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I have to say I disagree with you on most of this. I bought a condo when I was single and I loved living there. My monthly check was going toward something, not being completely wasted. Plus I was free to do what I wanted inside the place which you can't do if you rent. Then when I got married and bought a house I rented the place out. It paid itself off and became a source of a modest income. I recently sold the place at a tidy profit.
I also disagree about living in a cheap apartments. Cheap apartments are cheap for a reason and that usually means it is in bad condition and located in an unsafe area. That may be fine when you are young but as you get older and more successful, you need to start enjoying the fruits of your labor. As the saying goes "You can't take it with you". Of course a person must save for their future but they have to balance that with other goals as well.
Finally I would also add to your fifth bullet to NEVER listen to an investment person either. They usually have an ulterior motive, like getting as much from you as possible. I would also say take advice from an accountant with a grain of salt. They rarely see beyond the pennies in front of them and do not understand the inherent value of things beyond the bottom line or see things in the true long term.
If I could go back and give myself advice I would go back to when DW and I saw our dream home but did not buy it because we were unsure we could afford it. Looking back we could and to this day it is our biggest regret. We never saw another home like it even though we kept looking. You only live once so why not enjoy it. Jay
Agree. Condo living is great for some people (myself included). Just know what you're getting into.
Living in cheap apartments is one thing when you're in your 20s. But in your 40s and 50s? No one wants to live in a cheap, crappy place if they don't have to. Why does having kids make you more worthy of a nicer place?
Don't buy a house with a "partner". I've seen too many of these end contentiously.
If you are married, and both working, keep your house payment down to where one could pay it if the other loses their job.
Buy below your means.
Buy before you have children if possible. You can't imagine all the expenses that come up with parenthood.
we followed all those things. Alas, we probably shouldn't have been so careful and should have gone higher early to buy some view property or waterfront back when prices haven't gone through the roof in this area. In hindsight we were too careful
Cut the Realtor loose when you feel like you are becoming an irritant, don't do the second chance, or just one more chance routine. It should have ended the minute I felt I was late to see the home in time to make an offer.
Don't disregard the advice your Realtor is giving you because you already have an emotional attachment to yhe home.
when my dad got divorced, he got rid of everything, book, tool, nic nat. He only kept what would fit in his explorer and a small u haul. rented nice apartments, traveled. but if a hurricane came or he hated his neighborhood, or just wanted to live some where else. He was pack and gone in two hours.
I would have looked to stretched my first home into a 4 bedroom. The amount that you tend to lose through a RE transaction (close to 8-10%) is tough to get around and going a bit bigger is better than being "stuck" in a place where you are cramped.
Condos can be a good thing (I am in one now and love it)... Yes they tend to be a bit smaller but many of our friends spend their weekends doing yard/house work while I spend it at the beach or in the mountains.
Last thing is that you should want to be in the house for 10 -15 years.
Buying a home is the by far the most expensive thing that individuals purchase yet people don't act like it. You should be very familiar with all aspects of the transaction.
Last bit.... I would have asked my RE for 1% of the commission as a rebate.
Cut the Realtor loose when you feel like you are becoming an irritant, don't do the second chance, or just one more chance routine. It should have ended the minute I felt I was late to see the home in time to make an offer.
Two different times we stuck with realtors out of a sense of loyalty. Wish we hadn't done that. It cost us money both times.
Wish I knew that there is a difference between the full-time experienced agents and the part-time dabblers.
Had a great realtor for the last home we sold. She set the bar.
when my dad got divorced, he got rid of everything, book, tool, nic nat. He only kept what would fit in his explorer and a small u haul. rented nice apartments, traveled. but if a hurricane came or he hated his neighborhood, or just wanted to live some where else. He was pack and gone in two hours.
cant do that with a house
That's what I'm talking about. Want to move cross country for a different job? Pay the 1 or 2 months' rent penalty to get out of your lease, throw everything in the U-haul, then off you go. With a house, you're stuck there until you can sell.
Quote:
Originally Posted by froglipz
Buy early, buy often!
And get eaten up in realtor's commissions and closing costs.
Buy the newly redone house you saw the first weekend out. Don't worry about the rundown house across the street, because 5-10 years from now when you are ready to move, they may well be gone or the house condemned and cleared out.
Of your final two candidates, pick the other house - it may be smaller but you'll be happier.
Get the sewer inspection on the house you bought, it'll save you 2K two months after moving in
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