house downpayment (percentage, price, property, renters)
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There are many advantages to renting vs. buying. Renting is stable, whether it be month to month or a lease. When owning a house, ajdusting to ways of saving (I am by the way all for that, where you can) payments are made and it's all great.... until the furnace breaks down in the dead of winter. Which do you take care of first? The mortgage payment or the furnace? Which do you put on credit? the payment or the furnace?
At the least, renters have more assistance available to them to remain where they're living more than those who own property and can't make a payment, because a family member is hospitalized, a loss of job... (fill in another hard luck situation). With renting, I'm finding it's a little more easier in trying to save for college so your kids can have a better chance at getting a better job.
Of course a real estate agent is going to suggest people work a second job, I know a few and they are hurting for business. Buying a home, I'm under the impression is somewhat stagnant, so agents are at a loss of income.
Of the people I know of, read about, see within my City... they'll opt to take on a second job to support their families first. Owning a home is probably last on their list of "wants" .... because the "need" of shelter (at less price) is more of a priority.
What happens if a homeowner misses a payment? What happens when they lose their house because of unplanned hard times? The real estate agents still got paid, right?
You stated in your first post that you would love to buy in you area.
When realtors give you suggestion you jump on them for giving valid suggestions, you have done it twice just in this thread.
If you don't want real life advice don't ask for it.
You complain that the government makes it hard for the working class poor but that just sounds like an excuse.
I never had anything given to me, I had to work for it.
And as a final answer, yes the realtors got paid BECAUSE THEY EARNED IT!
The NYC metropolitan area has become exceedingly expensive. The market drove it up.
Having an "Owner mentality" is the best idea. Get into the market as soon as you possibly can, rather than making someone else wealthy off your rent.
I was lucky, I scrimped and saved and borrowed when I was 27 to buy my first multi-family home.
I lived in the basement studio for a year and let the tenants pay my mortgage. Then I refinanced and bought another 2 family 4 years later.
It wasn't until I was into my forties that I bought a single family home.
Take baby steps or find an area that is more reasonably priced.
You stated in your first post that you would love to buy in you area.
When realtors give you suggestion you jump on them for giving valid suggestions, you have done it twice just in this thread.
If you don't want real life advice don't ask for it.
You complain that the government makes it hard for the working class poor but that just sounds like an excuse.
I never had anything given to me, I had to work for it.
And as a final answer, yes the realtors got paid BECAUSE THEY EARNED IT!
I would love to buy in my area, it isn't that I can't save or I am lazy
Second, throughout this entire thread I've talked about the cost of living while others have made implications based on their theories of why lower income people can't afford property. Of which I've given a substantial reason why.
Third, I didn't ask for advice.
Fourth, when people hardly have money to put food on their table, have to cut bills in half or make special payment agreements, that after having a two job household, it's the biggest reason they have for not buying property. It's not an excuse, it's reality for the harder working class. How many "inner city" clients do to take on? How many people who you know can't afford a house, do you try and sell it anyways? Is this your idea of being paid out of "earning it"? I'm asking questions not for myself, but for the many, many people out there whom have put their "want" of a new home on hold because the "need" of living is more important to them.
Second, throughout this entire thread I've talked about the cost of living while others have made implications based on their theories of why lower income people can't afford property. Of which I've given a substantial reason why.
Third, I didn't ask for advice.
Fourth, when people hardly have money to put food on their table, have to cut bills in half or make special payment agreements, that after having a two job household, it's the biggest reason they have for not buying property. It's not an excuse, it's reality for the harder working class. How many "inner city" clients do to take on? How many people who you know can't afford a house, do you try and sell it anyways? Is this your idea of being paid out of "earning it"? I'm asking questions not for myself, but for the many, many people out there whom have put their "want" of a new home on hold because the "need" of living is more important to them.
Last, I earn my living just the same.
I am not going to get into a back and forth with you except to say I pointed out there are down payment assistance programs for low income families.
This is a program paid for and administered by the government but you have blamed the government for the inability of "working class poor to get ahead".
And to call your class the harder working class because you make less money is ridiculous.
I am not going to get into a back and forth with you except to say I pointed out there are down payment assistance programs for low income families.
This is a program paid for and administered by the government but you have blamed the government for the inability of "working class poor to get ahead".
And to call your class the harder working class because you make less money is ridiculous.
The programs you speak of is basically for the down payment of first time home owners, but what else thereafter? What help is available a year or two later? Not much, right? If you can't make the payments, you can't keep the house, right?
Lower income people have to spend more of their money for the "needs" of daily living, so yes... working longer hours, taking on another job, less time away from their family... they do work harder than someone who sits in a cozy office making phone calls from 9-5.
Specifically though, I'd really would like to an answer to the question I asked before your reply of saying you're going to get into it:
Quote:
How many people who you know can't afford a house, do you try and sell it anyways?
The programs you speak of is basically for the down payment of first time home owners, but what else thereafter? What help is available a year or two later? Not much, right? If you can't make the payments, you can't keep the house, right?
Lower income people have to spend more of their money for the "needs" of daily living, so yes... working longer hours, taking on another job, less time away from their family... they do work harder than someone who sits in a cozy office making phone calls from 9-5.
Then don't get a house. Do you think you are going to get 20% down payment assistance and then also have someone pay your mortgage payment?
Not everyone can own a home and from what you are telling me I guess you are one of those people.
There is absolutely nothing wrong with renting but there are programs out there for people who want to buy.
As far as working harder, I busted my ass to get where I am. I used to work 80 hours a week when I first got married and built myself up to where I am now. The fact that I do not have to do as much physical labor now does not mean that I am not working just as hard as someone making less. In fact I would venture a guess that my average work week is much harder than the average work week of someone making minimum wage.
fyi, I also work with many first time homebuyers who are looking for homes under 100k, I don't sell in the inner city for once specific reason, to me there is no re-sale value, that being said, I would be doing any client of mine a diservice in having them purchase there, I do however work and recommend other areas of the city, that are not considered high end, but are considered a good resale - south buffalo for instance, (since this post originally appeared in the buffalo forum)
You'll find this odd, but every time I meet with someone to explain the process of first time home buying I say this to them..... You as a buyer need to decide how much you want to spend on your home, however here is some advice, please do not spend the full amount that you are qualified to spend....some people's mouths drop open or they look at me odd - I want them back in 5-10 years when they want to upgrade, or I want them to refer me, I don't want them telling others I "pushed" them into a home 25k above what they originally wanted to spend, and now have no money.
so, sure, some agents are crappy, but so are some auto mechanics or managers etc, I think you get my point.
And let me say that there is nothing wrong with renting. To be honest in my opinion, with the real estate bubble bursting, I believe that renting can be less expensive and less problematic in the long run. I just payed for an expensive furnace repair on my house. I wish I could have just called a landlord to pay to have it fixed...yuh know?
Most people have way to much debt. Eliminate the credit cards, start paying cash, down size your car and listen to Dave Ramsey on the radio for great ideas.
The money people pay in interest on their debt could then be put into savings. The states should bring back Usery Laws, the rates, fees charged by credit card companies should be criminal.
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Get out of debt
