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Was that in NY? Sounds like a lot of old houses in the Northeast.
But there are plenty that are sound and just need some updating. We used to jump on those houses but younger people (not you obviously) do not seem as interested if they have to do any work themselves. Most buyers are middle aged and they are up to the task of doing some rehabbing.
To be fair, the idea is pretty far-fetched at face value. Around my area, the market is still settling down from the bubble (high military concentration so we didn't rapidly deflate alongside the burst), so a starter townhome is still between $150-$190K. At even the low-end, it means a millennial would easily need to save at least $7500 just to close. Let alone the cost for appraisal and moving expenses. Then to need hundreds to thousands more to rehab it?
Lezbehonest here. How many millennials could, without assistance from their parents, save up $15,000 to purchase a home, put some repairs in it, then have a couple extra thousand for any emergency? Most would find it more economical to continue renting.
Would've been nice to grow up in the 50s. Didn't have to spend 90% of your money on education, health care and housing, like people have to today. An average Joe could afford to live in an area with nice views and good public schools. Now the Boomers own all the nice neighborhoods. Many of them own 2 or 3 houses! "Elites couples" in my generation can't afford 1 housee. We nneed to end this gerontocracy and make room for the next generation.
We have money left because we didn't spend it all on more house than we needed. We also paid for our parents SS without complaining. We planted gardens so our groceries weren't too high. Food stamps did not raise the price of groceries. We saved our money instead of spending it on overpriced meds and peds, tattoos, piercings and drugs. We voted for people who did not raise taxes and ask for all kinds of freebies.
Maybe you should study the boomers to see how to live. I am about 12 days from being a boomer but I think they are doing fine. They paid off the cost of WWII and now they are enjoying the benefits. Nothing wrong with that.
In my opinion only an idiot would borrow more money than you could pay off at the end of the month without a fixed interest rate. Did any of these students today study finance in school? If so, they didn't learn anything. We saw our son had a loan he shouldn't have where the interest rate changed and cautioned him to get a fixed rate loan that was a little bigger payment. He didn't lose his house.
I don't buy clothes that have holes in them and look like they belong in the trash can. Sorry, I do not understand such stupid practices. Things wear out fast enough naturally. At least start out with something worth having.
Baby boomers were more fortunate in one respect. We got to grow up in this country when everything was simpler and more innocent then what we have now. Hard to describe, but you later generations missed out. We got what we needed, not what we wanted more times than not. It started to change after JFK was killed .... now today .....ugh.
To be fair, the idea is pretty far-fetched at face value. Around my area, the market is still settling down from the bubble (high military concentration so we didn't rapidly deflate alongside the burst), so a starter townhome is still between $150-$190K. At even the low-end, it means a millennial would easily need to save at least $7500 just to close. Let alone the cost for appraisal and moving expenses. Then to need hundreds to thousands more to rehab it?
Lezbehonest here. How many millennials could, without assistance from their parents, save up $15,000 to purchase a home, put some repairs in it, then have a couple extra thousand for any emergency? Most would find it more economical to continue renting.
Why do you buy a house which is not a fixer upper and have to immediately rehab it? Sounds dumb to me.
The NWO globalist bankers ( they own the fed) stole the nation's wealth. Maybe the baby boomers got the crumbs but they still had to work for them.
Hey, they broke up the Trusts before at the turn of the century. They can do it again with the banking trusts and internet Trusts. Amazon is ripe to be split up and forced to be sold off.
To be fair, the idea is pretty far-fetched at face value. Around my area, the market is still settling down from the bubble (high military concentration so we didn't rapidly deflate alongside the burst), so a starter townhome is still between $150-$190K. At even the low-end, it means a millennial would easily need to save at least $7500 just to close. Let alone the cost for appraisal and moving expenses. Then to need hundreds to thousands more to rehab it?
Lezbehonest here. How many millennials could, without assistance from their parents, save up $15,000 to purchase a home, put some repairs in it, then have a couple extra thousand for any emergency? Most would find it more economical to continue renting.
That's fine. Their loss
I'll jump on a fixer upper. The Mini mansion I'm leasing is cheaper than what I was paying in property taxes and renovations, however isn't quite up to par with property to be considered to own. Sorry .25-.5 of an acre does nothing for me. Cant have a shooting range in the back yard, and nowhere to ride quads and dirtbikes...
The Minute I can get my hands on a plot with 50-100 acres I'm out of this place.
If I bought any of the many HUD project houses, and auction project houses, I would have, then listed them to folks in the north east looking to retire where a 1500-2500 sqft raised ranch goes for 225-350k plus asinine property taxes for 160-185k and make 50/60k per house. They'd think they got a great deal compared to what they get back home.
Still might do that. Just need to get the licenses to do it all on my own. Damn town ordinances and the requirement for every phase of repair needing to be licensed... Although, I could probably slip a few Benjamin Franklin's to someone to use theirs to pull approvals. They have code enforcers drive around 24/7.
Can't even install a hot water heater without a permit or done without a license. F that. Most houses have those garbage Rheem hot water heaters that make your electric meter spin at 2000rpm, with 70s technology on timers... I bought a digital programmable one from whirlpool at lowes and had that sucker plumbed and wired in 2 hours back in NY. Didn't need any permit to do that... only needed a permit if building an addition to the house or doing major work...
The people that bought my house did get a great deal. I only sold so low to beat the capital gains tax that was the ultimate middle finger to Cuomo when I left. Their taxes must have gone through the roof I told them to leave the property the way it was, and not to paint the exterior... but nooo... don't listen to the guy who beat the property asessors...
I'm 42. I save about 60% of my income -- for retirement. I delay gratification and live modestly because I will be retiring early. I wonder if someone's gonna come along in x years and say people like me have "seized the nation's wealth."
Why do you buy a house which is not a fixer upper and have to immediately rehab it? Sounds dumb to me.
Because they watched MTV cribs when they were 13-19 and want granite kitchens, walls that part to reveal an 80 inch TV or theater screen, so called efficiency improvements, feng shui, and other unrealistic upgrades subjectively wanted not needed.
What the boomers and I see are 2 in the same... practicality and logic.
Does it make any sense to spend 80-100k on a kitchen when you know damn well neither of you know how to cook? Nope. Leave it alone you don't need a stainless commercial barn door fridge at 5k nor a commercial grade stove and oven with matching range with heat lamps. Stick to what you know, Keurig, toaster and microwave.
Does a millenial need a 3 car garage when they can't change a spare tire on their smart car or prius? Nope. Especially if they're in the city or suburbs riding their bicycle to be green...
Do they need an acre or more? Nope. Even if they have 2 or 3 brats before marraige... or little Baxter the (insert whatever dog breed is popular this month here)
Do we need a his and hers bathroom that 12 people can party in?
I'm sorry, that's not efficient nor pleasant. I don't want to be taking a shower then stunk out and gagging because you decided to need a bathroom with 2 toilets and a bidet because some house on cribs owned by a multi million dollar celebrity has that... go across the hall and take the Browns to the superbowl... this isn't college dorm life where you get to bask in the ambience...
Walk in closet... if your net worth is in the clothing and shoes you wear... you're missing out on alot in life. The hell do you need a 10x12 closet for? If you own that many clothes and shoes and none have any signs of wear... I feel sorry for you...
They are often more solid and cool looking than newer houses - not made of cheap builder grade plywood but using actual craftsmanship. Also in nice old neighborhoods without HOAs, and affordable.
This is true. Our house has hardwood floors in the bedrooms and living room, rounded (at the top) door openings and ceilings and you can't hear what is going on in the next room thru the walls (plaster?). It is just small (1100 sq ft).
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