Buying a house? NOW?

greenspun.com : LUSENET : TimeBomb 2000 (Y2000) : One Thread

Well it's probably a rather odd time for this to occur, but we seem to have found a home we really like. A great thing is that it has a fireplace so we would have heat in the case of a power outage. The big question is that if there are major problems next year and we can't keep up payments what will happen? It's easy enough to say pay in advance, but I'll bet most folks just don't have that much cash to hand. Also worried the value will plummet because of recession. Our only alternative is to stay in rented place with no alternative source of heat, and big worries about neighbors and fire safety concerns. I want to take the plunge and hope for the best, but have many nagging doubts. Help! Anyone got an opinion?

-- Gia (laureltree7@hotmail.com), September 22, 1999

Answers

Gia,

Go ahead, take the plunge, join the crowd. Lets all watch our equity go byby. Unless it is in big city, ownership does give you advantages: privacy, control, etc. You can put as many water barrels in the house as you want!!! Get it before the mortgage co. decides to back out. 8% , so what , refi later. GET CONTROL OF YOUR LIVING SPACE WHILE YOU CAN! FWIW. Get a real good home inspector to check it out first. GOOD LUCK. P.S. Keep as much cash as you possibly can. Hold firm on that, catch up once the dust setles.

-- happy homie (go4it@now.com), September 22, 1999.


Contrary to popular belief, fireplaces are in fact extremely inefficient use of wood (roughly 10% efficient) AND they suck HUGE quantities of (cold) air into the room with the fireplace unless extremely well designed. I've been in many a room which would have been far warmer if there was NO fire.

A wood-burning stove is by far the best option, giving approximately 70% efficiency and consuming far less air.

-- Y2KGardener (gardens@bigisland.net), September 22, 1999.

don,t forget gaurd dogs need food.

-- pupsRus. (dogs@zianet.com), September 22, 1999.

I am selling my property NOW I don't want THEM to have any sway on me in the years to come....."oh so you're bankrupt?...well just come down and get your tattoo,microchip(or whatever)and we'll wipe that nasty old debt of yours..."

NWO is coming,this is all the curtain raiser

-- mango (sammy1@indiasite.com), September 22, 1999.


Aloha Y2K Gardener - you must be up mauka to know so much about stoves, etc.. I'm on the B.I. too. I'd be interested in some other sharing that others here might not relate to. Get in touch. Aloha- grngrl

Mango- are you here too?

-- grngrl (jhandt@gte.net), September 22, 1999.



In normal times, it takes a bank at least 9 months to kick you out of your home when you cannot pay.

It takes a landlord about a week to get you out.

-- freddie (freddie@thefreloader.com), September 22, 1999.


"It takes a landlord about a week to get you out. "

More like a YEAR in Maryland if the tennant pays 1 or 2 months out of 12...

-- Anonymous99 (Anonymous99@Anonymous99.xxx), September 22, 1999.


Ask for a fireplace insert for a house warming gift. (get it?) Actually they work quite well and bring the efficency up to that of a wood stove. They slide into the exisiting fireplace space and use the exisiting flue. Go for the house purchase 8% is still a good interest rate, and it is harder to kick you out of a house you own vs. one you rent.

-- Bill (y2khippo@yahoo.com), September 22, 1999.

Fireplace inserts are great if you have electicity, but because they are set inside the fireplace, room air can not transfer the heat. It is much better to get a wood stove that sits out from the fireplace and no fan is needed. I have had both, currently have no fireplace, on wood stove. My supply of firewood just increaed greatly last weeks thanks to Floyd.

-- chicken farmer (chicken-farmer@ y2k.farm), September 22, 1999.

Gia......I here you ,about the neighbors. If the new house has its on water+sewer, I personally would go for it. Besides, if your a visitor here at this forum, you more then likely know alot more about whats coming then your neighbors. If you have tryied to reason with them about Y2K, then you may have to buy the place. They will not prepare, but they will remember....do you have e-nuf food + water for them too?

-- Les (yoyo@tolate.com), September 22, 1999.


Gia,

It's a tough call. I also worry about a recession that will depress real estate prices while increasing unemployment.

One of my brothers is moving from a high population area to a rural area. He plans to lease for a year and then shop for a house. I don't know if that approach would suit your situation.

Good luck, whatever you decide to do.

Jerry

-- Jerry B (skeptic76@erols.com), September 22, 1999.


Thanks to everyone for taking time to share your ideas. I feel a lot more at ease with my reasons to move than to stay put, so it looks like that's gonna be the choice. I will have to look into ways of optimising the efficiency of the fireplace. Another thing I like about the new location is the small population (about 6,000). Plus lots of corn and a farm down the road. Yeah, that does it!

-- Gia (laureltree7@hotmail.com), September 22, 1999.

Moderation questions? read the FAQ