I am currently typing this thread from my new house! I'm 27 years old and finally decided to settle down and buy a house. I was freakin' nervous as hell when I had to fork over that cashier's check at closing on Wednesday after deciding to put down nearly 40%!!!! I've never written a check that big in my life. But after having moved in and buying a pool table, I'm freakin' in love. Plus, I got DirecTV again. Sundays in fall with NFL Sunday Ticket in HD, 24 hours of pool a day, and a poker table to boot!!! I love having my own house! I wish I had listened to people and done this years ago.
Believe me, you're young to own a house. Years ago.... What? you wanted to buy a house at 18? I'm 33 and haven't made the plunge yet.
Congrats dude .. you're really living the life. Poker, Cable TV, HD TV, a fridge (I would assume), and the DAMN good BBS. You really should have a "New House 'Initiation' Party.
I am going to be 32 next month and I still dont own my house. But it is paid for as it was my grandmother's house. Unfortunately, the state of TN has a lien against it since damn TennCare couldn't pay the last couple of months of her stay in the nursing home. Supposedly, they (the state) could come at any time and tell me to get out, but when they are going to do that, no one knows. It could be years. I'll stay here for probably at least another year maybe 2 and then move into a nice apartment. For some reason, I am not that interested in getting a house of my own. Probably because I dont want to do all that **** that you have to do to keep it up.
Ya know, I've recently started considering that too. I used to want to purchase a house because I'd actually own the space I live in, but then I found out about the wonderful world of property taxes and maintenance, etc. Seems like getting an apartment or renting could actually be a little more economical in the long run.
Oh and congrats on the house, drapg! At just 27 that is a MAJOR achievment. Your folks must be proud.
Actually long term, for most people, owning a house is far far more economical than owning an apartment. If you think about renting an apartment means you end up owning nothing. At least after paying for a house, you'll end up owning something after it's all said and done. And yes, owning a house rocks. I was in the same boat you were drapg... I decided not to buy a house simply because during the dot com and telecom boom, I wanted to be able to move anywhere to accept jobs without having to worry about a house. I finally decided to get one because I wanted my own toy... a place where I could set up my own theater, maybe pool room, my own pimptastic house. I finally moved into my house last November. I haven't regretted it since.
do people really OWN their house? as Antisonic said, there's property taxes, not to mention school taxes (that's even if you don't have any kids), you have to pay. my idea of owning is after i've paid for it it's mine to keep. but, if i don't pay those taxes, the govt. or whoever can come take the home from you. at least that's my understanding. this is not to say "owning" a house is a bad thing. just wondering if people truly "own" their home.
I'm not buying any houses anytime soon. Even if I did have the money (which I don't) or was settled in one location for a while (which I'm not), it just sounds like too much of a pain. First, it's pretty complicated to buy one. Then you're stuck with the maintenance. If something breaks, instead of calling the landlord, you have to figure out who can fix it and then pay them yourself. Or figure out how to fix it yourself because you can't afford the repairs. Older houses seem to be more problematic; this along with houses "appreciating" makes it more economical to buy a new house. These tend to be located in far-off cookie-cutter suburbs and are ugly, right next to each other, with not much yard or space between them. You're essentially always going to be making payments on it, just like when you paid rent - maybe somewhat less but then look at the repair bills and especially taxes. And just because it's "yours" doesn't mean you can do whatever you want to with it. Your homeowner's association still probably "owns" you and tells you what you can do with your own property. I guess it's a good investment if you're in a stable position in life. Otherwise... just rent. You don't have to live in an apartment... I rent a house right now, so I can have all the space, etc., but not the above issues.
Congrats on the house. I was close to closing on a townhouse near the Children's Museum before I got the job offer here in NYC. I also had a pool table in mind, as well as a kegerator since the 3rd floor on the TH was essentially a game room. Considering that the amount of money I was going to pay for the TH in Houston would buy me a crappy 1 bedroom apt here in the city, I am probably out of the housing market for a few years. No way I am moving to Jersey or CT.
Owning definetly outweighs renting,especially if you are going to live in one area for a while.Taxes,maintenance can be just as unstable as apartment rents and policies, but if you're paying on a house eventually you'll have something to show for all the money spent on a place to live.
If you haven't already done so, here are a few tips. 1.) Keep track of all your paperwork. Perhaps a filing cabinet, or even a shoebox. Just don't lose it. My AC started giving me problems in the first 2 years and it was covered (Thank God). 2.) Speaking of AC; Make sure you religiously replace those air filters. Their cheap and they'll save you from prematurly spending 500+ dollars on a new Evaporator Coil and surrounding components. I totally serious on this. Don't F this off. 3.) If you have kids, make sure they don't gunk on the toothpaste in the sink that is shared with the primary drain for the AC. If it gets backed up, it condensates and will drip onto the sheet rock. Can you say new ceiling? 4.) Invest in one of those floor protective coatings for the garage. It will you from cleaning up stains later. I hope this helps you save time and money later. Enjoy your home.
Congrats drapg!! Based on what you've been posting, you've been working your ass off and you deserve it! We plan to be in our first house by Xmas of 2006. With a pool.
Wow, I can't believe there are people that don't think owning a house is a good thing. Little things like maintenence, HOA's and taxes don't even compare to the good things about owning. I have one word that trumps all the "bad" things....EQUITY. This means that every time you make a mortgage payment, you own a little bit more of your house. Over the years, your house is going to increase in value, not decrease. It's an investment that will pay off in 10 years when you want to sell. You will make a profit. Sometimes a huge profit. Every time you make a rent payment, well...you don't own anything so you're basically throwing your money down the drain. This isn't to say that renting is a bad thing. If you move around a lot, it's probably a good idea to rent. Or if you're not sure what part of town you want to live in. But I would say if you rent the same place for 3 or 4 years, you really should look into buying. A far as buying being "pretty complicated" (I still love you Isabel), I don't really get that one. Yes, it can be a good month of stress, but after that, it's all downhill for as long as you live there. HOA's are a pain sometimes but they do help keep the property values up. And who wants to live next door to some jackass with a broken down car in the front yard? BTW, don't think you're not paying property taxes when you're renting. You are. You just don't see it. The only difference is you're paying your landlord's property taxes instead of your own. Oh yeah. Congrats drapg!
Haha yeah, I was surprised to see that people dont realize that their landlords rent to make a profit. That means that all the maintenance, taxes, fees they pay for the house is included in your rent price and they add some for profit.
Congrats!!! Owning a house is a great experience. My next improvement is to a modest 14 X 28 inground pool. I'm just a little worried on insurance.
Owning instead of renting is not always good. If you plan to stay in your house for a very long time (ie the length of the mortgage), sure it makes more sense to buy. If you plan on only living there 5-10 years, you better hope property values don't decrease when it comes time to sell your home. With interest rates as low as they are right now, many people believe that home prices are artificially high and will come crashing down as rates rise and buyers can't afford the monthly payments. Buying a home is nothing more than a leveraged investment if you plan on not staying there long term. If prices drop, you're SOL. Renting isn't as bad as many people make it out to be because you're protected from falling home prices. and if you think home prices can't fall, talk to somebody who lived in Houston in the early to mid 80s.
Yes people really do OWN their houses. But all you're doing by not paying taxes is breaking the law. How about if you don't pay your income taxes? The tax man cometh to take away anything else you may "own".
