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Old 06-15-2013, 08:18 PM   #31
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Building my first house!


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I not really inserted in getting a bank loan now. I think I will just save my $$$$ to build my house cash.
I hate to deflate any bubbles, but do you have the slightest idea how long that will take?

You make $9.50? OK, let's double that, starting tomorrow. That's $39,520 a year.

Now we're talking twice as much as you actually make.....

Most people absolutely cannot save 10% of what they make. BUT we're going to say you can save even more... 15%.

That's $5,928 a year. No, you can spend none of it for a car, or anything else.... for a whole 15 years.

You do realize that it WILL take you about 15 years to save up enough to begin to build a house.... probably a lot more, considering what houses will likely cost 15 years from now.

Simply put... ain't likely to happen. So, get in line, and try to buy something now at around $10,000.oo. You DO have $10,000.oo saved up, right?

No? Well, then it looks like you're going to have to get settled into payments like just about everyone else. And most houses end up costing their "owners" about 4 times the original cost by the time they pay them off.

Beginning to see why everyone told you to stay in school? It was so you could now have a job paying about 4 times what you make today... AND have a future that promises making even twice as much more.

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Old 06-15-2013, 08:23 PM   #32
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Very well put wilie, plus if you even want to buy a house you need a down payment it was 5% where I got my mortgage so about 5500 plus lawyer fees which cost me another 2000 grand. If you don't have money saved there is no point in looking for a house
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Old 06-15-2013, 08:26 PM   #33
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What you have my friend is a math problem. Willie has pointed that out in graphic detail. Everyone wants to build a house, but few ever actually make the necessary sacrifices to make it happen. People making twice as much money as you are still not likely to have the resources to build. You also lack the experience needed. Being a carpenter is just a small part of the building process. Mistakes are expensive, and that expense would be paid by you. There is also the problem of capital. The bank wants a minimum of 20% down. This equals $16,000.00 for an $80,000 house. If you saved every paycheck for a year, you would be close to that.
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Old 06-15-2013, 08:42 PM   #34
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Oh I am living at home with my parents.
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Old 06-16-2013, 11:21 AM   #35
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Considering the volumes of good advice you're simply refusing to listen to, I'm beginning to think you're about 14 years old and are just jerking us around for the fun of it.
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Old 06-16-2013, 01:16 PM   #36
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Ether he is a 14 year old or a very dumb 29 year old.
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Old 06-16-2013, 01:21 PM   #37
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You is trying compare Alabama homebuilding prices with other state prices, it don't work like that.
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Old 06-16-2013, 01:31 PM   #38
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I don't think you understand what we are all trying to tell you. Your dream to build a house isn't going to happin. I think you should get your head out of the clouds and come back to reality
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Old 06-16-2013, 01:40 PM   #39
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Don't make me get rue with you handyman, you don't live where I live so you cant keep pick on me that I don't understand. I understand very well.
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Old 06-16-2013, 01:42 PM   #40
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I am not picking on you. I am just stating a fact, I know I am new but this thread should be closed. This is going no where
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Old 06-16-2013, 04:14 PM   #41
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I work with offenders and ex-offenders a lot. Do you know one of the consistent and primary themes running through the minds of incarcerated people? It's the marvelous things they are going to do when they get out.

One of the most prominent dreams (and they ARE dreams) is to buy a boat, and sail off to exotic ports... or even around the world.

Totally unrealistic. And made even more sadly imaginatively sublime by the fact that because of the prison sentence, they are now trapped in a position to probably never, ever realize any of those hopes.

But this is the world of the dreamer. It takes a certain tough acceptance of life as it really is to buckle down and begin to work with what we have, where we are. Some of us never find the contentment within ourselves to live with that. We keep looking for that brass ring on the Merry-Go-Round of life. And, very sadly we often die feeling totally unfulfilled.

A lot of us just do not want to grow up and put away childish fantasies in the toy chest of the past.
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Old 06-16-2013, 06:27 PM   #42
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You is trying compare Alabama homebuilding prices with other state prices, it don't work like that.
Your trying to compare Alabama wages to the real world! List up I have been around the block a time or two. Want to know why home prices are low in LA thats Lower Alabama to those folks not living in the south. it is because the wages are low! Want to know how much I pay a new laborer 16.50 an hour. want to what that equals the same as your 9.35 in cost of living. You live at home might be all of 18 if your standing on the number. and you think you can just build a home! your generation thinks they are entitled to the nice things right out of the gate. Sorry don't work that way. I have bought and sold homes for a reason and one reason only. so I can have enough capital to build my home. twenty three years of doing that. twenty four years of blood sweat and tears. Chasing jobs in construction across the United States. time for you to wake up and face reality! get a good education or enroll in the school of hard knocks.
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Old 06-16-2013, 07:30 PM   #43
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You is trying compare Alabama homebuilding prices with other state prices, it don't work like that.
OK, you've just confirmed what I thought about you. I'm not wasting any more of my time with this thread.
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Old 06-16-2013, 08:22 PM   #44
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You is trying compare Alabama homebuilding prices with other state prices, it don't work like that.
CJIII, this particular post seems to have drawn some extraordinary interest. So, I am also going to address it.

Salaries and housing costs are relative to each of us, and therefore irrelevant in some ways. But in others, they are spot-on.

For instance, for many of us our target range for a home is $300,000 to 400,000. You say that is unrealistic because you needn't pay that much. This may be true. But, then you make 9.50 an hour. And that's fine. If in your area you can function satisfactorily on that, then there's no problem.

But the cost of homes in other areas is a reflection of the average money made by the people there. I once made just shy of $267 an hour. Good bucks. (didn't last all that long, though ) But I also had commiserative expenditures.

If we matched percentages, maybe I did a little better than you're doing right now, but not much. What came in, went back out.... because it cost that kind of money to live the way I could earn those numbers.

So when someone is telling you that you are going to have to earn (and pay back out) "X" amount of money for a home, you really need to look at that in terms of percentages of your yearly income... not Alabama bucks vs New York bucks. Would you pay $10 or $12 for a milk shake? Some NY,NY people have to... or forgo having a milk shake.

A whale of a lot of money. But probably very close to the same % of their hourly wage as $2.50 might be of yours to buy a milk shake in your hometown.

You see what I'm saying?
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Old 06-16-2013, 08:42 PM   #45
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Willie had explained it perfectly. I tried to buy a house during the 'bubble' when banks were throwing loans at people. I was making about $14 an hr, working 50-60 hrs a week, pretty good money for my area (and the cost of living in my area is relatively low). My mom told me that it was the stupidest idea she had ever heard (I was 19 at the time). Mind you, I wasn't going to BUILD a house, but purchase a turd and polish it to my liking, so to speak.

Long story short, damn glad I waited 8 years. I saved my money for a down payment and for the repairs that would be needed eventually. And guess what? The money I saved for repairs and renovations? Boy that went FAST and I'm doing 90% of it myself! Not to mention the other things that come along in life. Courting a mate, getting a car, insurance (life, health, car, home, etc), personal enjoyment of any kind, etc.

I did the math back when I was 18-19 and wondered, man, why does everyone freak out about mortgages? A house for $85,000 is only like $400 a month for a 30 yr mortgage! Yup, but don't forget taxes, insurance, assessments, storm water fees, possible septic/well issues if you have one, possible mandatory testing, etc. That $400/month quickly doubles in this area. Our only perk is municipal garbage collection (rare these days) but we still pay for it in our property taxes.

What I think Willie is trying to say is that dreams and goals are good, great even, but if you are totally unrealistic in the ways you try to achieve them, they won't happen. It takes planning, saving, determination, and discipline. Trying to steamroll over everybody who's been thru it and tries to offer you good advice ain't gonna help.

Best of luck, man.

Andy

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