Who ever said homeownership is a money pit ain't NEVER lied!

[Leslie]

It never ends!!!!!!!!!!!!

[GROOVE VICTIM]

YOu got your own home?!?!?!?!?!? [img]hail.gif[/img] [img]graemlins/remybussi.gif[/img] [img]graemlins/thumbsup.gif[/img] [img]graemlins/clap.gif[/img] [img]graemlins/acclaim.gif[/img] [img]graemlins/remybussi.gif[/img] [img]graemlins/remybussi.gif[/img]


Just joshin

I was just talking to my oldest brother out in California about this. Not only is he feeling it when he pumps gas into his car, but when the paycheck comes, the roaches come out of the woodwork!!!

[Gojay]

Hi Leslie,

You can always write it off on your taxes. But your right, it is a money pit. I'll buy a house (a small one) when I hit the the mega millions!

peace,
gojay

[GROOVE VICTIM]

One reason why people move down south?

Homes are madd cheap down here.

[imported_Gman]

A friend sent me this link: The 3 worst reasons to buy a house:

http://moneycentral.msn.com/content/...ide/P37627.asp

[lola desire]

that's for sure... but they pump it up as the american dream. it's got it's ups, but it definitely has it's challenges.

real estate agent:

new home buyer moving in: [img]graemlins/1luvu.gif[/img]

new home buyer 6 mo later: [img]graemlins/mecry.gif[/img] + + [img]mad1.gif[/img] + + [img]graemlins/banghead.gif[/img]

in the end you just gotta cross your fingers and hope you end up with a profit.

[lola desire]

Originally posted by Gman:
A friend sent me this link: The 3 worst reasons to buy a house:

http://moneycentral.msn.com/content/...ide/P37627.asp

that article is very good. they point out a lot of things that people get swept up into when buying a home.

[GROOVE VICTIM]

Very informative article Gman!!!


[img]graemlins/thumbsup.gif[/img]

[Leslie]

Originally posted by Gojay:
Hi Leslie,

You can always write it off on your taxes. But your right, it is a money pit. I'll buy a house (a small one) when I hit the the mega millions!

peace,
gojay

Trust me, if I can do it, anyone can do it - I had no idea what I was doing. I was motivated by a deep hatred for my former landlord.

[lola desire]

Originally posted by Leslie:
</font><blockquote>quote:</font><hr />Originally posted by Gojay:
Hi Leslie,

You can always write it off on your taxes. But your right, it is a money pit. I'll buy a house (a small one) when I hit the the mega millions!

peace,
gojay

Trust me, if I can do it, anyone can do it - I had no idea what I was doing. I was motivated by a deep hatred for my former landlord. </font>[/QUOTE]another problem with buying a house is that people generally push the loan quantity to the maximum. the loan officers and the real estate agents want to make the maximum profit. the mortgage payments often end up being at a level that push the limits of their income; i'll/we'll make the mortgage payment if nothing major happens this month.

it's a challenge, for real.

[imported_Gman]

Don't buy a bigger house than you can afford to maintain. If it was up to the bank and the real estate agent they would have me and Linda way in over our heads. Linda and I bought a house priced so that if either one of us lost our jobs then the other could afford the mortage and other living expenses. In my opinion you need not only the down payment but a maintenance fund of about $10,000 if you are buying an older home.
In one year we did the roof,siding and gutters [img]graemlins/all_coholic.gif[/img]

-G

[Fletch]

Originally posted by Leslie:
</font><blockquote>quote:</font><hr />Originally posted by Gojay:
Hi Leslie,

You can always write it off on your taxes. But your right, it is a money pit. I'll buy a house (a small one) when I hit the the mega millions!

peace,
gojay

Trust me, if I can do it, anyone can do it - I had no idea what I was doing. I was motivated by a deep hatred for my former landlord. </font>[/QUOTE]My moms and her old man is 15 years and counting in their place. It's hard, but they still manage.

Stay in there, Les. May have to dip into your Shelter.1K plan for a few Saturdays, but stay in there.

[Ken1015]

Sometimes I seriously think home ownership is way overrated.

[mhd]

don't believe the hype, buy a house, but do your homework and invest in an inspection.

groove along with cheap housing you also get innovative cuisine in the dirty, ie, steak nuggets = fried pig scrotum

[Leslie]

Originally posted by Gman:
Don't buy a bigger house than you can afford to maintain. If it was up to the bank and the real estate agent they would have me and Linda way in over our heads. Linda and I bought a house priced so that if either one of us lost our jobs then the other could afford the mortage and other living expenses. In my opinion you need not only the down payment but a maintenance fund of about $10,000 if you are buying an older home.
In one year we did the roof,siding and gutters [img]graemlins/all_coholic.gif[/img]


-G

Oh trust me I see that with the proliferation of Jumbo Mortgages that my co-workers have taken out. In the last year 6 of us have bought houses (many upgrading to bigger digs). I also have friends who got preapproved for ridiculous amounts and the have RE Agents taking them to see stuff way out of their reach and on top of which in many parts of NJ, bidding wars are STILL going on for houses. Mine was right place, right time, right price, right taxes, right maintenance fee. I was fortunate.

[Leslie]

Originally posted by Soulful1015:
Sometimes I seriously think home ownership is way overrated.

It is for those who really don't see the benefit in it. There are many people who rent their whole lives and it works well for them, and there is certainly nothing wrong with that. I added up how much rent I kicked out over the years since I moved out of the house I grew up in and it made me rather nauseated - but that was ME. Its definitely a to each his own thing.

[GROOVE VICTIM]

Originally posted by mhd:


groove along with cheap housing you also get innovative cuisine in the dirty, ie, steak nuggets = fried pig scrotum

[img]graemlins/rofl.gif[/img]

It will be a long while before I think about buying a house. Financial freedom (free from the mess I created due to over indulgence) is the goal I have for now. Agressively paying off debt can be hard but watching the numbers drop every month is very refreshing.

Peace

[imported_Gman]

Originally posted by mhd:
don't believe the hype, buy a house, but do your homework and invest in an inspection.

groove along with cheap housing you also get innovative cuisine in the dirty, ie, steak nuggets = fried pig scrotum

Anybody who buys a home and doesn't get it inspected is nuts The point here is that you have to be aware of the costs and factor that in in the beginning. We have had no surprises with the house that we bought. All the outlays have been planned. We had it inspected when we bought it and knew all the expenses down the road (10 years later) that we were facing. No regrets.. :D

-G

[GROOVE VICTIM]

I guess what you guys are saying is to treat purchasing for a home the same way (But much MUCH more involved) as looking for a car.

Peace

[Leslie]

Originally posted by Gman:
</font><blockquote>quote:</font><hr />Originally posted by mhd:
don't believe the hype, buy a house, but do your homework and invest in an inspection.

groove along with cheap housing you also get innovative cuisine in the dirty, ie, steak nuggets = fried pig scrotum

Anybody who buys a home and doesn't get it inspected is nuts The point here is that you have to be aware of the costs and factor that in in the beginning. We have had no surprises with the house that we bought. All the outlays have been planned. We had it inspected when we bought it and knew all the expenses down the road (10 years later) that we were facing. No regrets.. :D

-G </font>[/QUOTE]Amen Gman!! Everything I am doing in this place I knew GOING in would have to be done and knew the approximate cost - again, going in. If you can get down with that - go for it. Plus I had spent the prior 2 years getting rid of debt and getting myself in the position to buy - granted I still don't think I had a whole lotta money, but for what I was looking for, I knew I would be fine. Frankly, I don't think its legal to buy a house without getting an inspection - but each state does have different rules and regulations.

Just have a clear idea about what you can afford, get the visions of the mansion outta your head (unless you are paid like that), understand that the place can be renovated to look like what ever you want, and finally everything does NOT have to be done at once.

[mhd]

Originally posted by GROOVE VICTIM:
</font><blockquote>quote:</font><hr />Originally posted by mhd:


groove along with cheap housing you also get innovative cuisine in the dirty, ie, steak nuggets = fried pig scrotum

[img]graemlins/rofl.gif[/img]

It will be a long while before I think about buying a house. Financial freedom (free from the mess I created due to over indulgence) is the goal I have for now. Agressively paying off debt can be hard but watching the numbers drop every month is very refreshing.

Peace </font>[/QUOTE]good luck, that is a great goal

[imported_Gman]

I think to have control over where you live far outways the freedom that you get from renting. My views are tainted because of all the bad experiences I had renting where I ended up in court twice (winning ;) ) I will never rent again.


-G

[mhd]

Originally posted by Gman:
</font><blockquote>quote:</font><hr />Originally posted by mhd:
don't believe the hype, buy a house, but do your homework and invest in an inspection.

groove along with cheap housing you also get innovative cuisine in the dirty, ie, steak nuggets = fried pig scrotum

Anybody who buys a home and doesn't get it inspected is nuts The point here is that you have to be aware of the costs and factor that in in the beginning. We have had no surprises with the house that we bought. All the outlays have been planned. We had it inspected when we bought it and knew all the expenses down the road (10 years later) that we were facing. No regrets.. :D

-G </font>[/QUOTE]keep in mind that as you continue to work your income should increase, so your ability to afford particular houses increases as well. its a matter of financial philosphy, some people stretch themselves on the first home with the realization that over time it won't be a struggle yet the asset they purchased has appreciated or increased in value at a much higher rate than a cheaper home would have. another way of looking at it is to buy one cheaper asset and then down the road buy a second one and use it as a rental property

[mhd]

as for inspections, you usually get one as part of the transaction, but there is nothing to prevent you from having your own person, that you know and trust, inspect it as well

[Fletch]

I originally looked into buying an apartment, but I've found that I was not ready to take that step. Between the contracts (paperwork, paperwork and more paperwork to sign), plus the closing costs, and taking a real look at the apartment(s) and surrounding neighborhoods, plus offers too good to be true, I made a decision to pull back. That was about 5 years ago. Right now, I have other priorities (applying to grad school), so homebuying for me takes a back seat at this time.

My priorities (in order)
1) School (masters, PhD.), and then:
2) Career advancement, then:
3) Home ownership

This order is best for me right now. Peace.