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No
How important is saving up for a house to you right now?
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- Mar 29, 2008
where you from?
alp
Banned
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- Sep 1, 2011
Not important at all
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- Nov 6, 2012
Just came to drop my 2 cents . Don't think of your primary home an an asset or include it in your net worth .
Bought my house at 22, but it will eventually become 100% rental property . Currently rent 2 rooms out while I live overseas .
Bought my house at 22, but it will eventually become 100% rental property . Currently rent 2 rooms out while I live overseas .
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Not until I retire tbh. Would rather spend my money traveling the world while I can, plus buying a house in CA is ridiculous.
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- Jan 5, 2013
Not very important to me at this point. 28 and there's a lot more that I want to see/do in this life before I make that leap. Home ownership just seems so permanent to me for some reason.
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- Apr 4, 2008
If you can afford it, buying a house is so worth it. Especially if you can get a two family for a good price and rent out one of the floors to help pay the mortgage.
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- Aug 1, 2004
I don't think thats a sustainable trend.
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- Jan 22, 2015
What makes you think that? Why would it change that ppl want to be near the action and entertainment?
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- 415
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- Jan 10, 2017
Well I just purchased a home last month after trying for years. I definitely don't see myself growing old in the home but it is a start. Me and my gf moved in together and are sharing expenses, but home was purchases solely in my name. I was able to stay with my mom for a bit and save money for a down payment for a home .My area was just named in the top 10 unaffordable areas as far as rent to average income. So even with paying my mom super cheap rent me and my gf calculated it out and her rent for a 2 bedroom plus my renting a room with my mom added up to the same price as a mortgage for our 3 bedroom, with my mortgage including homeowners insurance, property tax, and PMI included in that cost. Did 3% down FHA loan, I intend to either sell to buy a better home in a few years or will refinance and use it as a rental when we can afford something better together. I figure even if we break even on selling in a few years that's money we didn't pay someone else's mortgage for on renting.
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- Feb 8, 2014
^congrats
s0lefunk
Supporter
- 4,639
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- May 31, 2007
I'm 29 and purchasing a condo or townhouse is my #1 priority for 2018. The intent is to eventually turn it into a rental property a few years down the line like many of you said. I'm done with renting in 2018.
After my current lease is up next year, I will have spent ~70k in rent over the past 6 years. 70k, 6 years, and nothing to show for it other than the fact I wasn't homeless.
In my early-mid 20s I was against owning because I wanted to have the flexibility to relocate if I so desired. But as the years passed, I realized I'm still in the DMV with no plans of moving away. Why not start investing in property? It'll likely be a condo because the townhouses I want are simply out of my price range and I have debt I also want to pay off.
I'll be checking out Redfin for their first time home buyers classes sometime this year.
After my current lease is up next year, I will have spent ~70k in rent over the past 6 years. 70k, 6 years, and nothing to show for it other than the fact I wasn't homeless.
In my early-mid 20s I was against owning because I wanted to have the flexibility to relocate if I so desired. But as the years passed, I realized I'm still in the DMV with no plans of moving away. Why not start investing in property? It'll likely be a condo because the townhouses I want are simply out of my price range and I have debt I also want to pay off.
I'll be checking out Redfin for their first time home buyers classes sometime this year.
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- Aug 19, 2015
You can't always look at rent as "nothing to show for it". You have flexibility in that if you want to move, you can. If you want to move and sell your condo/house, you're paying 6% just to sell it. You also weren't on the hook for any maintenance for those 6 years, your landlord was. You also didn't have to waste any time maintaining a place (cutting grass, painting, fixing issues, replacing appliances as they get older/break, etc.) So there are benefits to renting versus buying.
That said, I bought a house in the Denver metro area a little over 2 years ago and I believe I made the right move. We were renting a house prior to buying, for $1750 a month. Our mortgage payment, with taxes / PMI / homeowner's insurance / everything is less than that, so we are already "saving" money versus renting (even more now, as that $1750 house would probably rent for $2k+ now). Additionally, around $500 of each mortgage payment is actually paying down the principal (and I throw an extra $100 directly to principal each payment). We also got to deduct the mortgage interest from our taxes, which saved us about $2500 last year. On top of all of that, the value of the house has risen at least $30k in those 2 years, if not more.
That said, owning a home isn't as "easy" as renting - for the reasons I mentioned in the first paragraph. I get home from work, and don't want to work on the g-damn ______. Our sprinkler system was f'd up, had to pay $400 for a guy to come fix the front yard and basically tell me that the backyard needs to be ripped out. Basement flooded a month or so ago, spent $500+ and multiple weekends fixing/cleaning that up. Cutting the grass, painting, fixing odd things around the house are all things I don't feel like doing sometimes. But there are pros and cons. There is a certain value on having your own place. Don't have to worry about a landlord *****ing about you hanging too many photos, or worry about what kind of dog you have (I have a apbt, which most places wouldn't even consider renting to me), or if you want to paint the walls, etc.
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- 22,189
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- Apr 5, 2017
I'm planning to make my first purchase by December.
It should be priority #1 for any millennial that doesn't own yet. Especially all of you hovering around 30.
I smack myself every time I think about the amount of money I've spent on renting and how I could have BEEN in my own home.
It should be priority #1 for any millennial that doesn't own yet. Especially all of you hovering around 30.
I smack myself every time I think about the amount of money I've spent on renting and how I could have BEEN in my own home.
Majorbread
formerly 40inchboost
- 4,453
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- Jul 16, 2009
I'm 28 and just got engaged. My girl and I have been saving but perfectly ok with renting until we're ready to be in 1 place for 15-20 yrs.
Probably won't consider buying until at least 2020, unless this bubble in Portland pops before then and we can cop something for the low
I would love to be able to have a garden, BBQ and man cave though
but we ain't ready for that unexpected expenses + yardwork everyweekend life
Probably won't consider buying until at least 2020, unless this bubble in Portland pops before then and we can cop something for the low
I would love to be able to have a garden, BBQ and man cave though
but we ain't ready for that unexpected expenses + yardwork everyweekend life
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One of the best decisions I made was outsourcing the yard work. Our neighbor runs his own company, so we hired him to do it...he does our house first on his way out and I pay cash to keep it reasonable.
If it was just like grass, I'd be cool...but it's grass, edging, fruit trees, bushes, other trees...I'm good. This guy and his wife can do it all in 30 mins where it'd take me 3 hours.
If it was just like grass, I'd be cool...but it's grass, edging, fruit trees, bushes, other trees...I'm good. This guy and his wife can do it all in 30 mins where it'd take me 3 hours.
Majorbread
formerly 40inchboost
- 4,453
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- Jul 16, 2009
^ good move by you 
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100K of touchable money > 100K of equity
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- Mar 19, 2013
Lol
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- Feb 18, 2015
Exactly. People never look at this aspect of owning a home
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- Mar 19, 2013
I wouldnt say never. Plenty of people are aware there are maintenance costs in owning a home, much like owning a car. Its one of many factors when purchasing one.
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- Apr 4, 2008
Renovations add up quickly but it is nice being able to design something in your own likeness
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- Mar 22, 2003
My friends in SF both have great jobs, rack in a combined 400k job and still can't afford to decent/ nice house in the city.
All matters where you live.
All matters where you live.
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- Apr 30, 2008
