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Very proud to say I bought a condo in a location I'm very happy with.
What advice do you have? I'm thinking of going with a 15 year mortgage with 20% down and having an inspection and radon test done.
What are your thoughts on furnishing the place? Should I focus on one room at a time? (I have two main areas I need to furnish aside from the bedroom and kitchen: the living room and basement/mancave) or should I go all out and try to get everything done at once?
Any recommendations on where to shop for furniture? Value City Furniture seemed to have attractive-looking furniture at good prices. I can't wait to shop for a recliner. Everyone knows there's a special bond between a man and his recliner.
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Congrats! I've had pretty good luck at furniture row. Its not the best stuff, but for the price its held up to the kids and dogs well.
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Legend
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Congrats on being a home owner. Don't take this the wrong way, but you can find lots of perfectly okay home furnishings; pots and pans, dishware, flatware, a kitchen set, maybe even a decent couch or recliner at the Goodwill store - really cheap. When you get your feet back under yourself financially, you can replace the second-hand stuff with what you want at your own pace. Good luck.
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Congrats! Me and the wife just bought a home (closed in February) and have a 5-yr. mortgage on it. Got it for a steal too! Less than half of the listed value of the house and it came furnished (with some antiques, no less!). The owner had tried to sell it for 3 years unsuccessfully and had been urgent to move it. It needed a good deal of work to make it liveable (the person that he inherited it from was a hoarder) and the place was not cleaned out. We had to do that as part of the condition for the sale. Just the same, the total property (with a detached garage) is valued at over $100,000 and we got it for $50,000.  If anyone needs some really nice furniture, fine crystal or high-quality china (http://en.wikipedia.org/wiki/Syracuse_China), we will be having a garage / yard sale sometime soon, probably around late-May or early June.
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Legend
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Quote:
Congrats on being a home owner. Don't take this the wrong way, but you can find lots of perfectly okay home furnishings; pots and pans, dishware, flatware, a kitchen set, maybe even a decent couch or recliner at the Goodwill store - really cheap. When you get your feet back under yourself financially, you can replace the second-hand stuff with what you want at your own pace. Good luck.
I bought a lot of stuff at second hand stores. I love buying used Corning Ware, for example, for $0.50 each. 
I like Corelle, so I bought those for my daily use plates. I also found a set of 4 in a different pattern at the Goodwill Store, and bought thos for pennies on the dollar. Now I have a daily place setting for 12. lol I can wait longer to run the dishwasher, so that's nice.
I have bought silverware and such at Marc's. My brother bought a name brand set for something like $7 there. That's not bad at all.
I have 2 chairs in my living room that I love, and I bought them both second hand for $25 each.
I bought my living room tables at Value City. They are nice glass and pewter colored metal tables with slate insets. I like them, though the dog does tend to drool on them from time to time.  lol
If you like any of the window treatments in the condo, ask for them in the purchase agreement. Most they can do is say no.
Micah 6:8; He has shown you, O mortal, what is good. And what does the Lord require of you? To act justly and to love mercy, and to walk humbly with your God.
John 14:19 Jesus said: Because I live, you also will live.
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If you want to spend some money you could take a Uhaul down to the Pottery Barn Outlet south of Columbus and load it up. I bought about 15k worth of stuff for about 4k 13 years ago.
If you want to do it on the cheap like we did when we first got to Hawaii scour garage sales in nice neighborhoods. You can get great stuff for pennies on the dollar.
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Ammo....My advice to you....ENJOY....buy what ya want, but stay within your budget, set up your morgage to where it doesnt handcuff ya to do other things, Over spend for a recliner...you deserve it...remember this is the chair you'll be watching the Browns, the draft, sleeping, eating, this is your place...no matter what goes wrong in a days time, your recliner will still be there at home in front of the tv, just waiting for you to come sit in it...so spend alittle more and get ya something nice....oh ya were browns fans so make sure to ge it stained guarded.... 
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Big lots has some really nice recliners on the cheap. I got one for my place for less than $250.00.
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Legend
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"Every responsibility implies opportunity, and every opportunity implies responsibility." Otis Allen Glazebrook, 1880
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Got my recliner from La-z-boy... LOVE IT!!!!
I live in my recliner...
Congrats on the buy... I'm hoping to move into a house next Dec... so I can understand the excitement.
I suggest start off with buying what you absolutely need... live in the place for awhile and pick up a piece here and there.
<><
#gmstrong
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just to add a piece of advice I got from my dad when I bought my house...
Its a marathon not a sprint.
Dont break your budget trying to get everything you want all at once. Youre going to be there a while, take your time.
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we actually bought some furniture from value city 3 years ago and we love it, really nice stuff, wasn't too expensive. Even got some kind of a deal where they will come out and fix any kind of rip, tear, or stain that you have to deal with. We actually haven't had any issues up until a few weeks ago when my girlfriend spilled nail polish remover all over the chair.
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The one piece I would have overspent for would be a couch ...... just because cheap ones really seem to fall apart in a hurry ...... but I got mine for free from a relative's estate. Luckily it fit my decor.
Micah 6:8; He has shown you, O mortal, what is good. And what does the Lord require of you? To act justly and to love mercy, and to walk humbly with your God.
John 14:19 Jesus said: Because I live, you also will live.
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Congrats Ammo! I guess one thing I'll say is that, if possible, make sure you start your "rainy day" fund now. Every paycheck, stick a hundred bucks (or more if you can afford it) into a savings account. Never touch it unless you need it.
As a homeowner, you'll have goofy things happen at inopportune times. Water heaters, roof, furnace, air conditioning, etc.
With that being said, I've always approached things with the "you get what you pay for" mindset. When we were buying a new couch, with a 2 year old and one on the way, we bought a nice one, but not super expensive. Well, it's only a year or two old and it's already starting to lose its shape. But, we knew going into it that it's just got to get us through a few years.
But, when we bought a washer/dryer, fridge and dishwasher, we went with really nice ones. And (knock on wood) we've had absolutely no problems with them.
In other words, cut corners when you can, but on important stuff, make sure you get quality. If you have to get something cheap to get you through, that's fine, but just know it's going to be relatively temporary.
I am unfamiliar with this feeling of optimism
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Congratulations! As both a homeowner and a Realtor, I know the joys of buying and getting your home. Enjoy the process. It can be a lot of fun. 
KeysDawg
The fact that some geniuses were laughed at does not imply that all who are laughed at are geniuses. - Carl Sagan
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Legend
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Quote:
Very proud to say I bought a condo in a location I'm very happy with.
What advice do you have? I'm thinking of going with a 15 year mortgage with 20% down and having an inspection and radon test done.
How is it that you've bought it but don't know the term on your mortgage, down payment and haven't done an inspection?????!!!??
I think you should probably stop thinking about furniture and slow down a bit ....like, don't sign a damned thing until you've had an inspection, and the radon test... and, um, maybe gotten some details worked out on the mortgage
Browns is the Browns
... there goes Joe Thomas, the best there ever was in this game.
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I missed that part.  Usually an inspection has to be written into the sales agreement, along with bank approval of the loan, and subject to appraisal. When I bought my house I had my financing all set up in advance. It was so easy being able to write a deal knowing what I wanted to pay, what it would cost me, and that I had the details already covered. I knew my payment within $15 or so based on my estimates on escrow. I closed on my house in right around a week. (it was empty when I bought it) That was one of the things I was able to bring to the table to get them to accept a lower offer. Further, the inspection revealed a leaking gas valve and a couple of other smaller details that I was able to have the sellers handle before we closed.
Micah 6:8; He has shown you, O mortal, what is good. And what does the Lord require of you? To act justly and to love mercy, and to walk humbly with your God.
John 14:19 Jesus said: Because I live, you also will live.
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Luckily it fit my decor.
LOL....Free is my decor....
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I paid some degree of attention to how stuff fit together in this house. My style is somewhat eclectic, but it works. People seem to like it, and I really like my house, so it's all good by me.
Micah 6:8; He has shown you, O mortal, what is good. And what does the Lord require of you? To act justly and to love mercy, and to walk humbly with your God.
John 14:19 Jesus said: Because I live, you also will live.
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Legend
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Quote:
I paid some degree of attention to how stuff fit together in this house. My style is somewhat eclectic, but it works. People seem to like it, and I really like my house, so it's all good by me.
Chairs furnished with handcuffs and scratched with the fingernails of people desperate to escape your sadistic ways might not qualify as "eclectic." 
I am unfamiliar with this feeling of optimism
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Legend
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That stuff is all upstairs.
The downstairs is rather classy.
Micah 6:8; He has shown you, O mortal, what is good. And what does the Lord require of you? To act justly and to love mercy, and to walk humbly with your God.
John 14:19 Jesus said: Because I live, you also will live.
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Quote:
Goodwill store
I believe that's were GM buy's his underwear?
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Quote:
Quote:
Goodwill store
I believe that's were GM buy's his underwear?
I thought it was the tent shop... 
<><
#gmstrong
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There is an outlet store somewhere on the south or west side that sells brand name furniture cheap. It is a much better option than value City furniture. Also do one room at a time. I wouldn't spend that kind of money right out of the gate.
#gmstrong
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Quote:
I paid some degree of attention to how stuff fit together in this house. My style is somewhat eclectic, but it works. People seem to like it, and I really like my house, so it's all good by me.
Thats all that counts is that you like it, My decor is mostly Mossy Oak...LOL...it works for me
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Quote:
That stuff is all upstairs.
The downstairs is rather classy.
I'm not sure rotating heart-shaped beds and mirrored ceilings really qualify as "classy."
I am unfamiliar with this feeling of optimism
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Legend
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Quote:
There is an outlet store somewhere on the south or west side that sells brand name furniture cheap. It is a much better option than value City furniture. Also do one room at a time. I wouldn't spend that kind of money right out of the gate.
Arhaus Loft on brookpark
#gmstrong
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Go ahead and check them out, but in my experience the best place to shop is Wayside Furniture in Akron.
Browns is the Browns
... there goes Joe Thomas, the best there ever was in this game.
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Legend
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Quote:
Go ahead and check them out, but in my experience the best place to shop is Wayside Furniture in Akron.
We buy a lot of our furniture there and have had very good luck. They have good "same as cash" offers that, so long as you pay it off in 2 years, you don't pay any interest. That's like free money (so long as you budget it to pay it off on time).
And, we had a few problems with some of the dining room chairs we bought and they fixed them pretty quickly.
I am unfamiliar with this feeling of optimism
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Legend
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Quote:
Very proud to say I bought a condo in a location I'm very happy with.
What advice do you have? I'm thinking of going with a 15 year mortgage with 20% down and having an inspection and radon test done.
What are your thoughts on furnishing the place? Should I focus on one room at a time? (I have two main areas I need to furnish aside from the bedroom and kitchen: the living room and basement/mancave) or should I go all out and try to get everything done at once?
Any recommendations on where to shop for furniture? Value City Furniture seemed to have attractive-looking furniture at good prices. I can't wait to shop for a recliner. Everyone knows there's a special bond between a man and his recliner.
Congrats
Might be too late now, but I'd check to see that the homeowners association is well funded. Sometimes when big repairs are required (roofs, roads, Siding, etc,) they may need to assess each homeowner above and beyond the monthy HOA Fees. If its not too late, Id check it.
Take a 30 year fixed so that you are only committed for a smaller amount. you can always make an extra payment each year thus reducing the term of the loan.
At first, do as little as you need to do to survive. live there for a while, get the feel of the place and see how your traffic patterns might work best. The longer you live there, the more you will find that what you think today, won't be what you want in 6 months. Take your time, do it one room at a time, pay for each as you go (my preference because I hate debt)
If you are married, Man Cave is bottom of the list, if single, the opposite is true unless you are trying to find the right woman.. then Mancave is still at the bottom of the list.. (make the wife happy first,, I guarantee,, you will breathe better at night LOL)
A complete home inspection should be done which would include plumbing, electrical, radon, termite and other little buggers. As well as structural and the Roof. Included HVAC in the inspection as well.
While your having the roof checked, have the inspector kinda glance over at the other roofs to make sure they are in decent shape as well.. Reason? Because if it's a condo, you all pay for all repairs as a group.
Can't do anything about it, but at least you won't get surprised..
Good luck and like I said,, Congrats man
#GMSTRONG
“Everyone is entitled to his own opinion, but not to his own facts.”
Daniel Patrick Moynahan
"Alternative facts hurt us all. Think before you blindly believe."
Damanshot
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Budget yourself a repair fund. Put money away specifically for big maintenance items. They WILL come, and they will catch you off guard if your not ready.
Nothing like a broken A/C or Heater on the hottest or coldest day of the year and you don't have the 2-3K they want to fix it.
We don't have to agree with each other, to respect each others opinion.
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he did mention it was a condo, so he also needs to check the contract to see which of those big repairs are covered by the HOA and which are owner responsibility. of course, 99% of what is in this thread any halfway decent realtor has already told him (and more) 
#gmstrong
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AC/Heater, Water Heater, Appliances are usually owner expenses. And the condo we own, the roof is our responsibility shared with the 3 other units in the building.
Of course they didn't want to repair the roof when we had issues, then the following year they sent us a letter asking if we'd join in on getting the roof done. We gave them the middle finger because our quad was done the year before.
We don't have to agree with each other, to respect each others opinion.
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Legend
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Quote:
Quote:
Go ahead and check them out, but in my experience the best place to shop is Wayside Furniture in Akron.
We buy a lot of our furniture there and have had very good luck. They have good "same as cash" offers that, so long as you pay it off in 2 years, you don't pay any interest. That's like free money (so long as you budget it to pay it off on time).
And, we had a few problems with some of the dining room chairs we bought and they fixed them pretty quickly.
Yup! They rock when it comes to service. My entire house is furnished from there, and I did it all with just 15% down and I won't pay a penny of interest on any of it.
Working with their designers is awesome, too. Just take a little drawing of your room with you and if you can describe the room and colors, they'll totally help you put together something awesome.
Wish I could remember the name of the woman I worked with... she rocked.
lol, I just re-read this post and I sound like a commercial for them. I don't care, lol, they really do rock.
Browns is the Browns
... there goes Joe Thomas, the best there ever was in this game.
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Legend
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LOL,, Lots of our furniture came from Wayside,, they are pretty good.
I like Fish Furniture as well (no, you don't have to keep it wet)
#GMSTRONG
“Everyone is entitled to his own opinion, but not to his own facts.”
Daniel Patrick Moynahan
"Alternative facts hurt us all. Think before you blindly believe."
Damanshot
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OP
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Quote:
Quote:
Very proud to say I bought a condo in a location I'm very happy with.
What advice do you have? I'm thinking of going with a 15 year mortgage with 20% down and having an inspection and radon test done.
How is it that you've bought it but don't know the term on your mortgage, down payment and haven't done an inspection?????!!!??
I think you should probably stop thinking about furniture and slow down a bit ....like, don't sign a damned thing until you've had an inspection, and the radon test... and, um, maybe gotten some details worked out on the mortgage
I was pre-approved and the inspection was written in the terms of the agreement. My dad saw the unit with me and told me I didn't need an inspection (he could be an inspector if he wanted to be and he literally went through the place like Dwight Schrute did David Wallace's house during that one episode of The Office) but I'm still having the inspection and radon test done for peace of mind. It's written into the agreement.
My closing date is far enough in advance to where I have time to figure out the best lender. What happened was everything happened so quickly I was kind of in shock, but I have great people looking out for me during this (Uncle's girlfriend is my realtor, my parents are very smart when it comes to making safe choices and my girlfriend has made her own real estate mistakes so she's offered great advice as well).
As far as mortgage terms, the lower interest rate of a 15 year is very tempting. In college I took a real estate and real estate finance class (see? told you I wasn't just drinking all the time, Fletch) and my professor laid out the difference in savings between 20 and 30 year mortgages over the life of the loan and it was dramatic. I can handle the payments on any of the options cuz I set my monthly budget based on my base pay alone so my commission is gravy and I'm guaranteed raises every 6 months so any option I can easily grow into. If I have a roommate (in my plans even though I can afford the place by myself)? Even better.
I'm very attracted by the lower interest rate of the 15 year vs. 20-30 year loan, and the price I got is essentially an expensive car payment more than a mortgage. That said, I have been told about the advantages of 30 year mortgages.
I've decided to furnish the living room first, sadly. As much as I want the basement furnished first I've decided no one is going to want to walk into an empty living room.
Oh well, all the more time to save for an even bigger TV in the basement.
Exciting stuff and glad I have guidance but good lord this is a lot to take in!
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All Pro
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congrats! I like the Office references. That being said, with the unsteady nature of the world, I'd rather save up for an apartment--you don't know if a downsizing or a job change would force you to move. I'm saving up right now to have enough to have my own apartment soon. home ownership, esp. in NEO for young adults 25-30, isn't that common...most still rent I think.
Go Browns!
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If you can go 15 years, it makes a lot of sense. It is like a bank account.
There will be no playoffs. Can’t play with who we have out there and compounding it with garbage playcalling and worse execution. We don’t have good skill players on offense period. Browns 20 - Bears 17.
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Especially with rates the way they are right now. You can get a 15 year fixed loan for under 3%.
My wife and I are looking to refinance and move to a 15 year mortgage. With rates as they are, our payment would increase about $140 a month but would pay about $400 more per month towards the principal in the short term. It's really a no brainer, but the biggest thing holding us back is that we don't qualify for any government refinance programs and our LTV is likely in the mid to high 90s, making us an unattractive prospect to lenders despite our credit history.
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