gas or so one way.


Wish i knew how to find owner operators maybe do it for a smidge less or same price and avoid the long drive personally
 
Lanx

Lanx

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Sludig said:
Truck companies say supply shortages affected getting new trucks. Uhaul basically says they don't they can get me a truck in co. Down to trying to fly to oklahoma to get a 2 way rental to drive to co and back for 4500 ish vs 5k plus 7-800 in gas or so one way.


Wish i knew how to find owner operators maybe do it for a smidge less or same price and avoid the long drive personally
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are you in blue state going to red state?
oh nvm, i just saw the co

so going from co to ok, yup
 
Koushirou

Koushirou

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I never thought we’d actually get there, but we became homeowners finally. I’m feeling so goddamn lucky right now that we got in before the large price hikes and shitty interest rates. Can’t wait to move in!

EB05BBC3-39D7-4C19-9776-0A40874734B3.jpeg
 
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