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How old were you when you bought your 1st home?

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Printed Date: Jul 17 2018 at 10:59am


Topic: How old were you when you bought your 1st home?
Posted By: Blac1Chyna
Subject: How old were you when you bought your 1st home?
Date Posted: Feb 21 2014 at 12:10am
I'm feeling pressure by the fam for me to become a home owner. My mom is forever saying that I should be an owner instead of a renter, etc. Now is just not the time for me to buy IMO. I have no kids, I'm just getting started in my career and haven't even finished school yet. So what I look like buying a permanent residence?



Replies:
Posted By: Printer_Ink
Date Posted: Feb 21 2014 at 12:54am
I purchased my first home at 31 and my mother also pushed me to buy earlier than that. (Renting is throwing your money out of the window - that is true). I didn't have kids either or even a bf at the time but that has nothing to do with it.
 
Home ownership is an 'investment' - same as putting your money into the stock market (so be careful WHERE you buy and WHAT you buy. It's just that you are living in your investment instead of looking at it on paper. The big rule - you want to buy something that you can one day SELL and make a PROFIT off the home, just like stocks. Long story.) 
 
And 'permanent' is relative. Nobody your age would live in a house .. permanently chances are. I would say you have to live there for at least 3 years to earn back at least the money you into it originally. But I would say 5 - 6 years would be long enough to live in your 'starter home' before you sell [up]  and buy something else.Wink
 
I didn't know how to buy a house either of course, but my mother got herself in her car and drove the 9 hours to Atlanta to SIT WITH ME several weeks,  pay down my bills,  and help me find and buy the perfect home. Beautiful place. Since then I have purchased 4 houses on my own - 2 of them here in this new country.
 
Once you go through it the one time ... you can purchase subsequent houses on your own. But IMO you need your mother or father to help you (or someone you trust) that first time around. Smile
 
But how long have you been working in your career? If it's too short of a time ... you are not going to qualify for a mortgage anyway.
 
You have get your credit in order, have 10% in cash to put down on the house, have savings for mainteance (like your oven stops working, or your hot water heater needs replacement etc) and have a stable income so .... is your mother willing to help you?
 
What you could do on your own to is to make an appointment with the mortgage lender at your bank to discuss how you can get a mortgage - based on your income. Every mortgage lender is different but right there, they will tell you what you qualify for, or what problems they already see. That way you know what you need to correct etc and so when you decide you really are ready to buy ... you will know what to expect. (Mortgage lenders lovvvve to talk to you.)
 
Otherwise, though I think your mother is trying to help you prepare for your future - maybe she is putting unreasonable pressure on you to buy a house at this time.
 
I know A LOT about buying a house so if you ever get serious about it - contact me and I will tell you what I know.


Posted By: ms_wonderland
Date Posted: Feb 21 2014 at 2:50am
is she going to help you pay for it?


Posted By: afrokock
Date Posted: Feb 21 2014 at 2:53am
Trust me if you can buy young, buy young


Posted By: Missvw
Date Posted: Feb 21 2014 at 6:06am
I'm buying my house next year, so I'll be 29


Posted By: beautiful_hair
Date Posted: Feb 21 2014 at 6:06am
27, but I sold it back in August.


Posted By: MsBMW
Date Posted: Feb 21 2014 at 6:57am
I purchased my 1st home at 21 years young along with my husband..he was 23


Posted By: Princess Grace
Date Posted: Feb 21 2014 at 7:18am
21, but I had help. 


Posted By: Katrenia
Date Posted: Feb 21 2014 at 7:52am
I was 23. I used my tax return as a down payment, took advantage of a first time buyers program and bought a 3 BR townhouse. I rented out two rooms which paid most of my mortgage. I lived well and only paid about $150 a month for mortgage and my share of the utilities.




Posted By: iBetYouhNvNika
Date Posted: Feb 21 2014 at 7:58am
I'd like to hear some input from those who live in Nyc/Ny.


Posted By: afrokock
Date Posted: Feb 21 2014 at 8:00am
Originally posted by Missvw Missvw wrote:

I'm buying my house next year, so I'll be 29
London homes are so friggin expensive now


Posted By: Missvw
Date Posted: Feb 21 2014 at 8:07am
Originally posted by afrokock afrokock wrote:

Originally posted by Missvw Missvw wrote:

I'm buying my house next year, so I'll be 29
London homes are so friggin expensive now
I know Disapprove I've been saving for a deposit for 3 years.


Posted By: nekamarie83
Date Posted: Feb 21 2014 at 8:26am
I haven't, as it's not fiscally feasible. Not to mention, I'm not totally decided on the living arrangement I'd prefer.
Originally posted by ms_wonderland ms_wonderland wrote:

is she going to help you pay for it?
Originally posted by afrokock afrokock wrote:

Trust me if you can buy young, buy young
Both of these.


Posted By: melikey
Date Posted: Feb 21 2014 at 9:03am
26

I relocated and sold it 2 years ago.
Not buying again until I figure out where I want to raise my children.


Posted By: OoDles O
Date Posted: Feb 21 2014 at 9:40am
26

In the process of selling now
the Numerous snow storms on the east are messing it up for me though.


Posted By: femmefatale85
Date Posted: Feb 21 2014 at 10:01am
buying homes isnt easy in the northeast...my parents just bought a foreclosed home (in cash) that they intend to move in, they told me i can have their old home

honestly, buying isn't always beneficial unless you can pay it off quickly

you can pay off the mortgage but depending on where you live they own you with the taxes...i know a lot of people that find renting more beneficial

never bought
a home...doubt i will for a long time


Posted By: morenaloca
Date Posted: Feb 21 2014 at 12:05pm
20, no help.


Posted By: ragincajin
Date Posted: Feb 21 2014 at 1:55pm
Originally posted by afrokock afrokock wrote:

Trust me if you can buy young, buy young


Agree.


Posted By: kfoxx1998
Date Posted: Feb 21 2014 at 2:40pm
27.  Hubby who was my b/f at the time sold his car to make the down payment. 

Renting really is throwing your money away.  I'm renting now because I haven't been able to narrow down where I want to purchase BUT I'm over paying someone else's mortgage.   Whatever I buy next will be a future rental.   I have a two family rented out now but I'm ready to buy another one and live downstairs until I make up my mind.  


Posted By: leftywefty
Date Posted: Feb 21 2014 at 3:45pm
I hope this isn't being to invasive, but anyone who has purchased a home care to say how much money they put down, and how much the place was?
It's no joke out here in boston, seems like homeownership is becoming a thing of the past in these northeastern cities. The 2bd condo i'm renting is valued at 200k…TWO BEDROOM!




Posted By: shellbee823
Date Posted: Feb 21 2014 at 3:54pm
The minimum down payment for an FHA loan is 3.5% of the purchase price. Plus all closing costs.

If you are a veteran you can get a No down payment loan.

I bought my home at 25. It was 63k. I live in the Midwest. Suburban. 2 bed 1 bath 1100 sq feet with a 2 car garage.


Posted By: Maple Syrup
Date Posted: Feb 21 2014 at 5:04pm
Originally posted by leftywefty leftywefty wrote:

I hope this isn't being to invasive, but anyone who has purchased a home care to say how much money they put down, and how much the place was?
It's no joke out here in boston, seems like homeownership is becoming a thing of the past in these northeastern cities. The 2bd condo i'm renting is valued at 200k…TWO BEDROOM!




When I live that's cheap, That's the starting price for a 1 bedroom.

At Toronto current prices- It look like I'm going to be a renter for life.


Posted By: nitabug
Date Posted: Feb 21 2014 at 5:09pm
24 or 25


Posted By: Sang Froid
Date Posted: Feb 21 2014 at 5:11pm
I probably won't look to buy until I'm married. 


Posted By: MinnyMiss16
Date Posted: Feb 21 2014 at 7:10pm
Dang, so who can actually help me plan this out? Im so serious! PM ME Smile


Posted By: Katrenia
Date Posted: Feb 21 2014 at 7:36pm
Originally posted by MinnyMiss16 MinnyMiss16 wrote:

Dang, so who can actually help me plan this out? Im so serious! PM ME Smile

Go to the city hall of your city and several other surrounding cities to find out about home buying incentives. Some cities offer no down payment if you qualify and many have different first time buyer plans. 
Most of these programs are funded early in the year and once they've been depleted, there may be a waiting list or they'll stop accepting applications.
NACA is a good program but with them you must be persistent.


Posted By: ThatGurlD
Date Posted: Feb 22 2014 at 12:53am
32, $300,000 for a 1900 sq ft 3 bedroom with a 2-car garage and fenced yard.  It is my DREAM house.  We waited until the rates dropped.  Hubby is a veteran so no down payment.  I can't get over this place.  It's not huge (we have 3 kids) but it's so right for us.  By a lake and lots of trails, good schools.  Not nearly the biggest or smallest house in the neighborhood (good resale value).

We had a ton of pressure.  We looked for TWO YEARS!!  Between not finding what we loved and not having our finances truly on point, we stopped looking a couple times in the past but they say the third time is a charm.  If buying a home isn't right for YOU, don't do it.  It's financial fitness, it's timing, it's location, resale, work proximity, finding a community you really want to be a part of.....it's so many things.  I couldn't be happier but we waited until it was right for us.  Now many of the same people who were urging us to buy during the bubble have been foreclosed.  Now is a great time if you can, but housepoor is not an investment in my opinion.  I'd personally rather rent and have lots of positive cash flow than buy and have nothing but a house.  Even if you don't buy now, you can start getting in position to buy.  I raised my credit score 88 pts in 7 months and that made a huge difference in the rate we ended up with.  In the words of my daddy, "Y'all stole this house!" Being a homeowner feels good but getting a great deal feels even better. 

Good luck OP!


Posted By: melly
Date Posted: Feb 24 2014 at 12:22pm
Originally posted by Maple Syrup Maple Syrup wrote:

Originally posted by leftywefty leftywefty wrote:

I hope this isn't being to invasive, but anyone who has purchased a home care to say how much money they put down, and how much the place was?
It's no joke out here in boston, seems like homeownership is becoming a thing of the past in these northeastern cities. The 2bd condo i'm renting is valued at 200k…TWO BEDROOM!




When I live that's cheap, That's the starting price for a 1 bedroom.

At Toronto current prices- It look like I'm going to be a renter for life.



http://toronto.kijiji.ca/c-real-estate-condos-for-sale-OWN-A-CONDO-500-MONTHLY-MINUTES-TO-DOWNTOWN-TORONTO-ON-LAKE-W0QQAdIdZ567119724QQfeaturedAdZtrue


Posted By: Ms_Kudos
Date Posted: Feb 24 2014 at 2:18pm
23.
My mom cussed me out for buying a car before a home...it's well worth it.  Depending on where you live, they may have First Time Homebuyer Assistance as well. This could just be your 'starter' home, not necessarily the home you'll have when you're married and have children.


Posted By: Cream1970
Date Posted: Feb 24 2014 at 2:28pm
39 yr old , no help
 
4 br, 2.5 bath, 2576 sq feet, all brick, 19 yrs old at the time
 
$140k in a better than average, not amazing, middle class neighborhood. My neighbors are teachers, nurses, retired military,respitory therapists, regular folks, lol.  (for ME, it was all about the quality of the school district because I had kids in school)
 
I put about $6 down, the original owners paid the closing costs and bought my home warranty for the 1st year (covers major appliances, the heating and cooling unit, and saved me THOUSANDS).
 
It's not as easy as I thought it would be. I figured since I had no issues paying $850 a month for a small two bedroom apt, paying a few hundred dollars more a month to buy would be easy.
 
I was not prepared for the cost of ownership.. the maintenance aspect..Good Lord!..(And unexpected things like losing my job, without warning, less than a year later.)
 
Even though I was approved for $160k, I only used $140k and in hindsight, I have waaaay too much house. (I live in Texas, so you get A LOT of house for your money. $140k in other cities is a run down shack, but not in San Antonio, lol)
 
 Both of my kids will be gone in less than a year, wtf do I need alladis house for? I plan to sell in a few years and get a condo.


Posted By: Cream1970
Date Posted: Feb 24 2014 at 2:30pm
My gf bought her house the same year as I did and she was 23.


Posted By: TexturizedDiva
Date Posted: Feb 24 2014 at 3:40pm
31, $39,900 condo (original buyer paid $150,000 for it), cash purchase.  Has really saved me from the rising Atlanta rental rates.  Place is paid for - I only pay out about $225 in HOA fees and utilities. 
Best thing I could do, because the place I was about to move to was luring me in at $650 a month rent, and now those same apts. are $875.



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