Buying a house costs.....
 
 

       The Horse Forum > Life Beyond Horses > General Off Topic Discussion

Buying a house costs.....

This is a discussion on Buying a house costs..... within the General Off Topic Discussion forums, part of the Life Beyond Horses category

     
    LinkBack Thread Tools
        03-09-2009, 04:30 PM
      #1
    Started
    Buying a house costs.....

    So my boyfriend is seriously considering buying a house. Neither of us qualified for renters credit this year so by us renting our money isnt going into an investment anywhere. Since we aren't married and there isnt any plans in the making we will not be buying the house together but rather my BF would find a house in his price range (basically afford everything himself) and then I would simply "rent" from him... help with payments, utilities, etc...

    It is a good time to since our lease is simply month to month with a 2 month move out notice.

    What are the costs of everything with buying a home? This is what we know so far but doing research to learn more. He has already been pre-qualified also and is the "handyman" type along with having uncles that would live nearby who are in the construction buisness for repairs.

    -the cost of the house
    -interest rate for mortage
    -mortage insurance
    -homeowners insurance
    -closing costs
    -yearly taxes
    -fix-up costs (if needed)
    -utilities
    - pre purchase inspection


    Non house
    -moving costs
    -may have to take a day off of work
    -beer and food for the movers (family...lol)
    -would have to buy a lawn mower

    We are going to be looking at places this week to see what is even out there for the money. A lot of bank owned homes that's for sure. Is there anything else we are not thinking of?
    Thanks
         
    Sponsored Links
    Advertisement
     
        03-09-2009, 10:57 PM
      #2
    Started
    Get pre-approved for a mortgage before you look at houses. You need to know what you'll qualify for. They can also give you an idea of how much you'll need at closing. Many people won't even show houses if you've not been pre-approved for a mortgage.

    House inspection: $200-$300
    Radon testing: $125-$175
    Septic/well testing: $150-$225
    Termite inspection: $35-$75
    Lawyer: $100-$500
    Escrow: ~$2000 (payment made when you make your offer)

    You'll need a down payment. If your down payment is high enough you won't need mortgage insurance. Loan costs can include things like the appraisal, application fee, origination fee, etc.

    I've heard that's it's less expensive to have a term life insurance policy than it is to have mortgage insurance. You'd want to know if your bank will escrow the taxes and pay them for you or if you have to pay them yourself. If your bank pays them (would add that to your monthly payment) you want to make sure they're actually being paid.

    You should have several month's payments in the bank for use in case of an emergency. You should have savings that you can use to pay for any needed repairs.

    Home ownership can be exciting and scary. It's a buyer's market most places so is a very good time to buy. Oh, we have a nice house for sale in IL!



         
        03-10-2009, 08:21 AM
      #3
    Started
    Thanks Joshie!!!

    My BF has been working with a bank and a realitor... and has money for a down payment, but depending on the house may still need to have the mortage insurance. We are running into a lot of the bank owned homes having mold... which can be dealt with properly but can be very spendy also. It may be a fun summer of looking at houses.

    I mapquested IL and I think it may be a little much of a drive for me to go to work :) LOL

    Thanks Again
         

    Quick Reply
    Please help keep the Horse Forum enjoyable by reporting rude posts.
    Message:
    Options

    Register Now

    In order to be able to post messages on the The Horse Forum forums, you must first register.

    Already have a Horse Forum account?
    Members are allowed only one account per person at the Horse Forum, so if you've made an account here in the past you'll need to continue using that account. Please do not create a new account or you may lose access to the Horse Forum. If you need help recovering your existing account, please Contact Us. We'll be glad to help!

    New to the Horse Forum?
    Please choose a username you will be satisfied with using for the duration of your membership at the Horse Forum. We do not change members' usernames upon request because that would make it difficult for everyone to keep track of who is who on the forum. For that reason, please do not incorporate your horse's name into your username so that you are not stuck with a username related to a horse you may no longer have some day, or use any other username you may no longer identify with or care for in the future.

    User Name:
    Password
    Please enter a password for your user account. Note that passwords are case-sensitive.
    Password:
    Confirm Password:
    Email Address
    Please enter a valid email address for yourself.
    Email Address:

    Log-in

    Human Verification

    In order to verify that you are a human and not a spam bot, please enter the answer into the following box below based on the instructions contained in the graphic.


    Old Thread Warning
    This thread is more than 90 days old. When a thread is this old, it is often better to start a new thread rather than post to it. However, If you feel you have something of value to add to this particular thread, you can do so by checking the box below before submitting your post.

    Thread Tools

    Similar Threads
    Thread Thread Starter Forum Replies Last Post
    Yearly/monthly costs of owning a horse? Equuestriaan Horse Riding 33 03-25-2009 02:20 AM
    House costs wanderlust General Off Topic Discussion 8 03-08-2009 09:14 PM
    deworming and shoeing costs? otis07 Horse Health 18 02-25-2008 10:17 AM
    Farrier Costs : Yearly Average to Most Expensive clipclop Horse Talk 17 09-03-2007 10:01 PM



    All times are GMT -4. The time now is 05:04 PM.


    Powered by vBulletin® Version 3.8.5
    Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.
    Search Engine Friendly URLs by vBSEO 3.6.0