Griffdog House Search

[D Griff]

So we are going into this full bore now, working on getting a loan and looking at some this weekend. A bit of backstory: purchased a townhouse up in Northern County 'burbs back in 2014. I moved in in 2017 and was pretty at living 20 miles from everything, and once she got a job in the city center, she agreed. It was sold in late 2018 and we moved into a one bedroom apartment. Fortunately the townhouse depreciated quite a bit under her ownershit and in a strike of real luck, she got a nice chunk of change despite buying a house with zilch down. We have also managed to save a good bit and as such are in a decent spot down payment wise, we have about $70K we are OK with offloading for this purchase. Budget wise, we are trying to stay under $330K or so, could spend more but we'd like to maintain our lifestyle of travelling, track day bro-ing, , avo toast, PSL...

Criteria:
-garage (my thing, this is a must)
-nice/open kitchen (her thing, this is a must)
-3+bed/2+bath
-in-town location not in the sticks/no epic commutes
-some kind of pleasant outdoor area to hang out in
-walking distance to a few things is a plus
-low maintenance is a plus

We are looking at a few things Saturday:
New build out walking distance to light rail which goes to downtown and some other cool 'hoods. She could also commute on the light rail but def wouldn't. Very close to my shithole office: https://www.centex.com/homes/north-caro ... lsrc=aw.ds

Probably our favorite right now - 2017 townhome, can walk to a huge park with running, disc golf, etc. plus a bar, Starbux, etc: https://www.zillow.com/homedetails/4008 ... 5531_zpid/

1960s ranch characteristic of Charlotte, quite nice but these places are getting pricey fast and they tend to be tiny and garageless: https://www.zillow.com/homedetails/711- ... 6783_zpid/

[goIftdibrad]

This is the worst time to buy, we are at 2008 levels of

[D Griff]

This is the worst time to buy, we are at 2008 levels of

Prices have shot up, yes, but what the hell else are we supposed to do? At least we capitalized on it with the other

The alternative is continuing to pay $1500/month for a one bedroom apartment that we don't really like living in. Or we could rent a place like those linked for $2K/month.

I don't really mind sharing a wall thing, we lived in her other townhouse and it was never an issue. I like things about the townhouse - no yard work, low maintenance, way nicer place with less I don't want to spend my time on. I would much rather do car/exercise/music shit/travel in my spare time than building pallet projects. HOA is like $150/month in most cases - cheaper than maintaining a 1960s house I'd guess. There are definite advantages to both ways, but the fact is, we just can't afford a house with a garage in an area that isn't the sticks.

[goIftdibrad]

This is the worst time to buy, we are at 2008 levels of

Prices have shot up, yes, but what the hell else are we supposed to do?.

See if you can go month to month on current rental, or extend in three months intervals. Most places used to do this.

[D Griff]

Prices have shot up, yes, but what the hell else are we supposed to do?.

See if you can go month to month on current rental, or extend in three months intervals. Most places used to do this.

We can go month to month for an extra two hunnit a month. But then what? I realize I sound like here but I don't really understand the huge on getting a far better lifestyle if we can afford to, put 20% down, all of that.

Maybe the prices will drop $10K... oh well. not going to make that much of a difference in the long run.

[goIftdibrad]

See if you can go month to month on current rental, or extend in three months intervals. Most places used to do this.

We can go month to month for an extra two hunnit a month. But then what? I realize I sound like here but I don't really understand the huge on getting a far better lifestyle if we can afford to, put 20% down, all of that.

Maybe the prices will drop $10K... oh well. not going to make that much of a difference in the long run.

Be more worried for you in sales that if the economy in general shits itself you have trouble meeting the note...and then you are forced to sell and maybe loose all or some of the down payment due to said down market. Or the house has to go back to bank.

Could y'all make the payment on just her salary? If so less of concern.

I don't know the Charlelete market so maybe it's over inflated and maybe it's not awful, that's for you to decide.

Also maybe try to negotiate that 200 down to 75 if you do bi monthly extensions?

[D Griff]

We can go month to month for an extra two hunnit a month. But then what? I realize I sound like here but I don't really understand the huge on getting a far better lifestyle if we can afford to, put 20% down, all of that.

Maybe the prices will drop $10K... oh well. not going to make that much of a difference in the long run.

Be more worried for you in sales that if the economy in general shits itself you have trouble meeting the note...and then you are forced to sell and maybe loose all or some of the down payment due to said down market. Or the house has to go back to bank.

Could y'all make the payment on just her salary? If so less of concern.

I don't know the Charlelete market so maybe it's over inflated and maybe it's not awful, that's for you to decide.

Also maybe try to negotiate that 200 down to 75 if you do bi monthly extensions?

points.

We could def afford what we're looking to do on her salary + my base (without commission)... her salary alone ain't great but we could do it if we went epic . I doubt I'd be on the chopping block here as I have the highest growth rate in the company out of like 80 people. At the same time my department is treated as the bastard stepchild despite outperforming everyone else, so who knows. points though, definitely worth considering... and the whole reason we did all of this was to try out city life while trying to sell high and see if stuff tanks... but at what point do you give up the tanking dream and realize that when you live in one of the fastest growing US cities, you're just gonna have to pay to play?

[Apex]

Have you thought about a van down by the river?

[D Griff]

Have you thought about a van down by the river?

[D Griff]

As the old saying goes... you can live in your car (van) but you can't drive your house.

[goIftdibrad]

Be more worried for you in sales that if the economy in general shits itself you have trouble meeting the note...and then you are forced to sell and maybe loose all or some of the down payment due to said down market. Or the house has to go back to bank.

Could y'all make the payment on just her salary? If so less of concern.

I don't know the Charlelete market so maybe it's over inflated and maybe it's not awful, that's for you to decide.

Also maybe try to negotiate that 200 down to 75 if you do bi monthly extensions?

points.

We could def afford what we're looking to do on her salary + my base (without commission)... her salary alone ain't great but we could do it if we went epic . I doubt I'd be on the chopping block here as I have the highest growth rate in the company out of like 80 people. At the same time my department is treated as the bastard stepchild despite outperforming everyone else, so who knows. points though, definitely worth considering... and the whole reason we did all of this was to try out city life while trying to sell high and see if stuff tanks... but at what point do you give up the tanking dream and realize that when you live in one of the fastest growing US cities, you're just gonna have to pay to play?

Good, just wanted you to think about it.

I'd definitely consider pumping the brakes until after December. Wait to see how bad this October correction we are stairing in the face comes to fruition

[dubshow]

This is the worst time to buy, we are at 2008 levels of

Can you be okay with "buying" a house that could potentially be the same market value 10 years later?

[dubshow]

Its also fine to shop. But be prepared to SHOP for several months. And be at peace with that. The summer buying frenzy has tappered back by now.

BUT, I've had good luck in securing deals closing in off peak market times like February and March. There is also so much flux and if the seasonal October Market Dump hits hard, there will be a lot of fear. Fear becomes a self fulfilling prophecy.

[ChrisoftheNorth]

Its also fine to shop. But be prepared to SHOP for several months. And be at peace with that. The summer buying frenzy has tappered back by now.

BUT, I've had good luck in securing deals closing in off peak market times like February and March. There is also so much flux and if the seasonal October Market Dump hits hard, there will be a lot of fear. Fear becomes a self fulfilling prophecy.

Get your mortgage pre-approval, and spend a ton of time looking at a bunch of different places and areas. If there's one thing I've learned through the 3 houses we've bought, location is absolutely 100% the most important consideration. Find the area you want to live in, DO NOT compromise, then figure out a way to get a house there. I'm also a huge fan of buying the shittiest house in the nicest neighborhood, but since you don't want that probably won't work in your case. But I will say that the best "investment" potential tends to be the more run down houses the most people skip because everyone wants "turn key" these days. It's how we paid $425k for a house on a street where the house at the end sold for $1M this summer, and the one next to it sold for $890k last week. You can make a shabby place look killer without spending a fortune usually, just takes some elbow grease.

Also, don't buy something now unless you expect to be there in 10 years, so plan accordingly. I wouldn't count on being able to move in the next 3-5 without lighting a good portion of your down payment cash on fire.

[ChrisoftheNorth]

Also, enjoy this and take your time. I think shopping is fun.

[D Griff]

points.

We could def afford what we're looking to do on her salary + my base (without commission)... her salary alone ain't great but we could do it if we went epic . I doubt I'd be on the chopping block here as I have the highest growth rate in the company out of like 80 people. At the same time my department is treated as the bastard stepchild despite outperforming everyone else, so who knows. points though, definitely worth considering... and the whole reason we did all of this was to try out city life while trying to sell high and see if stuff tanks... but at what point do you give up the tanking dream and realize that when you live in one of the fastest growing US cities, you're just gonna have to pay to play?

Good, just wanted you to think about it.

I'd definitely consider pumping the brakes until after December. Wait to see how bad this October correction we are stairing in the face comes to fruition

What is the "October correction"?

[dubshow]

Also, enjoy this and take your time. I think shopping is fun.

I love seeing whats out there and prices along with market trends.

[dubshow]

Good, just wanted you to think about it.

I'd definitely consider pumping the brakes until after December. Wait to see how bad this October correction we are stairing in the face comes to fruition

What is the "October correction"?

Key Takeaways. The October effect is a perceived market anomaly that stocks tend to decline during the month of October. The October effect is considered mainly to be a psychological expectation rather than an actual phenomenon as most statistics go against the theory

https://www.investopedia.com/terms/o/octobereffect.asp

[ChrisoftheNorth]

Good, just wanted you to think about it.

I'd definitely consider pumping the brakes until after December. Wait to see how bad this October correction we are stairing in the face comes to fruition

What is the "October correction"?

Go look dude. Start now, it's a great time.

[D Griff]

Its also fine to shop. But be prepared to SHOP for several months. And be at peace with that. The summer buying frenzy has tappered back by now.

BUT, I've had good luck in securing deals closing in off peak market times like February and March. There is also so much flux and if the seasonal October Market Dump hits hard, there will be a lot of fear. Fear becomes a self fulfilling prophecy.

Get your mortgage pre-approval, and spend a ton of time looking at a bunch of different places and areas. If there's one thing I've learned through the 3 houses we've bought, location is absolutely 100% the most important consideration. Find the area you want to live in, DO NOT compromise, then figure out a way to get a house there. I'm also a huge fan of buying the shittiest house in the nicest neighborhood, but since you don't want that probably won't work in your case. But I will say that the best "investment" potential tends to be the more run down houses the most people skip because everyone wants "turn key" these days. It's how we paid $425k for a house on a street where the house at the end sold for $1M this summer, and the one next to it sold for $890k last week. You can make a shabby place look killer without spending a fortune usually, just takes some elbow grease.

Also, don't buy something now unless you expect to be there in 10 years, so plan accordingly. I wouldn't count on being able to move in the next 3-5 without lighting a good portion of your down payment cash on fire.

Well we know exactly which neighborhood we want to be in, but it is 100% out of our budget for even the shittiest house, so that's not really a factor. Charlotte is pretty nice and there are many areas that I could be happy with, just want the above criteria, being able to walk to a couple of places to eat/hangout, no epic commutes, close to things we do like our friends, restaurants/night life, mountain biking/parks, etc. That is really why we both got excited about the townhouses I linked above - they are uniquely affordable with nice interior/space/2 car garage, have some places to eat/drink in walking distance with more being built, plus a huge park a two minute walk away with bike/running trails, disc golf, and are less than 20 minutes from both of our jobs.

I don't care about my commute time as much as I'd like to be the eff out of this gig ASAP, but she will likely stay at hers for years, and it is downtown, so proximity to there is handy regardless.

[ChrisoftheNorth]

Also, enjoy this and take your time. I think shopping is fun.

I love seeing whats out there and prices along with market trends.

For sure. Wife and are also sick and like to figure out how a house could be improved easily. Paint this, replace that, etc.

[D Griff]

I am a little bit concerned that is going to love this townhouse and be like let's when the reality is if it sells, there will be others for sale there we can buy. I'd like to look at a bunch of stuff and weigh all of the different options.

[ChrisoftheNorth]

Get your mortgage pre-approval, and spend a ton of time looking at a bunch of different places and areas. If there's one thing I've learned through the 3 houses we've bought, location is absolutely 100% the most important consideration. Find the area you want to live in, DO NOT compromise, then figure out a way to get a house there. I'm also a huge fan of buying the shittiest house in the nicest neighborhood, but since you don't want that probably won't work in your case. But I will say that the best "investment" potential tends to be the more run down houses the most people skip because everyone wants "turn key" these days. It's how we paid $425k for a house on a street where the house at the end sold for $1M this summer, and the one next to it sold for $890k last week. You can make a shabby place look killer without spending a fortune usually, just takes some elbow grease.

Also, don't buy something now unless you expect to be there in 10 years, so plan accordingly. I wouldn't count on being able to move in the next 3-5 without lighting a good portion of your down payment cash on fire.

Well we know exactly which neighborhood we want to be in, but it is 100% out of our budget for even the shittiest house, so that's not really a factor. Charlotte is pretty nice and there are many areas that I could be happy with, just want the above criteria, being able to walk to a couple of places to eat/hangout, no epic commutes, close to things we do like our friends, restaurants/night life, mountain biking/parks, etc. That is really why we both got excited about the townhouses I linked above - they are uniquely affordable with nice interior/space/2 car garage, have some places to eat/drink in walking distance with more being built, plus a huge park a two minute walk away with bike/running trails, disc golf, and are less than 20 minutes from both of our jobs.

I don't care about my commute time as much as I'd like to be the eff out of this gig ASAP, but she will likely stay at hers for years, and it is downtown, so proximity to there is handy regardless.

You can't go wrong with something close to downtown. If the area is stable, it'll almost always hold its value better.

While I could never ever townhome, it could work really well for what you want. Just consider the next 10 years of living there...particularly CF. Schools, space, etc.

[ChrisoftheNorth]

I am a little bit concerned that is going to love this townhouse and be like let's when the reality is if it sells, there will be others for sale there we can buy. I'd like to look at a bunch of stuff and weigh all of the different options.

Absolutely. Stick to this and be firm. Looking is the fun part. Don't rush it because then when you do pick a place, you KNOW it's the best you could find. Eliminate as many "what ifs" as possible.

[D Griff]

Well we know exactly which neighborhood we want to be in, but it is 100% out of our budget for even the shittiest house, so that's not really a factor. Charlotte is pretty nice and there are many areas that I could be happy with, just want the above criteria, being able to walk to a couple of places to eat/hangout, no epic commutes, close to things we do like our friends, restaurants/night life, mountain biking/parks, etc. That is really why we both got excited about the townhouses I linked above - they are uniquely affordable with nice interior/space/2 car garage, have some places to eat/drink in walking distance with more being built, plus a huge park a two minute walk away with bike/running trails, disc golf, and are less than 20 minutes from both of our jobs.

I don't care about my commute time as much as I'd like to be the eff out of this gig ASAP, but she will likely stay at hers for years, and it is downtown, so proximity to there is handy regardless.

You can't go wrong with something close to downtown. If the area is stable, it'll almost always hold its value better.

While I could never ever townhome, it could work really well for what you want. Just consider the next 10 years of living there...particularly CF. Schools, space, etc.

The nice thing re: schools is that any CF would most likely attend the private school where she works.