Hey Oppo, I bought a thing...

"Pearson Hurst" (phurst)
08/04/2014 at 20:57 • Filed to: None

A ridiculously expensive thing. Finally, at (nearly) 40, I'm a homeowner. Of course, my wife and kids took off for a weeks vacation today, leaving me to move all our stuff all by my lonesome. Let me tell you, when they show you that number at closing that shows you what you will pay over 30 years, the pucker factor is extreme.

DISCUSSION (33)

GhostZ > Pearson Hurst
08/04/2014 at 21:03

Living out of a Ferrari isn't an option?

I couldn't possibly imagine committing to a purchase for 30 years. I don't think I would want to stay in the same location for more than 2-3 years, much less 30.

AM3R > Pearson Hurst
08/04/2014 at 21:04

Congrats!

Says bye to your weekends. You'll find a new project every week. I just finished repainting my deck. Damn HOA...

jvirgs drives a Subaru > Pearson Hurst
08/04/2014 at 21:04

Kinja'd!!!

Oh you bought a garage with a house attached! Congrats!

Minardi Gras > GhostZ
08/04/2014 at 21:05

That's... That's not how mortgages work.

OPPOsaurus WRX > GhostZ
08/04/2014 at 21:05

congrats and good luck. Go buy a tool box if you havn't already. I feel like there is always something to fix but then again I got into this specific house knowing that .

NotUnlessRoundIsFunny > Pearson Hurst
08/04/2014 at 21:07

Congratulations!

If the total number doesn't get you, the stacks of papers you sign at closing do.

For what it's worth, it does get easier. Especially if you don't mind a little do-it-yourself, can be pretty rewarding. Plus as long as you bought something you can afford, it's an "investment" that provides a lot of utility; you get to live in it after all. And interest rates these days are a plus.

Probably overwhelming to think about now, but worth looking into how much faster you can pay it off if you pay a little extra each month toward principal. You can make a real dent in the total interest cost that way.

Good luck with your move!

#MostBoringOppoReplyEverSorry

Pearson Hurst > GhostZ
08/04/2014 at 21:07

I don't plan on actually being here 30 years. Once the kids are out of school, we're moving to somewhere out in the country with no neighbors, where I can have lots 'o cars and animals, and grow old and weathered sitting on my front porch.

I would absolutely live out of a Ferrari, my wife and kids, not so much :)

jvirgs drives a Subaru > Pearson Hurst
08/04/2014 at 21:09

And I recognized the watermark in the picture, congrats fellow RVA Opponaut

$kaycog > Pearson Hurst
08/04/2014 at 21:09

It's lovely! Best wishes in your new home.

Pearson Hurst > NotUnlessRoundIsFunny
08/04/2014 at 21:10

Yeah, definitely looking to build equity quickly. The mortgage payment is almost exactly what we're paying in rent now, and that is no problem. Definitely planning on paying extra each month.

GhostZ > Minardi Gras
08/04/2014 at 21:10

Let me rephrase:

I couldn't imagine committing to having to make a payment for the next 30 years for a single purchase.

Pearson Hurst > OPPOsaurus WRX
08/04/2014 at 21:11

Already got a pretty wide selection of tools. Fortunately I'm going from a 8x10 shed that's absolutely packed, to a 12x20 air conditioned "workshop" out back.

Pearson Hurst > jvirgs drives a Subaru
08/04/2014 at 21:12

Nice! Where are you?

jvirgs drives a Subaru > Pearson Hurst
08/04/2014 at 21:13

right around the corner from Innsbrook

NotUnlessRoundIsFunny > Pearson Hurst
08/04/2014 at 21:14

The mortgage payment is almost exactly what we're paying in rent now, and that is no problem. Definitely planning on paying extra each month.

Sounds like you bought really well then. If you're in the U.S., you'll be paying less per month than rent with the tax incentive.

In either case, make sure your extra payments go straight to principal. Some lenders will just apply it toward your next month's payment rather than just paying it directly toward principal, which defeats the purpose. There's usually a place where you specify you want to pay extra principal.

Congrats again, and all the best!

Pearson Hurst > jvirgs drives a Subaru
08/04/2014 at 21:15

Ha! Me too. Do you ever make it out to Cars & Coffee?

Pearson Hurst > NotUnlessRoundIsFunny
08/04/2014 at 21:17

Thanks. I asked about this specifically, and the extra does go towards the principal. No penalty for paying it off early either. This place is a lot newer and more energy efficient than our current place too, so that should help on the monthly expenses.

jvirgs drives a Subaru > Pearson Hurst
08/04/2014 at 21:17

I caught the tail of one. I need to set reminders on the days they are so I can make it.

Sn210 > Pearson Hurst
08/04/2014 at 21:17

congrats! 2044 will be here before you know it.

Pearson Hurst > jvirgs drives a Subaru
08/04/2014 at 21:19

Definitely worth it.

jvirgs drives a Subaru > Pearson Hurst
08/04/2014 at 21:24

There is one this weekend. Setting reminder now haha

ranwhenparked > Pearson Hurst
08/04/2014 at 21:27

Congratulations - very attractive too. Can't go wrong with a classic Cape.

JACU - I've got bonifides. > Pearson Hurst
08/04/2014 at 21:55

Congratulations! We just moved in to our new home too, and I've already done some preventive maintenance and have a list of improvements needed (or wanted). Pride of ownership goes a long way.

Pearson Hurst > JACU - I've got bonifides.
08/04/2014 at 22:00

Yeah, my wife already has a list a mile long :)

desertdog5051 > Pearson Hurst
08/04/2014 at 23:56

Congratulations!! There will be a lot of changes and repairs coming at you. if you are not comfortable doing them yourself, hire a decent handyman and hang around and watch how they do stuff. I do handyman work on the side and tell customers they can watch what I do so they can do more things themselves. Works as I get a lot of referrals from people who want to learn. Still get a lot of work from those same folks as the jobs get more difficult.

shop-teacher > Pearson Hurst
08/05/2014 at 01:18

Congrats! Those dormers are adorable!

I somehow managed to erase the total amount paid after 30 years from my memory. Passing out and hitting my head on the edge of the table after reading it, probably helped that :)

JEM > Pearson Hurst
08/05/2014 at 09:52

Congratz! And yeah, the total number they give you at the end is 8-O

liquid_popcorn > AM3R
08/11/2014 at 18:33

Fuck HOAs. The worst.

liquid_popcorn > Pearson Hurst
08/11/2014 at 18:40

Which cars and coffee do you go to? I go to Katie's in Falls Church Saturday mornings, but if you're down near Innsbrook that might be a little far..

Pearson Hurst > liquid_popcorn
08/11/2014 at 19:14

Yeah, I'm 5 minutes from Innsbrook, so going to that one is a no brainer. I keep meaning to make it up to Katie's but I don't think I'd care to drive the Scout all the way up there, so boring old DD it'll have to be.

liquid_popcorn > Pearson Hurst
08/11/2014 at 20:10

Ah, too bad. Sometime maybe I'll come down to Innsbrook then, haha. What time/place is it?

Pearson Hurst > liquid_popcorn
08/11/2014 at 20:14

It's 8-10, every other Saturday. Here's the FB page. Next meet date and time are always in the banner at the top of the page. It's definitely no Katie's, but we do get some cool stuff.

https://www.facebook.com/groups/1948019…

liquid_popcorn > Pearson Hurst
08/12/2014 at 09:30

Sweet! I'll check it out.