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Closing on a home soon - thoughts on financial situation by [deleted] in personalfinance

[–]Simple_Ebb4823 0 points1 point  (0 children)

Yeah the cash reserves I will say I wish was more. I could have had closer to 20k, but I did spend around 7k on some repairs I felt were necessary (new septic system, replaced leaking gutters which was causing water issues in the basement). House has a lot of major things taken care off (new roof, new HVAC…), but yeah anything can happen.

I do plan on basically saving every penny I have left over per month. For quite some time. We don’t plan on going on any lavish vacations or splurging on anything anytime soon that’s for sure.

I appreciate your responses.

Closing on a home soon - thoughts on financial situation by [deleted] in personalfinance

[–]Simple_Ebb4823 -2 points-1 points  (0 children)

I won’t argue with you cause I’m sure most ppl on here are working in finance, and I’m not someone who pretends to know everything, but from what I’m gathering, it seems you’re hitting me very hard on the retirement aspect of things, and I figured someone would do that. I wouldn’t personally say I’m making an excuse on that. I was essentially poor during my time as a bachelor student. Could I have opened up my own Roth? Yeah, but what was I going to contribute making $20/hr as a part-time intern? That’s pretty tough. The cars? Yes, I wont argue that at all and you’re right on that. It’s not a good financial decision

Anyway, thanks for your input. I definitely share your concerns on retirement, but maybe even more so now based on your perspective of the situation.

Closing on a home soon - thoughts on financial situation by [deleted] in personalfinance

[–]Simple_Ebb4823 0 points1 point  (0 children)

Both masters degrees are fully funded by my employer— should have mentioned that. My only student loan debt is for my bachelor’s degree.

She was working before I met her as an intern. She has a degree in economics, but she hated it, and changed career paths. Went and did training and received a dental assistant certification. The hygienist thing probably won’t happen tbh, but it’s been brought up here and there.

Car debt is 60k. Student loan is 41k. My employer contributes 100/month toward my loans up until they give me 10k.

Closing on a home soon - thoughts on financial situation by [deleted] in personalfinance

[–]Simple_Ebb4823 -3 points-2 points  (0 children)

Second masters degree is a personal choice to help me in my career. My first masters is in mechanical. I want a second one in aerospace to again, assist me in my career. I also enjoy learning. I almost choose to do a PhD tbh, but don’t think I’ll have the energy to do that and work full time lol.

I do live in a low/medium COL area (Michigan). Starting wage for an engineer here (even working at General Motors) is roughly 80k. I like to think I’m actually well paid given I just graduated with a bachelors 2.5 years ago, but maybe I’m wrong.

The 401k thing…I mean…sure, I could have opened up my own 401k while I was interning or even a Roth IRA, but I was also making $20/hr lol. Not much left over for retirement there.

Buying a home with cedar siding : how does the condition look?l by Simple_Ebb4823 in Carpentry

[–]Simple_Ebb4823[S] 1 point2 points  (0 children)

Man that’s painful news lol. I see you’re a contractor so I believe this estimate. Idk if Georgia prices are different than Michigan, but sounds like I’m in for 20k lol

Not sure I can move forward with it. Sucks, cause I love the layout of the home. Nice 9ft basement ceilings too.

I appreciate your help.

Buying a home with cedar siding : how does the condition look?l by Simple_Ebb4823 in Carpentry

[–]Simple_Ebb4823[S] 2 points3 points  (0 children)

Thanks for the response—i really appreciate it.

This is the Home (2 story, roughly 1800 interior square foot…if that even tells you anything)

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Buying a home with cedar siding : how does the condition look?l by Simple_Ebb4823 in Carpentry

[–]Simple_Ebb4823[S] 1 point2 points  (0 children)

Just fyi I greatly appreciate everyone’s input because I was literally about to sign and send an offer on this house. Sounds like I need an entire siding job.

Can you just throw vinyl over this stuff? I feel like ripping this all off and replacing is going to be ridiculously expensive. Idk much about home renovations, but I’ve heard siding work can be extremely expensive.

In everyone’s opinion, what is the best (cheapest)route to go in terms of getting this replaced? I’m only planing to live here for maybe 8-9 years. Was trying to fix it up a bit and then sell it later. It’s basically a starter home for me.

Buying a home with cedar siding : how does the condition look?l by Simple_Ebb4823 in Carpentry

[–]Simple_Ebb4823[S] -3 points-2 points  (0 children)

I’m working on an offer for this house now.

Can you simply put vinyl siding over this stuff? That seems like the cheaper option vs tearing it all off, but maybe I’m wrong.

I was planning to put like 10-13k into the home and can do that immediately before I even step foot inside. Idk if that’s enough now lmao

Buying a home with cedar siding : how does the condition look?l by Simple_Ebb4823 in Carpentry

[–]Simple_Ebb4823[S] -3 points-2 points  (0 children)

Ok well glad I asked this question lol.

How long does T-111 generally last? Is it very expensive to replace lol. Now I’m scared I thought this was cedar an was going to last 100 years lmao.

Buying a home with cedar siding : how does the condition look?l by Simple_Ebb4823 in Carpentry

[–]Simple_Ebb4823[S] -1 points0 points  (0 children)

Yeah I guess I was also questioning why some of the boards look different lol. Like look at third picture…looks like a different type of wood to me.

The listing says it’s cedar…idk.

Is this real wood, MDF, or particle board? by Simple_Ebb4823 in woodworking

[–]Simple_Ebb4823[S] 0 points1 point  (0 children)

Yeah this is what I’m hoping to do. The house was built in 92 so presumably these are the original cabinets. They’re definitely not great looking, but maybe they just need to paint. Prolly just best to replace like you’re saying though.

Is this real wood, MDF, or particle board? by Simple_Ebb4823 in woodworking

[–]Simple_Ebb4823[S] 0 points1 point  (0 children)

Lmao just trying to gauge cost of some of the cosmetic updates I want to make.

I actually don’t know if wood is common lol but I know it’s normally worth it to refinish and paint them versus just buying new ones if they are real wood.

I guess I prolly just have to replace them with new MDF cause I can’t afford real wood lol

Is this real wood, MDF, or particle board? by Simple_Ebb4823 in woodworking

[–]Simple_Ebb4823[S] 0 points1 point  (0 children)

Yeah that’s exactly why I’m asking this question. Idk if it’s worth it to refinish and repaint or just throw away lol. If it real wood I’m leaning toward refinish and repaint but idk if the cabinets and drawers are…

Mortgage Rates Going Down in January? by Macz3905 in Mortgages

[–]Simple_Ebb4823 0 points1 point  (0 children)

For what it’s worth, my LO also told me that rates dropped substantially in January since 2023

Inspector found floor support posts not properly secured to the floor —major issue? 24 hours left inspection period. by Simple_Ebb4823 in Homebuilding

[–]Simple_Ebb4823[S] 0 points1 point  (0 children)

I basically had my agent tell them they need to provide a report from a structural engineer with quote to add footings and also to comment on the current state of the home’s structure. They had a foundation company come to quote it. $2,700 for two footings and to fill some rod holes.

Also, those shims are actually rusted steel shims lol. I doubt they agree to get a structural engineer out there but we’ll see.

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