Home buying thread

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wormie

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Khane_sl said:
I just can't understand this. I really just can't. Take advantage of your neighbors tax money to live beyond your means? We aren't talking about a guy who is incapable of improving his lot in life. And what he linked is not a "modest" home. And the cutoff for this program is completely fucking arbitrary and the amount of aid you receives seems so as well. A few hundred dollars more a month and he actually wouldn't be able to afford a house at all. Does that make sense?

I won't blame someone for wanting a nice place to live, but the house he is getting for 138k has a zestimate of almost 400k. That seems like an extravagant waste of taxpayer money to me. The housing market in general is horse shit. Tell me again why everyone "deserves" to own a home? What's wrong with renting? That American Dream ideal got us into a lot of trouble a few years ago.
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Dude they are taking advantage of the builders who are forced to make a portion of the development "affordable." In return, the builder gets a permit to build a lot of houses that are not "affordable." The only issue i see coming from this is that sooner or later, some owners/landlords will not maintain these affordable properties correctly due to decreased incomes they receive from them. This will lead to these properties losing value and lowering the value of the entire neighborhood but thats an issue with rent/price controls everywhere and is nothing new.

TLDR: taxpayers arent subsidizing this. The builders are.
 
Borzak

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Who wants to buy a nice house and live next door to subsidized poor people?
 
P

Picasso3

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It's just like government housing except a place only the top 20% could afford, it discourages developers, and easily gamed with lots of paperwork.

Sometimes I wish the republicans weren't so fucking retarded
 
wormie

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Picasso_sl said:
It's just like government housing except a place only the top 20% could afford, it discourages developers, and easily gamed with lots of paperwork.

Sometimes I wish the republicans weren't so fucking retarded
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I dont understand why you guys keep claiming that buying an asset worth, for example, 180k for 180k is gaming the system.
 
ZyyzYzzy

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Khane_sl said:
I just can't understand this. I really just can't. Take advantage of your neighbors tax money to live beyond your means? We aren't talking about a guy who is incapable of improving his lot in life. And what he linked is not a "modest" home. And the cutoff for this program is completely fucking arbitrary and the amount of aid you receives seems so as well. A few hundred dollars more a month and he actually wouldn't be able to afford a house at all. Does that make sense?

I won't blame someone for wanting a nice place to live, but the house he is getting for 138k has a zestimate of almost 400k. That seems like an extravagant waste of taxpayer money to me. The housing market in general is horse shit. Tell me again why everyone "deserves" to own a home? What's wrong with renting? That American Dream ideal got us into a lot of trouble a few years ago.
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Someone is mad they can't afford a nice house.
 
Noodleface

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I just looked into MA's housing programs. I don't think I qualify or any. I'll do it the old fashioned way but if I live next door to a subsidized poor person I'm going to shake my fist angrily at them every day.
 
ZyyzYzzy

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Noodleface_sl said:
I just looked into MA's housing programs. I don't think I qualify or any. I'll do it the old fashioned way but if I live next door to a subsidized poor person I'm going to shake my fist angrily at them every day.
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How will you know if they have a subsidized house?
 
OneofOne

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Property tax is public information available to anyone with a computer or telephone. Zillow.com will tell you the last time a property was sold, if you live in say, California, where property tax is only reaccessed upon sale. Using maths learned in 2nd grade, and said info, will tell you if the person was subsidized.

Edit - or just skip the tax and calculator shit and go to zillow.com. I assume the subsidized price will be listed as the sales price.
 
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Picasso3

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Are they taxed based on assessed value or Obama price? I'm not coming down on the guy for jumping on that boat it's just 260k is a bit much in assistance.
 
Khane

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ZyyzYzzy_sl said:
Someone is mad they can't afford a nice house.
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I suppose it may come off like that. But my house is 2600 sq ft, 6 beds, 2 baths on 1.7 acres of land in CT. My taxes are fucking retarded goddamnit.

The program is stupid. According to him there is a hard cap. Under it, you get a steep discount, over it, even by 1 dollar, and tough shit for you. Why is it not a sliding scale, and why is it for such extravagant properties?
 
ZyyzYzzy

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Khane_sl said:
I suppose it may come off like that. But my house is 2600 sq ft, 6 beds, 2 baths on 1.7 acres of land in CT. My taxes are fucking retarded goddamnit.

The program is stupid. According to him there is a hard cap. Under it, you get a steep discount, over it, even by 1 dollar, and tough shit for you. Why is it not a sliding scale, and why is it for such extravagant properties?
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Where in CT, because I'm sure your house is only worth 20% more than his if it isn't in Fairfield county or Farmington/West Hartford.

I'm from CT and I regret relocating to the DC area all the time. Property values are so borked.
 
Khane

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Middletown. I payed 250k for it. But the size of my property and value of my house vs that one isn't really the issue. The housing market is an issue however.
 
wormie

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Picasso_sl said:
Are they taxed based on assessed value or Obama price? I'm not coming down on the guy for jumping on that boat it's just 260k is a bit much in assistance.
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its not a 260k discount when the property is only worth 140k or whatever the fuck it is. Just because other houses in the area are worth 400k, doesnt make this one 400k. It cannot be sold for more than initial price adjusted for CPI for 15 years. For 50 years the county has the right of first refusal and can stop the owner from selling it by buying it out themselves for fair market value. And on top of that, for 50 years the county retains the priority of liens on this house which means no conventional lender will allow this property to be mortgaged. So the only buyers will be cash buyers or buyers who get financing from similar "poor peoples" programs. Which means this property will forever remain a price controlled asset and its value will never reach anything close to the values of other properties in the area. You people fucking suck.
 
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Picasso3

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Two identical units in the same development aren't worth the same thing? What am I missing?
 
Noodleface

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wormie_sl said:
its not a 260k discount when the property is only worth 140k or whatever the fuck it is. Just because other houses in the area are worth 400k, doesnt make this one 400k. It cannot be sold for more than initial price adjusted for CPI for 15 years. For 50 years the county has the right of first refusal and can stop the owner from selling it by buying it out themselves for fair market value. And on top of that, for 50 years the county retains the priority of liens on this house which means no conventional lender will allow this property to be mortgaged. So the only buyers will be cash buyers or buyers who get financing from similar "poor peoples" programs. Which means this property will forever remain a price controlled asset and its value will never reach anything close to the values of other properties in the area. You people fucking suck.
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Legally the asset won't be worth the same, but do you think someone on a lower income level cares? To them they are buying a 400k house for 138k, essentially getting a much nicer home for next to nothing.
 
Vinen

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Noodleface_sl said:
Legally the asset won't be worth the same, but do you think someone on a lower income level cares? To them they are buying a 400k house for 138k, essentially getting a much nicer home for next to nothing.
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This house also fucks with the value of surrounding property.
 
wormie

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Noodleface_sl said:
Legally the asset won't be worth the same, but do you think someone on a lower income level cares? To them they are buying a 400k house for 138k, essentially getting a much nicer home for next to nothing.
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My point is that they are not buying a 400k house for 138k. They are buying a 138k house for 138k.
Legal restrictions on an asset change the value of the asset.
 
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