Home buying thread
- Thread starter Pasteton
- Start date
-
Guest, it's time once again for the massively important and exciting FoH Asshat Tournament!
Go here and give us your nominations!Who's been the biggest Asshat in the last year? Give us your worst ones!
Khane
Got something right about marriage
- 20,342
- 14,006
Vinen
God is dead
- 2,790
- 495
Really wish this was the case for me. I don't care about the cost of moving or buying a more expensive house. I just fucking HATE moving so much.
Wife and I are working on kids so we will accept her parents moving in with us... just need to locate a 2 Family. Fucking everything has been renovated to hell and back and costs 1.5-2M. (Since both units are == 700+K)
Were mortgages available without amortization like 40 years ago? My parents describe a loan that was much quicker to overpay and pay off.
Anyway, I'm renovating an 8 year old Toll Bros. house, bought new in 2008 for $1.1 million in a neighborhood of like homes. The house hasmultiple moisture-rotted doorson each of its three floors and all sorts of hard to see and treat water problems. The structure is all low quality materials and inferior craftsmanship. $1.1 million, dude. Scores of them.
The executive couple that owns the place would like to believe that this is just ordinary wear and tear. They can live that lie because they've no experience with older quality construction to know the difference and they can apparently burn money.
There is a housing bubble of sub 20 year old $400K+ junk homes right now. I predict the houses will be crumbling messes before there is another generation to afford them.
Anyway, I'm renovating an 8 year old Toll Bros. house, bought new in 2008 for $1.1 million in a neighborhood of like homes. The house hasmultiple moisture-rotted doorson each of its three floors and all sorts of hard to see and treat water problems. The structure is all low quality materials and inferior craftsmanship. $1.1 million, dude. Scores of them.
The executive couple that owns the place would like to believe that this is just ordinary wear and tear. They can live that lie because they've no experience with older quality construction to know the difference and they can apparently burn money.
There is a housing bubble of sub 20 year old $400K+ junk homes right now. I predict the houses will be crumbling messes before there is another generation to afford them.
I guess it depends where you live. My 200k house in Ohio would be near 1M in southern California.
Palum
what Suineg set it to
- 26,543
- 41,334
Heylel
Trakanon Raider
- 3,602
- 430
I guess I would. Atlanta's housing market is very affordable compared to pretty much any other city, but I don't even understand how the math works on homes like that.
I mean, say a great tech job pays 150k. How the fuck does anyone afford to buy a home on that? Do you just rent forever in Cali or something?
I mean, say a great tech job pays 150k. How the fuck does anyone afford to buy a home on that? Do you just rent forever in Cali or something?
From my very naive understanding one of the big issues with California housing is foreign millionaires buy residences there. So even if you have a double income of 250-300k its still very hard to find a decent house because inventory is so low. I know some people are clamoring for a significant tax on foreigners buying homes in California.
Khane
Got something right about marriage
- 20,342
- 14,006
Great tech jobs in those areas pay a lot more than that. 150k in major metropolitan areas (especially in NY or CA) is a modest tech salary. You live on the upper east side instead of madison avenue, etc. Vinen is pretending that's all that's available in his area because he's a blow hard who likes to brag. There are much more affordable 2 or 3 family homes in the Boston area. Much closer to the 500k range.
Cad
scientia potentia est
- 25,426
- 49,042
It's the same everywhere, even in the premium markets like NYC or SF, if you are willing to live around minorities or in a little worse neighborhood things drop off value-wise. But even so, a shack surrounded by public housing in SF is probably still $800k. It's all relative. I've never heard of Boston being a ridiculously expensive market but the northeast is pretty saturated already.
Its not all minorities. Some areas have stupid housing prices and they're full of Asians. My little cutout of Ohio has one of the highest Asian populations in the state and is also one of the most expensive parts of the state. Seattle has a high Asian population and so do many places in California.
Heylel
Trakanon Raider
- 3,602
- 430
What would you consider a great tech salary, or the title of such a position? Glassdoor averages would disagree that 150k isn't great. I'm sure it can go higher, but another 20k isn't going to put you into a million dollar home. I assume the only way it ends up working out is stock options or black magic startup valuation.
They do often times get profit sharing which doesn't factor into the salary reported by glassdoor. But I somewhat disagree with Khane looking out there 150k would still be a pretty good salary for your everyday engineer.
Cad
scientia potentia est
- 25,426
- 49,042
The thing is, a lot of people in those areas bought houses when they were "reasonable" and are using the inflated equity to buy new ones. People in their 20's now cannot afford homes in those areas because they didn't get the free equity from the housing boom (yet). Obviously you don't buy a $1M home on a $150k salary, but you could buy a $500k home. In 12 years say the $500k home is worth $1M and you make $200k. You sell the $500k home, take your $750k equity and buy a $1.3M home, with not much more loan than you bought the first one with.
Congrats, you just bought a $1.3M home on a $200k salary. Double those numbers for families with 2 earners.