Put in a Contract on a New House

asphaltpilot · #1 04/07/2006, 08:38 AM

Yep, time to cut ties to my roommate. I'm selling my house to him and buying a new one. I put a contract in for the seller this morning, offering $262K.

Key west style home
Built in 2006
2600 sqft
1950 under air
80x125 lot
3/3/2
berber in the bedrooms
Tile kitchen and entryway
Hardwood laminent (sp?) flooring everywhere else
All stainless steel appliances
Crown molding everywhere
recess lighting in the kitchen and porches
Oversized doors, windows, and sliding glass doors
5 minutes from I-95, 10 minutes from the Turnpike.
blah, blah, blah
Here's the virtual tour

Wish me luck.

Note:
After 30 years it'll be $610K. And property taxes right now will be around $5500/year. It's Unbelievable what lenders/government get away with

I'm looking at a $1800/month mortgage (escrow).

JayS · #2 04/07/2006, 09:12 AM

Property taxes around here in Houston suburbs are 3.5% so around $9,200 on you price. I wish my prop taxes were as low as yours.

p.s. Congrats on the new house!

dawgphish · #3 04/07/2006, 09:21 AM

When I lived in Florida it was amazing how much homes cost. I finally moved back home to where I was raised and was releived that a $300K house could be had for about $100K.

Niven · #4 04/07/2006, 10:02 AM

Quote:

Originally posted by asphaltpilot
Yep

Note:
After 30 years it'll be $610K.

Not sure what you mean by that?? You're only going to get 3% appreciation?

Who is your realtor? Agu would be able to help you out I'm sure

zenguitar · #5 04/07/2006, 10:25 AM

I just checked on my house, it went up $37,000 in one year. Houses are on the cheap here where I live, and now that I've said that, you all stay away.

asphaltpilot · #6 04/07/2006, 10:26 AM

Quote:

Originally posted by Niven
Not sure what you mean by that?? You're only going to get 3% appreciation?

I wasn't too clear on that part. The $610K would be total payment, including taxes ( assuming they'd stay the same for 30 years, yeah right

) and insurance.

Just the house cost, over 30 years, would be around $450K. Gee, that makes me feel so much better

asphaltpilot · #7 04/07/2006, 10:30 AM

Quote:

Originally posted by zenguitar
I just checked on my house, it went up $37,000 in one year. Houses are on the cheap here where I live, and now that I've said that, you all stay away.

That's the up side to living where I do. I bought my house in 10/2002 for $103K. I'm selling to my roommate, at value, for $240K. Great turn-around in this area.

asphaltpilot · #8 04/07/2006, 10:32 AM

Quote:

Originally posted by Niven
Not sure what you mean by that?? You're only going to get 3% appreciation?

Who is your realtor? Agu would be able to help you out I'm sure

I forgot to mention. I'm putting 20% down. I thought about doing more, but I'm using the rest to buy property in another area.

Wilafur · #9 04/07/2006, 11:23 AM

your P&I payments over 30yrs should be @ $455K. also, you need to realize the tax savings on your interest and prop tax payments. its all gravy man.

be happy with your "all in" payment per month, mine is double yours and is a townhouse with 1/2 your SF.

Niven · #10 04/07/2006, 12:27 PM

That house with appreciation of 5% per year will be worth around $1,100,000 at the end of 30 years....I think you got a deal.

Never put down more then 20% (imo) You're doing the right thing by buying more property with what you have left over.
-How much will your property appreciate with 20% down vs. 25% down? The same.
-How much will two properties appreciate (using the 5% not used for downpayment)? Much more than just one!

I like real estate.

Jamesurq · #11 04/07/2006, 12:54 PM

Who cares.... Did you figure out where the tank is gonna go?

That's the one thing that would upset my wife on our last move. I'd rule out a house because there wasn't an ideal spot for the tank