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Author Topic:   Buying a home in America
sigtauenus
Gearhead

Posts: 2230
From: Va Beach
Registered: Jun 2000

posted 04-04-2005 11:17 PM     Click Here to See the Profile for sigtauenus   Click Here to Email sigtauenus     Edit/Delete Message   Reply w/Quote
You know, for all the talk about home starts being up and record home ownership and the government wanting you to own a home, etc, etc, its @#$%^&* EXPENSIVE!!

Casey and I just bough our first house a week ago, and holy cow, I can't believe how many things we didn't even know about that cost money. We thougt we had the down payment licked until we found out how much the closing costs were and the money to put into escrow.

And then we didn't like the kitchen so I've been remodeling it. We had Sears come out and give us an estimate, I'm doing the same thing they offered to do for 25% of what they quoted it at. Seems like every trip to Lowes hits the wallet like a sledgehammer though.

Its been a week and I'm just about done in the kitchen, then to do some landscaping, and then, maybe, paint the garage floor and start working on the 68.

Well, supposedly this home ownership thing is a big deal with your taxes. I just don't understand how it saves me money to spend a dollar and only get 15 cents back. I'd rather keep the dollar to begin with.

Oh well, late night ramblings after working in the kitchen for about 14 hours today.

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Toronado3800
Gearhead

Posts: 866
From: St. Louis, MO
Registered: Jul 2001

posted 04-04-2005 11:26 PM     Click Here to See the Profile for Toronado3800     Edit/Delete Message   Reply w/Quote
Owning a home is like owning an old Mustang. Sure it will go up in value if you take care of it, but you gotta own it for the joy of using it

I share your pain on the Lowe's trips and now that I own a home I understand some of the good points of renting but I don't see myself going back any time soon.

I'm just doing my taxes now. The interest on your mortgage is enough to itemize and raise you from the standard decuction, thus lowering your taxable income. No way it make up for all the money and time my house costs me, but I enjoy working on things. Especially these home things which really aren't that difficult compared to working on a car.

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stc65coupe351w
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Posts: 298
From: Riverside California
Registered: Sep 2004

posted 04-05-2005 12:38 AM     Click Here to See the Profile for stc65coupe351w   Click Here to Email stc65coupe351w     Edit/Delete Message   Reply w/Quote
quote:
Originally posted by sigtauenus:

And then we didn't like the kitchen so I've been remodeling it. We had Sears come out and give us an estimate, I'm doing the same thing they offered to do for 25% of what they quoted it at. Seems like every trip to Lowes hits the wallet like a sledgehammer though.

Its been a week and I'm just about done in the kitchen



Trish and I are also doing the kitchen thing. Gutted everything, moved things and fixed damage from living with kids for the last 22 years. At least we can do everything ourselves. Built the new cabinets two weeks ago and will not get counter tops for another two weeks. Never realized how much you use a kitchen until it is just bare walls. I wish it was only a week but for us it will be almost 6 weeks. Lowes and Home Depot do not even check ID anymore as we drop from 100 to 500 a day it seems. Worst part is I sent the 65 in for body work and paint and Trish keeps reminding me that the car cost more then the kitchen. Although doing it ourselves it probably only cost ten cents on the dollar.

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-1974 351w Block Bored .30-1969 351w Heads Fully Ported
-Custom made Ford 9" with 3" Axle Tubes-28 Detroit Locker-3.73 Gears-Shelby Traction Bars
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whiteknight289
Gearhead

Posts: 1386
From: Wheaton, IL, USA
Registered: Mar 2004

posted 04-05-2005 07:14 AM     Click Here to See the Profile for whiteknight289   Click Here to Email whiteknight289     Edit/Delete Message   Reply w/Quote
If you rent a house for 10 years and walk away you have nothing.
If you had been making payments on buying the house it could have doubled in value. For the 10 years between 1990 and 2000 our modest 2 BR 1 Bath ranch gained $100k in value, plus I paid down 1/3 of the loan on it.
Scott

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Dreamcometrue
Gearhead

Posts: 294
From: New-Brunswick,Canada
Registered: Apr 2004

posted 04-05-2005 07:40 AM     Click Here to See the Profile for Dreamcometrue   Click Here to Email Dreamcometrue     Edit/Delete Message   Reply w/Quote
To all you apprentice cabinet makers. If you need any advice, I can help you. I built, sold and installed kitchen cabinets for five years. Don't hesitate!
Talking about house ownership, I built mine 13 years ago.It's a split type with a garage. Had lots of help from family and friends. Since I had to borrow only $45 000 I was able to do the last payment last september. And I am only 40. Remember that if you have $400.00 a month payments and you add 25% or $100.00 it goes directly toward capital. so it means that a loan can be paid in 12 years instead of 20. So all the money I had spared at the end of the month would go on the loan. My wife said that it was my phobia.
Now I will be able enjoy the Stang and put my 3 kids through college.
Rino

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'69 coupe 302 with a C-4 3:00-1 gears
Edelbrock Performer RPM intake, Holley carb, K&N air filter
Dual exhaust with Ravin z-55 mufflers Pertronix II
Member#3729http://mustangsandmore.50megs.com/MembersPics/Dreamcometrue.html

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exlocal
Gearhead

Posts: 225
From: hacienda hts., CA, USA
Registered: Dec 2004

posted 04-05-2005 08:55 AM     Click Here to See the Profile for exlocal     Edit/Delete Message   Reply w/Quote
Congratulations on becoming a homeowner. It's all relative on the present cost of being an owner. I bought my first of 3 houses in 1974. My then wife and I were renting an apartment for $150/month when we ran across a really small fixer in the hills. We put $5K down which was 20% of the price. The month payment was $175/month and I was wondering how the heck we were going to keep up. Fast forward to the present. My 2003 truck payments are higher than my present mortgage payment per month.

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reliving youth

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stc65coupe351w
Gearhead

Posts: 298
From: Riverside California
Registered: Sep 2004

posted 04-05-2005 09:59 AM     Click Here to See the Profile for stc65coupe351w   Click Here to Email stc65coupe351w     Edit/Delete Message   Reply w/Quote
quote:
Originally posted by Dreamcometrue:
To all you apprentice cabinet makers. If you need any advice, I can help you. I built, sold and installed kitchen cabinets for five years. Don't hesitate!

Cabinets are enjoyable to work with. I have been doing them for almost 28 years professionally and got my first table saw at age 16 and circular saw and router at age 13. Plus was dumb enough to sneak use my dad's table saw at age 11 and ended up with 5 stitches on finger tip.


quote:
Originally posted by exlocal:
Congratulations on becoming a homeowner. It's all relative on the present cost of being an owner. I bought my first of 3 houses in 1974. My then wife and I were renting an apartment for $150/month when we ran across a really small fixer in the hills. We put $5K down which was 20% of the price. The month payment was $175/month and I was wondering how the heck we were going to keep up. Fast forward to the present. My 2003 truck payments are higher than my present mortgage payment per month.


I put cabinets in many houses in Hacienda Heights back in the late 70's to mid 80's and there are some very large homes in nice areas back then. That was before I left O.C. and migrated east. Owning is a little harder at first but always worth it in the long run and should always be strived for instead of renting.

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-1974 351w Block Bored .30-1969 351w Heads Fully Ported
-Custom made Ford 9" with 3" Axle Tubes-28 Detroit Locker-3.73 Gears-Shelby Traction Bars
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TrishOfStc
Journeyman

Posts: 77
From: Riverside, Ca
Registered: Jan 2005

posted 04-05-2005 10:25 AM     Click Here to See the Profile for TrishOfStc   Click Here to Email TrishOfStc     Edit/Delete Message   Reply w/Quote
quote:
Originally posted by Dreamcometrue:
To all you apprentice cabinet makers. If you need any advice, I can help you. I built, sold and installed kitchen cabinets for five years. Don't hesitate!



Shhhhhhh! Don't say this to loudly, my boss might hear. He has been paying me journeyman wages for the last 19 years. I was the forman for a couple of years, as was STC, but we both love working the wood part and decided to leave the politics to others. There is something to be said about watching an idea you have grow into a funtional part of a home. Thank you for the offer of advice, I think it is awesome when someone has an ability and they offer to help and share their knowledge. Sometimes it is so hard to ask, and advice is much appreciated. I love to work with wood and having the ability makes it easier to afford some of the nice things for our home. Guess I'll just always be a big Tom-Boy. Working on the cars is fun too, well except when the bolt froze and when it broke loose the ratchet slipped off and broke my nose a little.

Owning a home is the best way to go for investments. They just mentioned on a radio program that it is the only investment that will yield such a high return in the shortest amount of time. Plus it gives allot of pleasure being able to form it into what you want. Landlords tend to frown when you make changes to their property. Or your project car leaks fluids on the garage floor. Could always be like STC and have a plywood floor.

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Carpenter by day Computer Science Major by Night
Our Pics

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stc65coupe351w
Gearhead

Posts: 298
From: Riverside California
Registered: Sep 2004

posted 04-05-2005 05:13 PM     Click Here to See the Profile for stc65coupe351w   Click Here to Email stc65coupe351w     Edit/Delete Message   Reply w/Quote
quote:
Originally posted by sigtauenus:
You know, for all the talk about home starts being up and record home ownership and the government wanting you to own a home, etc, etc, its @#$%^&* EXPENSIVE!!


Well, supposedly this home ownership thing is a big deal with your taxes. I just don't understand how it saves me money to spend a dollar and only get 15 cents back. I'd rather keep the dollar to begin with.

Oh well, late night ramblings after working in the kitchen for about 14 hours today.


Do not forget to save every home improvement receipt. If I recall correct when you sell your house you can use them to lower your capital gains tax, which should also then save you some money. As for the .15 on the dollar, I never got that either but do know in a few years you will have equity and then maybe you will get the other .85 back or at least see it.
Our company works us 6 days a week about 10 plus hours a day so we only have a few hours a day to make progress.
Have some pictures if you wish to feel better about the time spent remodeling. And we only have 5 more rooms to go.
http://albums.photo.epson.com/j/AlbumList?u=4114205

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-1974 351w Block Bored .30-1969 351w Heads Fully Ported
-Custom made Ford 9" with 3" Axle Tubes-28 Detroit Locker-3.73 Gears-Shelby Traction Bars
Pics Michael

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SteveLaRiviere
Administrator

Posts: 43258
From: Saco, Maine
Registered: May 99

posted 04-05-2005 05:54 PM     Click Here to See the Profile for SteveLaRiviere   Click Here to Email SteveLaRiviere     Edit/Delete Message   Reply w/Quote
quote:
Originally posted by sigtauenus:
I just don't understand how it saves me money to spend a dollar and only get 15 cents back. I'd rather keep the dollar to begin with.

Ask yourself two questions:

1. How much have you spent in rent since you moved out on your own.

2. What do you have to show for it?

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'70 Mustang Mach 1 351C 4V/FMX/3.25 Open
'70 Mustang Convertible 250 I6/3 speed/2.79 Open
'72 Mustang Sprint Hardtop 351C 4V/FMX/4.30 Trac Loc
'94 F-150 XL 5.8L/E4OD/3.55 Limited Slip

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kwazykat
Moderator

Posts: 7182
From: ...a wonderful place to be.... orange county... NC!!!! M&M member #92 .... a blue-oval GRRL-deluxe.....
Registered: Jun 99

posted 04-05-2005 07:10 PM     Click Here to See the Profile for kwazykat   Click Here to Email kwazykat     Edit/Delete Message   Reply w/Quote
hey sig!

congrats to you guys for buying a home!

i bought a little-teeny-tiny house in NOV 1994 ... it came with 7.25 acres ..... we worked tremendously hard adding a "great room" on to it, gutting and redoing the original portion and bringing it to a very nice level of custom-made-one-of-a-kind cool little house ..... it was what i did every weekend for two and a half years..... i got my CO in july 1997 ...... it was hard hard work but i learned a lot and am thrilled to have done it.....

the only thing i wish i would have done is bitten the bullet and added more square footage....it would have been so much easier to do in the beginning than to add it on now.....

live and learn eh!!??

nonetheless, the most recent appraisal was a little shy of triple the price i gave for the land and that tiny shack that was on it!!

home-ownership will be a great adventure for you! enjoy!!

kk

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sigtauenus
Gearhead

Posts: 2230
From: Va Beach
Registered: Jun 2000

posted 04-05-2005 09:53 PM     Click Here to See the Profile for sigtauenus   Click Here to Email sigtauenus     Edit/Delete Message   Reply w/Quote
Oh, don't get me wrong, I know that its worth it to buy a house, but I was just shocked at how many little things add up quickly to sink the wallet.

I'll try to post some before and after pics of the kitchen here in the next day or two. Basically all the big stuff is done, its fully functional again, but still need to do some detail stuff like the toekicks, some moldings, calking the backsplash on the counter, etc. Its coming along nicely and it really is cool to look at something you did yourself...much like working on the car, there's no satisfaction like that comes from doing something yourself.

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TrishOfStc
Journeyman

Posts: 77
From: Riverside, Ca
Registered: Jan 2005

posted 04-05-2005 11:02 PM     Click Here to See the Profile for TrishOfStc   Click Here to Email TrishOfStc     Edit/Delete Message   Reply w/Quote
Looking forward to seeing all your hard work.

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Carpenter by day Computer Science Major by Night
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sigtauenus
Gearhead

Posts: 2230
From: Va Beach
Registered: Jun 2000

posted 04-13-2005 12:10 PM     Click Here to See the Profile for sigtauenus   Click Here to Email sigtauenus     Edit/Delete Message   Reply w/Quote
Here's some before and after...

Note fridge was moved to other side, DW was moved to other side of sink, and the corner with no wall cabinets (just base and counter) was empty before...supposedly for an "eat-in" kitchen table/chairs, but we always eat in front of the TV or in the dining room, so was wasted space to us.


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indyphil
Gearhead

Posts: 2409
From: Senoia, G.A. USA
Registered: Jul 2002

posted 04-13-2005 12:27 PM     Click Here to See the Profile for indyphil   Click Here to Email indyphil     Edit/Delete Message   Reply w/Quote
Very nice! Well done
someday I would like to have the confidance to tackle a project like that.

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'68 coupe, '66 289 C code
engine, edel 600cfm carb, performer intake, dual exhaust http://www.geocities.com/ottouk_77/68mustang.htm

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Dave Gibson
Moderator

Posts: 9003
From: Norfolk, Virginia, USA M&M#166 MCA#47921
Registered: Aug 99

posted 04-13-2005 01:56 PM     Click Here to See the Profile for Dave Gibson   Click Here to Email Dave Gibson     Edit/Delete Message   Reply w/Quote
Looks great Sam! You do good work. Now about that Mustang. LOL

Dave & Terri

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'65 Mustang Fastback
'66 Mustang Coupe
'02 Explorer XLT
Common sense isn't common anymore.

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Dreamcometrue
Gearhead

Posts: 294
From: New-Brunswick,Canada
Registered: Apr 2004

posted 04-13-2005 02:03 PM     Click Here to See the Profile for Dreamcometrue   Click Here to Email Dreamcometrue     Edit/Delete Message   Reply w/Quote
Great looking kitchen, Sam. Looks like maple and it really brightens it up! Some nice bright brass door handles would really look great.
Rino ,)

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'69 coupe 302 with a C-4 3:00-1 gears
Edelbrock Performer RPM intake, Holley carb, K&N air filter
Dual exhaust with Ravin z-55 mufflers Pertronix II
Member#3729http://mustangsandmore.50megs.com/MembersPics/Dreamcometrue.html

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ctastang
Gearhead

Posts: 1598
From: Virginia Beach, VA, USA
Registered: May 2000

posted 04-13-2005 03:32 PM     Click Here to See the Profile for ctastang   Click Here to Email ctastang     Edit/Delete Message   Reply w/Quote
Sam, how many times did you and Casey bang your elbows against the fridge before you moved it away from the sink? The kitchen looks great now When can we see it in person?

Carole

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66 Coupe, Arcadian Blue with standard blue interior C-code "Miss Stang" alias "Miss Cranky" and honored to be the M&M Ford Product for June 2003
99 Coupe, Crystal White, palamino interior, with 35th anniversary badging and stripes, 3.8 liter, daily driver "Anni"
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stc65coupe351w
Gearhead

Posts: 298
From: Riverside California
Registered: Sep 2004

posted 04-13-2005 06:05 PM     Click Here to See the Profile for stc65coupe351w   Click Here to Email stc65coupe351w     Edit/Delete Message   Reply w/Quote
Did you do the cabinets yourself? They came out nice. I have never liked putting in the angle corner uppers for they have to line up too many ways. Very clean job. On sleepy mornings do you put the dirty dishes in the Refrigerator? I recall when our little one was 3 we moved him across the hall bedroom. The bath was a right and then another right. One night he came out half asleep and made two rights and peed in the kitchen trash. We have been with out a kitchen sink for 5 weeks now and I still take things there to rinse out. It sure is nice to be able to enjoy such nice work when your finished and it came out very nicely, great job.

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sigtauenus
Gearhead

Posts: 2230
From: Va Beach
Registered: Jun 2000

posted 04-13-2005 07:40 PM     Click Here to See the Profile for sigtauenus   Click Here to Email sigtauenus     Edit/Delete Message   Reply w/Quote
Thanks guys. Yeah, we decided that we'd rather have counter space on both sides of the sink than both sides of the range. The reason we didn't move the fridge to the other corner is we are going to cut that wall out (the corner with counter but no upper cabinets), actuall, about 1/3 of the wall out. It will open up the kitchen to both the dining room and living room. Thats also why the new outlets are placed the way they are above the counter on that side...wall above will be cut out and a bar top will cap the hole in the wall.

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TrishOfStc
Journeyman

Posts: 77
From: Riverside, Ca
Registered: Jan 2005

posted 04-13-2005 08:03 PM     Click Here to See the Profile for TrishOfStc   Click Here to Email TrishOfStc     Edit/Delete Message   Reply w/Quote
Awesome! Nice to see someone a little farther than us. Shows me that the end is in sight. It was funny because looking at your pics I noticed that we have the same refrigerator, micro, and the light above your sink is the exact same one we just bought to put above ours. Just waiting for the counter top to finish ours up so we can start on the floor. Excellent, I like how much more open it looks and I agree with the counter space next to the sink. I could never figure out why they think we can was dish's with no place to put them. Dirty on one side of the sink, clean on the other. What are the builders thinking.

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