Venting on our town home

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  • Simplysnus
    Member
    • May 2010
    • 481
    #1

    Venting on our town home

    Wife and I bought a town home 5 years ago, 3.5% down and figured out a plan to save up 20% to put down on a new home. Now we're ready to have some babies, got the downpayment and can afford it, but our townhome's value has dropped 20% and people are foreclosing right and left.

    I was responsible and didn't exactly live high off the hog, no question we can afford to stay here, but not if everyone else is bailing and leaving us high and dry. I hate hate hate this.

    Okay, thanks.
    Tags: None
  • Premium Parrots
    Super Moderators
    • Feb 2008
    • 9758
    #2
    I feel your pain. The value of this property has gone down almost 200K in the last 2 years. the value of the home in Arizona dropped about 100K. really sucks.


    actually I thought this thread was about an air cirulation problem untill I opened it
    Grant me the serenity to accept the things I cannot change, the courage to change the things I can, and the wisdom to hide the bodies of the people I killed because they were annoying......



    I've been wrong lots of times.  Lots of times I've thought I was wrong only to find out that I was right in the beginning.


    Comment

    • Simplysnus
      Member
      • May 2010
      • 481
      #3
      Originally posted by Premium Parrots View Post
      I feel your pain. The value of this property has gone down almost 200K in the last 2 years. the value of the home in Arizona dropped about 100K. really sucks.


      actually I thought this thread was about an air cirulation problem untill I opened it
      Now that you mention it, the upstairs is always too warm, and the downstairs is always too cool.

      Comment

      • Premium Parrots
        Super Moderators
        • Feb 2008
        • 9758
        #4
        buy a fan
        Grant me the serenity to accept the things I cannot change, the courage to change the things I can, and the wisdom to hide the bodies of the people I killed because they were annoying......



        I've been wrong lots of times.  Lots of times I've thought I was wrong only to find out that I was right in the beginning.


        Comment

        • myuserid
          Member
          • Jun 2010
          • 1645
          #5
          That sucks. Sorry to hear it.

          The family next door to us got foreclosed on, but I was actually pretty happy about it. We've been there a little over a year and he has cut his back yard exactly 2 times. Two. In almost a year and a half.

          So at least the bank is now taking care of the yard over there so I don't have weeds and grass looking at me over the 6 foot fence in the back.

          Comment

          • c.nash
            Banned Users
            • May 2010
            • 3511
            #6
            Prices are starting to go up around here. The areas I was looking at some 1/1s were around 100-200k.

            Comment

            • f. bandersnatch
              Member
              • Mar 2010
              • 725
              #7
              Amen to PP on the fan comment. I live in an older house and am sick to death with people complaining about the temp diff. between floors. That being said, a newer home should not really have those problems, unless someone skimped somewhere in an effort to save a few bucks, so you should be angry.

              As far as the value of your home is concerned, I understand that there is a new trend in the market of people allowing their homes to be foreclosed upon because of loss of value. They will let one spouses credit take the hit and then use the others to buy a new home. This is not a strategy I would endorse, but it is an option, if you are out of them.

              Comment

              • WickedKitchen
                Member
                • Nov 2009
                • 2528
                #8
                I too thought this was about ventilation. I guess the value blew right out the window though. Sorry to hear that, man. If you can afford to live there that's a good thing. You might not be proud now but so long as riff raff doesn't move in to the foreclosed homes it might actually benefit you in the long run. If you have to stay there longer to at least break even then you'll probably be able to save more money in the mean time and then you'll be WAY better off when you do buy that new home.

                I listen to this guy on the radio fairly often named Dave Ramsey. He always preaches "Live like no one else so that someday you can live like no one else." I guess the good thing is the permanent house matters more when your kids reach school age. Our first one was born in a neighborhood that I certainly wouldn't care for them to go to the school system in and my second one was was born in a town that was so depressed it made me depressed. That house was terrible when I look back at it. I was kinda proud at the time 'cos it was my first single-family home but man...it was a shithole. That place too we knew we needed to get out of. The goal was to get to a new place by the time the oldest kid was five. We made it out with almost a year and a half to spare...kinda got lucky but if you're kids aren't born yet at least you have time.

                Good luck.

                I wish I could afford to re-finance. I'm at 6% now but the cash I've got saved above and beyond the 6months of expenses is in reserve 'cos I think I might need a new furnace. Thing is I don't want to get another 30 year loan and a 20 would up my payments a little more than I am comfortable with.

                Comment

                • Monkey
                  Senior Member
                  • Mar 2009
                  • 3290
                  #9
                  That's why I rent....

                  Not to be hateful, but I am afraid to buy for a myriad of reasons. Sweat equity is overrated IMO.

                  Comment

                  • Bigblue1
                    Banned Users
                    • Dec 2008
                    • 3923
                    #10
                    Originally posted by Monkey View Post
                    That's why I rent....

                    Not to be hateful, but I am afraid to buy for a myriad of reasons. Sweat equity is overrated IMO.
                    +1 I was in a position to buy back in 05 and seriously contemplated it. I'm not saying I'm smarter than other peeps, but I could see without a doubt what piece o shit houses in piece o shit neighborhoods was going for was out of line. Told this to all who couldn't understand why I didn't want to join the club. It is only now that I look like a prophet........

                    Comment

                    • CoderGuy
                      Member
                      • Jul 2009
                      • 2679
                      #11
                      Originally posted by Monkey View Post
                      That's why I rent....

                      Not to be hateful, but I am afraid to buy for a myriad of reasons. Sweat equity is overrated IMO.
                      I used to be that way too until everyone I know finally talked me into buying a townhome... 6 months before the dive! My place has lost 90k in value and now I am 30k underwater and people around us have also walked away scott free (scott free because once they walked away they got "assistance" in getting out of their debt). Doesn't pay to be a responsible taxpayer these days.

                      Comment

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