Advice on new house (1 Viewer)

atceagle

BRING THE WOOD!
Joined
Nov 12, 2003
Messages
4,822
Reaction score
1,523
Age
44
Location
Biloxi
Offline
Barto's thread about his rental made me remember the vast knowledge the members of this board possess. With that said, my wife and I are in the process of buying a home just north of Biloxi. This is my first home purchase and her second. We will not be selling our current home, our plan is to rent it. I've made contact with Keesler AFB regarding posting the rental on base.

Any suggestions or tips with closing on the new home(actually built in 2000)?

Any suggestions or tips with the rental?
 

Thorin

Idle
Joined
Dec 9, 2006
Messages
7,800
Reaction score
960
Age
46
Location
Shreveport, Tx.
Offline
All I have to add is make sure you have a trusted inspector, or preferably a structural engineer (not a "good 'ole buddy" of the seller or any agent) check the house out thoroughly.
 

erb415

All-Pro
Gold VIP Contributor
Joined
Jul 9, 2001
Messages
1,201
Reaction score
32
Age
48
Offline
Yes, please check out the house thoroughly!!! We had an inspector come but we couldn't get the one we wanted due to time restraints and we are paying for it. We just bought a new house and have had major plumbing issues since we have moved in. Also make sure to get a home warranty but don't expect much from them as far a service.
 

Thorin

Idle
Joined
Dec 9, 2006
Messages
7,800
Reaction score
960
Age
46
Location
Shreveport, Tx.
Offline
Yes, please check out the house thoroughly!!! We had an inspector come but we couldn't get the one we wanted due to time restraints and we are paying for it. We just bought a new house and have had major plumbing issues since we have moved in. Also make sure to get a home warranty but don't expect much from them as far a service.
Good call on the warranty :9:
 
OP
OP
atceagle

atceagle

BRING THE WOOD!
Joined
Nov 12, 2003
Messages
4,822
Reaction score
1,523
Age
44
Location
Biloxi
Offline
Thanks for the info. We did purchase the home warranty. As far as the home inspection goes, I was just faxed an inspection that was performed on Dec 10 when another couple had a contract on the house but the contract fell through when they had trouble with financing and insurance costs. The inspection was performed by a friend I went to high school with. I plan on calling him tonight.
 

Jeff Miller

Shaw 1988, NYIT 2009
Joined
May 27, 2002
Messages
18,082
Reaction score
8,189
Age
49
Location
Vancouver, WA
Offline
Definately pay for your own independent inspector. Don't buy more house than you can afford. Don't get a variable rate morgage.

One thing i do, but its take a little more work, is try and get an idea how many rental homes are in the area. I personally do not want to live a neighborhood with a lot rental homes.
 

Bishop

shuffle-by Poster
VIP Contributor
Joined
Mar 27, 2003
Messages
5,284
Reaction score
1,187
Offline
Does the military offer rental assistance for off-base housing? That's the sort of clientele that I would covet. My son is in the AF Reserve, and considering an offer of full time enlistment. We're trying to get a handle on how his studies will be impacted. Do you plan background checks on civilian applicants?
 
Last edited:

Thorin

Idle
Joined
Dec 9, 2006
Messages
7,800
Reaction score
960
Age
46
Location
Shreveport, Tx.
Offline
Thanks for the info. We did purchase the home warranty. As far as the home inspection goes, I was just faxed an inspection that was performed on Dec 10 when another couple had a contract on the house but the contract fell through when they had trouble with financing and insurance costs. The inspection was performed by a friend I went to high school with. I plan on calling him tonight.
Call him, is the house on a slab, brick veneer? If so, look at the outside walls, if there are any mortar cracks, ask a lot of questions. You may even want to look at some of the neighbor's homes for the same thing. An area with heavy clay content can cause you some real trouble down the road.
 

robsmith32

Super Forum Fanatic
Joined
Aug 7, 2006
Messages
9,202
Reaction score
1,541
Age
51
Offline
definately do background checks of prospective renters.

the home warranty, yes is Great, IF and only if you get you a warranty that is made for the home owner.. don't go with the 2-10 standard warranty that goes with the home from the builder.. they are vastly different. and the latter isn't worth the paper it's printed on for the homeowner. all it is, a fale sense of security if something goes wrong.. but when it does.. you're in the boat that if it isnt' required for the house to stand.. it ain't covered..
guess what.. if it was required.. and it's bad.. your house is no longer standing.
they also only pay for the actual repair to the bad item, not the items that are demolished to repair that structural item. So all that drywall, paint, trim, and such. won't be replaced.
it's better to have a really good homeowners Insurance policy.
Oh, that structural warranty, is about worthless for a cracked slab , as the clauses in it just about preclude anything in the real world.

now 2-10 can be ok, if you get the full warranty.. but it's at a cost that isn't really a value.., it's better on you to put that money in a savings account over the long haul.. for 1, the savings account, when their isn't a problem is there if you go on to another house. or when you retire to a assisted living type. it's still there to use, if nothing goes wrong.. granted some things will, but that's what the account is there for.
Plus that savings account there, will help you in getting any kind of credit down the road..
 
OP
OP
atceagle

atceagle

BRING THE WOOD!
Joined
Nov 12, 2003
Messages
4,822
Reaction score
1,523
Age
44
Location
Biloxi
Offline
So I called the friend that did the inspection. He told me he had performed the inspection for a friend of his family who was interested in the house. He said he looked over the house a little extra due to that fact. He saw nothing structurally wrong with the house, just minor stuff....gfi outlets, exposed nail heads on a ridge vent, etc.

The house is on a slab in the Woolmarket community of Biloxi. It is 7 yrs old and will be nicely upgraded once we get the keys. This is the first "nice" home we've seen around here since Katrina that is $100/sq ft.

As far a off-base housing assistance, this is what I found

2008 MISSISSIPPI Basic Allowance for Housing Rates:

Locality E-1 - E-4 E-5 E-6 E-7 E-8 E-9
GULFPORT, MS 1044 1125 1259 1310 1367 1450
COLUMBUS AFB, MS 782 801 1053 1097 1145 1261
JACKSON, MS 940 975 1106 1148 1194 1254
MERIDIAN, MS 855 943 1117 1179 1248 1340
HATTIESBURG, MS 820 902 1128 1151 1176 1234
PASCAGOULA, MS 1013 1067 1172 1269 1376 1488
GREENVILLE, MS 766 784 905 958 1016 1080
TUPELO, MS 775 847 948 989 1034 1093


http://usmilitary.about.com/od/housingallowance/a/08bahewdms.htm
 

SaintMeaux

No Pity
Joined
Dec 27, 2006
Messages
4,620
Reaction score
1,089
Age
43
Location
Portland, OR
Offline
I have a friend that is getting stationed at Keesler soon, he has a wife and two kids. I should let him know about you!
 
OP
OP
atceagle

atceagle

BRING THE WOOD!
Joined
Nov 12, 2003
Messages
4,822
Reaction score
1,523
Age
44
Location
Biloxi
Offline
I have a friend that is getting stationed at Keesler soon, he has a wife and two kids. I should let him know about you!
PM me and let me know when they will be getting stationed at Keesler. The rental is a 3 bedroom, 2 full baths and it's about 3 miles from Keesler.
 

Shockmo

Shocking....isn't it?
Joined
Jul 17, 2001
Messages
4,441
Reaction score
1,128
Offline
If this is not new construction then the house we probably be sold "as is" which means an inspection and/or warranty is important.
As far as the rental, sell it if possible. Being a landlord is not fun. On second thought, if you rent to military personnel you have an advantage because the base will not want to get a bad rep from military personnel renting so it might be ok.
 

Bishop

shuffle-by Poster
VIP Contributor
Joined
Mar 27, 2003
Messages
5,284
Reaction score
1,187
Offline
On third thought, your tenants are paying the mortgage and insurance on your spare home. This allows you to catapult your credit while offering equity in a pinch, tax benefits, and supplying an income or source of liquidity for the rest of your lives.
 
OP
OP
atceagle

atceagle

BRING THE WOOD!
Joined
Nov 12, 2003
Messages
4,822
Reaction score
1,523
Age
44
Location
Biloxi
Offline
On third thought, your tenants are paying the mortgage and insurance on your spare home. This allows you to catapult your credit while offering equity in a pinch, tax benefits, and supplying an income or source of liquidity for the rest of your lives.
my thoughts exactly...just need to make sure I find a good renter.
 

erb415

All-Pro
Gold VIP Contributor
Joined
Jul 9, 2001
Messages
1,201
Reaction score
32
Age
48
Offline
Ok, my home warranty is up for renewal and will cost me $424 for another year. We had some plumbing problems this past year and my experience with the warranty was that they do not cover much and charge you a $75 deductible for each occurence. Is a year long enought to know about the problems that the house may have or should I re-up on the warranty for another year to be safe?
 

Create an account or login to comment

You must be a member in order to leave a comment

Create account

Create an account on our community. It's easy!

Log in

Already have an account? Log in here.

Users Who Are Viewing This Thread (Users: 0, Guests: 1)



Headlines

Top Bottom