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If you do decide to buy, I would suggest buying well within your means. Try and keep the initial mortgage amount around double your annual income, certainly no more than triple. Get a 15 year mortgage, and then pay it off in 10!
The banks will tell you to borrow more, but don't get sucked in...
It's a great thing.I bought my home in my twenties and it was the best decision I ever made. However, people are so caught up with the housing mess. They assume that you have a bad loan or are upside down in your mortgage. I cannot tell you the stupid comments I hear from people regarding my home. I used to get angry but I know better. Homeownership is actually viewed as a bad thing. It is no longer an investment. I say let them think what they want.
I'm 25 and buying a decent little place this Spring no matter what...but I just about laughed my @ss off today when a coworker told me that this was a bad thing to do and that she personally would view it as a red flag, and would never date a guy in his twenties with a home/mortgage. Am I missing something here? Shouldn't it be a plus for a guy to have his own place, let alone a nice place that's building equity and even able to be rented out for potentially two-to-three times the monthly mortgage rate that he locks in? I'm really missing something with this one...
Enlighten me...please.
Characteristics of a 25-year old homeowner:
Ambitious go-getter (comparing him to many 25 year olds)
Focused
Big-picture thinker
Wants to put down roots
Wants benefits of being a young investor
Mortgage will keep you with a job
Thinking like a real grownup
I don't see anything bad in these items. She forgets that today's homeowner may want to invest in income property later on. Steer clear of that co-worker. She's probably addicted to dating under-achieving men and when a different kind of man shows up on the ole radar, it freaks her out.
I think it's funny some people are arguing against home ownership. If you're in it for the long term (or even semi-long), you will make money. Yes, the housing market hit a snag in 2007. That's not exactly something that happens all of the time. At least if you own a house, you have equity, whether it's "building" or not. If you're renting, all you're doing is throwing your money at something that gives you absolutely no value in return.
I'm single and was 28 when I bought my own home. I don't regret it at all. The independence and responsibility of owning your own home is a great feeling.
The only negative side to it I can see is that most women prefer having at least a say (not to mention it's often their decision) in the house they're going to live in after they get married. Ideally, this should be a joint decision. Also, your place will likely be small and inadequate for a family. In a normal market having it would be OK as you can always sell it should you get married and your needs change. Now, though, you may very well be stuck with it for many years to come. If you don’t see marriage in your future any time soon, none of the above applies.
Agree. It could be looked at as a negative, depending what the girl wants. If OP wants the house for the next ten years though, then its good.
In this market, a house is really an albatross, unless say, one is dating someone who has paid it off and is in a profl. career.
Pittsburgh PA metro...your own house...in your 20s. Everything sounds great. I've always heard that's a great metro area and the pictures look fantastic. Not only that, the RE sites show some nice homes in forested neighborhoods.
Just be sure you have sufficient cash flow for the loan. You can't qualify based on having roommates. It's calculated on your own resources. But, you probably know that. Good luck!
Women aren't all the same; they have different goals, different interests and desires and needs and wants.
A lot of women are going to look at a man who owns a house at a young age and will see stability and responsibility, as well as an assumption that he can "take care of her" or a young family, as he is already providing the house. This is a positive.
Other women, especially young women, may look at it and, while they see the stability and responsibility, also see a potential limitation for their goals. What if she's not very happy living there and would like nothing more than to move in the future? A house ties you down to that location, especially in an unstable economy where you may not be able to rent it out, and the chances of you being able to flip it for a quick profit are fairly low. What if they want to further their education, and get accepted to a top-tier school in a different city and state? These are things that may turn a woman off. Not saying they will, but, there are two sides to every coin!
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I don't see anything bad in these items. She forgets that today's homeowner may want to invest in income property later on. Steer clear of that co-worker. She's probably addicted to dating under-achieving men and when a different kind of man shows up on the ole radar, it freaks her out.
