Home buying thread

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Blazin

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Sanrith Descartes said:
I'm actually thinking about selling my house and banking the money and renting for a year or two until my daughter finishes school. The eviction moratorium is going to end and I see a flood of houses hitting the market down the road. Prices here on Long Island in commute distance to NYC are insane and I can make $$$.
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This could be quite risky, think about it like a stock but much worse because you have a much larger "need" to own this asset than the stock. If you leave the housing market and are wrong and it runs up another 20-30% that could put you in a very difficult position. I really don't think the eviction moratorium is going to have the effect you think. People are flush with cash and have tons of equity. Nobody is getting foreclosed on unless they want it to go that way, and the market has ample demand to meet that supply. It may help halt the increases for a bit as we get more supply but the trends that are in place are likely to be persistent. We don't have enough housing supply and there are large macro headwinds preventing us from increasing it in the near term.
 
Sanrith Descartes

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Blazin said:
This could be quite risky, think about it like a stock but much worse because you have a much larger "need" to own this asset than the stock. If you leave the housing market and are wrong and it runs up another 20-30% that could put you in a very difficult position. I really don't think the eviction moratorium is going to have the effect you think. People are flush with cash and have tons of equity. Nobody is getting foreclosed on unless they want it to go that way, and the market has ample demand to meet that supply. It may help halt the increases for a bit as we get more supply but the trends that are in place are likely to be persistent. We don't have enough housing supply and there are large macro headwinds preventing us from increasing it in the near term.
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I have a 4 year time window. My daughter is just entering high school. The reason I am considering it is I will be leaving NY the day she graduates. At that point the house purchase will be in a state far to the south of here. I am not market timing it with the intention of buying back in here in NY. It's got a lot of moving parts to calculate.
 
Blazin

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Sanrith Descartes said:
I have a 4 year time window. My daughter is just entering high school. The reason I am considering it is I will be leaving NY the day she graduates. At that point the house purchase will be in a state far to the south of here. I am not market timing it with the intention of buying back in here in NY. It's got a lot of moving parts to calculate.
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That certainly helps the greatest part of living on the island is when you move to somewhere cheaper . I still think you are more likely to get a better price four years from now than today. That’s no guarantee but I still think it’s the more probable outcome . It’s a tough choice. Taxes are so high on LI that maybe renting can actually save money helping to tilt the scale .
 
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Intrinsic

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Went by the house with the offer this morning just to check on the garage situation. My truck doesn’t fit by about 8” but was sure the girlfriend’s CRV would. Well…. Nope. The stairs in the garage eat up about 3.5’ and her Honda has about 1” of clearance basically hitting the stairs/under storage wall. It would be more manageable if the driveway wasn’t on a 60 degree pitch, but that’s a pita to park on. And street parking sucks. Not paying 350 to not use my garage. Coupled with the inspection and current/potential drainage and water issues we decided to terminate the contract.

Another house went up this morning and we’re putting an offer on this one. Has a 3 car garage with one separate that can be a shop/gym, bonus space we need, flat driveway, large fenced back yard, better school zone. Going in at $12k over ask and we’re the only offer. They’re supposed to be opening them tomorrow evening. We’re giving them delayed occupancy until mid August since they haven’t found a house yet and we don’t have to be out of apartment until then. So they can take their time and live rent free.
 
Lanx

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Intrinsic said:
Went by the house with the offer this morning just to check on the garage situation. My truck doesn’t fit by about 8” but was sure the girlfriend’s CRV would. Well…. Nope. The stairs in the garage eat up about 3.5’ and her Honda has about 1” of clearance basically hitting the stairs/under storage wall. It would be more manageable if the driveway wasn’t on a 60 degree pitch, but that’s a pita to park on. And street parking sucks. Not paying 350 to not use my garage. Coupled with the inspection and current/potential drainage and water issues we decided to terminate the contract.

Another house went up this morning and we’re putting an offer on this one. Has a 3 car garage with one separate that can be a shop/gym, bonus space we need, flat driveway, large fenced back yard, better school zone. Going in at $12k over ask and we’re the only offer. They’re supposed to be opening them tomorrow evening. We’re giving them delayed occupancy until mid August since they haven’t found a house yet and we don’t have to be out of apartment until then. So they can take their time and live rent free.
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so youre putting up an offer as in you got it?

youre gonna do another round of inspections?
 
Intrinsic

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Lanx said:
so youre putting up an offer as in you got it?

youre gonna do another round of inspections?
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Just have it submitted to seller. They’re reviewing offers tomorrow evening and making a decision. I didn’t waive inspection. Not that desperate.
 
Sanrith Descartes

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Intrinsic said:
Went by the house with the offer this morning just to check on the garage situation. My truck doesn’t fit by about 8” but was sure the girlfriend’s CRV would. Well…. Nope. The stairs in the garage eat up about 3.5’ and her Honda has about 1” of clearance basically hitting the stairs/under storage wall. It would be more manageable if the driveway wasn’t on a 60 degree pitch, but that’s a pita to park on. And street parking sucks. Not paying 350 to not use my garage. Coupled with the inspection and current/potential drainage and water issues we decided to terminate the contract.

Another house went up this morning and we’re putting an offer on this one. Has a 3 car garage with one separate that can be a shop/gym, bonus space we need, flat driveway, large fenced back yard, better school zone. Going in at $12k over ask and we’re the only offer. They’re supposed to be opening them tomorrow evening. We’re giving them delayed occupancy until mid August since they haven’t found a house yet and we don’t have to be out of apartment until then. So they can take their time and live rent free.
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Props on walking away.. One thing I will say as someone who has owned a number of houses in my day. Don't settle. Ever. It will piss you off for years and years if you do. Wait and find the right house.
 
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BrutulTM

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Intrinsic said:
Went by the house with the offer this morning just to check on the garage situation. My truck doesn’t fit by about 8” but was sure the girlfriend’s CRV would. Well…. Nope. The stairs in the garage eat up about 3.5’ and her Honda has about 1” of clearance basically hitting the stairs/under storage wall. It would be more manageable if the driveway wasn’t on a 60 degree pitch, but that’s a pita to park on. And street parking sucks. Not paying 350 to not use my garage. Coupled with the inspection and current/potential drainage and water issues we decided to terminate the contract.

Another house went up this morning and we’re putting an offer on this one. Has a 3 car garage with one separate that can be a shop/gym, bonus space we need, flat driveway, large fenced back yard, better school zone. Going in at $12k over ask and we’re the only offer. They’re supposed to be opening them tomorrow evening. We’re giving them delayed occupancy until mid August since they haven’t found a house yet and we don’t have to be out of apartment until then. So they can take their time and live rent free.
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Those tiny garages that the car can barely fit into are a huge pet peeve of mine. Anyone who builds a garage that you can't fit a regular sized car into or you can't open the door all the way if you're not perfectly centered deserves to have their nipples bitten off by rats while they sleep.
 
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Intrinsic

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BrutulTM said:
Those tiny garages that the car can barely fit into are a huge pet peeve of mine. Anyone who builds a garage that you can't fit a regular sized car into or you can't open the door all the way if you're not perfectly centered deserves to have their nipples bitten off by rats while they sleep.
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The kicker is that the house was built with the need to have these stairs in the garage to get in to the house. It is 11 steps I believe, and they made them to 3’ or 3.5’ wide, whichever. But anyways, it immediately removes that from space available to pull in. Honestly we didn’t notice it because most houses we’ve seen the issue was a “two car garage” basically meant it would fit two Fiat Spiders side-by-side. So when we saw this one it was apparent both cars would fit. Length didn’t even cross our mind.

Either way, after having my house flood and dealing with water damage for two years, the drain issues with this seemed too risky. The diversion system or drain system in the back was showing evidence of not being great. The inspector did find signs of water underneath, not catastrophic, but enough that I don’t want to chance it.

The seller refused to sign the termination today and was talking about suing me. Hopefully it is just posturing. The contract has clear terms for cancellation based on inspection, no earnest money or anything. Maybe he sleeps on it and signs tomorrow so we can potentially move forward with this other house. He could relist it and have another offer within a few hours so it doesn’t seem beneficial for him to drag this out with me. I hated doing that because my original buyers backed out on me. And it pissed me off. But it worked out in the long run because my second offer was better, took like three more days, and was a quicker close. We’ll see.
 
fris

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I'm getting a new roof thanks to a hail storm. This may be a texas thing, dunno

My insurance company did an inspection, said it needed to be replaced. Cut me a check for about 1/3rd the expected total cost

Said I'd be responsible for my deductible, 1% of home value, about 1/5 of expected total cost

They said after I get it replaced and show them the final bill, they'll cut me a 2nd check equal to the remainder (total cost- initial check -deductible)


Seems like a good deal, roof is at least 12 years old (how long I've been here) and probably 20, the age of my home

I got a note on my door from a roofer (I've gotten about 20 since the storm), saying he could replace my roof and I wouldn't be out a fee deductible. I'm suspicious but will contact him this week to figure out how thats possible
 
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Lanx

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fris said:
I'm getting a new roof thanks to a hail storm. This may be a texas thing, dunno

My insurance company did an inspection, said it needed to be replaced. Cut me a check for about 1/3rd the expected total cost

Said I'd be responsible for my deductible, 1% of home value, about 1/5 of expected total cost

They said after I get it replaced and show them the final bill, they'll cut me a 2nd check equal to the remainder (total cost- initial check -deductible)


Seems like a good deal, roof is at least 12 years old (how long I've been here) and probably 20, the age of my home

I got a note on my door from a roofer (I've gotten about 20 since the storm), saying he could replace my roof and I wouldn't be out a fee deductible. I'm suspicious but will contact him this week to figure out how thats possible
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even w/o the sus as fuck roofer and deductable , insurance is basically paying for a new roof, good deal
 
K

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fris said:
I'm getting a new roof thanks to a hail storm. This may be a texas thing, dunno

My insurance company did an inspection, said it needed to be replaced. Cut me a check for about 1/3rd the expected total cost

Said I'd be responsible for my deductible, 1% of home value, about 1/5 of expected total cost

They said after I get it replaced and show them the final bill, they'll cut me a 2nd check equal to the remainder (total cost- initial check -deductible)


Seems like a good deal, roof is at least 12 years old (how long I've been here) and probably 20, the age of my home

I got a note on my door from a roofer (I've gotten about 20 since the storm), saying he could replace my roof and I wouldn't be out a fee deductible. I'm suspicious but will contact him this week to figure out how thats possible
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I work for a roofing distributor. Common here in texas. 1% is a good deal some are 1.5% or more. Depending where in Texas, you will average replacing it every 10 years or so due to hail and wind. Always check your wind and hail deductibles here.
 
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BrutulTM

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There are usually roofing contractors that show up after hailstorms. They are usually really fucking fast but don't necessarily do bad work, they're just lean and mean because they do the same shit with the same crew every day and everyone knows their job and they do it fast and because of that they're usually fairly inexpensive. Personally I wouldn't be afraid to use them, but you're probably not going to have much luck tracking them down if you have a problem a couple of years down the road. Plus side is that they will show up and you will have a new roof in a couple days max where if you hire some old man who works alone to do it he might be puttering around on your roof for weeks.
 
Lanx

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BrutulTM said:
There are usually roofing contractors that show up after hailstorms. They are usually really fucking fast but don't necessarily do bad work, they're just lean and mean because they do the same shit with the same crew every day and everyone knows their job and they do it fast and because of that they're usually fairly inexpensive. Personally I wouldn't be afraid to use them, but you're probably not going to have much luck tracking them down if you have a problem a couple of years down the road. Plus side is that they will show up and you will have a new roof in a couple days max where if you hire some old man who works alone to do it he might be puttering around on your roof for weeks.
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why do you need a "whole new roof"

is this only b/c roofing companies will only stand by their guarantee if it's a new roof installed by them?

like everyone says they'll need a new roof, isn't just usually a few shingles that got fucked up or a few shingles that lost their black tar stuff?
 
swayze22

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I used to insure some of those types of roofers. Not necessarily bad, just try to find one that's been around a while. It's common for folks to storm chase per se but a lot of roofing work is done regularly in the Midwest,SE,Texas.

Most of these guys sub out all the work to (probably) uninsured contractors (1099s) so you only have the "main guy" to look for if it's not a company that's been around. Chances are they are an LLC and will just fold up anyway if they get hit with a lot of issues.
 
Fucker

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My roof was replaced because of hail. Hail damage is rare here. I ended up using a regular roofing company that had been in business for a long time. I called them some months later about a leak and they fixed it within a few days.

The upside is having a nearly new roof which is a major selling point.
 
TJT

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fris said:
I'm getting a new roof thanks to a hail storm. This may be a texas thing, dunno

My insurance company did an inspection, said it needed to be replaced. Cut me a check for about 1/3rd the expected total cost

Said I'd be responsible for my deductible, 1% of home value, about 1/5 of expected total cost

They said after I get it replaced and show them the final bill, they'll cut me a 2nd check equal to the remainder (total cost- initial check -deductible)


Seems like a good deal, roof is at least 12 years old (how long I've been here) and probably 20, the age of my home

I got a note on my door from a roofer (I've gotten about 20 since the storm), saying he could replace my roof and I wouldn't be out a fee deductible. I'm suspicious but will contact him this week to figure out how thats possible
Click to expand...
I know like 5 people who got their cars/houses wrekt by hail here in Austin. But the hail never made it to my house at all.

Luck of the draw.
 
Ishad

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Lanx said:
why do you need a "whole new roof"

is this only b/c roofing companies will only stand by their guarantee if it's a new roof installed by them?

like everyone says they'll need a new roof, isn't just usually a few shingles that got fucked up or a few shingles that lost their black tar stuff?
Click to expand...
Your insurer will send a dude out to survey the roof damage. If the damage exceeds a certain threshold, they just say fuck it redo everything.

Had my roof and car totaled from hail a few years back.
 
Borzak

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Parents got a new roof because of hail in MS. They had already decided to reroof the house because it was nearing the end of it's life span. One of those things that some people hold out for apparently. They didn't even remember the hail storm. Neighbors got their shingles replaced, another few did not. Guess it was luck of the draw on damage and the person the insurance sent out.
 
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