Friday, August 11, 2006
I was reading the news this morning instead of doing my job and stumbled across an article on a local TV station's website about the average cost of closing on a home. The article reads that it now costs over $3000 to close on a house in the United States. The study was based on large city zipcodes and a $200,000 mortgage. It's kind of amazing to me that these crooked mortgage company bastards are so clever that they have come up with 50 different small fees and costs that can amount to an average of $3000 at closing - across the United States. What makes it even more irritating for a first time homebuyer is that I don't know what the hell any of those fees mean so I can't even argue. I am starting to consider being a life time renter. It would be so much easier.
Monday, July 31, 2006
What determines Property Value?
One of the issues I have with buying a loft downtown is the proximity to some of Detroit urban projects. I was all set to make an offer on a unit so, as most wimps do, I asked my dad to come down to check it. Apparently I gave him poor directions because he ended up making up his own and took a freeway exit behind the development. It turns out that one of the rougher housing projects in the city was about 5 blocks behind were I was thinking about buying. I was curious to see how this would impact property value, because I like to believe the developers have some idea of what they are doing, so I did some research. One of the articles that I found said that many studies have concluded that supportive housing does not impact the value of properties in the area. I am not sure whether that is true or not because I have to believe that who ever wrote that article has never been to the Brewster projects in Detroit or, for that matter, would survive if they did but, none the less, I hope that person is correct because the place I have reserved is not real far down the road. Article Link
Friday, July 28, 2006
Car Insurance in a Big City
It has just been brought to my attention by my insurance woman that upon moving into the beautiful city of Detroit my car insurance is going to almost double. What a kick in the teeth. The city of Detroit offers these tax abatements that look great on paper but after dealing with all the other bullshit the city has going on like a fee for trash pickup, income tax, and of course the insurance increases brought upon by a new zip code you end up paying out even more. I am so irritated by this whole debacle I am about to say piss on it and live in my f*cking truck. Should I have never left my parents house.
Tuesday, July 25, 2006
Getting out of a Purchase Agreement
In an attempt to sleep better at night I was looking for a way to get out of my purchase agreement if I got cold feet around the time of closing. In my research I came across an article on Realty Times that for the most part says I am stuck. As sort of a consolation to your new 1000 square foot ball and chain the article offers ways to deal with buyer's remorse. Some of the more irritating ideas are that once you move in you will like the house. Asinine. Or the old cliche "time heals all wounds". More sound advice. The article is actually rather informative up to the patronizing ending. Now, if you will excuse me I have to go vomit , it seems cold feet is setting in months befor my closing.
Monday, July 24, 2006
Buying a New Construction Home
I have a tremendous amount of anxiety about buying a loft that is not even built. It would be so much easier if I could see the finished product rather than just a floor plan. I have been scouring the web looking for helpful hints for what to do in this situation and I came across an article that gives some helpful hints if you are looking to buy a new construction home. Unfortunately, I found the article after I signed my purchase agreement but I do have some contingency clauses that would allow me to escape if things look bad.
Friday, June 30, 2006
Purchase Agreement for a Loft
I sucked it up and signed a Purchase Agreement for a loft in Downtown Detroit. It's amazing how I spent months looking at houses in the suburbs and decided to buy a property that is not even built yet. I made my purchase based on floor plan blue print. I just had a terrible feeling that is all just a ruse and the shell where my loft is to be built is, and shall remain, a shell for years to come. If I do get robbed and this place never is built I think I am going to just squat in the building until they tear it down. Did I just impulse buy a loft?
Thursday, June 08, 2006
Investing in Detroit
I am fairly certain I am going to end up buying a loft in downtown Detroit. I have always wanted to live in a big city and since a real big city would involve a total uprooting of my life I am going to buy in the D. The area I am looking in has all kinds of renovation going on. Nearly every building is undergoing a transformation to become some type of housing and I find that encouraging. The thing that makes me nervous, outside the clown show City Council and the gangsta mayor, is what happens once all these units are filled? Once the developers get their return I am concerned they are out the door. The downtown Detroit area is cool to visit but to sustain a population they will need to open things like grocery stores, dry cleaners, and such. I wonder if these things are in the works. Does anybody have any knowledge about situations like this? I wonder if I am setting myself up for a disaster. Well, I do have on thing going for me. No matter how bad the city gets or how low my property value drops I will not have to EVER cut my grass.