First time Home Buyer - total rehab kitchen
Jan Caballero-Ding
2 years ago
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herbflavor
2 years agolast modified: 2 years agoJan Caballero-Ding
2 years agoRelated Discussions
First time home buyer, advice needed finding realtor
Comments (18)I disagree with the above two statements. You don't have to show your max, but in a competitive market where there are more buyers than available properties, if you put in an offer showing you are only approved for the amount of your offer, you are very likely to get passed over in favor of a stronger buyer. This does not mean showing $300k on a pre-approval for a $250k offer. It means showing more than $250k. If you come in exactly at the offer price, as an agent, we know that any bump along the way could very well derail your loan. Bump would be an increase in the payment due to property taxes being higher than anticipated or actual insurance premium costs throwing you over your allowed DTI (this is especially relevant where I am in Florida). If you were to show $275k as an example on a $250k offer we would be less concerned about your approval turning into a denial. Note that the seller can not ever force you to pay more than you offer. They can counter offer - but then it is up to you to accept, reject or counter. It is a myth that showing you are a strong buyer means you pay more. In fact, I have seen sellers skip over a higher offer in order to accept the lower offer with the stronger buyer because they know it has a better chance of closing. What good does it do to accept an offer from a weak buyer? From the seller's POV - nothing but waste time. If you say that you are totally maxed out at the offer price, that makes you a weak buyer that is likely to not close. The reason I equate the two items; showing you are maxed out at the offer price equating to a weak buyer, is because in no instance in the financial world is being maxed out credit-wise a good thing....See MoreHome Inspection - First Time Buyer - Overwhelmed
Comments (14)A home you really love, but you could fall out of love by not making any money? So are you buying a home simply to make money? Did you make money by renting the apartment? I am merely twisting what you said in the original post to give you a bit more clarity or an observation from the outside if you will. Everyone makes mistakes when buying real estate for the first time. At the end of the day it's still a box on a piece of land. You pay taxes on it, you insure it, you make repairs to it. One expense people often don't look at is the cost of moving. Closing costs. The costs it takes to get your foot in the front door. The people who lived here before you (3 years) probably losing money. 3 Years is not enough time to recoup closing costs among other expenses, sometimes it's unavoidable - job changes, death, divorce and so on. You stand a better chance of turning a profit, if you change your philosophy of how you treat your home and how long you live there. But nothing is without risk. Just because you do this or do that doesn't mean you will make money. Loan costs: Will you be on a 30 year fixed mortgage? If you only live at this property 8 years, depending on how much you are putting down. You won't have much equity built into the home in 8 years. You should be putting down 20% to avoid MIP insurance. That can shave some good coin off your monthly mortgage payments. Given this is your first home, this may not be possible. Remember these are mistakes you learn as you go. Time corrects things. The longer you can stay in this home (without moving and incurring sales expenses in the form of closing costs) the better the likelihood you will profit from this home, but profit should not be your only motive. (It's your home.) If you start updating and fixing things with this home, you stand a better chance of recouping those costs thru usage. Nearly everything has a 15 to 20 year life cycle if you buy quality. You won't recoup these expenses living here a mere 8 years, unless the area becomes a sought after place to live and prices in the area jump. Don't count on that though. As said earlier forget the home warranty, put the money you would spend on a home warranty in a low cost index fund or dividend paying stock. If you are getting a 30 year fixed mortgage: pay an extra $20 or more per month and have them credit principal of the loan. This will increase your equity in the home faster. If you are getting an ARM (adjustable rate mortgage): be wary of the reset. Interest rates will likely keep going up. This can be a more expensive type loan over the long term....See MoreFirst Time Home Buyer - Help With Floor plan Decisions!
Comments (27)I personally like the separated dining area, which could be anything you want, and don’t Mind the basement laundry as I’ve never had anything else, plus it’s nice to have the rough work space, as someone said, cleaning boots, cleaning pets, soaking a wash, scouring our plant pots etc. Plus if the washing machine leaks it doesn’t Leak into an overhead area. I’m not a fan of having the dining crammed into a sitting area, but on the other hand, a longer living area may be more flexible if let’s say, you have oversized things. I really don’t like kitchens with no natural light as I use a kitchen all throughout the day and people end up in one a lot I find, but the galley style may be cramped, hard to tell....See MoreLayout advice for first-time home buyers
Comments (8)decoenthusiaste Thank you for all your good advice and your time! Of course the baby is starting to crawl, so we’d like to have good space for him to move on 😊 but we also see the value in waiting and dreaming in the meantime. We also started ideabooks and figured that we’ll be able to do some things while we plan for others. That’s why we really appreciate the advice of the experienced Houzz-ers. Now about plans some of which we are ready to implement right away and some for the future: 1. Structural change #1 we need will be actually returning the hallway from Master Bedroom back to where it used to be. This will resolve the issue of obnoxious draft in the Laundry Room from the heater above. That in its turn will leave us with a tiny LR or we might even move LR elsewhere (garage is an option.) 2. Now about the access to as well as the size of master WIC. You noticed it right away! That's exactly a HUGE minus in the layout and the reason we are thinking about actually moving it into another space and dedicating this current space to the Bathroom #3 adjacent to the Baby's Room (bedroom #2) and the LR. That will resolve another issue of not enough Bathrooms. They can be connected. Yes, we know, there are pros and cons to having bedroom/ laundry room together, but in our case it might work. The sewer and water are already there! Or we can make it possibly separate- with a door from that Bedroom #2 right into the newly formed bathroom, but not sure about this because of different reasons. That's structural change #2. 3. Structural change #3 We also see an option of moving WIC into the part of the current Dining Area (the door from the Master Bedroom is already there) while dedicating another part of current Dining Area for the Pantry Room that is VERY needed. Below you can see hand made changes to the plan :). This will resolve four issues: we get a Pantry (1), which will resolve the small sized Kitchen issue (2) and a bigger WIC (3) which will also mean that we don't have to go through the Master Bathroom (Hooray!) every time you need to change. What do you think? That leaves us with two options of having either front room for entertainment/ dining or having the family/ dining room multi-purpose space. Both are good options with garden views and a lot of available daylight, but there'd be a better natural flow from the Kitchen into the Family/ Dining multi-functional area adjacent to it which is also close to the patio/ garden entertainment/ BBQ area. With big windows these areas are very much interconnected and kind form a General Dining Indoor/ Outdoor Zone, including the Kitchen, Family/ Dining Room, BBQ area, and Patio with Garden. Any ideas? There is still an issue with the entrance/ foyer area which right now is not organized at all. Should it be screened or zoned otherwise?...See Moreherbflavor
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2 years agoH202
2 years agoSherry Brighton
2 years agolast modified: 2 years agoToronto Veterinarian
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2 years agoJan Caballero-Ding
2 years agolast modified: 2 years ago
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