[basehead617]

and why buy a house in an area you are already planning to move away from in a few years?

in case you didn't hear, the real estate bubble isn't still going on

[Stylo]

Originally Posted by basehead617

and why buy a house in an area you are already planning to move away from in a few years?

in case you didn't hear, the real estate bubble isn't still going on

This.

It's going to take 5 years to see ANY return when you figure in closing costs and selling fees, as well as repairs. Not really worth it if you're not sure about where you want to live and not wiling to settle.

Renting sucks, but being tied down with something you're miserable about is worse.

[nep321]

Originally Posted by Stylo

This.

It's going to take 5 years to see ANY return when you figure in closing costs and selling fees, as well as repairs. Not really worth it if you're not sure about where you want to live and not wiling to settle.

Renting sucks, but being tied down with something you're miserable about is worse.

Yes, that is a huge fear I have. Even 5 years seems like a very long time to live in one place. Being tied down to a mortgage and living in the same place for years and years. I prefer to move around every few years. I am not the type of person who likes long-term committment or obligations.

[brighteyes818]

Originally Posted by nep321

If I have gas or oil heating, I am budgeting for about $120 a month on a 1,000 sq ft home, during peak winter months. That is, leaving the heat at around 70-75 degrees, depending on the house. I would shut the heat off during business hours. Does this sound realistic?

My heat is at 65, I have a 1000 square ft house, built in the 40's no real insulation, I have CNG, I lived here for 20 years,, I do have Central Air, I put my electric on budget so it runs $134.00,,, my mom's apt slightly bigger she kept at 76 was more like $225.00-235.00 a month.

[kidyankee764]

Originally Posted by Tetto

My god, are you a chick? Suck it up and either buy something here, move in with Mummy and Daddy or go south...it sounds like your big-time real estate investor Dad might have a thing or two to tell you. Jesus, I've never seen anyone complain so much as you!

I apologize to all the chicks here...

Woohoo! Someone finally said it!

[kidyankee764]

Originally Posted by nep321

Yes, that is a huge fear I have. Even 5 years seems like a very long time to live in one place. Being tied down to a mortgage and living in the same place for years and years. I prefer to move around every few years. I am not the type of person who likes long-term committment or obligations.

Rent.

[JViello]

Originally Posted by nep321

So basically the solution is to suck it up and settle for a house I'm not so crazy about. I get it.

It's called not being a spoiled brat who is used to getting everything they want, whenever they want, exactly how they want it. Nobody gets everything they want. You make the best compromises in life you can and be happy and grateful for what you have.

Originally Posted by nep321

Yes, that is a huge fear I have. Even 5 years seems like a very long time to live in one place. Being tied down to a mortgage and living in the same place for years and years. I prefer to move around every few years. I am not the type of person who likes long-term committment or obligations.

I'm not really typing this to you, as you seem to have your mind made up that this will not work no matter what unless you get some $400,000 house. I'm typing it for others who might come upon this thread.

Purchasing a 180K house with 30K down, leaving a 150K balance at 4.5% interest rate on a 15 year mortgage takes $41,000 off the principle in 5 years. So provided there is not a serious collapse in the market, you are looking at 70-90K potential in your pocket after 5 years. Yea, go ahead and keep on renting.

I would never ever do a 30 year mortgage again. Never. 15 year or nothing. Take a look at this amortization table to get an idea. (Be sure to click "see details by year")

Mortgage Amortization Calculator

[nep321]

Originally Posted by JViello

It's called not being a spoiled brat who is used to getting everything they want, whenever they want, exactly how they want it. Nobody gets everything they want. You make the best compromises in life you can and be happy and grateful for what you have.



I'm not really typing this to you, as you seem to have your mind made up that this will not work no matter what unless you get some $400,000 house. I'm typing it for others who might come upon this thread.

Purchasing a 180K house with 30K down, leaving a 150K balance at 4.5% interest rate on a 15 year mortgage takes $41,000 off the principle in 5 years. So provided there is not a serious collapse in the market, you are looking at 70-90K potential in your pocket after 5 years. Yea, go ahead and keep on renting.

I would never ever do a 30 year mortgage again. Never. 15 year or nothing. Take a look at this amortization table to get an idea. (Be sure to click "see details by year")

Mortgage Amortization Calculator

Are you kidding? I can't afford a $30K downpayment, nor can I afford a 15-year mortgage unless the house is like under $100K.

[JViello]

Originally Posted by nep321

Are you kidding? I can't afford a $30K downpayment, nor can I afford a 15-year mortgage unless the house is like under $100K.

Then you should not be having the conversation of purchasing a home and/or b*tching about everything you have. You are not ready. Save your money like everyone used to, put down 20% and get a conventional non government backed loan. This is not hard.

[DawnMTL]

Y'know what, nep? It's not the right time -- and maybe not the right place, either -- for you to buy a house.

First of all, you're saying that you like to move around; that you can't see yourself staying put for 5+ years. Well, a house is not just a commitment -- it can also be an albatross hanging around your neck. If you're ready to move, you have to be able to sell that house. That may not happen as quickly as you'd like it to happen. If you need to be "moveable," then you should keep renting.

Another reason to keep renting: The upkeep of a house is expensive. Sure, you've factored in the known issues (such as heating, insurance, lawn care, snow removal), but there's always unknown "stuff" that happens. Your boiler needs annual maintenance but a part may need to be replaced, a tree may need to be cut down, leaks somehow just happen when you least expect it, your fridge could stop cooling properly and need to be replaced. I could go on and on.

They say that owning a home is an ongoing project -- you ALWAYS have something to do. There's always a list of things to get to.

Maybe this just isn't the right time in your life to jump into such a big commitment.