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Old 11-03-2010, 07:08 AM
 
Location: Virginia
18,717 posts, read 26,826,108 times
Reputation: 42860

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Also, many people feel you shouldn't buy a house if you're under the age of 25 (unless you're already married and having kids). Life can change so quickly in your early 20s, especially if you're single. You may marry someone who needs to live in another part of town. Your more likely to get job transfers at a young age. Your tastes often change quite dramatically, too. Maybe you want to be near clubs in your 20s. In a few years that may change and you'll realize you'd rather be near parks.

When I was 23 I wanted to live in the city, in an old building. I thought my life was going to be like an episode of Friends, with all my bff's coming over every day to help me fix the place up. I didn't care if there was a little bit of crime in the area, all I cared about was living downtown because that's where my friends were and everyone said it was cool. Been there, done that, outgrew it. Found out the hard way that restoring old houses is not cheap, easy or fun. Found out the hard way that friends who convince you to move to a certain part of town and promise to help you fix up your place will disappear, and some other part of town will be deemed "cool". I'm glad I waited to buy, because I would have been stuck with a place I really didn't want as I grew older.
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Old 11-03-2010, 07:39 AM
 
Location: Censorshipville...
2,672 posts, read 6,236,505 times
Reputation: 1543
Quote:
Originally Posted by mississippimagnolia View Post
Add to that all the title problems that are emerging, and it's just to risky.
I bought a foreclosure from HSBC in 2009 and I went the extra step to buy owner's title insurance just in case. It wasn't a whole lot of money. Hopefully the previous owners don't try to make a case. I really doubt they would as they originally purchased the home for 390k. I then bought it for about 160k. Homes on the street are now going for 220 so if those people take it back, they'd still be underwater by a large margin.

This is a long term investment for me so I'm not worried what it's going to be worth in 5yrs. As it stands it's making me about $500 a month after paying the PITI and setting aside some money for future maintenance.
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Old 11-03-2010, 07:39 AM
 
Location: Loudoun County, VA
1,148 posts, read 3,362,050 times
Reputation: 402
Huh.. If we were to buy this house we'd pay close to double in mortgage than in rent. And whenever something breaks, we just make a quick call to the landlord and he sends someone immediately to fix it for us.
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Old 11-03-2010, 07:45 AM
 
Location: Northern Virginia
4,489 posts, read 9,552,856 times
Reputation: 3656
Quote:
Originally Posted by EuroExpat View Post
Huh.. If we were to buy this house we'd pay close to double in mortgage than in rent. And whenever something breaks, we just make a quick call to the landlord and he sends someone immediately to fix it for us.
That's pretty much our situation too. If we put 20% down on the house, our mortgage would still be $200 more per month than our rent--plus we'd have to pay property taxes and pay to fix everything ourselves. Right now, that 20% is sitting pretty in investments and doing quite well.
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Old 11-03-2010, 07:46 AM
 
5 posts, read 6,564 times
Reputation: 10
We are in the process of relocating from Michigan to VA and I CAN"T WAIT to rent instead of own. I have never wanted to own a home and my long ago prediction that the housing market would crash came true. In addition I hate--spending money on repairs/improvements that I could spend on vacations or personal items. I hate yard work and shoveling snow and paying property taxes. I hate the experience of needing/wanting to sell one home to buy another. I hate when neighbors move in that are loud,have barking dogs, or don't take care of their property (as happens when the economy allows for people to buy over their heads). I don't like sounding like some class snob, but if this house is my largest investment I don't want the Clampets living next to me with junky cars and a burned up lawn.

So HELLO VA. I don't mind spending way more in rent than I do in a house payment. If I get bad neighbors or I just want a change I can move.

Maybe I just have attachment issues
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Old 11-03-2010, 07:50 AM
 
Location: Texas
43,403 posts, read 52,384,520 times
Reputation: 70375
They have bad credit.
They don't have the down payment.
They don't want to pay the association dues or property taxes or maintenance.
They move around too much.
They don't want the responsibility.
They are living under assumed names.

The list goes on...
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Old 11-03-2010, 07:51 AM
 
427 posts, read 935,265 times
Reputation: 221
Quote:
Originally Posted by christine68 View Post
I don't like sounding like some class snob, but if this house is my largest investment I don't want the Clampets living next to me with junky cars and a burned up lawn.
I would not mind the Clampets living next door to meet as long as they shared the moonshine
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Old 11-03-2010, 08:52 AM
 
Location: Hudson County, NJ
1,493 posts, read 2,673,839 times
Reputation: 1177
If it's not for job relocation or financial hardships, I think it has to do with lack of wanting to make sacrifices. It's not easy, but comes down to what matters most to you, present or future.

I haven't played all my cards exactly right, but I found a great deal on a place, made a HUGE sacrafice of working to renovate it every day for a year (after my 9-5), and I'm still not done. I do penny pinch where I think its smart, and now with roommates, they basically pay my mortgage. I also have excellent mentors to help me with most of this.

It's not ideal, maybe a 1 bedroom apt, in a better neighborhood, with no roommates, hot winters, cold summers, be nice RIGHT NOW, and that's what a lot of people focus on, but in years down the road, I think I'll be happier with my choice.
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Old 11-03-2010, 10:52 AM
 
257 posts, read 498,548 times
Reputation: 80
Why do people rent when they could buy?

Previous posters have summed it up nicely, especially with regard to condos. Who really wants to own that headache? Condo fees and property taxes add up big time. Condo fees outside the beltway (well, at least many properties in Loudon that I am looking at) seem to be in the $200-$300/mo neighborhood. I had no idea they could go as high as $700! I budget my money tightly (I'm not poor, I just budget it, that's all) and special assessments scare the crap out of me. I heard a horror-story from a co-worker of mine, where they added a special assessment of $800/mo for 5 years to replace some old underground piping. And this whole thing about increasing your fee to cover someone else's default or empty unit? No way.

I think the financials around owning a condo would make me go crazy, and I still wouldn't have the flexibility of "nobody telling you what to do."
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Old 11-03-2010, 11:30 AM
 
5 posts, read 6,564 times
Reputation: 10
Quote:
Originally Posted by ghett61 View Post
i would not mind the clampets living next door to meet as long as they shared the moonshine
lol!
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