House buying/selling/finance/etc.

[RyanNicholson]

So I'm 95% sure we have most everything figured out, but for the sake of conversation, I figured I'd start a thread.

We're in the process of selling our condo and moving into a nice place out in the woods. We've built up a good amount of equity in the place, so we figured we'd cash out and find a place we actually want to live in. We found an awesome realtor that's doing a hell of a job, but can't hurt to pick the NESR hivemind for thoughts.

Current place: Pretty typical 1450sq/ft townhouse end unit with a tendem garage on the ground level. Most basic upgrades are done, granite counters & backsplash, mostly hardwood floors, etc. The carpet up the stairs and 2nd floor is in decent shape, and I've tried cleaning up the areas that had some damage from a cat we watched for a while. We don't forsee any issues selling the place quickly but any thoughts on cheap ways to add value or stage the place beyond the obvious?

Next house: We found a place we want, haven't made an offer yet though. It's been on the market for 6 months or so. The price has been dropped a few times, but it's still a hair over what we want to spend, and we're thinking about dropping an offer about $20k below asking. Current owner is already mostlly out and living in the house they downsized into, apparently they're motivated and the house is priced a little high compared to comps. It's a relatively good size two story 3br/2.5ba colonial built in 1999 on 5 acres that backs up to a huge plot of convervation land.

1) Where is the best place to find out use of the conservation land? Also, with 5 acres... what's the "right" way of going about the idea of occasionally shooting on the land (similar size lots near by, but not on top of us by any means) or doing some single track riding out back? Call the local PD?

2) Obviously an inspection will be done, but shooting the shit with friends has brought up interesting things to look for. For instance it's kind of out in the woods, so we checked into available internet speed. We both work from home a decent amount and didn't even think of that. The roof was done a year ago, which is cool. The floors were refinished in October. The water heater is original, so that'll be on the radar for replacement. Any other thoughts?

$$$: We're preapproved for a stupid amount I can't fathom actually spending, but that part went simple enough. I have a simple IRA from an old company match that I've basically forgotten about and left hanging around. I saw somewhere that you can draw up to $10k to put towards a down payment without penalty. I'm assuming I'm still liable for the income tax on it, but anybody done this before?

Moving: Out of curiosity I've gotten some quotes on moving our crap and most seem to be in the $1200-$1400 range. Seems steap but I've never hired a moving company before.


Anyways... as I mentioned I'm actually pretty comfortable with how smooth everything is going so far but can't hurt to see what else I may have missed in the process.

[boosten lebaron]

General location of each property would be most helpful.

[RyanNicholson]

General location of each property would be most helpful.

Touche We're currentlly in Manchester, NH right on the Hooksett line. The house we like is in Canterbury, NH not far from exit 18 on 93.

[MUZ720]

Selling . Cheap fixes. Just make sure everything works.. drains , faucets, outlets, switches . Cabinet doors and drawers function well. Flowers and cookies.. I joke not! Front door make it look new. As it's the 1st thing you see..

[Paul_E_D]

We are doing this exact thing right now. Just bought a place that we are renovating. Living in the condo for a couple of months while the work gets done. Just listed it for sale.

Definitely offer what you would like to pay and let that sit for a while. It is a seller's market, but it's been sitting for a while, so the ball is in your court.

Conservation land can be a lot of things, but usually means nothing but walking access and possibly hunting. Look up the particular group online. or go to town hall to find out who makes the rules.

Inspection... foundation, hvac, drainage, radon, water if well.

Good luck and have fun!

[csmutty]

As far as the old company IRA...I would roll it into your current IRA and just enter with less of a down payment if you can. Interest rate on the IRA should be significantly higher than the interest rate on the mortgage. Unless the down payment will allow you to remove PMI. Then that's a completely different ball game.

[RandyO]

1) Where is the best place to find out use of the conservation land? Also, with 5 acres... what's the "right" way of going about the idea of occasionally shooting on the land (similar size lots near by, but not on top of us by any means) or doing some single track riding out back? Call the local PD?

.

At the county registry of deeds.

The deed granting the conservation easement to who ever holds, it will have the restrictions, for instance,(I am in identical situation, my property is smaller, but abuts a conservation easement. If the easement is held by some do-gooder group, there is possibility you can't do anything, The easement behind me is held by NH F&G. for the purpose of insuring hunting, fishing and trapping for future generations, so all 3 of those things are allowed. It is restricted against wheeled vehicles (but I'm working on getting that lifted) Because it had an existing snowmobile trail, it remains and gets a lot of use when we have proper snow depth.


as far as shooting on your own property...… so long as you are 300 ft from occupied dwellings (other than your own) have at it. My shooting range is right on, and parallel to my back line, and I have an ATV trail just inside all my lines

[RyanNicholson]

At the county registry of deeds.

The deed granting the conservation easement to who ever holds, it will have the restrictions, for instance,(I am in identical situation, my property is smaller, but abuts a conservation easement. If the easement is held by some do-gooder group, there is possibility you can't do anything, The easement behind me is held by NH F&G. for the purpose of insuring hunting, fishing and trapping for future generations, so all 3 of those things are allowed. It is restricted against wheeled vehicles (but I'm working on getting that lifted) Because it had an existing snowmobile trail, it remains and gets a lot of use when we have proper snow depth.


as far as shooting on your own property...… so long as you are 300 ft from occupied dwellings (other than your own) have at it. My shooting range is right on, and parallel to my back line, and I have an ATV trail just inside all my lines

Yea this was one of my main "concerns" since neither of the realtors could seem to give me a straight answer. Was kinda hoping you'd chime in. I'm told we're "deeded access" to the land behind the property, but that didn't tell me much about what exactly that means.

As for shooting, that's the understanding I was under... good to know it's still the deal. Now just to hope for neighbors that aren't against a little noise once in a while. At least the GF can make some epic baked goods.

[RyanNicholson]

As far as the old company IRA...I would roll it into your current IRA and just enter with less of a down payment if you can. Interest rate on the IRA should be significantly higher than the interest rate on the mortgage. Unless the down payment will allow you to remove PMI. Then that's a completely different ball game.

This was actually a really good point I hadn't really put much thought into since I'd basically forgotten about this account. After looking... the damn thing lost about 16% in 2018 lol. Removing PMI would be nice though, may run some numbers on that.

[RandyO]

I'm told we're "deeded access" to the land behind the property, but that didn't tell me much about what exactly that means.
.

all it means is that you have rights above and beyond the general public. meaning they can't change the restrictions one way or the other, without your approval

[RandyO]

As for shooting, that's the understanding I was under... good to know it's still the deal. Now just to hope for neighbors that aren't against a little noise once in a while. At least the GF can make some epic baked goods.

my neighbors (in all directions) do a fair amount of their own shooting, my biggest concern is people that use the swimming hole in the river (about 500ft from my shootin bench) cause of the complaints I read on the local facebook page in other areas in town. But, I don't have a 75 round drum for my SKS yet


you might want to get on the local Facebook page to get an idea what to expect

[jasnmar]

you might want to get on the local Facebook page to get an idea what to expect

This is a great idea. It will at least let you know who's in the area and what they think.

It's pretty common to hear gunshots where I live.
There's one idiot on the FB group that believes that if someone makes a noise near your house you can sue them, because anything that you can "feel" causes structural damage to your house.
I've been very hesitant to explain to him things like "wind" and "snow" and how they might impact your home.

[db79]

This was actually a really good point I hadn't really put much thought into since I'd basically forgotten about this account. After looking... the damn thing lost about 16% in 2018 lol. Removing PMI would be nice though, may run some numbers on that.

Does rolling equity + additional savings on hand not cover at least 20% down?

[Paul_E_D]

Yeah. definitely put 20% down. Don't be afraid of a 10/1 adjustable mortgage. We got a killer rate on one and it will definitely work in our favor over time.

[csmutty]

Yeah. definitely put 20% down. Don't be afraid of a 10/1 adjustable mortgage. We got a killer rate on one and it will definitely work in our favor over time.

How would this work to your benefit vs a 10 year fixed?

[Paul_E_D]

How would this work to your benefit vs a 10 year fixed?

First 10 years are fixed at a rate lower than you can get on a fixed, then it adjusts to market every year with a certain cap. Those first ten years are when you pay the most interest, so it can work in your favor to have the lower rate. Also, 10 years is a long time in life. who knows where we will want to be then.

[csmutty]

First 10 years are fixed at a rate lower than you can get on a fixed, then it adjusts to market every year with a certain cap. Those first ten years are when you pay the most interest, so it can work in your favor to have the lower rate. Also, 10 years is a long time in life. who knows where we will want to be then.

Gotcha.

I think it depends also on the specific bank and such. I had no closing costs on my fixed rate, but there were closing costs associated with the adjustable rate mortgages.

But you could also just refi again when it is about to become adjustable. Unless the interest rates in 10 years are prohibitive to refinancing.

[gumby]

The house we like is in Canterbury, NH not far from exit 18 on 93.

I've heard that's a nice town!

[loudbeard]

I'd actually recommend not joining the town Facebook group. They have a way of making things look a lot crazier than they really are.

[db79]

Gotcha.

I had no closing costs on my fixed rate, but there were closing costs associated with the adjustable rate mortgages.

You probably either had the associated closing costs rolled into the financed amount or you accepted a slightly higher rate. Its very rare for a bank/lender to wave closing costs.

[csmutty]

You probably either had the associated closing costs rolled into the financed amount or you accepted a slightly higher rate. Its very rare for a bank/lender to wave closing costs.

That's what I initially thought when they presented that. Neither were the case. Loan amount was exactly what was paid out to refi and rate was 3.375%.

Only stipulation was that I had to keep the note for 3 years or else I had to pay the closing costs.

[R7]

Gotcha.

I think it depends also on the specific bank and such. I had no closing costs on my fixed rate, but there were closing costs associated with the adjustable rate mortgages.

But you could also just refi again when it is about to become adjustable. Unless the interest rates in 10 years are prohibitive to refinancing.

10/1 ARM is a gamble for someone looking to buy a forever home. A 10/1 loan also comes with payments based on a 30 year mortgage, so IMHO, you're not really gaining much.
A reputable mortgage broker will always push for a fixed rate mortgage, the security of the fixed option outweighs the minimal rate reduction from an ARM loan.

For what it's worth, I'm in a 10/1 ARM currently, tho not by choice. Had I gone conventional 30 year fixed, my payments would have been $60 higher per month

[Paul_E_D]

10/1 ARM is a gamble for someone looking to buy a forever home. A 10/1 loan also comes with payments based on a 30 year mortgage, so IMHO, you're not really gaining much.
A reputable mortgage broker will always push for a fixed rate mortgage, the security of the fixed option outweighs the minimal rate reduction from an ARM loan.

For what it's worth, I'm in a 10/1 ARM currently, tho not by choice. Had I gone conventional 30 year fixed, my payments would have been $60 higher per month

Well, my real estate lawyer told me most people do better in an ARM even long term. When I did the math, I make out even if the rates max out. But I especially make out if I put the money saved monthly for ten years into the principal.

[db79]

That's what I initially thought when they presented that. Neither were the case. Loan amount was exactly what was paid out to refi and rate was 3.375%.

Only stipulation was that I had to keep the note for 3 years or else I had to pay the closing costs.

Did you ask if there was a rate difference if you paid for the closing costs?

[nhbubba]

Re: Shooting. 300ft from occupied dwelling. Neighbors can bitch, call police, complain, etc. But if you're 300ft, you're good and there is nothing they can say about it.
I've seen instances where neighbors call cops. Cops investigate, find no wrong doing and leave with a handshake and a smile. I live in about as liberal/anti-gun a town as you can get here in NH and our local police constantly surprise me how friendly and understanding they are to shooting sports and hunters. Everything I expect to be a thing always turns into a non-issue.