It's a Good Time for Me to Consider a House

[Al]

As the title states, I believe I'm in a good position to buy a house.
I have enough saved for a down payment + closing costs + a year's expenses (all, not just the house) and more. I also have very little debt.

The type of house I think is "ideal" would be a small ranch with a two car garage in the back yard (no alley).
If you've ever driven down Halsey or Carpenter in Milwaukee, you know the type of neighborhood I like. I prefer these houses because they tend to be easy to work on. I also don't mind a pink bathroom.

I've noticed a large number of houses around the 100k price that are in nice neighborhoods of Milwaukee (most areas south of Oklahoma, Bay View and west), Greenfield, Hales Corners, the niceparts of Stallis.

I was in West Allis, near Greenfield, a few hours ago and noticed lots of people outside. A few were wrenching on their cars and others were cooking on the grill.

I talked to my bank and another last week. They said that all of my finances are in ideal condition.

So. . .I still have a certain degree of uncertainty. I'm assuming that there are things I don't know that I should know.

One thing I'm sure of is that I don't want to live in the suburbs anymore. I drive about 500 miles per week. The savings alone will cover a significant portion of the mortgage payment. Having a garage is also nice when I want to fix my car.

I've contacted a few realty companies. I'm hoping to buy soon.

[pOrk]

Hwy 100 and Hampton area has lots of big houses for 125 ish, some in tosa and some Milwaukee. I love I there, quiet close to freeway and pretty big yards

[michelle]

Good luck in your search!

[Cutlass Queen]

Biggest thing is to watch for the rentals around the neighborhood - that's what turns the neighborhood to shit fast. Good luck on the purchase of a house! It's definitely exciting!!!

[blackmage]

Im in the middle of buying right now as well. Its fun and stressful as fuck at times. Good luck! hah

[95 TA - The Beast]

Yeah, I had a *serious* search for housing just over a year ago... We looked at 78 houses in 2.5 months time. Only made offers on 8, and we were usually stomped out not on price, but on other "conditions" (such as others being able to close a week earlier than us, having cash vs us financing, etc).

I will totally agree, check on the neighborhood as much as possible. With one of the homes we really liked, it was just west off 124th in Brookfield, just north of North ave. Great house, big, not touched since 1965 in decor, but VERY well maintained. My big concern was all the apartments on 124th around that area. One call to the police department, talked to an officer there and got the low-down on neighborhood. Sure enough there have been a ton of burglaries, break ins, home invastions, etc in the past 3-5 years in the Brookfield neighborhoods just west of there. Great looking neighborhoods, lots of land per house, older neighbors for the most part so it is quiet, but just too damn close to those that cause problems because they don't have an investment in the neighborhood.

The financing side was the least-stressful aspect of buying a house, but we also had everything in order as well. Here is a reality check though... Whatever you think you have is enough saved is probably not enough. Just being brutally honest. Houses are HUGE expenses. Heating/cooling, thermal efficiency, windows, doors, landscaping, repairs, painting, plumbing, wiring, networking, etc, etc... ALL are headaches once you own a house. In our search there was only 2 homes that gave us no cause for any concerns, and that is because they were both either brand new or almost brand new. But both had stuff we wanted to change (like landscaping), or finish off (like redoing a upper deck that was 1/3 the size it should have been), and in both cases that meant a ton of cash in fairly a short time. There was also the question of equity with both as it would have taken years to accrue since you were buying at near market value.

Ultimately we ended up buying a house in a great neighborhood (no rentals and we are smack-dab in the middle of the subdivision) at well below market value (it was a foreclosure), so there is a ton of built-in equity. The construction of the house is second to none as 99% of people never build a house like this, so we made out in thermal efficiency, build-quality and equity. Downside is it was basically untouched since 1988 when it was built, in regards to things like doors/windows/furnace, but things like the AC were newer (2001) as well as water heater (2004). So maintenance items are a big concern and I have put a ton of cash into redoing things (for example the water heater was too small for the family, so I redid the entire system with dual water heaters), with a ton more coming into focus...

Owning a house is great, as long as you understand the work and expense involved.

[DerangedPony]

It is a good time to buy but I would do it quick because rates are going up. I work for a team at shore west and homes that are priced well go quick. I live over by West Allis hospital so I understand what your looking for and prices around here are reasonable.

If you don't have a realtor yet, I work for one that it very good. I do not work for commission so this is not a advertisement or anything, just want to help. Let me know.

Sent from my Evo V 4G using Tapatalk 2

[Korndogg]

I live around 82nd and Morgan in Milwaukee. I like it. Obviously not my dream house but its a good neighborhood for starter homes. There are a bunch of houses for sale around here also.

[Feature Pony]

I would sell you my house on 14th and grange, 1100sqft brick ranch, pella windows and pella screen doors, 3bdrm, central air, 1/4 acre lot, finished basement, 2 car detached garage, fenced in yard (privacy) with a shed behind my garage. 145,000 all may tag appliances included all bought in 07. I would even throw in a home warranty. Lmk I don't have it on the market, just thinking of selling, but I was going to get a realtor next spring and put it on the market. I need 5+ car garage, and since residency lifted I can build my dream house.

[jbiscuit]

Awww snap another gearhead in Mount Pleasant/Caledonia? Almost seems like you need to own a muscle car or hot rod to live down here now! Guy just moved in the front park of the neighborhood with a 385" 67 Nova 5-speed, lowered, Wilwoods etc etc. Always funny to see the moving truck and the classic car/hot rod parked right next to it hahaha!

[Al]

I will totally agree, check on the neighborhood as much as possible. With one of the homes we really liked, it was just west off 124th in Brookfield, just north of North ave. Great house, big, not touched since 1965 in decor, but VERY well maintained. My big concern was all the apartments on 124th around that area. One call to the police department, talked to an officer there and got the low-down on neighborhood. Sure enough there have been a ton of burglaries, break ins, home invastions, etc in the past 3-5 years in the Brookfield neighborhoods just west of there. Great looking neighborhoods, lots of land per house, older neighbors for the most part so it is quiet, but just too damn close to those that cause problems because they don't have an investment in the neighborhood.

Over the past month, I've been spending a large amount of time riding through the areas I'm interested in. I'll literally ride up and down every street in a subdivision. I'll stop and talk with the locals about the neighborhood and what they like/dislike. I've heard a few people talk about about petty crime, which is a red flag to me. Other people will talk about a crazy person on their street or that people drive too fast down the street.

Some neighborhoods seem to be a tight-knit group of people. I'll start talking with one person, but soon the passers-by join the conversations. Such gatherings usually end with the people saying that they want me in their neighborhood.

The financing side was the least-stressful aspect of buying a house, but we also had everything in order as well. Here is a reality check though... Whatever you think you have is enough saved is probably not enough. Just being brutally honest. Houses are HUGE expenses. Heating/cooling, thermal efficiency, windows, doors, landscaping, repairs, painting, plumbing, wiring, networking, etc, etc... ALL are headaches once you own a house. In our search there was only 2 homes that gave us no cause for any concerns, and that is because they were both either brand new or almost brand new. But both had stuff we wanted to change (like landscaping), or finish off (like redoing a upper deck that was 1/3 the size it should have been), and in both cases that meant a ton of cash in fairly a short time. There was also the question of equity with both as it would have taken years to accrue since you were buying at near market value.
Owning a house is great, as long as you understand the work and expense involved.

I've performed just about every from of household maintenance. I usually leave plumbing and electrical to the professionals.

Thermal efficiency is something I think about when I look at houses. I disregard 75% of the listed houses because they date to a time when heat was cheap, insulation was omitted and being "drafty" was a good thing.

I prefer ranches because they are easier to work on than other designs, such as a bungalow or split level.

Woodworking and metalworking are two big hobbies of mine. Unless the previous owner's basement layout was inspired by Norm Abrams woodworking shop, I'd prefer an unfinished basement. I intend to set up a complete workshop down there with a large number of professional tools.
Basements that are wide-open (with maybe a support post or two in the middle) are ideal. Basements with a cinder block support wall down the center are less practical. 220v three phase power is also a plus, but not necessary.

I sometimes look at a house and think "how am I going to move a Bridgeport Mill and an engine lathe into the basement?"
Exposed basements are a HUGE plus. Garages with heated shop space are also nice.

I greatest concerns are along the lines of the liability of forgetting to shovel the sidewalk in the winter.

[BoosTT]

I’ve been looking to buy a house for about 14-18 months now. I’ve been picky, because I’m holding out for something waterfront. I had an accepted offer on a house on Fawler lake, but I backed out after the inspection.

Honestly, I think the time to buy mortgage rate wise has passed by about 3-4 months. Its slightly turned into a sellers’ market. I do not think mortgage rates are going to sky rocket any time soon though, at least not until next spring.

It sounds like you are in a good financial position to buy though. IMO 15%+ down with 6+ months cash savings and 6+ months liquid assists is the minimum requirements for a house. Things get expensive quick. Landscaping alone is $$$. Don’t forget to plan for your snowblower, zero turn, etc.

[kevcuda]

14th and grange, 1100sqft brick ranch...145K??? Thats outrageous. I have been looking for a couple months you should be able to get something comparable/decent for 110-115.

[kevcuda]

I’ve been looking to buy a house for about 14-18 months now. I’ve been picky, because I’m holding out for something waterfront. I had an accepted offer on a house on Fawler lake, but I backed out after the inspection.

Honestly, I think the time to buy mortgage rate wise has passed by about 3-4 months. Its slightly turned into a sellers’ market. I do not think mortgage rates are going to sky rocket any time soon though, at least not until next spring.

Waterfront is a whole different animal, hard to ever compare the 2. I was looking out where I live now on the water and its a good 30 - 40 percent up charge so I gave that dream up for now. Good luck finding your beach!

It sounds like you are in a good financial position to buy though. IMO 15%+ down with 6+ months cash savings and 6+ months liquid assists is the minimum requirements for a house. Things get expensive quick. Landscaping alone is $$$. Don’t forget to plan for your snowblower, zero turn, etc.

[Feature Pony]

14th and grange, 1100sqft brick ranch...145K??? Thats outrageous. I have been looking for a couple months you should be able to get something comparable/decent for 110-115.

Houses in my neighborhood are selling for 155-179k. I'm not right on grange, but that is the area. I don't think that is outrageous, my house is a turn key ready to go not some dive shack that you have to spend $$$$. Fmv for milw has the house at 160k, so next spring when it gets listed with realtor fees it will go on the market for $168k. so why would I sell my house for 115k???

[kevcuda]

Just going off the Comps the professional realtor has shown me in the area. Does not matter to me what you sell anything for. Turn Key is what she has been showing me. Next spring who knows what the market will be but you can put anything on the market for any price I guess. Unless you have a crystal ball could be way high could be way low for spring time. Taxes are just stupid in Milwaukee so right now just decided to save more and look elsewhere.

[Korndogg]

I live in Milwauke and pay about $3500 in taxes. That's not high at all compared to the suburbs around me.

[kevcuda]

Not bad but all depends to what the value. I was looking out in the burlington area and they were a little cheaper but I also look at the roads/what you get in MKE compared to Burlington/Norway they are way better. Not to mention lower crime.

[Korndogg]

Eh, I have a pretty low crime rate where I am at and they are redoing all the roads around me so I can't complain too much. It's just a starter house for us anyway. The value was in the 140's when we bought it 2 years ago and now it's in the 120's. My taxes went down a little bit but if I remember correctly, they were in the $3500 range when we bought it and last year I think we were around $3400 or so. My in laws live in Norway and yeah there are defiantly some nice houses out there with some big yards but I don't see houses out there going for under $145k that don't need work. I paid just under $135k for this house which was right about what it should be two years ago. I have friends that live in Greenfield not too far away from me and their house value is about the same as mine and they are paying 5k+ in taxes if not over 6k.

[Irish]

Awww snap another gearhead in Mount Pleasant/Caledonia? Almost seems like you need to own a muscle car or hot rod to live down here now! Guy just moved in the front park of the neighborhood with a 385" 67 Nova 5-speed, lowered, Wilwoods etc etc. Always funny to see the moving truck and the classic car/hot rod parked right next to it hahaha!

Caledonia here as well.