Buying a House in 2 yrs - Realistic Numbers?

[SwampSurvivor]

Well if it looks too good to be true, it is. I now have a new requirement for a house - basement.

Got under it with the home inspector and had a nice (but expensive) lesson that ultimately lead me to understand why you can't sell a house with a crawlspace up here.

 

[supton]

Interesting; I had been wondering about skipping the basement (if I ever build). Figured it was a freebie, since one has to go so far down to get a decent foundation. Am guessing it's all about ventilation under the house, although rodents are likely a major issue also (that and access to utilities).

Bummer on the near-hit.

Don't forget, "many" basements have moisture problems. You may need to run a dehumidifier to control basement humidity. I've found I need to run one upstairs in the winter to control humidity. You, as a bachelor, might not need one (I have a small house, four persons, and a wife who likes to cook).

 

[Jarlaxle]

Originally Posted By: Miller88
Well if it looks too good to be true, it is. I now have a new requirement for a house - basement.

Got under it with the home inspector and had a nice (but expensive) lesson that ultimately lead me to understand why you can't sell a house with a crawlspace up here.


What's the problem?

 

[SwampSurvivor]

Originally Posted By: Jarlaxle
Originally Posted By: Miller88
Well if it looks too good to be true, it is. I now have a new requirement for a house - basement.

Got under it with the home inspector and had a nice (but expensive) lesson that ultimately lead me to understand why you can't sell a house with a crawlspace up here.


What's the problem?


It had a bit of sag on one side. When I peeked my head into the crawl space, it didn't look terrible from what I could tell. But once the home inspector was under it and looking further in, it's a disaster. The sagging is not only from someone taking out a load bearing exterior wall, but also from the house getting "sprung" so that 1/4 of the main beams isn't even supporting anything.

At some point, someone tried to half-a-- a repair to the sagging beam by just putting some cinder blocks in (sideways), too, and causing even more issues. The problem is the beam that is the worst is super rotten and also supports the center wall of the house; its small colonial so the wall that runs through the center is very important. Floor joints in the center of the house are also starting to get quite soft.

I was hoping to get by with getting in the crawl space and doing some jacking, maybe even having to replace some floor joists. But all 4 beams having to be replaced, along with nothing being correctly sunk in the ground is bad. It's a house that someone is going to drop $40K into to get it right.

 

[oilpsi2high]

Originally Posted By: Mr Nice
Some areas of the country are too expensive to buy a house when you look at person's income level.
PBS (terrible media bias) did a segment on San Francisco and younger residents
Gen X and Gen Millennials not able to afford housing.

Why the heck do these idiots move to SF and expect affordable
housing ?


http://www.pbs.org/newshour/bb/the-san-francisco-activists-who-say-please-build-in-my-backyard/




Probably because those "idiots" are some of the most talented people in this country, and that is where Silicon Valley, aka tech jobs, are. They also aren't concerned with owning property at such a young age because they know they won't be stuck in the same place for the next 30 years.

Sorry, but homeownership isn't the american dream anymore like it was in the 60's and 70's. Right now just having a decent job is a dream in itself for many Americans.

 

[supton]

Originally Posted By: Miller88
Originally Posted By: Jarlaxle
Originally Posted By: Miller88
Well if it looks too good to be true, it is. I now have a new requirement for a house - basement.

Got under it with the home inspector and had a nice (but expensive) lesson that ultimately lead me to understand why you can't sell a house with a crawlspace up here.


What's the problem?


It had a bit of sag on one side. When I peeked my head into the crawl space, it didn't look terrible from what I could tell. But once the home inspector was under it and looking further in, it's a disaster. The sagging is not only from someone taking out a load bearing exterior wall, but also from the house getting "sprung" so that 1/4 of the main beams isn't even supporting anything.

At some point, someone tried to half-a-- a repair to the sagging beam by just putting some cinder blocks in (sideways), too, and causing even more issues. The problem is the beam that is the worst is super rotten and also supports the center wall of the house; its small colonial so the wall that runs through the center is very important. Floor joints in the center of the house are also starting to get quite soft.

I was hoping to get by with getting in the crawl space and doing some jacking, maybe even having to replace some floor joists. But all 4 beams having to be replaced, along with nothing being correctly sunk in the ground is bad. It's a house that someone is going to drop $40K into to get it right.


Hmm, does sound bad. No good foundation means too much work to fix. I mean, depending upon how bad the floor is, you could just cut large access holes, and dig by hand, etc. If you are there long enough, you could do that on the cheap. Stabilize the house, pay off in a few years, move on (or not).

But it does sound like a project for someone else. Hey, at the very least you now have a better idea what to look for in the next one.

 

[SwampSurvivor]

Originally Posted By: supton
Originally Posted By: Miller88
Originally Posted By: Jarlaxle
Originally Posted By: Miller88
Well if it looks too good to be true, it is. I now have a new requirement for a house - basement.

Got under it with the home inspector and had a nice (but expensive) lesson that ultimately lead me to understand why you can't sell a house with a crawlspace up here.


What's the problem?


It had a bit of sag on one side. When I peeked my head into the crawl space, it didn't look terrible from what I could tell. But once the home inspector was under it and looking further in, it's a disaster. The sagging is not only from someone taking out a load bearing exterior wall, but also from the house getting "sprung" so that 1/4 of the main beams isn't even supporting anything.

At some point, someone tried to half-a-- a repair to the sagging beam by just putting some cinder blocks in (sideways), too, and causing even more issues. The problem is the beam that is the worst is super rotten and also supports the center wall of the house; its small colonial so the wall that runs through the center is very important. Floor joints in the center of the house are also starting to get quite soft.

I was hoping to get by with getting in the crawl space and doing some jacking, maybe even having to replace some floor joists. But all 4 beams having to be replaced, along with nothing being correctly sunk in the ground is bad. It's a house that someone is going to drop $40K into to get it right.


Hmm, does sound bad. No good foundation means too much work to fix. I mean, depending upon how bad the floor is, you could just cut large access holes, and dig by hand, etc. If you are there long enough, you could do that on the cheap. Stabilize the house, pay off in a few years, move on (or not).

But it does sound like a project for someone else. Hey, at the very least you now have a better idea what to look for in the next one.


Unfortunately that gives ammunition to the vocal anti-homeownership crowd.

My biggest fear is having to spend another year in the apartment. Though I may end up renting a storage unit.

 

[Jarlaxle]

Why not look for a better apartment? Heck, I'm in one with a full garage!

 

[pandus13]

Originally Posted By: Miller88
Unfortunately that gives ammunition to the vocal anti-homeownership crowd.

My biggest fear is having to spend another year in the apartment. Though I may end up renting a storage unit.

DING-DONG!

You do know you buy the house for yourself, not for any Bitoger, don't you?

Whatever you do, do not buy in a hurry.

Winter coming, you may actually get better deals, since not everybody wants to pay winterization/heat for an empty house....

 

[SwampSurvivor]

Originally Posted By: Jarlaxle
Why not look for a better apartment? Heck, I'm in one with a full garage!


Apartments with garages are at least twice what I am paying now. I have looked into smaller townhomes but I really would prefer to not lease or rent.

 

[IndyIan]

Originally Posted By: Miller88

Unfortunately that gives ammunition to the vocal anti-homeownership crowd.

My biggest fear is having to spend another year in the apartment. Though I may end up renting a storage unit.

Keep looking, there's probably a similar house around with a better basement.
Also have you thought about building? I guess in your market existing homes are so cheap it may not make sense, but getting some land and putting up a polebarn with living space sounds like something you would like? Big shop with a lift, and a few acres to try out your latest jeep mod... As long as you keep the commute reasonable, there's not too many downsides living out in the sticks IMO.

 

[supton]

I looked a couple months ago and it seemed like I could rent a house (land and all?) for like $1/sqft. Certainly more if I wanted to, but it looked possible to get down in price. Still talking over a grand/month in rent.

I hear you on the storage rental. I've toyed with getting one, but between the hassle and the fact that I could build a decent shed after a year or two of renting... but that's the catch, isn't it? I have land which I can drop a shed onto if I want to.

 

[oilpsi2high]

Originally Posted By: Miller88
Originally Posted By: Jarlaxle
Why not look for a better apartment? Heck, I'm in one with a full garage!


Apartments with garages are at least twice what I am paying now. I have looked into smaller townhomes but I really would prefer to not lease or rent.


What area are you looking in, exactly?

 

[SwampSurvivor]

Syracuse area

 

[oilpsi2high]

Originally Posted By: Miller88
Syracuse area


http://www.zillow.com/homes/for_rent/house,condo,apartment_duplex,mobile,townhouse_type/2097729847_zpid/garage_att/43.086505,-76.00831,42.979849,-76.192846_rect/12_zm/

You could prob get them to throw the garage in for free.

 

[SwampSurvivor]

That's about 1/2 mile west of where I live now.

At that point, I won't be so concerned about having a garage but a bulletproof vest.

That's even worse than current location haha.

 

[Mr Nice]

Originally Posted By: Miller88
That's about 1/2 mile west of where I live now.

At that point, I won't be so concerned about having a garage but a bulletproof vest.

That's even worse than current location haha.


Would your parents help financially to buy a house in better neighborhood ?

 

[oilpsi2high]

Buy land and live in an army tent.

 

[SwampSurvivor]

Seems we have opened up negotiations again. Waiting for the current owners to get a quote on the repairs.



Originally Posted By: Mr Nice
Originally Posted By: Miller88
That's about 1/2 mile west of where I live now.

At that point, I won't be so concerned about having a garage but a bulletproof vest.

That's even worse than current location haha.


Would your parents help financially to buy a house in better neighborhood ?



Yes but I like doing things on my own. This particular house I had an offer in on was in a great neighborhood. Just needed work. The houses are out there, I'm just not looking at prime time.

 

[oilpsi2high]

Sounds like you need to just GTFO of Syracuse in general.