DXP Home Owners....

I want to hear from all of you about your home buying experience.

What do you wish you would've know before signing your mortgage?

Did you buy from an emotional standpoint, purchasing your forever home?

Or did you buy something as an investment that you will turn around and sell at some point?

I've been diligently saving monies so that I'll be in a position to purchase my first home in the next year or so. Problem is homes are so pricey out here that I need to reach the $ 100,000 cash mark for down payment for the areas that I like here (la).

Recently I've been exploring the idea of purchasing land and building pre-fab. I can get a 5,000-10,000 lot for 80k-150k and build a kick as pre-fab for 75k-150k bringing me well under budget.

I toured a lot last week in Eagle rock with a sick ass view of the down town skyline.

I don't want to be chained to a mortgage for the next 30 years. I want to work to live not live to work.

By purchasing land and building I would be able to feasibly own something outright in the next 10 years or less.

Curious if any of you have purchased land and built. Issues or problems you faced? Pros or Cons? Please discuss.

Posted by Koniuchaa
I had a good home buying experience. I bought my home because it perfectly fits my current life situation. I am very happy with it.

I wish that I would've known that there is a severe scorpion problem here. But I'm able to manage that

Is your loan 20 years or 30?

This is what my mother has done for the last 20 years. I have gone through it so many times it's like the back of my hand.

I'm even considering purchasing land for 80-100k and investing a little in getting the property secure...ie

-fencing and automatic driveway gate

-hedges and some minimal landscape, mostly for privacy and my edibles

-connections for electricity, water, possibly gas

Thinking about buying a trailer and living out of that on the property for a few years while I replenish my funds and buy the pre-fab building outright.

Posted by LadyNeptune
I want to hear from all of you about your home buying experience.

What do you wish you would've know before signing your mortgage?

Did you buy from an emotional standpoint, purchasing your forever home?

Or did you buy something as an investment that you will turn around and sell at some point?

I think it's best to buy off emotion because you put more heart into fixing it up - then sell it. The value sells itself based on what you invest anyways.

Always smarter to do a shorter loan and pay higher. What's 15 years out of the rest of your life? What if you bought a fixer upper cheap, paid it off in 10 years and then lived free—

Posted by Lunabee

Posted by LadyNeptune
I want to hear from all of you about your home buying experience.

What do you wish you would've know before signing your mortgage?

Did you buy from an emotional standpoint, purchasing your forever home?

Or did you buy something as an investment that you will turn around and sell at some point?

I think it's best to buy off emotion because you put more heart into fixing it up - then sell it. The value sells itself based on what you invest anyways.

Always smarter to do a shorter loan and pay higher. What's 15 years out of the rest of your life? What if you bought a fixer upper cheap, paid it off in 10 years and then lived free—

click to expand

No such thing as a fixer upper that comes cheap in the areas I like, Glendale, Pasadena, Eagle Rock... sheeeeet even silverlake/echo park are super pricey now.

A thousand sf of outdated home, 2 bedroom 1 bath, runs 500k+. I'd need to invest another 30k right off the bat to make it livable and rent-able.

But hey, maybe the market will crash like 2007 and I'll be able to buy something outright with the cash I'm accumulating.

My sister buys property all over the us and rents it out. She even told me not to buy in california. That it's overpriced and impossible to make money off of anymore.

But I work here and am tired of paying outrageous rent for the past 10 years. Let me sink that money into something I own instead.

Posted by LadyNeptune

Posted by Lunabee

Posted by LadyNeptune
I want to hear from all of you about your home buying experience.

What do you wish you would've know before signing your mortgage?

Did you buy from an emotional standpoint, purchasing your forever home?

Or did you buy something as an investment that you will turn around and sell at some point?

I think it's best to buy off emotion because you put more heart into fixing it up - then sell it. The value sells itself based on what you invest anyways.

Always smarter to do a shorter loan and pay higher. What's 15 years out of the rest of your life? What if you bought a fixer upper cheap, paid it off in 10 years and then lived free—

No such thing as a fixer upper that comes cheap in the areas I like, Glendale, Pasadena, Eagle Rock... sheeeeet even silverlake/echo park are super pricey now.

A thousand sf of outdated home, 2 bedroom 1 bath, runs 500k+. I'd need to invest another 30k right off the bat to make it livable and rent-able.

But hey, maybe the market will crash like 2007 and I'll be able to buy something outright with the cash I'm accumulating.

click to expand

Mind if I ask what state?

Posted by Lunabee

Posted by LadyNeptune

Posted by Lunabee

Posted by LadyNeptune
I want to hear from all of you about your home buying experience.

What do you wish you would've know before signing your mortgage?

Did you buy from an emotional standpoint, purchasing your forever home?

Or did you buy something as an investment that you will turn around and sell at some point?

I think it's best to buy off emotion because you put more heart into fixing it up - then sell it. The value sells itself based on what you invest anyways.

Always smarter to do a shorter loan and pay higher. What's 15 years out of the rest of your life? What if you bought a fixer upper cheap, paid it off in 10 years and then lived free—

No such thing as a fixer upper that comes cheap in the areas I like, Glendale, Pasadena, Eagle Rock... sheeeeet even silverlake/echo park are super pricey now.

A thousand sf of outdated home, 2 bedroom 1 bath, runs 500k+. I'd need to invest another 30k right off the bat to make it livable and rent-able.

But hey, maybe the market will crash like 2007 and I'll be able to buy something outright with the cash I'm accumulating.

Mind if I ask what state?

click to expand

California, North of down town los angeles are the areas I like.

Posted by Koniuchaa
California is so expensive, I can't even imagine how people do it.

Read an article the other day on how young people 18-30 are moving away from la because of the high cost of living.

really love the look of prefab...

even the container housing isn't bad

Has anyone built from scratch before—

How hard was it to bring water, power, gas etc on site? I know it differs depending on the city...

Posted by Koniuchaa

Posted by LadyNeptune

Posted by Koniuchaa
California is so expensive, I can't even imagine how people do it.

Read an article the other day on how young people 18-30 are moving away from la because of the high cost of living.

My cousin lives in West Hollywood and I visit often, so I know how crazy it can be.

I like to visit though

click to expand

Yeah its insane how expensive certain areas are. Hollywood...the whole of the valley, so many bums/crack heads, trash and graffiti, and cost per square foot is still insane.

Posted by Capri-sun
What do you wish you would've know before signing your mortgage?

Homeowners insurance increases every year, making the mortgage payment increase every year if taxes and insurance are in an escrow account attached to the mortgage.

Did you buy from an emotional standpoint, purchasing your forever home?

No.

Or did you buy something as an investment that you will turn around and sell at some point?

Not with my 1st home. My 2nd, I don't plan to sell either. If I move again I will give it to my mom or sister.

Thats good to keep in mind.

Did you use the entire amount you were pre-approved for? Or did you spend a little more conservatively?

Posted by Koniuchaa

Posted by LadyNeptune

Posted by Koniuchaa
California is so expensive, I can't even imagine how people do it.

Read an article the other day on how young people 18-30 are moving away from la because of the high cost of living.

My cousin lives in West Hollywood and I visit often, so I know how crazy it can be.

I like to visit though

click to expand

what about alaska, it must be pretty cheap in some places

Posted by Hare
If you build from scratch you can build as many renewable utilities in as you'd like.

Solar, wind, rain catchment systems, etc.

I'd totally do it. Along with a shipping container home.

Yes that part is attractive to me as well. be self sustainable.

Posted by Capri-sun

Posted by LadyNeptune

Posted by Capri-sun
What do you wish you would've know before signing your mortgage?

Homeowners insurance increases every year, making the mortgage payment increase every year if taxes and insurance are in an escrow account attached to the mortgage.

Did you buy from an emotional standpoint, purchasing your forever home?

No.

Or did you buy something as an investment that you will turn around and sell at some point?

Not with my 1st home. My 2nd, I don't plan to sell either. If I move again I will give it to my mom or sister.

Thats good to keep in mind.

Did you use the entire amount you were pre-approved for? Or did you spend a little more conservatively?

I used the full amount, right before the housing market crashed. I would recommend spending more conservative if you still find something that meets your standards/ needs.

click to expand

That's another thing that concerns me. Historically speaking we are long overdue for a housing market crash, at the very least a dip.

I don't want to overspend.

Posted by Hare

Posted by LadyNeptune

Posted by Hare
If you build from scratch you can build as many renewable utilities in as you'd like.

Solar, wind, rain catchment systems, etc.

I'd totally do it. Along with a shipping container home.

Yes that part is attractive to me as well. be self sustainable.

I'm not sure about the water situation, but in terms of everything else going off grid is totally feasible now days.

Hell just the advances in LED lighting is enough to significantly cut into energy costs.

click to expand

The water wouldn't ever be off grid because if I do something custom I'm definitely building a lap pool (35'x8').

Ideal lot would have an epic view from every room and from inside the pool during my swim.

Posted by LadyNeptune
Has anyone built from scratch before—

How hard was it to bring water, power, gas etc on site? I know it differs depending on the city...

This is the real unknown that I need to complete the picture. I have the cost of everything else and even with a 20% padding I'm way under what something existing, comparatively sized, would cost.

Posted by Hare

Posted by LadyNeptune

Posted by Hare

Posted by LadyNeptune

Posted by Hare
If you build from scratch you can build as many renewable utilities in as you'd like.

Solar, wind, rain catchment systems, etc.

I'd totally do it. Along with a shipping container home.

Yes that part is attractive to me as well. be self sustainable.

I'm not sure about the water situation, but in terms of everything else going off grid is totally feasible now days.

Hell just the advances in LED lighting is enough to significantly cut into energy costs.

The water wouldn't ever be off grid because if I do something custom I'm definitely building a lap pool (35'x8').

Ideal lot would have an epic view from every room and from inside the pool during my swim.

-1 for use of "epic"

click to expand

Use of epic in vocabulary is always epic.

just don't spend your time trying to find the perfect bargain, just find a house that is good for you and not too expensive and that doesnt put you into too much debt and jump in.

The usual things to pay attention to are structure problems, environment, potential chronic repair problems, neighbours, quality of life, etc... ask someone

Posted by Koniuchaa

Posted by hydorah

Posted by Koniuchaa

Posted by LadyNeptune

Posted by Koniuchaa
California is so expensive, I can't even imagine how people do it.

Read an article the other day on how young people 18-30 are moving away from la because of the high cost of living.

My cousin lives in West Hollywood and I visit often, so I know how crazy it can be.

I like to visit though

what about alaska, it must be pretty cheap in some places

Hmmm, yes. I imagine it might. Seems a bit cold and dark to me. Also not much to do ?

click to expand

Wel you could exchange your Scorpion problem for a Sub-Zero problem. That could be easier to tackle depending on your skill set.

love how the house hugs the pool and oh my fucking god those views

ok this one isn't prefab but I like the courtyard vibe

some of the prefabs look pretty nice like protohomes and vipp. i'd assume prefabs are not exempt from local building code so protohomes can be a safe bet given that they are in LA

too bad we have a house that we need to gut out and remodel. have been procrastinating by doing dxp — so stressed lol

it's cool that protohomes offer SmartHome options. SmartHome is important to my aqua moon lol

i love my house.. i just need a maid lol

i bought my house in 2011, been it is just over 5 years last month, the value has risen to the point i have considered selling to make a profit lol

i may look into that and then get a bigger yard. thats my big regret. small backyard, i want a garden i do small ones but i want a fulll on one.

its 2000 sq ft, 3 bed with a loft 2.5 bath, 2 car garage. open great room/living room and amazing kitchen.

#humblebrag

Posted by justagirl
i love my house.. i just need a maid lol

i bought my house in 2011, been it is just over 5 years last month, the value has risen to the point i have considered selling to make a profit lol

i may look into that and then get a bigger yard. thats my big regret. small backyard, i want a garden i do small ones but i want a fulll on one.

its 2000 sq ft, 3 bed with a loft 2.5 bath, 2 car garage. open great room/living room and amazing kitchen.

#humblebrag

sounds amazing. feel free to post photos of it in my thread.

I need inspiration!

This is the view from the property I saw the other weekend in eagle rock. Gorgeous view of dtla, 6,900 square feet for 99,000.

Posted by ScorpioStarGazer
I had a pretty awesome home buying experience. It was my first time buying a home so I was pretty nervous, but it all worked out and I definitely don't regret it. I wouldn't call it my forever home...just my forever right now home. It pretty much fits my life style for now. I was tired of apartment renting and wanted something I could call my own. This April will be 3 years since I purchased it. After living here for awhile, there are little things I wish I had or didn't have, but I think that's with anything. I could live without the HOA fees going up every year, but overall I'm pleased.

Yeah I want to avoid HOA all together. Used to work for one and they are pretty horrible imo.

I've had a good buying experience, I'm not one to trade up houses - I like my little cheap house, so I can travel. But no regrets, I've gutted it and redesigned to my liking and my only thing there, is that HGTV lies, it takes way longer than 30 minutes —?

Posted by iCloud9
some of the prefabs look pretty nice like protohomes and vipp. i'd assume prefabs are not exempt from local building code so protohomes can be a safe bet given that they are in LA

too bad we have a house that we need to gut out and remodel. have been procrastinating by doing dxp — so stressed lol

I installed a studio container home for one of my clients (backyard office) and for an additional fee the company we ordered from dealt with all the permitting for the city. It was actually a pretty smooth process and cost 1/3rd of what new construction would've cost and was twice as fast.



http://www.honomobo.com/h01/

Posted by TaurusinTexas
I've had a good buying experience, I'm not one to trade up houses - I like my little cheap house, so I can travel. But no regrets, I've gutted it and redesigned to my liking and my only thing there, is that HGTV lies, it takes way longer than 30 minutes —?

I love travelling as well and don't want to sink all my money into a mortgage and be house poor.

Posted by Redbull

Posted by LadyNeptune
I want to hear from all of you about your home buying experience.

What do you wish you would've know before signing your mortgage?

Did you buy from an emotional standpoint, purchasing your forever home?

Or did you buy something as an investment that you will turn around and sell at some point?

The first time I bought a house I bought it the conventional way with a mortgage. Everything was amazing until I got laid off soon after haha. Unemployment, etc and somehow I held on for several months until I got called back to the job. Then came the recession got laid off again and eventually lost the house. Had to sacrifice and fortunately had help and eventually was able to buy a house cash years later. Needs a lot of work already did a lot of work. Its a whole different feeling knowing you own it outright but I understand why people need mortgages. The advantage to the mortgage way was it was move in ready. Now no payments but the money i saved on purchase in part goes into making it livable. Things I learned the first time contributed to the second time.

click to expand

Wow all cash! That's impressive. How much $ $ $ did you buy the second house for?

Posted by Redbull

Posted by TaurusinTexas
I've had a good buying experience, I'm not one to trade up houses - I like my little cheap house, so I can travel. But no regrets, I've gutted it and redesigned to my liking and my only thing there, is that HGTV lies, it takes way longer than 30 minutes —?

Exactly. My house is small. But its just me. Visitors can use the futon or something. Smaller, less to heat, electricity, etc. More money for me to travel and enjoy life. Small but big enough, and comfortable works for me. I may build a shed/garage/extra building though. And yep i been at it for a couple years or so (renovating) and have a ways to go to say the least haha.

click to expand

less to clean too.

I prefer smaller spaces as well with more open layout and indoor outdoor living. I hate how new homes are built so close together. I want a feeling of spaciousness, even in the city.

Posted by Redbull

Posted by LadyNeptune

Posted by Redbull

Posted by LadyNeptune
I want to hear from all of you about your home buying experience.

What do you wish you would've know before signing your mortgage?

Did you buy from an emotional standpoint, purchasing your forever home?

Or did you buy something as an investment that you will turn around and sell at some point?

The first time I bought a house I bought it the conventional way with a mortgage. Everything was amazing until I got laid off soon after haha. Unemployment, etc and somehow I held on for several months until I got called back to the job. Then came the recession got laid off again and eventually lost the house. Had to sacrifice and fortunately had help and eventually was able to buy a house cash years later. Needs a lot of work already did a lot of work. Its a whole different feeling knowing you own it outright but I understand why people need mortgages. The advantage to the mortgage way was it was move in ready. Now no payments but the money i saved on purchase in part goes into making it livable. Things I learned the first time contributed to the second time.

Wow all cash! That's impressive. How much $ $ $ did you buy the second house for?

Oh it was quite inexpensive by house standards. I looked outside of the box and outside of the big city area where i was. Not too far but a whole different city and area...It needed a lot of work too. It was a whole plan I came up with over time that Im still in the midst of getting together.

click to expand

Living mortgage free/owning your home outright is the epitome of the american dream. I am inspired by people like you.

Posted by LadyNeptune

Posted by justagirl
i love my house.. i just need a maid lol

i bought my house in 2011, been it is just over 5 years last month, the value has risen to the point i have considered selling to make a profit lol

i may look into that and then get a bigger yard. thats my big regret. small backyard, i want a garden i do small ones but i want a fulll on one.

its 2000 sq ft, 3 bed with a loft 2.5 bath, 2 car garage. open great room/living room and amazing kitchen.

#humblebrag

sounds amazing. feel free to post photos of it in my thread.

I need inspiration!

click to expand

Will do once I'm home from work!

Dude, that whole area is horrible to even shop for right now. It's all under "hipster/gentrified" transition and everything is artificially inflated since people will stupidly pay the prices there.

Try further east. Everything west of the 605 is overpriced like that. It's nice to be able to get something in the area, but the more you pay now, the worse it'll be when the market crashes again- and it will.

Posted by LadyNeptune

Posted by Capri-sun
What do you wish you would've know before signing your mortgage?

Homeowners insurance increases every year, making the mortgage payment increase every year if taxes and insurance are in an escrow account attached to the mortgage.

Did you buy from an emotional standpoint, purchasing your forever home?

No.

Or did you buy something as an investment that you will turn around and sell at some point?

Not with my 1st home. My 2nd, I don't plan to sell either. If I move again I will give it to my mom or sister.

Thats good to keep in mind.

Did you use the entire amount you were pre-approved for? Or did you spend a little more conservatively?

click to expand

...don't include homeowners insurance in the escrow. Mine's separate and the insurance rates have stayed about the same, fortunately. Any increases have been minimal.

Posted by LadyNeptune
This is the view from the property I saw the other weekend in eagle rock. Gorgeous view of dtla, 6,900 square feet for 99,000.

Fires and earthquakes. That whole area you're pining over is a fire zone.

The rocky hillsides aren't favorable to earthquakes either. Why talk investment when you're looking into some high risk areas?

Posted by VivaciousScorpio

Posted by Koniuchaa
California is so expensive, I can't even imagine how people do it.

Try London..

click to expand

Or San Francisco.

Posted by rockyroadicecream

Posted by LadyNeptune
This is the view from the property I saw the other weekend in eagle rock. Gorgeous view of dtla, 6,900 square feet for 99,000.

Fires and earthquakes. That whole area you're pining over is a fire zone.

The rocky hillsides aren't favorable to earthquakes either. Why talk investment when you're looking into some high risk areas?

click to expand

I design fire proof landscapes for new builds all the time, there's ways to fire proof your property. Plus shipping containers are made of steel and virtually indestructible.

As for earthquakes, I'd have to consider that as part of the equation. Concrete footings into the bedrock are a must.

And obviously I would get insurance.

Posted by rockyroadicecream
Dude, that whole area is horrible to even shop for right now. It's all under "hipster/gentrified" transition and everything is artificially inflated since people will stupidly pay the prices there.

Try further east. Everything west of the 605 is overpriced like that. It's nice to be able to get something in the area, but the more you pay now, the worse it'll be when the market crashes again- and it will.

Yes this is one of the things that scares me, we are long overdue for a crash.

I'm not ready to pull the trigger yet on anything. Just starting to explore my options.