House buying: push for it or give up?

>>1187437
(2/2)
They're afraid they're going to waste 400 on the inspection only to find out there's tons more that needs to be done. His dad and agent are both convinced all the work to be done will end up running another 40-60k. I come from an "everything's DIY until you can't" family and feel like most of the work can be done by us or though my family connections and we can cut that cost immensely, but he's afraid of the risk. Currently the 2 other places on the market at tens of thousands more, but smaller.

So, should I try and convince him to still get the inspection, then do as much DIY as possible and use connections for bigger stuff like roof installation, HVAC, and electrical? Or should I just side with everyone saying to give up even though we're probably not going to find another place at this size for a while?

>pic related is not it, but similar

>>1187437
150k house that needs 40k worth of work in a 200k location, sounds a whole fuckload better to me than a tiny 145k walk-in in a 120k neighborhood. Both sound like you (relative) young & flexible, dont mind a bit of strain or stress, Pops there is retired, got fuking nothing better to do anyway - really not seeing the problem here desu, inspections always a cost factor, only worth it if the rest is gonna work.

I wouldn't buy a house with someone unless I'm married to them.

As far as the house itself you need to think about your income past the house payment itself. Your roof alone can be five digits easily if they get into the deckboards.

>>1187445
>I wouldn't buy a house with someone unless I'm married to them.

This right here, and I wouldn't even get married. Buy the house by yourself OP.

Is sharing a house with someone you're not fucking preferable to having your own apartment/condo? I know having my own condo is preferable to sharing it with someone I am fucking.

>built in 1950
>1200-1400 sq feet
>Nothing cheaper than 300k
At least you don't live here

>>1187445
This is a smart man.

>>1187445
He takes that attitude, ain't never gonna do shit tho. Nobody gets fucking married nowadays either, waiting on that maybe optimistic.

(((Adam))) says you shouldn't buy a house.

https://www.youtube.com/watch?v=YHU_KLYhibI

Op. Who ie buying the house?
You, him, both of you?
If you are not married, dont buy a house together.

Any lawyer will tell you , jointly owned real estate is a nightmare.

What happens if one of you decides to leave? Do you sell the place, buy out the other person, pay rent to the other person?
Who is responsible for maintenance and upkeep? Insurance, liability?

Or are you going to form a company or partnership and allow it to own the house, then pay rent back to it?

Are you buying it cash? If not giis luck getting a bank to write a morgage .

There is a reason the gays fought for marriage rights, and it wasnt about love.

File: lazy wife.jpg (102KB, 538x566px) Image search: [Google]

102KB, 538x566px

>>1187467
>Is sharing a house with someone you're not fucking preferable to having your own apartment/condo?
Not even close. Friend of mine bought a house with two roommates, that were dating. Who then got married a few years later. Who then had a rocky patch. Nothing like a front row seat to someone else's mid life crisis and you can't bail out because of your $50k in equity. Listen to this guy:

>>1187445
>I wouldn't buy a house with someone unless I'm married to them.

>>1187497
>Spend $1500/month rent forever for room and board
>Spend $1500/month for 30 years and for room and board and an asset
Hmm

>>1187497
I feel like I just watched a shitty buzzfeed video

>>1187699
buying a house is normally a good idea, but don't do it with anyone else, not even an SO.

>>1187730
Glad i own mine , free and clear, in my name and no one elses.

>>1187713
(((????)))

>>1187495
>Nobody gets fucking married nowadays either, waiting on that maybe optimistic.

Lots of people still get married, quit being salty you're single.

>>1187699
>what is risk

>>1187746
and over half results in divorce. marriage is such an old school shitty concept

>>1187746
>quit being salty you're single.

Not getting married has nothing to do with being single

>>1187747
>>what is risk

Risk is what you take, hoping that your landlord wont get mad at you for some inane reason and refuse to sign a new lease to you.

>>1187699
An apartment probably costs half as much per month as an equivalent house.

>>1187807
"Risk" doesn't mean "easy, low cost way out that lets you escape any problem." Being able to simply bail out at the end of the year is a major advantage over being stuck with a house which you'd have to sell at a huge loss if things go wrong.

>>1187437
>only one grounded outlet
If you buy that house you're going to have to spend a lot of money fixing it, and connections aren't going to magically solve it for you. If you want to approach it like a developer doing a rebuild, take the risk and hire an inspector yourself. If the report is positive, you'll have something to show them. If more problems turn up, there you go.

>>1187437
Electrical and roof with be expensive as fuck, don't do it

>>1187748
cool FACTS

>>1187829
This varies a lot from place to place. Some places it is better to rent than own because of high purchase costs. We have a college in my town and a housing shortage (2% vacancy rate). There are so many renters that rental prices have ballooned. A two bedroom house costs $1,200 a month. Meanwhile, I bought a two bedroom house with a large lot and only pay $1,100 a month on the mortgage. I plan to live here though and can get a loan. Most college kids don't/can'l.

>>1187699
>forever
If only.

>1500+ 5% every year at minimum
>1575
>1653
>1736
>1823
>1914
>2010
>2110
>2216
>2327

if you live there for 10 years, it would be like this. Thats a generous price too. Chances are it would increase much more if you're in developing area. You'll be priced out of the area if your wages dont increase.

>>1187747
You lower the risk with higher initial investment.

All you have to do is learn how to save for the big downpayment. Higher down payment = lower the risk = lower interest/etc.

>>1187437
>The problems my roomie's dad pointed out:
>>electrical needs to be brought up to code, only one grounded outlet
>>Roof has maybe 2-3 more years until it needs replacing

Electrical in a split level is going to cost 8,000 to 10,000.

Roof a minimum of 8,000 for just a tearoff and 3-tab shingles, more if the decking sucks, and more if you want a roof that will last any reasonable amount of time.

Radiant heat? what climate is this located in?

also looks ugly as sin. prolapsed anus tier asthetics and thats just the curb appeal problems. I'm sure the interior is equally hideous.

Buy a small house 3-5 years old and you will have everything you want with none of the liabilities of going in blind and falling into a giant money pit.

>>1187912
Why cant he just go a colourbond roof that lasts and no maintenance issues?

>>1187912
And if you are replacing a roof consider going all the way to metal roofing. Especially if you are in a place where storms are a concern (ie: everywhere). You will add a couple grand to the price but when done right you replace a 15-year(tops) shingle roof with something that will last as long as the house under it.

>>1187437
If you thought you stumbled on a hidden gem of a house and deal then let me be brief- you haven't. The house is proportionally priced given the issues you mentioned and things you would like updated. Nothing screams day 1 fix except maybe the roof if it really is at the end of its life. Redoing electrical is costly and professional work and will be more tricky since I bet the drywall is the old thick kind with aesbesto. No need to panic over asbestos as it is FANTASTIC at what it was intended for but you can't just go knocking down walls without gear or hiring a crew to do it for the electrical guy. Depends how far you want to go with electrical. If the house has fuses then just update the panel and retrofit ground terminals to each fuse or breaker.

And of course old house=good bones meme.

>>1187914
metal roofing is more expensive than asphalt shingles. shingles are CHEEP, and unless your its standing seam metal roof you are going to have to crawl up on the roof every couple of years to recaulk the hex screws.

>>1187736
If this is what you're asking, the three parentheses are a way of saying Jews. It's in Wikipedia, look it up. Thanks /pol/.

>>1187915
>>1187921

Shingle roofs get hail damage because local and state governments don't want firemen to fall through roofs, so they require all new and tear offs to be decked with plywood.
When the roofs had just nailing strips it allowed the shingle to flex up and down when hail hit it, hail bounced, no damage.
Now the hail hits a solid surface and damages the shingles.

Don't get a standing seam roof if you live in a hail or ice area, they suck, they are thin and dent/crease if you look at them with anger in your eyes.
Go with corregated sheet metal, 18 gauge minimum, 16 gauge if you can find it.
Did this to my house, neighbors were pissed off, tried to get zoning changes, city said too bad.
Been through major hail and ice storms that blew holes in nearby houses, right through the roof and ceiling, snow just shoots right off, rain slides down, into the gutters then into my rain tanks, no oils, no granules, clean and pure.

Looked industrial for a while, now it has a nice patina, my homeowner's insurance went down too, it's also non-burning.

Also went with roll down steel shutters, when up they hide behind a fascia board.
Bad weather, we get a lot, roll them down, no hail damage to the windows.

But I agree, don't buy a property with someone else unless it is a parent, brother, kid or your sex partner, it's just bad news waiting to happen, trust me.
At the very least setup a LLC to in the property and list all the conditions for dissolving the partnership, who gets what, who can buy out.
When a friendship goes bad, it happens fast and if you are forced to sell you could get fucked.

>>1187445

this.

>>1187945
>Go with corregated sheet metal
then you still have the issue of getting up on top of the roof every 2 years or so to recaulk the gorillion screw heads.

>>1187437
>My roommate and I have been looking for a house
ABORT ABORT ABORT ABORT

>>1188251
b-but.. they just need to get married?
Then, they can buy a house together, and live, stress free, happily ever after.
I read this somewhere, YMMV.

>>1188251
This.

You never buy house together with someone unless you already know you'll spend your life with them.

Only thing that includes is your family.

If OP is set on buying a house with his roommate, at least set up a LLC and buy the house through the LLC. The LLC agreement would then control how the asset would be handled.

>>1187438
Dont do it man.

Built new or rent till u die.

Else u wind up with a shitty fucking pile of crackhouses like i got ready for a match.

I hate my life

>>1187699
>house u live in
costs property tax
costs repairs
costs normal maintenance and repairs
Owning it outright in your personal name for prime lawsuit theft
Wasting leverage.

Anon. How in crikey fuck is it an asset?

>>1187699
200k house cost u 540k at 1500 month for 30 years.

>>1187733
Rip come lawsuit time. U best read up on asset protection anon.

And "owning your own home" is a fucking scam. You dont believe me just wuit paying property tax.

>>1187847
This op. Sorry man but rehab is a game most arent ready for. I would find a cheaper place or a nicer place

Just buy a house in like ohio or north dakota or nebraska. 4x the house for the money and you don't have to compete with every soccer mom in a 20 mile radius for a good house.

Not even bumfuck nowhere, get near or in one of the larger towns or cities in a rural state and you're golden.

>>1188732
My prop tax is $1000 a year. I dony mind paying that so I have cops amd fire.

>>1188731
A loan issued in 1987 for 200k would be amount to 440k after inflation. So, assuming the value of your house remained the same (it almost always goes up at least a little bit as long as it is not a crack house), you would only have 'lost' about 100k. Now, rents during that period would have gone up substantially. A house you were paying 1.5k on in 1987 would cost a metric fuckton more today (likely 3k+ a month). And, after 30 years of constantly increasing rent, you would have fuckall to show show it. If you paid it off you would likely have a house worth around 450-480k.

Would it be batter to buy the house in cash up front? Absolutely. Why do you think rich people stay rich? They can dodge a lot of the bullshit expenses like interest rates and installment fees. Owning is still better then renting is most cases even if you have to get a loan to do it.

>>1187497
>>1187747
>>1187807
>>1187829
>>1187887
>>1187905
>>1188852

Econfag here. The biggest cost to owning instead of renting is opportunity cost.
You get promotion offer to manage new office 200 miles away. 30% pay raise. Do you take it?
Apartment = of course. House = maybe.
Crazy mayor decides to fuck with corporate taxes and a bunch of companies move = economic downturn starting. Do you move? Utility company wants to charge you $5k for a water bill because their meter broke and was spewing water and flooding your yard. Do you fight the legal battle or tell the landlord to deal or you bail? Does a tornado wreck the roof? are you paying for a hotel yourself while you wait for insurance to get back to you and watch your dwindling bank account @ office closed, or do you make the landlord pay for replacement housing?
ETC

Also, as someone interested in landlordery, standard is 25%-50% of rent goes to maintenance and upkeep, eg savings for new roof, electrical repair, new appliances, painting, carpet, floor refinishing every few years, insurance, taxes, homeowner's association, savings for months empty (or, if homeowner, unemployed), landscaping, plumbing issues etc.

So >>1187887 has a cost of homeownership of ~$1650/month vs $1200/month renting. OTOH about half of that (on average, higher percentage is interest right now because that's how loans work) is going to equity so he's only paying ~$800 for housing expense vs renters paying $1200.

Basically, what Adam was saying was people forget about all the other costs when making comparison, and that buying does not make sense if you're not staying for at least 3-5 years, and that you actually get something for the extra money you're paying. A fair chunk of the extra money that you pay in rent is basically the real version of those bullshit home warranties.

>>1188852
Also, buying a house upfront is generally a bad plan. on average, the stock market does much better than a decent home loan. So if you have @200K sitting around, you are a lot better off leveraging it in the stock market and making 10% and paying your 6% morgage. It's less risky because you diversify your portfolio, it's not all in house equity (which screwed over a lot of investors in the housing bubble, and also in local market downturns like Detroit, where a lot of families had their savings in home equity and instead of $300k to pay for a retirement, the house is worth $25k which is too cheap to even sell and move to a smaller apartment.
Which is a vicious cycle for many neighborhoods (outside of detroit, where it's too fucked to matter) as the elderly can't do/afford to have done regular maintenance, and the whole block slowly slips into craphouse status.