What financial mistakes do people make when buying a house?

>>60527141 (OP)

Not noticing it needs $100k in repairs.

Not calculating the amount of money and time regular maintenance, insurance and taxes will take up.

Not thinking about how long they could hold onto the house if they lost their job.

Not meeting the neighbors first.

Not inspecting the plumbing, electrical and foundation (see point 1)

Not asking about pests like rats, bats, roaches, etc.

>>60527141 (OP)
>>60527168

Not letting it stay on the market for at least 1 month + not negotiating the price down.

>>60527141 (OP)
Here, I needed a notary and needed to pay stamp duty. Those cost me ~€45k in fees that I had expected to be ~€5k

>>60527168
So if I get a good inspector who says the house is fine, go with it?

>>60527177
Homes that are priced correctly don't sit on the market for 1+ month

>>60527262
Depends on the market. Real estate is traditionally a very illiquid market. If your house sells in days it probably means it was too cheap.

>>60527280
>If your house sells in days it probably means it was too cheap.

Wouldn't this mean that buyers should avoid homes that sit on the market?

>>60527141 (OP)
They fuck the babysitter and lose it in divorce, in other words, don't ___ the cat

>>60527168
>Not meeting the neighbors first.
This. Do not buy a house you have not seen in person.

>>60527141 (OP)
>$210k for a shitty single floor 1956 house in a suburb of Toledo
This shit is retarded

>>60527141 (OP)
If I had to live in that 70+ year old piece of shit I would be depressed/suicidal

>>60527168
mold

>>60527200
European politicians have immobilized the population on purpose.

>>60527141 (OP)
Don't know about the area at all but that house looks cozy and the price is pretty cheap. Perfectly unremarkable which no one else would bat an lash at and think it's own by someone wealthy.

>>60527141 (OP)
Is it true to not use more than 28% of your salary on a mortgage?

>>60528012
use 1 week of take-home pay for your mortgage

>>60527328
Like I said, it depends on the market. If you're buying a house in a place like Florida or Texas that's flooded with inventory, then most houses you see will have been sitting for a while.

Even in a healthy market, sellers will fuck themselves if they start out with an ask that's too high and spook potential buyers. When you're selling a house it's important to remember that there are very few people to whom you might sell your house at a given time, so if you leave a bad impression it will be hard to get them to come back even with price cuts. That's what I mean when I say it's an illiquid market.

If a seller asks too much and the house doesn't sell, the house will be cursed and new buyers will see that hasn't sold and think there is something wrong with it.

A motivated seller will then cut prices, but it won't matter because the house has been sitting.

It is after the seller hasn't sold the house for months that they get really desperate and will accept a lowball offer way worse than what they could have gotten if they priced the house fairly in the beginning.

So you can actually get the best deals by finding houses like this that have been sitting and lowballing the shit out of them. You just have to do your due diligence and make sure the reason they haven't sold is because buyers got spooked and there isn't anything actually wrong with the house.

It's finally time isn't it?

>>60527861
It's a middle/upper-middle class white suburb of a midsize metro (Toledo - 600k)

>just buy the peak of the gigabubble bro

>>60528012
I could buy it in cash but I'd rather keep my cash in investments, I make 8500/mo so this would be ~20% of my gross income

I'm planning on doing 3% down mortgage (10k closing costs) which is a mortgage payment of 1750/mo, It would be ~2000/mo to rent so I could just rent it out after a year of living in it

>>60529087
It's not a bubble, though.
If you look at all the other goods a lower class person buys, in percentage-of-income terms
>food
>clothes
>plastic bullshit homegoods
>plastic bullshit for hobbies
>TVs and sheeit
>weed (esp factoring in hedonic adjustment for higher-quality dispensary weed)
>opioids
compared to 2010, all of those have gotten vastly cheaper. This means they can afford to cough up more rent, so a house is a more productive income generating asset than it used to be.
Now, if you look at goods the middle class purchases but the poors skip (education, healthcare, skilled trade labor, NEW housing), the prices for all of those skyrocketed, even moreso than housing has. But this fits in well with Shlomo's plan to rot out and destroy the middle class so they can rule over a nation of renter wageslaves. If you don't own real property, eventually you'll find yourself stuck as one of them.

>>60529155

>the historical norm doesn't matter because it just doesn't ok?

>>60527141 (OP)
Don’t even run the numbers to see whether selling the house actually makes sense or if renting and investing in the stock market would leave you better off in the end.

>>60527141 (OP)
buying one to begin with

>>60529162
Housing prices in 2008-2016 were not historically normal. They were a temporary distortion caused by the sudden combination of subprime mortgages being killed off (so the lower class was abruptly locked out of necessary leverage to buy for themselves), and the equities market's 2008 collapse (so large funds, blackrock et al., didn't have enough spare capital to buy into the market at scale).

Housing supply in the US is still the tightest it's been in the last century, so of course the prices it can command are higher than in the past.

Educate yourself: https://kevinerdmann.substack.com/p/what-kalamazoo-reveals-about-the

>>60529175
It's cheaper to buy this place than to rent

My monthly mortgage payment with 3% down (minimum) would be 1750/mo, it is 2000/mo to rent a similar place

But they just updated the listing to "BEST AND FINAL DUE BY 7:00PM SUNDAY" so they've probably got multiple over asking already

>>60529181

You never addressed the chart. Try educating yourself first, nigger.

>>60529193
Are you illiterate? My entire post was about the chart. Goods besides housing are cheaper, so housing is able to get more expensive.

>>60529202

You're arguing that the price to income ratio has to be higher than the highest peaks of the last 75 years because vape pens are cheaper. I'm sorry I can't talk to fucking retards like you.

>>60529181
>>60529155
you are a good example of someone who isn't stupid but has no idea what they are talking about

>>60529155
Food and clothes being cheaper is a blatant lie, and those are the two most important types of expenses on your list by a long shot.

>>60527141 (OP)
this would cost at least double where i live but i dont want to leave my family
what do, bros

>>60527141 (OP)
>buying a house
You answered your own question

>>60527141 (OP)
Buying in a gayborhood with a higher shitskin to Alpha Chad Aryan white man ratio