30 year mortgage: $200K price difference = $1000 monthly payment
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Date: April 18th, 2014 4:54 PM Author: Rusted sandwich locus
Putting 20% down at the current interest rate of 4.3% give or take and factoring in 1.2% property tax in California, a $100,000 increase in the price of a new home corresponds almost exactly to a $500 increase in your monthly payment for a 30 year fixed mortgage.
Would you pay $1000 a month more for a much nicer place ($750K condo versus a $550K condo)? Expecting to live there 5-7 years.
(http://www.autoadmit.com/thread.php?thread_id=2546355&forum_id=2#25405284) |
Date: April 18th, 2014 4:56 PM Author: lascivious aquamarine sanctuary idiot
Depends on what I'm getting for that extra $1k a month and whether I need it.
Also, don't forget, a lot of that extra $1k is getting deducted as well.
(http://www.autoadmit.com/thread.php?thread_id=2546355&forum_id=2#25405293) |
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Date: April 18th, 2014 5:01 PM Author: lascivious aquamarine sanctuary idiot
Right, though you're building less equity at the beginning.
If I'm getting a markedly nicer place at 750 vs 550 and I can easily afford it, then I do it. Also, if I'm getting something that I value (maybe a yard vs no yard, 3 beds vs 2 beds, great location vs ok location) then I probably do it as well.
If I'm just getting MORE of what I would otherwise get (2000 sq ft vs 1600, 0.4 acres vs 0.25 acres) then I probably don't bother.
(http://www.autoadmit.com/thread.php?thread_id=2546355&forum_id=2#25405333) |
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Date: April 18th, 2014 5:01 PM Author: Rusted sandwich locus
no. She doesn't care which is refreshing because I would probably not charge her much anyway.
The cheap place is only 1200 sq feet and while it has a garage (shared between 2 units) there is no fucking door for the garage except for the main garage door. i.e. you need to take your fucking clicker with you to open and close the garage behind you when you enter and leave the garage. That kind of shit will drive me insane given I can afford a lot more.
One $750K place is 1700 sq feet right next to my current place (a much nicer area) and has nice everything and a useless pool.
Another $750K place even closer to my office is 2000 sq feet and has a gorgeous kitchen with an awesome viking stoke.
(http://www.autoadmit.com/thread.php?thread_id=2546355&forum_id=2#25405331) |
Date: April 18th, 2014 5:22 PM Author: Medicated temple fanboi
You will not regret under buying when it comes time to sell.
Why buy if you know you're leaving in 5-7?
(http://www.autoadmit.com/thread.php?thread_id=2546355&forum_id=2#25405457) |
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Date: April 18th, 2014 5:30 PM Author: Rusted sandwich locus
right now I spend $1250 per month in rent. 900 sq ft 1 bedroom shithole apartment. No pets allowed. But big and convenient.
If my gf and I move in and she has to bring her dog, we are looking at renting a $2500 per month place.
at that point might as well buy.
(http://www.autoadmit.com/thread.php?thread_id=2546355&forum_id=2#25405509) |
Date: April 18th, 2014 5:44 PM Author: Glittery emerald coldplay fan
I just bought a $800k place and it is definitely worth it. Spend more and make sure it's in a good location.
The interest will help you since it's tax deductible. With an income around $200k to $250k, you should pay down to around $400k in mortgage at 4% and stop paying principal so you can maximize your tax shield.
I put down 300k so I have about 500k in mortgage from the getgo.
(http://www.autoadmit.com/thread.php?thread_id=2546355&forum_id=2#25405592) |
Date: April 18th, 2014 5:56 PM Author: Ivory contagious institution
didn't read the rest of the thread but you'd be an idiot not to do this.
what part of town?
(http://www.autoadmit.com/thread.php?thread_id=2546355&forum_id=2#25405654) |
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Date: April 18th, 2014 6:01 PM Author: Rusted sandwich locus
looking primarily in 3 areas.
1) between federal and bundy south of wilshire and south of SMB (i.e. West LA, south brentwood). This is the cheapest area but has the most stock. No street parking. longest commute, better access to the west side.
2) Between Century City and Overland, south of santa monica. Middle area in quality, but kind of boring. Nothing really close by. Much better street parking. Shortest commute.
3) Where I live now - Around Doheny just east of Beverly Hills. Fanciest area, familiar with it. Good street parking (with parking pass). Shortish commute. Too many persians. Highest price.
(http://www.autoadmit.com/thread.php?thread_id=2546355&forum_id=2#25405683) |
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Date: April 18th, 2014 6:10 PM Author: Rusted sandwich locus
I work in CC so crossing the 405 every day sucks. but I see your point.
I am keeping HOA under $500 no matter what. Everything is $300-500.
I cant wait a couple of years because I want to move in with my gf and she cant move into my current apt with her dog. I can always rent a $2500 place that allows dogs, but that seems silly. My rent now is $1250.
(http://www.autoadmit.com/thread.php?thread_id=2546355&forum_id=2#25405752) |
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Date: April 18th, 2014 6:20 PM Author: Glittery emerald coldplay fan
In that case go see a psychiatrist, though you probably won't since you don't want to pay the 100-200 per session.
Realize that you're making great money and you'll be fine for the foreseeable future.
I'm not saying you should go out and spend money, especially if you don't get a kick out of partying with friends or going on nice vacations. But you should at least stop stressing about small costs when the benefit is living in a much better place and having friends admire you rather than pity you.
Make sense?
(http://www.autoadmit.com/thread.php?thread_id=2546355&forum_id=2#25405840) |
Date: April 18th, 2014 5:57 PM Author: Curious Disturbing Church Dingle Berry
Meanwhile, in are country...
*cops 3500 sq ft, acreage, forest, for 250k*
(http://www.autoadmit.com/thread.php?thread_id=2546355&forum_id=2#25405661) |
Date: April 18th, 2014 11:15 PM Author: anal pearly theatre digit ratio
You mad, earl, I locked my mortgage in at 3.375% two years ago?
Yeah, he's mad.
(http://www.autoadmit.com/thread.php?thread_id=2546355&forum_id=2#25407371) |
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