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If you have that much uncertainty in your life, then just rent, and keep your down payments for other purposes, such as retirement ,and miscellaneous expenses.
Heh....If I had that much uncertainty in my life, I'd just become self-employed....But wait a minute I already am!
Seriously....It just blows me away how some of you can just pick-up and move every few years for a new job or job promotion just to climb the ladder.
''Globaloney'', ''globalization'', ''the global economy'' insourcing, outsourcing, etc....what ever you wanna call it... It's all so ****y and needs to be changed back to where folks can work at the same place for twenty years, retire, and then live out their golden years.
Home owners:
1) have the life skills to save up for a down payment (this is a pretty big difference between the haves and have nots)
2) see the value of that particular investment
3) are more invested in the appearance of their property therefore more likely to keep it looking nice.
4) view themselves as responsible citizens
So I don't know if it is really a stigma or a socioeconomic reality. If people don't have that particular skill set, I might not find that we have other things in common as well. I think most of us want to be in neighborhoods with those who have similar values/skills/ambitions. I don't mean that in a snobby way...just it is human nature to tend towards the familiar.
I do agree that culturally we've identified home ownership as part of the american dream when it may or may not be the best choice.
Have you considered renting out the house you own now while you rent in "the big city". In the event you decide the new location is not what you want at all and head back to where you are now. I don't know the locations involved, but it might be a way to pay the mortgage and expenses (taxes, insurance) building equity perhaps, but at least not selling in this glutted market.
Don't buy in the new city yet. I like this advice. Or perhaps you could wait and move after the home sold if you put it on the market.
Home owners:
1) have the life skills to save up for a down payment (this is a pretty big difference between the haves and have nots)
2) see the value of that particular investment
3) are more invested in the appearance of their property therefore more likely to keep it looking nice.
4) view themselves as responsible citizens
So I don't know if it is really a stigma or a socioeconomic reality. If people don't have that particular skill set, I might not find that we have other things in common as well. I think most of us want to be in neighborhoods with those who have similar values/skills/ambitions. I don't mean that in a snobby way...just it is human nature to tend towards the familiar.
I do agree that culturally we've identified home ownership as part of the american dream when it may or may not be the best choice.
I think a lot of people in California, Florida, Vegas, Phoenix, Chicago, Atlanta, Detroit and other places would disagree with all of the above.
You don't need to save up to buy a house in many places. Even now, 3% will do the job if you go the FHA route.
I would caution you to let your emotions get in the way of making a risky financial situation at this juncture. All the reasons you mention are emotional factors, and not rational/financial.
Rent for a year and get to know the new company, people and the local dirt.
This makes sense on so many levels....and yet - We've been renting for almost two years after being home owners for the previous 25. I'm reallly anxious to get back into a place of my own.
We have money in the bank from the sale of our last home to put down a substantial amount (probably 2/3 of home value) and pretty good credit to get a good interest rate on the rest. Wanting to keep our debt load down as low as possible we are ONLY looking at houses in the $120K-$150K market. That excludes us from A LOT, but there are a handful of sweet places that I'm looking forward to seeing in person.
Having moved many times from state to state chasing my husband's career now that it's my turn to pick the place I just want to jump in with both feet and commit to a community. Will it have things about it I don't care for? OF COURSE. But I honestly believe how satisfied or dissatisfied I am with an area has a lot more to do with ME and my choice to maintain a positive attitude than it does with the specifics of the region. I've lived in the southwest, the midwest, the Pacific Northwest and spent time visiting a whole lot of other places. I think I have a realistic assessment of what the challenges will be.
Or maybe I'm just kidding myself. I just hate to whittle away at our nest egg we've been saving by spending a chunk on rent.
I think a lot of people in California, Florida, Vegas, Phoenix, Chicago, Atlanta, Detroit and other places would disagree with all of the above.
You don't need to save up to buy a house in many places. Even now, 3% will do the job if you go the FHA route.
Yes, I can only examine this stigma based on my experiences in small cities/suburbs. You mentioned major metropolitan areas.
Also, even though 3% doesn't seem like much, there are plenty of people in this country who live paycheck to paycheck and don't even have bank accounts.
I have no desire to ever buy. I am nearly 40 and quite honestly there is no such thing as enough job security for anyone to justify the automatic bankruptcy that comes with a job loss and owning a home. When i lost my job I simply moved to another state. Used to think about owning due to peer pressure. Now I couldnt care less.
Actually owning is the wrong word. Few OWN their homes. They are allowed to live their by paying monthly payments to the bank.
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Good point
