Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I just want to make it clear that I really don't like discouraging people from home purchase/ownership. I still think its one of the best things as long as certain criteria is met. I learned that breakdown from a realtor. Doing that really simplifies things for me. He would get way more detailed with all the costs to the point where my eyes got glassy rolled back and I went comatose. He was one of those guys who had to know stuff to the penny. My wife is like that. Lots of times I feel people just get overwhelmed with numbers thrown at them and they really don't understand what they are looking at. I know I used to. Heck I still do sometimes
Good luck to you. I hope someday you buy a house of your own.
I just want to make it clear that I really don't like discouraging people from home purchase/ownership. I still think its one of the best things as long as certain criteria is met. I learned that breakdown from a realtor. Doing that really simplifies things for me. He would get way more detailed with all the costs to the point where my eyes got glassy rolled back and I went comatose. He was one of those guys who had to know stuff to the penny. My wife is like that. Lots of times I feel people just get overwhelmed with numbers thrown at them and they really don't understand what they are looking at. I know I used to. Heck I still do sometimes
Good luck to you. I hope someday you buy a house of your own.
After seeing those number I see why someone would want to buy all cash.
I think the parent find the home to be forced saving plan. With such low rent, are you saving money for your future? Maybe they are just worried about your day to day see the world life style.
Take your total saving divide it by the 12 years past 18 years old, is your yearly saving. Take that numbers and multiply it by 40 is your projected saving at 60 years old.
$375 for rent might sound low but it can be deceiving. On one hand it sounds like low rent, but of you think about a couple splitting a studio or 1 bedroom for $750 a month, it changes things a bit.
Also being a landlord in California can be very tricky.
I'm 30, have lived in the Bay Area California for the past 7 years and I calculated that since I was 18 years old (when I left my parents house) I have averaged $375 a month on rent per month.
My parents have always pressured me to buy a house, even before I was 18 and able to buy one! Today, every time I speak to them, they say I *need* to buy a house, I need to start looking, they send me Trulia.com links regularly in my email.
I know nothing about the house buying process, but I would like some no-nonsense advice from people on this board. Since I have not paid on average more than $375 a month on housing since I was 18 years old, would it have ever made sense for me to buy?
Since I was 18 I've traveled the world, lived in 3 different countries, and moved 3,000 miles across the country from where I grew up. I'm not one to stay in one place. Is that a factor people consider when thinking about buying a house? Do I need to "know" that I will be in one place for a certain amount of years?
I apologize for these naive questions, but my parents are NO help as all they say is "YOU NEED TO BUY A HOUSE" and give me no guidance or no-nonsense advice on whether it's even a good idea for me to do so... Thanks in advance!
Tell your parents you only NEED to BREATHE but you do not NEED to buy a house.
Then tell them that the topic is not for discussion or suggestion any longer and they have stepped over their parental boundry by badgering you about this topic all the time.
When/if you are ready purchase a house, otherwise do not purchase a house and live your life the way you want to live your life.
We rent and have rented for years and we prefer it. We have moved 8 times in 5 years and one cannot do that when they own a home.
You could also tell them if it is applicaple that you do not need to buy a house because you will more than likely inherit a house one day and you prefer to rent until the inheritance comes through.
Having lived on both coasts ( bay area) and different parts of US I know what you mean about COL out there. It really takes living in California to understand the love of it, cost, commute times for some etc.
Perhaps your parents have been seeing the foreclosures, people having money or security problems and don't want you to miss "the boat" or opportunity to purchase " a great deal". Just explain how much it would cost you down, in savings, and the market out there. You might want to look in their area and other areas you might like someday and see if there happens to be a well priced foreclosure just to be informed. You can search the HUD site ( hudhomestore), homepath ( Fannie Mae) , homesteps ( Freddie Mac), these are Gov. foreclosures and you won't have the mine field of attempting to purchase on court house steps which is dangerous. Many HUD homes need work, but there are some great ones that are going for half of what they were in 2007 -2009. Granted they need work etc. Many HUD homes have 100.00 dollars down and FHA 3%, that you could always rent out etc until you wanted it.
I am not saying to purchase, as I agree you don't seem ready to settle down, nor want to or even have the kind of money needed to purchase in bay area.
After seeing those number I see why someone would want to buy all cash.
I think the parent find the home to be forced saving plan. With such low rent, are you saving money for your future? Maybe they are just worried about your day to day see the world life style.
Take your total saving divide it by the 12 years past 18 years old, is your yearly saving. Take that numbers and multiply it by 40 is your projected saving at 60 years old.
$375 for rent might sound low but it can be deceiving. On one hand it sounds like low rent, but of you think about a couple splitting a studio or 1 bedroom for $750 a month, it changes things a bit.
Also being a landlord in California can be very tricky.
Well, I did do 4 years of college, so I don't count 18-22 as money-making years. So, for the past 8 years that I have been making and saving money I've saved ~$5,000 a year. I have savings and a 401K ... Being that I'm single and don't want children, I feel comfortable with my $$ situation as I have no debt and don't plan on getting into any.
If anything, I can see buying land somewhere and building on it in my 40s. But I'm pretty happy doing what I'm doing now with my life...I am a traveler, but I've also always been very responsible with my money. Though they'd never said so, I'm sure my parents don't understand this. The equate a traveling lifestyle with hippies and irresponsibility and poverty.
I just want to make it clear that I really don't like discouraging people from home purchase/ownership. I still think its one of the best things as long as certain criteria is met. I learned that breakdown from a realtor. Doing that really simplifies things for me. He would get way more detailed with all the costs to the point where my eyes got glassy rolled back and I went comatose. He was one of those guys who had to know stuff to the penny. My wife is like that. Lots of times I feel people just get overwhelmed with numbers thrown at them and they really don't understand what they are looking at. I know I used to. Heck I still do sometimes
Good luck to you. I hope someday you buy a house of your own.
Thank you! Honestly, the numbers weren't so much daunting as they were helpful. I love seeing the breakdown and understanding how it all works. I've considered buying land later in life and building on it, I really enjoy working with my hands, but I don't see this happening for another decade seeing that I have to do a bit of saving until then!
Live your life.
Acknowledge that your folks love you, and in their minds, they are giving you good guidance.
And, live your life.
They are not wrong. They just aren't right. So it goes. Send Mom some flowers and hug her when you see her.
Mom: "You should buy a house."
You: "Thanks, Mom! Hey! Have you noticed the BOGO at Dollar General for Kibbles and Bits?"
Haha thank you! I feel like I would find this funnier if I knew what BOGO was, or what Dollar General was, or if I had any pets? I don't like animals unless they're living in the wild.... so sue me.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
