garywood
Chumono
Sorcerer, you have to feel it!
$100,000 Garden
- Thread starter sorce
- Start date
VAFisher
Masterpiece
If you buy in a rural area and have a decent credit score, you can qualify for a USDA loan. USDA loan means no down payment. A mortgage broker can help you.
Don't be afraid to look at new construction. In 2012 when I was buying, new was no more expensive.
Congrats and good luck. Nothing beats that feeling of "this is mine".
Don't be afraid to look at new construction. In 2012 when I was buying, new was no more expensive.
Congrats and good luck. Nothing beats that feeling of "this is mine".
Brian Van Fleet
Pretty Fly for a Bonsai Guy
Congrats! Nothing like owning a home.
Try to keep the mortgage 25-30% of your take-home pay.
Inspections, and ask for the repairs or an allowance towards it: roof, HVAC, plumbing are biggies.
School system matters, so do neighbors. Go meet 'em!
Good luck!
Try to keep the mortgage 25-30% of your take-home pay.
Inspections, and ask for the repairs or an allowance towards it: roof, HVAC, plumbing are biggies.
School system matters, so do neighbors. Go meet 'em!
Good luck!
Eric Group
Masterpiece
All good advice above it seems!
Having been a registered mortgage lender for about ten years now, offering loans from 3-4 different lenders during that time... And personally having bought two houses- one is now a rental- I can give you some advice.
Location is important, but MOST important from a resale standpoint. If you plan to live there forever, who cares what others might want/ like, buy where YOU want to live... My only "spin" on the "location, location, location..." Adage.
Your loan is as important of a choice as the home you decide on. Do you have money down? If not- as most do not- shop around for a first time home buyer's option that can give you reduced/ NO down payment options, then when making your offer get the seller to pay up for closing costs... Has become almost standard for sellers these days! A Few options to look for in your area: USDA. If you are buying a home for less than $100 in Illinois, it will almost certainly be out of the city a ways (or in a neighborhood that is not safe) may qualify for %100 financing! If not, see if there are any state/city/ county down payment assistance programs! They can- in my area- give you a partially/ COMPLETELY foregiveable "loan" that you won have to repay if you stay in the home a certain amount of time!
Rate is important- but check your APR not the base rate when comparing loan options. The APR is a figure that includes all the fees the lender charges for your loan, and it gives you a true comparison... The rate may be lower at one place, but if they charge higher fees, the APR will show that... Gives you a simple, easy way to compare mortgages without having to understand a GFE!
Vin was spot on in recommending you look around on your own outside of any listings a realtor offers... Not to say you should NOT buy a home offered by a realtor, but keep in mind they work off a percentage of the sale price and won't want to show you anything that costs less than the max you are approved for! Look on your own and you may stumble on a deal your realtor "weeded out" because it was too cheap! I bought both my houses from listings I found on my own... My realtor was showing me a house up the street from my first house, we went back for a second visit to a house I wasn't thrilled about and someone had just listed (for sale by owner- IOW they stuck a sign in the yard) this great little place up the street that cost about $20k less and I liked it WAYYYY better! Signed a contract the same day!
The house's BONES are important. Cosmetics are not. Brick is good! A WOOD BURNING fireplace, where you live with a good wood stove and a blower, and a solid chimney would be high on my list! You can always add granite later, rip up carpets, paint... But changing the exterior from vinyl (PLASTIC) siding to brick is not really a cost effective option. Look for sagging/ creeky floors, doors that don't shut right or stay shut at all, cracks in exterior walls around Windows or above door frames inside... Could be signs of a bad foundation... A little settling can be expected in a house over 40 years old or so, but especially on a newer home, I'd be careful if you see anything like that... Home inspectors are your friend... IF YOU ARE THE ONE WHO HIRES THEM! They have a business to run too and if you let ANY realtor hire your home inspector, your might get hosed... They want the referrals and they won't get them if they sink realtor's deals to tell people about the busted water heaters/termite damage... That might go unnoticed for years if they don't speak up! Find one yourself, and get one with good reviews (or perhaps Irrate reviews about how they "delayed my closing because they found a bunch of TICKY tack BS..."- THAT is the inspector you want!)
Happy for you Sorce! Buying is ALWAYS a the better option when living somewhere long term.... Don't let renters spook you with tales of dropping home values and large repair expenses.. Get a home warranty if you worry about repairs and ask the guy who decries buying because it "may not be a good investment" how much they plan to make when they move out of their rental! Then ask them whose mortgage they have been paying? Repeat: Buying is ALWAYS a better financial decision for people who are going to stay somewhere log term. Period. Short term (less than 5-10 years) renting is fine...
One final note on mortgages: if the lender tries to tell you to take some short "ARM" (Adjustable Rate Mortgage) so you can "afford" more house, FIND ANOTHER LENDER. IMMEDIATELY. THEY ARE NOT RECOMMENDING THE BEST PRODUCT FOR YOU. Those products and the interest only jobs that were so prevalent 10-15 years ago are what nearly ended our economy in 2009. Nobody should take advantage of that sort of BS unless they have a very particular situation that makes them beneficial... And "buying a home for me and my moderate-low income family to live in for the long term" is NOT A SUITABLE SITUATION! Go for fixed rates, and do not look at any of this silliness where they offer a term longer than 30 years. Take a 15 if you can afford to.
Good luck man!
Having been a registered mortgage lender for about ten years now, offering loans from 3-4 different lenders during that time... And personally having bought two houses- one is now a rental- I can give you some advice.
Location is important, but MOST important from a resale standpoint. If you plan to live there forever, who cares what others might want/ like, buy where YOU want to live... My only "spin" on the "location, location, location..." Adage.
Your loan is as important of a choice as the home you decide on. Do you have money down? If not- as most do not- shop around for a first time home buyer's option that can give you reduced/ NO down payment options, then when making your offer get the seller to pay up for closing costs... Has become almost standard for sellers these days! A Few options to look for in your area: USDA. If you are buying a home for less than $100 in Illinois, it will almost certainly be out of the city a ways (or in a neighborhood that is not safe) may qualify for %100 financing! If not, see if there are any state/city/ county down payment assistance programs! They can- in my area- give you a partially/ COMPLETELY foregiveable "loan" that you won have to repay if you stay in the home a certain amount of time!
Rate is important- but check your APR not the base rate when comparing loan options. The APR is a figure that includes all the fees the lender charges for your loan, and it gives you a true comparison... The rate may be lower at one place, but if they charge higher fees, the APR will show that... Gives you a simple, easy way to compare mortgages without having to understand a GFE!
Vin was spot on in recommending you look around on your own outside of any listings a realtor offers... Not to say you should NOT buy a home offered by a realtor, but keep in mind they work off a percentage of the sale price and won't want to show you anything that costs less than the max you are approved for! Look on your own and you may stumble on a deal your realtor "weeded out" because it was too cheap! I bought both my houses from listings I found on my own... My realtor was showing me a house up the street from my first house, we went back for a second visit to a house I wasn't thrilled about and someone had just listed (for sale by owner- IOW they stuck a sign in the yard) this great little place up the street that cost about $20k less and I liked it WAYYYY better! Signed a contract the same day!
The house's BONES are important. Cosmetics are not. Brick is good! A WOOD BURNING fireplace, where you live with a good wood stove and a blower, and a solid chimney would be high on my list! You can always add granite later, rip up carpets, paint... But changing the exterior from vinyl (PLASTIC) siding to brick is not really a cost effective option. Look for sagging/ creeky floors, doors that don't shut right or stay shut at all, cracks in exterior walls around Windows or above door frames inside... Could be signs of a bad foundation... A little settling can be expected in a house over 40 years old or so, but especially on a newer home, I'd be careful if you see anything like that... Home inspectors are your friend... IF YOU ARE THE ONE WHO HIRES THEM! They have a business to run too and if you let ANY realtor hire your home inspector, your might get hosed... They want the referrals and they won't get them if they sink realtor's deals to tell people about the busted water heaters/termite damage... That might go unnoticed for years if they don't speak up! Find one yourself, and get one with good reviews (or perhaps Irrate reviews about how they "delayed my closing because they found a bunch of TICKY tack BS..."- THAT is the inspector you want!)
Happy for you Sorce! Buying is ALWAYS a the better option when living somewhere long term.... Don't let renters spook you with tales of dropping home values and large repair expenses.. Get a home warranty if you worry about repairs and ask the guy who decries buying because it "may not be a good investment" how much they plan to make when they move out of their rental! Then ask them whose mortgage they have been paying? Repeat: Buying is ALWAYS a better financial decision for people who are going to stay somewhere log term. Period. Short term (less than 5-10 years) renting is fine...
One final note on mortgages: if the lender tries to tell you to take some short "ARM" (Adjustable Rate Mortgage) so you can "afford" more house, FIND ANOTHER LENDER. IMMEDIATELY. THEY ARE NOT RECOMMENDING THE BEST PRODUCT FOR YOU. Those products and the interest only jobs that were so prevalent 10-15 years ago are what nearly ended our economy in 2009. Nobody should take advantage of that sort of BS unless they have a very particular situation that makes them beneficial... And "buying a home for me and my moderate-low income family to live in for the long term" is NOT A SUITABLE SITUATION! Go for fixed rates, and do not look at any of this silliness where they offer a term longer than 30 years. Take a 15 if you can afford to.
Good luck man!
Last edited:
eferguson1974
Chumono
Congrats Source! If I were in your position I would get a little piece of land and build an earthship. They are SO much better than box shaped houses. And they are usualy off grid. They have big indoor gardens perfect for bonsai and all your organic veggies. Even aquaponics, so you raise fish too. If you dont know about them, you really should look into them. Mine was way cheaper than a box. And waaaaaay cooler! Even unfinished mine is comfy with no ac or heat. Theyre about 80% recycled stuff too, like tires and cans. Check out my interior wall made of tires and dirt. Of course theyre usualy a lot more finished but Im too broke. And yes, I hang bonsais on the wall... You could have an earthquake proof, eco house for far less than a normal place. Because of thermal mass of the tires, the temp is comfy without ac or heat even in the desert. You seem like you could be the kinda guy that could love all the logic in an Earthship. The inventor, Mike Reynolds, is quite the guy too. A rebel with solutions to real problems. So check them out. Just search for Earthship biotecture. And watch the movie about them, "the Garbage Warrior". Lots of folks around the world are building them and live in them. Its a home, not just a house and they are loved by people who know about them. They collect their own water, treat their sewage (an awesome place to grow out bonsai is part of the system. They make their own electricity too usualy. Theyre very very efficient and comfortable, and have great unique character. No two are the same..
Attachments
eferguson1974
Chumono
Pay two payments a month, each half the mortgage because the first payment goes to the interest, the second toward the price of the loan. That way you pay much less in the end because normaly you pay only the interest for years, befor the principle. Or so Ive heard....
j evans
Omono
Congratulations, take your time, do your homework and ask questions to find out anything you don't know. The only dumb question is the one you don't ask. Heck, ask all of us, between all of us we know everything. And the most important, make it fun, not a job.
AaronThomas
Omono
Congrats brother!
armetisius
Chumono
Congratulations!
Very happy for you.
Much luck in finding your new "happy place".
Take your time, at our age there aren't that many
years to put into "I'll change that when I get settled"
Very happy for you.
Much luck in finding your new "happy place".
Take your time, at our age there aren't that many
years to put into "I'll change that when I get settled"
Cadillactaste
Neagari Gal
If it's allowed. Years back we checked to make sure we could. Chose a different bank when the first didn't allow such payment options.
Cadillactaste
Neagari Gal
Making a payment that is going to something to own...is very much rewarding...finally paying it off...even more so! Congratulations!
sorce
Nonsense Rascal
You All are the Awesomest!
I went old school with the like button,
"Thanks!" In text for all!
I will meet the neighbors, I've thought about it, but Probly wouldn't have done it!
Many thanks for that!
Lol...HOA! I heard enough horror stories of those bastards on here!
@Eric Group thank you very much for your insight! Your post has not gone un-read, contrary, it will be read and reread and reread!
@Stickroot why you think I need you up here in fall! Lol! I want a dragonfly!
Seriously, I have a friend who is an inspector, but I will doubly inspect.
I got "a guy" in every trade that will let me borrow tools. Know a good structural engineer, And though I might have space for it....I still ain't gonna have no armchair!
Translate - I have done work in every residential trade, bones is all I'm buying in my range round here, gonna be a lot of late nights, and teaching the kids how to do Everything! Shitter Pipes and Drywall dust!
Though I would love an Eco-house, or a double wide (automatic Red neck Study group qualification, sans granite of course)!, they won't let me get one yet!
I've wanted a pond since I was about 6.
I gotta crazy idea to build one next to the foundation, so I can have an underwater view from the basement.
Gonna need a bribe for that permit!
Good thing it's Illinois!
You ALL will be fed and "watered" on your visit!
Sorce
I went old school with the like button,
"Thanks!" In text for all!
I will meet the neighbors, I've thought about it, but Probly wouldn't have done it!
Many thanks for that!
Lol...HOA! I heard enough horror stories of those bastards on here!
@Eric Group thank you very much for your insight! Your post has not gone un-read, contrary, it will be read and reread and reread!
@Stickroot why you think I need you up here in fall! Lol! I want a dragonfly!
Seriously, I have a friend who is an inspector, but I will doubly inspect.
I got "a guy" in every trade that will let me borrow tools. Know a good structural engineer, And though I might have space for it....I still ain't gonna have no armchair!
Translate - I have done work in every residential trade, bones is all I'm buying in my range round here, gonna be a lot of late nights, and teaching the kids how to do Everything! Shitter Pipes and Drywall dust!
Though I would love an Eco-house, or a double wide (automatic Red neck Study group qualification, sans granite of course)!, they won't let me get one yet!
I've wanted a pond since I was about 6.
I gotta crazy idea to build one next to the foundation, so I can have an underwater view from the basement.
Gonna need a bribe for that permit!
Good thing it's Illinois!
You ALL will be fed and "watered" on your visit!
Sorce
Starfox
Masterpiece
Congrats sorce!
We have recently done similar, it is a lot of work but it is worth it.
As you say it's a great life lesson for the kids too, just wish they would speed up and build me shed.
We have recently done similar, it is a lot of work but it is worth it.
As you say it's a great life lesson for the kids too, just wish they would speed up and build me shed.
sorce
Nonsense Rascal
Congratulations dude! You will love it. Just make sure there's a special spot for your wife to excape to too if she needs it and you will all be happy
Now that is good advice!
She wants a bay window with a seat there. And a spot to tan in.
Note to self....keep a section of yard with full sun, sprinkler/tree free!
Sorce
Saizan
Yamadori
I cannot help you, since all the mates already gave you invaluable information. But just my two cents: buy something with a big big big garden. You will need space even having 10.000 yards to cultivate bonsai 
Congratulations!
Congratulations!
jeanluc83
Omono
Consider looking at a lease with an option to buy. Also known as rent to own. You pay rent like a normal lease but a portion of it is set aside to become your down payment. At the start of the lease the final option price is agreed upon. When you are ready to buy you simply tell the owner and start the process of getting a loan. One of the advantages is that you are generally not going thorough an agent. This eliminates many of the closing costs for both the buyer and seller.
It gives you a chance to live in a house before it is 100% yours and also gives you a chance to save up more money. If you find out you do not want to buy the house you can walk away. You would forfeit the extra money that was to become the down payment but you are not stuck with a house you don't want.
It gives you a chance to live in a house before it is 100% yours and also gives you a chance to save up more money. If you find out you do not want to buy the house you can walk away. You would forfeit the extra money that was to become the down payment but you are not stuck with a house you don't want.
Dav4
Drop Branch Murphy
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Great advice from everyone. Having been in debt my entire adult life, I can tell you it slowly sucks you dry, so try to stay within your means. One last thing to look for...privacy fence...you know, to keep those prying eyes from seeing your prized bonsai along with the little patch of mary jane you've sure to cultivate. Who knows, if you're lucky, the neighbors may enjoy a toke every now and again!
A. Gorilla
Omono
The east side of Joliet would give you ample space for grow plots for rock bottom prices. Heck, you may even be in walking distance of the illegal rodeo. Most of your other stuff would be stolen, but nobody would think about taking scraggy trees in your yard.
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