I own a house?

[Pope]

On a scale of 1 to buying a house in 2007, how bad of an idea is it to take out a separate loan for the down payment?

Interest would be insane probably

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[bojanglesman]

On a scale of 1 to buying a house in 2007, how bad of an idea is it to take out a separate loan for the down payment?

I think you might be better off looking into an fha loan.  You don't have to put down much for a down payment.  Downside is mortgage insurance, but you can always get rid of that down the road by refinancing when the time is right.

[Johnny English]

I'm also taking into account the golden rule of 20% down when buying. I'm pretty convinced a huge majority of people in my age group (I'm 28) do not have 60k to readily out down on a $300k home, and I'm using 300 as a minimum. It's probably closer to $350k when taking into account homes not needing extensive work, where that number climbs to nearly $70k down.

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Eh, I don't know if that's a golden rule. It's a good idea, because 20% means that it would take a major market correction to put you into negative equity, but again - as long as your job is safe, and your income remains steady, and you can still comfortably pay your monthly mortgage payments, and your home is your long term domicile, does it really matter whether the market says it's worth $310K or $370K? I guarantee you that no one who bought a house ten years ago anywhere in North America and didn't take equity out is underwater.

There are two things they're not making more of. Time, and land. One of those you should treasure and the other you should own.

[AlioTheFool]

I wish I could find a house in Queens for $350k. Like Badger said, it would be in the worst part of Jamaica and my chances of living to pay off that mortgage would be slim.

[SixFeetDeep]

BTW, mowing your lawn drunk is a fun and legal way to drink and drive.  If your lady doesn't kill you for mowing over her flowers or mowing the Jets logo in your front lawn.

However, viewed in the context of what she'd have you doing around the house instead if you weren't mowing the lawn, sitting on a tractor in the sun with a cold beer and some good tunes or a ball game on your headphones, suddenly mowing looks like a really rather pleasant way to spend a couple of hours, and the best thing about it is that you get to do it every weekend if you really need to get out of going to the grocery store, seeing her mother or clearing out the basement.

This is elite advice and needs to be reiterated for the good of mankind. nice #lifehacks

[ukilledkenny]

Just gotta remember not to buy one of those pivoting, super fast lawn mowers or even a big yard is done in half an hour or less.

[Johnny English]

Just gotta remember not to buy one of those pivoting, super fast lawn mowers or even a big yard is done in half an hour or less.

"Darling, I couldn't possibly justify spending so much on that large, high tech, super efficient machine. I'd much rather save some money for you to spend on doing something about covering up that two square feet of bed that I notice somehow still isn't covered with unnecessary freaking pillows and cushions. I'll just settle for this much slower tractor which, coincidentally, might not be so reliable and thus might require me to sit in the sun surrounded by oily bits of engine and drinking beer while I fix whatever the latest issue is. Honestly, I don't mind at all."

[bojanglesman]

"Darling, I couldn't possibly justify spending so much on that large, high tech, super efficient machine. I'd much rather save some money for you to spend on doing something about covering up that two square feet of bed that I notice somehow still isn't covered with unnecessary freaking pillows and cushions. I'll just settle for this much slower tractor which, coincidentally, might not be so reliable and thus might require me to sit in the sun surrounded by oily bits of engine and drinking beer while I fix whatever the latest issue is. Honestly, I don't mind at all."

Pillows.  Oh hell I can't complain enough about that excrement.

I could write an article about lawn mowing delay tactics.  Stop to clean out grass from deck every 15 minutes.  Mow on slowest gear possible.  Periodically hear a "clicking sound" you need to "fix".  Change blades often, even if you just sharpened them.

[IATA]

man i hate mowing the lawn. i bought a new gas mower that was way faster just so i could be done sooner. i can do my freaking gigantic front yard and stupid shaped back yard in like 40 minutes, down from the 2 hours with my old excrement electric mower.

[Fenwyr]

I'm also taking into account the golden rule of 20% down when buying. I'm pretty convinced a huge majority of people in my age group (I'm 28) do not have 60k to readily out down on a $300k home, and I'm using 300 as a minimum. It's probably closer to $350k when taking into account homes not needing extensive work, where that number climbs to nearly $70k down.

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In addition to JEs sound advice.

What are you paying in rent now, or if you wanted to upgrade a bit, what could you afford and still feel secure?  The latter number should be your mortgage payment.  Figure out what that could get you on a 30 year fixed, and that is the price of home you should be looking for.  Don't try and do it the other way around.

If I was your age, I would much rather find a place with solid bones, but bathrooms and kitchen that need updating.  Those are pretty much the only places you will get 2-1 equity per dollar spent.  It will also get you into a better house, in a better neighborhood, within your budget.

If you walk into a place and are blown away by the kitchen, you are going to be paying 25-50k more.  You can build that same kitchen for 15k.

[IATA]

dont forget to find out the tax amount on the property, and factor that into your monthly payments. add 30% to energy/water bills. factor in insurance changes and car things.

[Johnny English]

In addition to JEs sound advice.

What are you paying in rent now, or if you wanted to upgrade a bit, what could you afford and still feel secure?  The latter number should be your mortgage payment.  Figure out what that could get you on a 30 year fixed, and that is the price of home you should be looking for.  Don't try and do it the other way around.

If I was your age, I would much rather find a place with solid bones, but bathrooms and kitchen that need updating.  Those are pretty much the only places you will get 2-1 equity per dollar spent.  It will also get you into a better house, in a better neighborhood, within your budget.

If you walk into a place and are blown away by the kitchen, you are going to be paying 25-50k more.  You can build that same kitchen for 15k.

Eh, it's financially sound advice but not necessarily practical. Anyone can operate a paintbrush with a modicum of effort, but kitchen and bathroom renos are complex and expensive and disruptive regardless of whether you're doing them yourself or having contractors in. Not knowing Pope's work schedule or his interest in doing work to his house, I don't think there's any issue with buying somewhere that has the kitchen and bathroom already done.

[Fenwyr]

Eh, it's financially sound advice but not necessarily practical. Anyone can operate a paintbrush with a modicum of effort, but kitchen and bathroom renos are complex and expensive and disruptive regardless of whether you're doing them yourself or having contractors in. Not knowing Pope's work schedule or his interest in doing work to his house, I don't think there's any issue with buying somewhere that has the kitchen and bathroom already done.

He's young.  Was just throwing it out there.  If he can get a 250k house in a 350k neighborhood, fix the kitchen and baths over a few years, he's early 30's sitting on 100k of equity, living in a beautiful house.

[Miamipuck]

freak mowing the lawn, I got a nice Haitian guy to do it. I couldn't understand a freaking word he said but he was cheap. Oh and I lived in HOA neighborhood, another 150-200 a month but they took care of the front of the yard, I only had to mow the back.

In New York find a nice Mexican gentleman to mow the lawn and freak the wife while you're at work. Your life will be so much happier.

[Badger]

If I buy a place with a front lawn I'm turning into a garden. freak grass.