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Old 06-11-2018, 03:38 PM
 
Location: Omaha, Nebraska
6,316 posts, read 3,493,450 times
Reputation: 15004

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Quote:
Originally Posted by Serious Conversation View Post
Depending on the area and the house, it could take a considerable amount of time to sell the home.
In which case you can't move unless you can either afford to pay two mortgages or you can arrange to rent the house out (and the rent you'll get will be enough to cover the cost of the mortgage, which isn't a given).

There are very real disadvantages to home ownership. That's one reason the OP shouldn't rush into it. Once you buy, you are likely to be there a while.
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Old 06-12-2018, 06:25 AM
 
Location: Tennessee
21,034 posts, read 15,336,412 times
Reputation: 23882
Quote:
Originally Posted by Aredhel View Post
In which case you can't move unless you can either afford to pay two mortgages or you can arrange to rent the house out (and the rent you'll get will be enough to cover the cost of the mortgage, which isn't a given).

There are very real disadvantages to home ownership. That's one reason the OP shouldn't rush into it. Once you buy, you are likely to be there a while.
In one sense, he is kind of stuck due to his career. Not saying he should rush into it, but I don't think he will be moving in the near future.
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Old 06-12-2018, 10:57 AM
 
Location: Mexifornia
913 posts, read 736,656 times
Reputation: 920
OP, take some advice from a billionaire.




https://www.cnbc.com/2018/02/08/kevi...uy-a-home.html




"Are you married?" asks O'Leary. "If the answer is no, rent."
"If you're married, do you have children?" he asks. "No? Rent."
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Old 06-12-2018, 11:13 AM
 
Location: The Triad (NC)
26,881 posts, read 57,977,821 times
Reputation: 29332
Quote:
Originally Posted by Gemdiver View Post
OP, take some advice from a billionaire.
https://www.cnbc.com/2018/02/08/kevi...uy-a-home.html

"Are you married?" asks O'Leary. "If the answer is no, rent."
"If you're married, do you have children?" he asks. "No? Rent."
Don't forget the other half of the advice: How much (little) to pay in rent.
Especially so when you're putting more into investments as a renter should.


The OP is doing well in that regard with 25% of gross into retirement accounts.
But he's still paying too much for his housing costs without a housemate of some sort.
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Old 06-12-2018, 11:14 AM
 
98 posts, read 40,501 times
Reputation: 248
Quote:
Originally Posted by Gemdiver View Post
OP, take some advice from a billionaire.




https://www.cnbc.com/2018/02/08/kevi...uy-a-home.html




"Are you married?" asks O'Leary. "If the answer is no, rent."
"If you're married, do you have children?" he asks. "No? Rent."
Thatís crap. Lots of childfree people benefit from owning property. If you donít have kids you should never buy? Nonsense.
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Old 06-12-2018, 11:34 AM
 
Location: The Triad (NC)
26,881 posts, read 57,977,821 times
Reputation: 29332
Quote:
Originally Posted by CapitalBat View Post
Thatís crap. Lots of childfree people benefit from owning property. I
f you donít have kids you should never buy? Nonsense.
Universal truths really aren't required to be applied universally to still be true.
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Old 06-12-2018, 01:13 PM
 
Location: Omaha, Nebraska
6,316 posts, read 3,493,450 times
Reputation: 15004
Quote:
Originally Posted by CapitalBat View Post
Thatís crap. Lots of childfree people benefit from owning property. If you donít have kids you should never buy? Nonsense.
Did you bother to read the linked article? The advice given is directed to YOUNG people (in their twenties, to be specific) - and in that context, it's very good. Buying a house to live in before you've achieved some stability in your career can be a very big financial mistake.
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Old 06-12-2018, 02:05 PM
 
Location: Connecticut
24,615 posts, read 40,185,826 times
Reputation: 6984
nep321 - I can't believe you are already considering buying a house. Have you even been there a year yet?

Either way, the main three rules of real estate are "location, location, location". Until you are able to buy a house in a decent location, keep renting. Give yourself a couple of years at least.

You keep making these rash decisions and they come back to haunt you (Columbus). You need to have patience to get the things you want in life, particularly the expensive things like your own home. et to know the area you live in and once you have some money saved and are sure you are going to be there for several more years, then consider buying. Jay
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Old 06-12-2018, 05:37 PM
 
Location: Jacksonville, FL
11,038 posts, read 13,389,730 times
Reputation: 6755
Quote:
Originally Posted by JayCT View Post
nep321 - I can't believe you are already considering buying a house. Have you even been there a year yet?

Either way, the main three rules of real estate are "location, location, location". Until you are able to buy a house in a decent location, keep renting. Give yourself a couple of years at least.

You keep making these rash decisions and they come back to haunt you (Columbus). You need to have patience to get the things you want in life, particularly the expensive things like your own home. et to know the area you live in and once you have some money saved and are sure you are going to be there for several more years, then consider buying. Jay
My lease ends on Nov 15. So now would be the time to start looking for a home. I have lived here for 8 months so far. I know the entire city quite well and have been all over to make good first hand observation of areas and neighborhoods. I'm not sure I want to be here forever though, but I am committed to staying here for at least 4 more years, for the sake of job stability.

However, I have not actually started looking for a house, because there's nothing good in my price range. Most houses in my price range ($150K) are in outright undesirable neighborhoods or need significant updating/repairs. These "undesirable" neighborhoods, I would say, are comparable to the *undesirable* parts of say, Bristol or Manchester. So yes, I will hold off until I can afford something better.
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Old 06-12-2018, 09:49 PM
 
Location: State of Transition
72,866 posts, read 64,312,187 times
Reputation: 68733
Quote:
Originally Posted by Ginge McFantaPants View Post
I can’t speak for that poster, but in my area “fixer-uppers” are typically prices only a little bit less that homes that need nothing. We just looked at one a couple of weeks ago, priced only $30k less than similar homes that are already updated... but it is in such disrepair, and has additions that aren’t up to code, that it doesn’t have a certificate of occupancy (spoiler alert: can’t get a mortgage on a home with no C.O.). Really, why would anyone in their right mind spend 450k on a home that needs everything replaced (some of it immediately), when they can spend 480k for turn-key condition (not diamond, but you won’t need to replace anything for a good 5-10 years), especially considering the cost of materials and labor?
Well, I"m not talking about ramshackle places, just places that need updating, like the OP said. Presumably this means something like an updated kitchen (new cabinets), some other cosmetic touches, maybe knocking out a wall to create the currently popular "open" look. I'm not talking about major repairs, nor is the OP, I don't think.
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