House Update

A while back I bought a house, and now it’s almost complete and almost time to start figuring out how to pay for it, what to buy for it etc.

I know pretty much nothing about any of this, so it’ll be a great learning experience.

It’s starting to near completion, and was interesting to watch being built!

Just a plot of land…

Structure in place:

Frame fully up:

Starting to look like a house:

From what I understand I just have to prove to Centex homes that I have about 3 months worth of mortgage payments in the bank and have decent credit, and I can get full approval. Seems almost a little TOO easy for taking a $150,000 loan!

As for the interior and exterior design, I did it all myself….and for that reason, I’m very scared. I’m the LAST person I trust with aesthetic design!

The exterior had to follow an algorithm for the neighborhood, so the house had to be a certain model to properly fit the plot dimensions, and I strictly couldn’t have brick since the neighbors on either side already have it. I also had to stick to a certain range of colors for the exterior.

However I did have full control over the interior design, and therefore the first consultation I had was horrible! The lady started asking me what type/color cabinets I wanted and then showed me samples of them. I completely and utterly had no clue what cabinets in a house look like. She then proceeded to ask me what color/style for all the doors, bathrooms, countertops, faucets, appliances, tiles, carpets and the list goes on. It was a rude awakening to how little I knew about designing a house.

I actually cancelled our first appointment halfway through since I clearly knew nothing about this stuff. I should’ve brought my mom!

So after looking inside other similar houses courtesy of my real estate agent, I finally picked out the interior. I’m anxious to see what it turns out like, and I’m sure I’ll be making many, many trips to Home Depot in the following months!

Now to find two roommates…

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    Blog posted on: August 15, 2007

    25 comments on “House Update

    1. Anonymous

      Only an idiot builds a house on impulse. What a shmuck.

      Dying to see how you get a mortgage with no verifiable income.

      Reply
    2. Neville

      Anon,

      Did you even READ the post?

      “I just have to prove to Centex homes that I have about 3 months worth of mortgage payments in the bank and have decent credit, and I can get full approval.”

      God…this is why I removed comments for a while.

      Reply
    3. Slim

      Nev,
      Ignore the Anons that are lurking – comments are good.

      I am a custom home builder and I can say that almost every client we work with is surprised at how many decisions there are when building a new home. It can be overwhelming, but it will be worth it.

      Reply
    4. Chris O.

      Amazing. I was just looking for an affordable condo for myself and the cheapest I found in the area was 288 sq. ft. studio for $150,000. Is a place that size even legal?!

      Congratulations Nev! I’m sure many people wish they made the choices that you did, when you did, that enable you to be a home owner at this age.

      Reply
    5. Anonymous

      Hey Nev, you idiot, I read your post. I have a question…you say: “I just have to prove to Centex homes that I have about 3 months worth of mortgage payments in the bank and have decent credit, and I can get full approval.”

      Was that last week or this week?

      Did you notice that Centex is $5.3 BILLION in debt? Did you notice Centex’s burn rate lately? Hell, the market is taking odds on whether they will be the first HB to file BK.

      Or does the real world not effect you and your fantasy world?

      Reply
    6. Anonymous

      I’m from norway, and beeing a norwegian, and I just had to notify you of this, in case you were thinking of visiting Norway sometime… Your name could be directly translated into norwegian, and here’s what it means in norwegian:

      Neville (Nev ille) – Bad fist
      Medhora – With an Wh0re.

      Honestly.. just had to tell before someone else did.

      Reply
    7. Nagita

      Hi Nev,

      Lots of students buy houses and if you can find a way to pay the mortgage it is a great way to save money. You can deduct come portion as a business expense as well. Get is paid off as quickly as possible.

      Reply
    8. Anonymous

      Hey J, you really have your nose up Nev’s ass. Why is that?

      Don’t you find it odd that Nev has a “financial blog” yet knows nothing about finances? I mean, look at his “income” on the right. He lists a magical income generating “change jar,” that if he patented he could sell for a gazillion dollars!

      Here, he decided to just build a house…y’know, just because. Cappy market…foreclosures everywhere…if Nev was a financial guru, he would have gone out and bought a foreclosure for cheap.

      BTW, there are many more anons on here than just me.

      Reply
    9. Anonymous

      after 3 months of mortgage payments, he’ll find that his stupid businesses won’t support his mortgage payments, toys, and stupid spending habits.

      Reply
    10. limeade

      There sure is a lot of hostility here in the comment section. I think you’re ambition is great and admirable. I dig the house purchase as well. I’m 26 and have two houses, one that I rent out. I wouldn’t worry about the naysayers.

      Reply
    11. surveydude

      Hi Nev,
      First of all I would like to congratulate you on your new house. However as anon was suggesting (off course not in a way a person with great deal of information about finance would suggest) with all these issues with subprime mortgage issues in the market and foreclosure issues among new house buyers we would like you to look into matters more carefully when going out to look for mortgage.(Just check out the recent story published WSJ about a home onwer’s journey in a subprime trap 08/16/2007. God forbade but if something like this should happen to you your life can be a living nightmare. So from all of us who has been following you for quite some time, TREAD carefully

      To Anon (assuming that it is just one person, since the language is the same in all the comments) your honesty is sure appreciated but when you tend to leave swearings (dick, whore, ass) in your posting (which I am assuming is because of your profession: Pimping)it would be nice for you to back it up with reason evertime and it would be interesting for us to know as to what do you do in Norway that makes you an expert on finance and gives you right to swear at others. Because looking at your negativity it sure looks like you have been a failure in your life and that is the reason you have been barking at everything that Nev does over here and maybe on other blogs being written by people who dare to do something.
      Anon, Your comment is sure welcomed at this blog maybe you might end up helping me get some traffic.
      http://www.getmoney4survey.blogspot.com

      Reply
    12. cashcow

      Could you let us know what kind of interest rate you get on your mortgage and the terms of it? I’m just curious to see how this works.

      Reply
    13. Marc

      Nev,

      I’m in the mortgage business. Don’t listen to these kill joys who are forcasting gloom and doom from your home purchase. We live in Texas, home of the steady 3-5% appreciation per annum and laws that actually attempt to protect borrowers from many predatory lending pratices. I’m pretty sure Centex is making you work with their “broker” of choice in order to get a few “incentives.”

      Please make sure that they stick you into a government backed lending program i.e. My Community (if the area supports it) or a FHA backed loan. Although the max LTV on FHA is 97% you’ll get a much better fixed rate. The qualification guidelines for both programs are relaxed.

      However, given your self-employment status and so forth things may be a bit harder for you. You might have to go stated. But either way, don’t let these people who live in other states who know nothing of our “unique” (i.e. sane) market. You’ll be fine.

      Feel free to email me if you need any direction or advice as well.

      Congrats.

      marc@marchowelton.com

      Reply
    14. Michael

      Dude, why are your hands up like you’re hugging the air in all of your pictures? lol.. just notice that scrolling through some of the pics on ur front page

      Reply

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