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So, I just purchased my very first house.....first things first, tell TL about it.
A little about the house.
Date built: 1993
Square feet: 1320 w/2 car garage, bringing total space to ~1500sq. feet.
Lot size: 1/3 acre.
Exterior: Brick and Stucco
Interior: Tile floor throughout, popcorn ceilings, terrible paint colors.
Roof date: 2010
A little financial information I don't mid sharing.
Purchase Price: $65,000
Mortgage length: 15 years
Mortgage amount: $61,700
Appraisal value: $97,500 (because I am a baller)
Down payment: $3,300
Interest rate: 3.375%
Payments per month(taxes, PMI, HI, mortgage): ~$620
The house needs painting throughout, which I will be doing myself.
Walls:
![[image loading]](http://i.imgur.com/utsg8.jpg)
Here is a pic of my living room. I just added the chair rail(the trim piece in the middle of the wall), and caulked it, will be painting it as I get time. The living room doesn't need to be fully painted, just touched up, and the trim needs touched up as well. The kitchen is an abominable yellow color, and my bedroom is a horrific peach. The master bathroom is a terrifying mix of three different colors and 4 different color schemes. I will also need to re-tile the master bathtub surround. I had to do a decent amount of drywall patching and repair as well. Most of that is done, though, I just have to paint it. I'm painting my bedroom a medium gray on three walls, and a dark green on the last wall.
Electrical: All the bathroom electrical fixtures need replacing, as they are old, and missing lenses, plus have rust on them. A bedroom needs a ceiling fan, the living room lights are just cheap and look terrible, and the kitchen light is a warehouse fixture that just looks like crap. Will be replacing them all.
Plumbing: Nothing much, fortunately. I hate plumbing. Might replace a few faucets and sinks, but that is small stuff, and for the future.
Exterior: The walls need to be cleaned and the trim scraped and painted. Fortunately the front is brick, and in good condition, so the exterior is not a priority.
Furnishings: I need to buy a microwave, refrigerator, washer/dryer, and basically every other single piece of furniture normally found in a house. I have a few things from my old place, but most of it is really crappy, and I want a fresh start. I have a desk I can re-use, and that's about it. The only thing currently in it is a range and dishwasher. I need a new TV as well. Just ordered Comcast internet and basic cable.
I am fortunate in the respect that I know how to do basically everything involved in renovating a house, thanks to working general construction for every summer of my high school years, and a year after that. I can do drywall finishing, paint, tile, trim, electrical, plumbing, etc fairly professionally.
I really have no good decorating ideas, but my sister is going to be living with me for a year or so, and she is pretty good at that stuff, so I'll probably let her design, and I'll build.
Plans: I will have 2 roomates, who will be paying me rent. The rent will all go towards paying off my mortgage faster. My plan is to pay it off in 9 years. I will then probably buy a bigger and better house, renting out this house, and using the rent to help pay my mortgage on my new house, which i will again pay extra on, and pay off early. Hopefully I can repeat that cycle at least 5-10 times by the age of 65, as it will go faster and faster once I have a couple of houses being rented. I have some disposable income right now, so hopefully this is all a wise investment, and a tornado won't blow it all over, lol.
  
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65k? where do you live.. omg..
i just spent 315k on 1800sq ft townhome =[
really digging your mortgage payments lol..
grats!
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I like that aperture. It's nice. It sounds like you have a shit load of work to do but hey, that's part of having your own house.
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On November 02 2011 22:35 deepfield1 wrote:
65k? where do you live.. omg..
i just spent 315k on 1800sq ft townhome =[
really digging your mortgage payments lol..
grats!
Christ, I hope you live in New York City. I can't fathom spending that much on a place in today's market.
edit:
Super grats to the OP. I remember buying my first house. It was before the whole real estate bubble bursting. Like, three weeks before. fml. 
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Straight outta Johto18973 Posts
Wow, congrats on your first house. It's good to know you have it all planned out how you envision to pay off the mortgage and ensure everything works out smoothly. Also, that's a pretty cheap house. (I'm assuming it's in USD?)
I hope everything works out great for you! 
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Congrats on your first house.
If you really did get an appraisal for 97,500 and you are paying PMI like you said, you should be able to have the PMI removed because your loan to value ratio is above 20%, unless you had some other extenuating circumstances or conditions of the loan that should save you a few bucks each month. Since you got a 3.375% rate your credit must be good so might as well get rid of that PMI portion of the payment.
$65k is free for a house, I paid $300k for my first house in Milwaukee.
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seeing this makes my head hurt. My fiance and i are currently renting a 2 bed house and we pay 1500/month plus utilities. Sounds like you got a great deal or live in the middle of nowhere.
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On November 02 2011 22:35 deepfield1 wrote:
65k? where do you live.. omg..
i just spent 315k on 1800sq ft townhome =[
really digging your mortgage payments lol..
grats!
I live in Jacksonville, FL. The area of town is decent. Not trash, not high-end, just decent. I'm like 5 miles from the interstate and 3 miles from a giant brand new mall. And i just got an amazing deal through great timing, some of it me, most of it pure luck.
On November 02 2011 22:50 Eeryck wrote:
Congrats on your first house.
If you really did get an appraisal for 97,500 and you are paying PMI like you said, you should be able to have the PMI removed because your loan to value ratio is above 20%, unless you had some other extenuating circumstances or conditions of the loan that should save you a few bucks each month. Since you got a 3.375% rate your credit must be good so might as well get rid of that PMI portion of the payment.
$65k is free for a house, I paid $300k for my first house in Milwaukee.
I am paying PMI, through some condition I can't even remember at the moment, I think it had something to do with my credit, which is very good, but "weak", as in I don't have much history. I have to pay it for a year and then it drops. It's only $22 a month though, so I'm not really making a big deal over.
I feel sorry for all you people saying you paid like $300k for a house and such, unless your income scales accordingly.
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What? How? You spent 65k on a 1300 sq. ft. house? Things like this blow my mind.
I bought my first apartment (relatively) central in Oslo, Norway this winter at the nifty price of 227k and it has only 350 sq. ft. Its considered a cheap appartment (moderate standard / proximity to city center) here in Oslo. Sometimes the differences across the pond amaze me. (Even though i assume apartments are cheap cuz of the crash/slump in the american economy).
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Wow, so cheap!!!
GRATS!!!
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United States5162 Posts
LOL at everyone losing their mind at a 65k house. House prices in FL have plummeted due to high supply leftover from the recent housing boom. A lot of houses were built/bought as an investment thinking that prices would continue going up at a ridiculous pace(for ex. my parents house was built for 60k in 1985, appraised at 300k in 2006, now it's less then 100k) and now people just want them off their hands.
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Wow that is a nice house for that price. I wish I lived in some parts of the US for that reason, houses here are way to over priced for what the average person makes.
+ Show Spoiler + Your mortgage payments are cheaper than my rent for a 1 bedroom basement suite.
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So cheaaaap. A tiny house around here (Vancouver Canada) is minimum 350,000 for a sweatbox. T.T
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Osaka27093 Posts
On November 02 2011 23:32 Myles wrote:
LOL at everyone losing their mind at a 65k house. House prices in FL have plummeted due to high supply leftover from the recent housing boom. A lot of houses were built/bought as an investment thinking that prices would continue going up at a ridiculous pace(for ex. my parents house was built for 60k in 1985, appraised at 300k in 2006, now it's less then 100k) and now people just want them off their hands.
Don't know why you say LOL. For most areas housing prices haven't gone that way. You are the anomaly, not the norm.
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On November 02 2011 23:25 Aphasie wrote:
What? How? You spent 65k on a 1300 sq. ft. house? Things like this blow my mind.
I bought my first apartment (relatively) central in Oslo, Norway this winter at the nifty price of 227k and it has only 350 sq. ft. Its considered a cheap appartment (moderate standard / proximity to city center) here in Oslo. Sometimes the differences across the pond amaze me. (Even though i assume apartments are cheap cuz of the crash/slump in the american economy).
0_o
If you don't mind me asking, what is your income level?
The reason mine was so cheap is because there is a huge glut of houses in Jacksonville(FL in general, actually, but Jack is very "bad"), due to way too many houses being built during the boom. 4 years ago this same house had a value of $180k. It still is worth close to that, imo, but value is what people are going to pay, not what it is worth. And if there's people desperate to sell a 2000 sq ft house built in 2009 for $200k, then no one is going to buy a 1300 sq ft 1993 house for $180k. Hopefully in 10-15 years the prices are more or less back to normal.
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What part of Florida are you referring to Myles. They certainly haven't fallen that much here in Tallahassee.
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16935 Posts
On November 02 2011 22:43 MrBitter wrote:Show nested quote +On November 02 2011 22:35 deepfield1 wrote:
65k? where do you live.. omg..
i just spent 315k on 1800sq ft townhome =[
really digging your mortgage payments lol..
grats! Christ, I hope you live in New York City. I can't fathom spending that much on a place in today's market. edit: Super grats to the OP. I remember buying my first house. It was before the whole real estate bubble bursting. Like, three weeks before. fml.
rofl, if you can find an 1800 square foot townhome for anywhere in NYC in the six digits, let me know.
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I like your plan! Hope it works out.
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On November 02 2011 23:39 Sm3agol wrote:Show nested quote +On November 02 2011 23:25 Aphasie wrote:
What? How? You spent 65k on a 1300 sq. ft. house? Things like this blow my mind.
I bought my first apartment (relatively) central in Oslo, Norway this winter at the nifty price of 227k and it has only 350 sq. ft. Its considered a cheap appartment (moderate standard / proximity to city center) here in Oslo. Sometimes the differences across the pond amaze me. (Even though i assume apartments are cheap cuz of the crash/slump in the american economy). 0_o If you don't mind me asking, what is your income level? The reason mine was so cheap is because there is a huge glut of houses in Jacksonville(FL in general, actually, but Jack is very "bad"), due to way too many houses being built during the boom. 4 years ago this same house had a value of $180k. It still is worth close to that, imo, but value is what people are going to pay, not what it is worth. And if there's people desperate to sell a 2000 sq ft house built in 2009 for $180k, then no one is going to buy a 1300 sq ft 1993 house for $180k. Hopefully in 10-15 years the prices are more or less back to normal.
My income is fairly low. Im a student working part time 2-3 days a week, which nets me about 20k a year and i get 14k a year as a student loan. The only reason i could buy it was that my parents gave me an advance on my inheritance, 135k and my mother co-signed on my loan on the rest (which i pay). On the remaning 90k i pay about 400USD a month on a 3,7%/30 year loan.
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EPT
