[UCGal]

To the OP
Are you planning on staying in the home long term (7 years or longer.) ?
Does the house meet your needs?
Do you have a contingency savings account in case of job loss or need for a new roof, etc…?

Will you be happier in the house, living there, paying your mortgage, or happier renting.

I know it’s not a popular view on this board, but I keep espousing my view: You should purchase a home, not an investment when you’re buying a house.

Does it provide shelter in a form that won’t leave you broke and/or full of regrets? Will your quality of life be better or worse if you buy?

Forget trying to time the market… figure out if you can afford to live in it… If you’re buying the house to live in, long term, then you don’t have to worry about whether this is the absolute bottom or somewhere in the middle.

That said – if you’re plan is to trade it on a bigger/newer/more expensive home in a few years… then my advise doesn’t apply… and I’d advise you to keep renting… you’re gambling your downpayment if you’re buying short term.

[UCGal]

To the OP
Are you planning on staying in the home long term (7 years or longer.) ?
Does the house meet your needs?
Do you have a contingency savings account in case of job loss or need for a new roof, etc…?

Will you be happier in the house, living there, paying your mortgage, or happier renting.

I know it’s not a popular view on this board, but I keep espousing my view: You should purchase a home, not an investment when you’re buying a house.

Does it provide shelter in a form that won’t leave you broke and/or full of regrets? Will your quality of life be better or worse if you buy?

Forget trying to time the market… figure out if you can afford to live in it… If you’re buying the house to live in, long term, then you don’t have to worry about whether this is the absolute bottom or somewhere in the middle.

That said – if you’re plan is to trade it on a bigger/newer/more expensive home in a few years… then my advise doesn’t apply… and I’d advise you to keep renting… you’re gambling your downpayment if you’re buying short term.

[UCGal]

To the OP
Are you planning on staying in the home long term (7 years or longer.) ?
Does the house meet your needs?
Do you have a contingency savings account in case of job loss or need for a new roof, etc…?

Will you be happier in the house, living there, paying your mortgage, or happier renting.

I know it’s not a popular view on this board, but I keep espousing my view: You should purchase a home, not an investment when you’re buying a house.

Does it provide shelter in a form that won’t leave you broke and/or full of regrets? Will your quality of life be better or worse if you buy?

Forget trying to time the market… figure out if you can afford to live in it… If you’re buying the house to live in, long term, then you don’t have to worry about whether this is the absolute bottom or somewhere in the middle.

That said – if you’re plan is to trade it on a bigger/newer/more expensive home in a few years… then my advise doesn’t apply… and I’d advise you to keep renting… you’re gambling your downpayment if you’re buying short term.

[UCGal]

[quote=bearishgurl]
I haven’t looked inside new developments but from what I’ve heard from people who have bought into them in South County, they are NOT very well insulated and DO NOT have triple-paned windows. [/quote]

I guess it depends on your definition of “new”.
If the permit to build was 2007 or later then it had to meet the title24 standards of 2005. This means it had to meet specific energy calculations that are most easily achieved with decent insulation and double pane (or better) windows. (Not to mention efficient lighting, etc.)

Once a permit is pulled there is a clock started on completing construction… If you take too long to break ground or get occupancy, the permit expires and you have to bring the project/plans up to the latest code…..

[UCGal]

[quote=bearishgurl]
I haven’t looked inside new developments but from what I’ve heard from people who have bought into them in South County, they are NOT very well insulated and DO NOT have triple-paned windows. [/quote]

I guess it depends on your definition of “new”.
If the permit to build was 2007 or later then it had to meet the title24 standards of 2005. This means it had to meet specific energy calculations that are most easily achieved with decent insulation and double pane (or better) windows. (Not to mention efficient lighting, etc.)

Once a permit is pulled there is a clock started on completing construction… If you take too long to break ground or get occupancy, the permit expires and you have to bring the project/plans up to the latest code…..

[UCGal]

[quote=bearishgurl]
I haven’t looked inside new developments but from what I’ve heard from people who have bought into them in South County, they are NOT very well insulated and DO NOT have triple-paned windows. [/quote]

I guess it depends on your definition of “new”.
If the permit to build was 2007 or later then it had to meet the title24 standards of 2005. This means it had to meet specific energy calculations that are most easily achieved with decent insulation and double pane (or better) windows. (Not to mention efficient lighting, etc.)

Once a permit is pulled there is a clock started on completing construction… If you take too long to break ground or get occupancy, the permit expires and you have to bring the project/plans up to the latest code…..

[UCGal]

[quote=bearishgurl]
I haven’t looked inside new developments but from what I’ve heard from people who have bought into them in South County, they are NOT very well insulated and DO NOT have triple-paned windows. [/quote]

I guess it depends on your definition of “new”.
If the permit to build was 2007 or later then it had to meet the title24 standards of 2005. This means it had to meet specific energy calculations that are most easily achieved with decent insulation and double pane (or better) windows. (Not to mention efficient lighting, etc.)

Once a permit is pulled there is a clock started on completing construction… If you take too long to break ground or get occupancy, the permit expires and you have to bring the project/plans up to the latest code…..

[UCGal]

[quote=bearishgurl]
I haven’t looked inside new developments but from what I’ve heard from people who have bought into them in South County, they are NOT very well insulated and DO NOT have triple-paned windows. [/quote]

I guess it depends on your definition of “new”.
If the permit to build was 2007 or later then it had to meet the title24 standards of 2005. This means it had to meet specific energy calculations that are most easily achieved with decent insulation and double pane (or better) windows. (Not to mention efficient lighting, etc.)

Once a permit is pulled there is a clock started on completing construction… If you take too long to break ground or get occupancy, the permit expires and you have to bring the project/plans up to the latest code…..

[UCGal]

My take on mortgage insurance is that it’s not always the best form of insurance.

What do you want to happen to your house when/if you die? Do you have family that you want to continue to live in it? Maybe it’s worth it… but life insurance would do the same thing – and offer a fixed $ value, vs a declining $ value. Mortgage insurance pays off the balance – which in theory goes down with every payment.

Personally – I have term life to pay off the mortgage if I die.

But if you are a high risk for life insurance (say you skydive, or some other risky activity that life insurance companies don’t like) – then mortgage insurance might be the cheaper move.

[UCGal]

My take on mortgage insurance is that it’s not always the best form of insurance.

What do you want to happen to your house when/if you die? Do you have family that you want to continue to live in it? Maybe it’s worth it… but life insurance would do the same thing – and offer a fixed $ value, vs a declining $ value. Mortgage insurance pays off the balance – which in theory goes down with every payment.

Personally – I have term life to pay off the mortgage if I die.

But if you are a high risk for life insurance (say you skydive, or some other risky activity that life insurance companies don’t like) – then mortgage insurance might be the cheaper move.

[UCGal]

My take on mortgage insurance is that it’s not always the best form of insurance.

What do you want to happen to your house when/if you die? Do you have family that you want to continue to live in it? Maybe it’s worth it… but life insurance would do the same thing – and offer a fixed $ value, vs a declining $ value. Mortgage insurance pays off the balance – which in theory goes down with every payment.

Personally – I have term life to pay off the mortgage if I die.

But if you are a high risk for life insurance (say you skydive, or some other risky activity that life insurance companies don’t like) – then mortgage insurance might be the cheaper move.

[UCGal]

My take on mortgage insurance is that it’s not always the best form of insurance.

What do you want to happen to your house when/if you die? Do you have family that you want to continue to live in it? Maybe it’s worth it… but life insurance would do the same thing – and offer a fixed $ value, vs a declining $ value. Mortgage insurance pays off the balance – which in theory goes down with every payment.

Personally – I have term life to pay off the mortgage if I die.

But if you are a high risk for life insurance (say you skydive, or some other risky activity that life insurance companies don’t like) – then mortgage insurance might be the cheaper move.

[UCGal]

My take on mortgage insurance is that it’s not always the best form of insurance.

What do you want to happen to your house when/if you die? Do you have family that you want to continue to live in it? Maybe it’s worth it… but life insurance would do the same thing – and offer a fixed $ value, vs a declining $ value. Mortgage insurance pays off the balance – which in theory goes down with every payment.

Personally – I have term life to pay off the mortgage if I die.

But if you are a high risk for life insurance (say you skydive, or some other risky activity that life insurance companies don’t like) – then mortgage insurance might be the cheaper move.

[UCGal]

[quote=localguy]The Mendoza’s still live in the house. Same people, same cars, same stuff….[/quote]
Different name on the property tax records… Wonder if they rent now.

[UCGal]

[quote=localguy]The Mendoza’s still live in the house. Same people, same cars, same stuff….[/quote]
Different name on the property tax records… Wonder if they rent now.

[Author]

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