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Will you be a homeowner before you turn 35?
- Thread starter neutralgamer02
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Home owners at 21? The fuck? Ugh. I feel like I've failed life already and I'm 23. 24 in a month and no plans to move out soon, hell let alone buy a house, even 20k seems like a lot of money to me now. Bleh
There's no reason for 20-somethings to own a house. Unless maybe you're married and basically settling down for the rest of your life.
GameplayWhore
Member
There's no reason for 20-somethings to own a house. Unless maybe you're married and basically settling down for the rest of your life.
Or unless it's a drastic down market (it is), and you're thinking about flipping or renting and can handle the work and responsibility involved.
Mattlikewhoa
Member
The homeownership rate for people 35 and younger dropped almost 5% from 2005 to about 37.6% in 2011. This means less young people are able to buy a house while they are young.
My question is are you going to follow this trend and not be able to buy a house anytime before you 35, or will you go against the trend and be a homeowner soon? Give reasons for why you will fall into either group.
Edit: If you are a homeowner, how much did your house cost? Did you pay 20% for the downpayment to avoid the insurance? How was the experience?
I'm 27 and I bought my first house earlier this year. It's currently being built as we speak and my move in date is March 28th, 2012. The cost of it was $320,000. I didn't have the 20%. We had $40K, but the builder asked for $5K at the time of signing, $5K after 30 days, and finally $5K after 60 days. I'm fine with not having the 20% down, so I'll have to pay a bit on penalties. We also did about $14K in upgrades, but we paid for that in full cash.
The main reason I was able to buy a new house, furnish it and buy new stainless appliances is because my wife and I are living with my parents. We could have moved out sooner, but both of our parents wanted us to save as much money as possible to hit the ground running. the only reason why it's with my parents and not hers, is because my parents house is larger and can accommodate more people.
I am not in front of the running budget spread sheet, but furniture was about $9K, Appliances (Fridge, stove, OTR microwave, dishwasher, steam washer and dryer was about $8K.
We haven't met with our lawyer yet so we don't know our exact closing costs, but we are meeting with him next month.
astroturfing
Member
Home owners at 21? The fuck? Ugh. I feel like I've failed life already and I'm 23. 24 in a month and no plans to move out soon, hell let alone buy a house, even 20k seems like a lot of money to me now. Bleh
hahah don't feel bad, i'm almost 30 and i've never even seen 5k, let alone 20k...
Mattlikewhoa
Member
After being able to read through this thread, I'm pissed at the Canadian housing prices vs American ones...
In my City (well suburb) houses are getting crazy expensive. And example is our builder. We bought our house for $320K. The same house (except it's about 200 SQ bigger) is now selling for $410K.
Oh and this is a townhouse BTW...Yeah, it's out of control...
In my City (well suburb) houses are getting crazy expensive. And example is our builder. We bought our house for $320K. The same house (except it's about 200 SQ bigger) is now selling for $410K.
Oh and this is a townhouse BTW...Yeah, it's out of control...
I'm 29 and I've been a homeowner for 2 years! In our neck of the woods (Rochester, NY) it's actually possible to get a better deal on a mortgage than on an apartment rental. My wife and I paid about 65k for our awesome Cape Cod style house and our monthly mortgage payment is under $600. We also scored the excellent first-time homebuyer's tax credit back in 2009. It's a good time to buy a house! Or at least it was two years ago.
Fisticuffs
Member
I could own a home... If I didn't live in Southern California...
Living in South Florida it is not looking likely ill be getting a home. Id like one but they can get pricey and quite honestly i only make around 50k a year so its not like i would be able to save a lot. I already have a decent amount saved up but with all the bills that go along with paying rent, insurance, student loans, im basically breaking even with a couple of hundred left over. And since my job isnt looking certain id be crazy to go after a place now.
Seeing all the 20-somethings around here having houses makes me wonder if you all are loaded or are just embracing the debt culture fully.
Seeing all the 20-somethings around here having houses makes me wonder if you all are loaded or are just embracing the debt culture fully.
Either that or they went to school but someone else paid for it (so no debt which makes all the difference in the world), graduated, got a decent job which left them with plenty of spendable/saveable cash. I know if I didn't have school debt/car payments/etc...there would be plenty of money to save or spend as I saw fit.
I am really lucky, but that didn't have anything to do with it. I have car debt, 3 degrees worth of student debt, and the brand new mortgage. I still save 700 bucks per month.
I think the key that you guys aren't considering is that many people doing this at a young age are married.
My wife and I run a tight ship. No kids, no cable, no smartphones, no fun vices, etc. We aren't rich, hell we both have those worthless arts degrees gaffers are always bitching about. We just give up and push back things we consider a luxury, to have other things earlier in life. We're aggressively attacking our debt, and living below our means. I hope to be completely debt free, including the house, by 40.
had 3 before 30 but the downturn forced me to lose 2 of them.
edit: came away still doing very well thanks to my savings (401k) but no way I'm buying a home again to live or for investment. life is great as a renter. my gf and I decided against having children so that took away the pressure of getting married and buying a home to live in.
edit: came away still doing very well thanks to my savings (401k) but no way I'm buying a home again to live or for investment. life is great as a renter. my gf and I decided against having children so that took away the pressure of getting married and buying a home to live in.
electricshake
Member
I became a homeowner in 2006 (pretty much right at the peak of the market!) at the age of 20. 2 bed 2 bath tenement flat in Glasgow, in an ok area (although the bits around are much nicer which makes it better) for £137k. Prob worth about £145k now so I've not lost anything - but if the market hadn't crashed it probably would have been worth maybe £160k. It seems strange to me that a lot of people here are more interested in new houses - I can't think of anything worse! Give me a late 19th century tenement over a new build any day! But I'm a sucker for high ceilings, bay windows, ornate cornicing, original fireplaces and beautiful wood panelled doors.
I'm one of the few lucky ones in here that genuinely does own it (no mortgage woo!) but that's because I basically inherited it.
To those saying no to buying due to things like tax etc - I guess it must be different in the US but here in the UK property tax (council tax) is paid by the occupant not the owner, as is water. I think the only thing I pay for now but didn't pay when I rented was for the factor (property management I guess), which includes buildings insurance, close cleaning and general maintenance of the building. It's usually about £600 or so a year, unless something extraordinary needs doing, like the roof getting replaced or the close getting painted.
I'm one of the few lucky ones in here that genuinely does own it (no mortgage woo!) but that's because I basically inherited it.
To those saying no to buying due to things like tax etc - I guess it must be different in the US but here in the UK property tax (council tax) is paid by the occupant not the owner, as is water. I think the only thing I pay for now but didn't pay when I rented was for the factor (property management I guess), which includes buildings insurance, close cleaning and general maintenance of the building. It's usually about £600 or so a year, unless something extraordinary needs doing, like the roof getting replaced or the close getting painted.
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