Feeling Pressure to Buy a Home

[MoneyCntByLuv]

I'm 25, so I know I'm still young, but I'm feeling pressure to buy a home. Does anyone else look around them and see their friends buying condos/townhouses? I see this and feel bad about my own financial situation. But I do have to remember that appearances aren't always everything. Maybe these friends got down payments as gifts from their parents...Maybe they bought a condo in their parents' names and are really just paying rent to their folks....Maybe they put virtually no money down and are stuck with a crazy adjustable rate mortgage that they are struggling to make payments on....

I must take comfort in the fact that I'd rather pay off my car, pay off my CC debt, and do some damage to my student loans before taking on more debt. I also must accept, and take pride in the fact, that I'm doing it all on my own without parental help.

Anyone else have feelings like this?

[vxmike]

24 here and I'm 100% disgusted and tired of people trying to pressure/convince me into buying a home. I hear about it almost on a daily basis.

I can easily afford a home, but I don't want one!!! It's cheaper and easier for me to rent, since I have no interest in home maintenance and don't want to be tied down. Yes I understand your home purchase for 2x your annual income back in 1978 worked out great for you Mr Boomer but it's not quite going to play out the same for me if I buy today...sorry!

[wordsmith]

Yawn...no pressure here.

[yankeeyosh]

Ugggh...

I don't want to get into any trouble, but here's what I say. DON'T buy a home unless you feel you're absolutely ready. It's the most expensive investment you will ever make...it's a transaction of hundreds of thousands of dollars. People where I live are still renting and have roommates in their forties. Even people who are making good livings. People will not look down on you if you're renting, and if they do, they're assholes.

End of story.

[asm198]

My fiance wanted a house. He found one he liked and could afford. He bought at age 24.

My best friend ended up buying his apartment. He liked the area and liked the complex. He weighed the options when it went condo and decided to buy. He was around 27.


Everyone is happy with their decisions. They thought about it and decided that's what they wanted to do and everyone is happy about it.

[Xander]

I just bought last week, but only because I think I will be financially better off in the future. You shouldn't feel any pressure to buy if it doesn't make financial sense, or if it's not something you want. Forget about other people buying (myself included). Buying a home has little to do with financial situation, as people who shouldn't buy do buy. Besides, "buying" a home is different from "owning" a home. I bought a house, but I don't own it--the lender does. :D I'm paying the lender "rent" until I sell or pay it off. It's hardly glamourous nor altogether different from renting.

Some points: I don't have car payments, CC debt, or student loans. If I had any of those, my absolute first priority would be to pay them off. You'd be insane to think about taking on more debt, so you've got the right idea.

I'd get rid of the car if I could (if you're in the city), but pay off the CC first, then student loans...

I also must accept, and take pride in the fact, that I'm doing it all on my own without parental help.
Absolutely. Keep plugging away at the CC debt (since it has the higher interest), then student loan. What's the rush?? You'll get where you want to go as long as you keep your priorities in mind, so take your time.

Besides, I'm going to really need to clamp down on my spending now that I've stretched out my financial situation--to the point of bringing in lunches instead of eating out, etc... It's a lifestyle I chose, but not one everyone wants. Keep your head up. You're a smart person.

[winneythepooh7]

I'm just going to say it and people can think what they want about me, whatever:

The only reason my fiance and I will be able to purchase a house is because we are getting a lot of help with the down-payment. We are both extremely grateful for that. If anyone wants to think bad about me, well, that's THEIR issue. The other reason that homeownership is somewhat appealing (moreso for him then me ;) is because he is a contractor. Fixing up homes and building is well, his thing. Hopefully we will be able to find a major fixer-upper that he will be able to work wonders on. Both of us are also out of our 20's and have focused on getting our career and finances in order FIRST. And it's probably going to be at least one more year before we take the house plunge.

[EmberMae]

A lot of my fiance's co-workers are buying homes. They hired a bunch of people at his company from his graduating class so they're all about the same age as us. I don't think they have as much student loan debt though. Personally I don't especially see the need for a home until i'm ready to have children. We have plenty of space in our apartment and I don't want to be locked into a mortgage until I'm sure I'm not going anywhere for awhile.

[SmilesSoSweet]

I'm just going to say it and people can think what they want about me, whatever:

The only reason my fiance and I will be able to purchase a house is because we are getting a lot of help with the down-payment. We are both extremely grateful for that. If anyone wants to think bad about me, well, that's THEIR issue. The other reason that homeownership is somewhat appealing (moreso for him then me ;) is because he is a contractor. Fixing up homes and building is well, his thing. Hopefully we will be able to find a major fixer-upper that he will be able to work wonders on. Both of us are also out of our 20's and have focused on getting our career and finances in order FIRST. And it's probably going to be at least one more year before we take the house plunge.

My mom offered to give me a 20% down payment to buy a house out here. She was planning on taking out some equity on her home and then giving that to me. I told her that I'd accept it, but not right now.

I was in escrow last year and after the house inspection didn't go well, I backed out and then re-calculated my finances and realized that buying a home for me wasn't the best thing to do. It's the ONLY purchase that you can't return and get your money back.

I like having my cheap rent and then be able to afford luxuries like cable, internet, etc. I don't have a car payment and have a little credit card debt. My student loans will be paid off by the summer, but I'm still not itching to buy a house like I thought I wanted to last year.

The one thing I actually like is that I didn't buy a car after I graduated from college because the car I had when I graduated was still in great condition. It's a 1993 Corolla with 141,000 miles on it. I'm still driving it now because my car still runs well. I've had many, many friends and family ask me why I don't buy a new car. Why should I have to? Nothing's wrong with the car I have now? And that's what I tell them, and then they just shut up about it.

Do what's best for you - don't do things because everyone else seems like they're doing it.

[wordsmith]

As with anything, I would say to make sure you're buying a house because you truly want to (and are ready to) buy a house. Not because it sorta seems like you should be.

[AshleyJordan]

Some pressure, planning to buy a little starter condo in a year or two, what's annoying to me is that my family lives way out in the middle of nowhere, where almost no one buys an apartment-- they buy houses. I live in Brooklyn. At Christmas everyone was kind of getting on my case, saying, "I don't understand why someone would just buy an apartment. Why don't you just buy an entire house?" Uh, in NYC, on my own? :eek: Right.

[winneythepooh7]

My mom offered to give me a 20% down payment to buy a house out here. She was planning on taking out some equity on her home and then giving that to me. I told her that I'd accept it, but not right now.

I was in escrow last year and after the house inspection didn't go well, I backed out and then re-calculated my finances and realized that buying a home for me wasn't the best thing to do. It's the ONLY purchase that you can't return and get your money back.

I like having my cheap rent and then be able to afford luxuries like cable, internet, etc. I don't have a car payment and have a little credit card debt. My student loans will be paid off by the summer, but I'm still not itching to buy a house like I thought I wanted to last year.

The one thing I actually like is that I didn't buy a car after I graduated from college because the car I had when I graduated was still in great condition. It's a 1993 Corolla with 141,000 miles on it. I'm still driving it now because my car still runs well. I've had many, many friends and family ask me why I don't buy a new car. Why should I have to? Nothing's wrong with the car I have now? And that's what I tell them, and then they just shut up about it.

Do what's best for you - don't do things because everyone else seems like they're doing it.

Excellent advice SSS. I find that people who do things that aren't well planned out, or because "everyone else is" are usually the ones who live to regret their decisions. I am not saying that everything can be planned, but something like home ownership should never be the type of thing that is taken lightly. What I recommend is for those of you who are getting pressure to buy a home, go watch that move "The Money Pit". Even though it's a comedy, I don't think it's that far off from what many home-owners go through. Owning a home is great, but what about taxes and upkeep like a new roof or new appliances? You also can't pick your neighbors, which is a BIG thing I often hear my friends who are homeowners complain about.

[yankeeyosh]

One thing I love about boston is that no one feels any pressure to buy a home. I think I met only one person under 30 here who owns a condo (and even then, I'm not sure, since she never told me if she owns it or the person she is living with does). Seems this area is a "haven" from that pressure for some reason.

[AshleyJordan]

One thing I love about boston is that no one feels any pressure to buy a home. I think I met only one person under 30 here who owns a condo (and even then, I'm not sure, since she never told me if she owns it or the person she is living with does). Seems this area is a "haven" from that pressure for some reason.


Because it has such a high proportion of students and a much more transient population than any other city I can think of ;)

[Winter Storm]

I honestly know very few friends that own a home, most of them rent just like me, so no pressure here. But I honestly have NO desire to buy at this time. I don't want to settle and plant roots where I am and am still open to packing it all up and rolling in a few years. The idea of buying where I am, makes me feel like I'll be stuck here for a long time.

[AshleyJordan]

I'll say once I got my financing straightened out (see other threads, didn't get my first-choice mortgage,) and made offers on a couple of places, I started to get cold feet over this fall/winter. . . I backed out , and I'm glad I did.

[yankeeyosh]

Because it has such a high proportion of students and a much more transient population than any other city I can think of ;)

Perhaps, but there are many natives who don't intend to leave. There are plenty of professionals well into their thirties and even forties who are happy living with roommates.

[SmilesSoSweet]

Another thing I tell my family is that my own parents didn't own a home until they had three kids and had be married about 10 years already. They bought a house when they were ready to. And in reality they didn't even had to buy a house then because we were a Navy family and we could have just lived in military housing instead of buy.

And the one thing I told my mom was that if I bought a house (condo/townhome/SFR) I wanted to actually live in that house for awhile. I don't want to be one to buy a house only to turn around and sell it in a couple of years just to make equity and buy a bigger house. I want to enjoy living in a house, not having to constantly move and stuff.

My parents have lived in the the only house they bought. The same house I grew up in. They had no urge to sell their house and move into a bigger house or better neighborhood just because everyone else was selling their homes to do the same thing.

My brother and his wife bought a condo in 2004 (before they were married). They recently sold that condo and bought a house for a sh*tload of money! Anyway, they spent a lot of money fixing up the condo so that they could just sell it. The one thing I kind of laughed at was that they spent good money on bedroom furniture that fit really well in the master bedroom of the condo. That same furniture barely fits in their master bedroom of their house and they were complaining about it. I was like, "if you knew you were going to move in a couple of years, why bother buying such nice furniture that only 'fits' in this home [condo]?"

Also I know plenty of people that wanted the "instant gratification" right after college. They bought the brand new cars - even the luxury cars. And just months after buying everything they "needed" they were back home living with their parents because they ran out of money and rang up their credit card debt.

I'd rather rent for the rest of my life than to buy more than I can afford.

[winneythepooh7]

It's interesting to note, that I don't see many young people being "pressured" to buy by anyone really. I don't know if that is the correct term. I think it's more of a status-kinda thing and wanting to be like others. Or like owning something, even if they can't afford it, is a sign that they are super-successful. Although when you see people who buy (or well, finance) anything that is out of their means, they really just end up looking foolish IMO.

[yankeeyosh]

It's interesting to note, that I don't see many young people being "pressured" to buy by anyone really. I don't know if that is the correct term. I think it's more of a status-kinda thing and wanting to be like others. Or like owning something, even if they can't afford it, is a sign that they are super-successful. Although when you see people who buy (or well, finance) anything that is out of their means, they really just end up looking foolish IMO.

I agree, although I do think peer and parental pressure do contribute to this somewhat.

[AshleyJordan]

It's interesting to note, that I don't see many young people being "pressured" to buy by anyone really. I don't know if that is the correct term. I think it's more of a status-kinda thing and wanting to be like others. Or like owning something, even if they can't afford it, is a sign that they are super-successful. Although when you see people who buy (or well, finance) anything that is out of their means, they really just end up looking foolish IMO.


As a lot of posters know, I shopped around a lot for mortgages--maybe 5 or 6 different lenders. In that process, I found it striking that most banks/mortgage officers tried to get me to sign up to borrow about an extra $50-$150K. . . an offer I refused. I was left wondering how many other people got in so far over their heads, and upset that the banks OK'ed it all-- in fact, encouraged it.

And I got offered home equity loans on the spot-- before I had a home or any equity! Scary.

[winneythepooh7]

I agree, although I do think peer and parental pressure do contribute to this somewhat.

Well in that case, they need to contribute towards the down payment and anything that comes up LOL.

[sparky88]

My husband and I live in an apartment. It's month-to-month and that's awesome because we are not locked into a 6-12 month lease. It's very flexible and right now that's what we need. Plus, we are only there on weekends so we don't need a house- just a place to hang out on saturdays/sundays. We are planning on buying a house in 3-5 years.

Of my friends who own houses (4 couples) they bought straight out of college and got downpayments from their parents/grandparents in the range of 25-30K. They are not snobbish about owning at all, and don't pressure me to buy.

I have no pressure from family to buy a house. In fact, most of my family tells me to shy away from it because the mortgage has been such a thorn in their side (Cleveland OH housing market- tough to sell in many areas).

[Winter Storm]

In fact, the more I talk to homeowners and the problems they've had with their houses, the less I want to buy anytime soon.

I was over my sister's house just last night and she was telling me about the 12 hours of work she put into to lay new tile in her basement only to have the toilet down there overflow and some of the tiling came back up and needs to be redone. She just spend a lot of money getting a new front door and after retiling her bathroom, the door now doesn't shut properly. :rolleyes:

[yankeeyosh]

If pressure is there, I really think this might be a case study for Malcolm Gladwell to look at...there could be a tipping point involved.

[winneythepooh7]

As a lot of posters know, I shopped around a lot for mortgages--maybe 5 or 6 different lenders. In that process, I found it striking that most banks/mortgage officers tried to get me to sign up to borrow about an extra $50-$150K. . . an offer I refused. I was left wondering how many other people got in so far over their heads, and upset that the banks OK'ed it all-- in fact, encouraged it.

And I got offered home equity loans on the spot-- before I had a home or any equity! Scary.

Honestly, I think anyone can probably get approved for a mortgage. But can they manage the payments and upkeep of a home? I think a lot of mortgage companies target low-income and vulnerable people because they will ultimately end up making a lot more $$$ of them, and many times, these are the people who end up losing their homes. These are often the people who want the status and prestige of owning something because of what they've come from in their past. Again, in their mind, this is what success looks like.

[yankeeyosh]

Honestly, I think anyone can probably get approved for a mortgage. But can they manage the payments and upkeep of a home? I think a lot of mortgage companies target low-income and vulnerable people because they will ultimately end up making a lot more $$$ of them, and many times, these are the people who end up losing their homes. These are often the people who want the status and prestige of owning something because of what they've come from in their past. Again, in their mind, this is what success looks like.

Yes. Owning a home is a lot more than the mortgage.

[beeblebrox]

Chicago's a strong mix of renters and owners. Some of the older apartment buildings are being converted into condos, so it makes more competition for better rental places.

I want to buy in a few years, but don't feel the pressure. I know that I don't have enough saved up yet and I'll be moving in with my boyfriend so some of my expenses will lessen to save more. Either way, I'm not feeling the pressure. It's just not the right time to do so.

[winneythepooh7]

I know it's been said before, but Flip this House is not real, either. It's a TV show. Making any Tom, Dick and Harry look like they are a powerful investor able to make tons of money on a house they don't know how to do the work (or afford the work) on.


There are a ton of vacant "flipped houses" on my fiance's parent's block alone, that have pretty much been vacant since I've known him (3 years). Just think of that financial loss right there in the mortgage payments alone!

I bring this up because I've heard people use this as their justification for buying a home. I know if we buy a home, flipping it down the road would be nice, but I am also going into it with the mindset, that I may, in fact, live there forever.

[cheshrcarol]

I have no desire to buy now or even remotely in the future. House upkeep is a real b@tch. I stayed at my aunt's house in october to help her out, and she had several things go wrong in an extremely expensive and relatively new house, just while I was there. One sink disposal broke, the heat stopped working twice, there was problem with the yard maintenance. Luckily she makes enough that she can just pay people to fix things. I'd rather just make a phone call to my landlord and have something taken care of.

The only thing I don't like about renting is the lack of permanence. I'm tired of moving every few years, and I'd like to find somewhere that's really home and I can stay for a long time. If stay around here, it's not a problem. If I have to move to a more expensive area, it may be an issue. I'd probably have to start out at less expensive (and less nicer) place, and then move again in a few years when I'm making more.

[Winter Storm]

The only thing I don't like about renting is the lack of permanence. I'm tired of moving every few years, and I'd like to find somewhere that's really home and I can stay for a long time. If stay around here, it's not a problem. If I have to move to a more expensive area, it may be an issue. I'd probably have to start out at less expensive (and less nicer) place, and then move again in a few years when I'm making more.

See, that's the other thing I LOVE my apartment. It is so cozy and homey to me. I'e been there going on 3 years and I plan to stay until I either leave town or break down and buy (which I don't want). I've got large rooms, tons of closets, killer parking, nice neighbors and its relatively quiet, clean and not too far from anything. I doubt I'll find an afforable house with a bedroom the siz of mine with large double closets and a balcony. And the rent increases haven't been more than $5 a year so I feel totally spoiled.

[yankeeyosh]

One more thing. I dont' care anymore and will not worry who buys a home or doesn't. I trust everyone makes the best judgement for themselves and their futures.

[Winter Storm]

One more thing. I dont' care anymore and will not worry who buys a home or doesn't. I trust everyone makes the best judgement for themselves and their futures.
:) (smile)

[winneythepooh7]

One more thing. I dont' care anymore and will not worry who buys a home or doesn't. I trust everyone makes the best judgement for themselves and their futures.

That gives me warm fuzzies to finally hear you say something like that Mark!

[SmilesSoSweet]

See, that's the other thing I LOVE my apartment. It is so cozy and homey to me. I'e been there going on 3 years and I plan to stay until I either leave town or break down and buy (which I don't want). I've got large rooms, tons of closets, killer parking, nice neighbors and its relatively quiet, clean and not too far from anything. I doubt I'll find an afforable house with a bedroom the siz of mine with large double closets and a balcony. And the rent increases haven't been more than $5 a year so I feel totally spoiled.

Same here. My apartment does have some bad things - like community laundry room instead of in apartment washer/dryer. But I choose that. So I do all my laundry (anywhere from 2-5 loads) all at once.

I won't be moving anymore until I end up buying something or I move out of Phoenix. Before in CA, I was moving every 9-18 months because I was just trying to find an affordable place to live. With my current place, my rent is cheap so I don't have to worry about moving to find a cheaper place. And because I continue to renew my lease, the rent increase is still cheaper than what it is now to rent the same exact apartment for a new tenant.

[winneythepooh7]

Same here. My apartment does have some bad things - like community laundry room instead of in apartment washer/dryer. But I choose that. So I do all my laundry (anywhere from 2-5 loads) all at once.

I won't be moving anymore until I end up buying something or I move out of Phoenix. Before in CA, I was moving every 9-18 months because I was just trying to find an affordable place to live. With my current place, my rent is cheap so I don't have to worry about moving to find a cheaper place. And because I continue to renew my lease, the rent increase is still cheaper than what it is now to rent the same exact apartment for a new tenant.

I love where I am living now, as well. I live like a couple minute walk from the beach. Not many people have that perk! I also have a community laundry room, but as a rule, I'm an early riser, so I tend to do my laundry on Saturday or Sunday mornings around 7AM before anyone else wakes up. It really is my top choice to buy a home in this town if we can swing it. I'd love to raise a child here because there's so much to do!

[Winter Storm]

I love where I am living now, as well. I live like a couple minute walk from the beach. Not many people have that perk! I also have a community laundry room, but as a rule, I'm an early riser, so I tend to do my laundry on Saturday or Sunday mornings around 7AM before anyone else wakes up. It really is my top choice to buy a home in this town if we can swing it. I'd love to raise a child here because there's so much to do!
Isn't it funny how some apartments have more perks than houses? I know apartments that have bigger rooms and closets than people I know with houses and extras such as gyms, balconys, off-street parking, gated security, views, dishwashers, walk-in closets, trash pickup etc.

In the summer, the grass and grounds is always mowed and trimmed and in the snow, our management plows and clears walkways right away.

[winneythepooh7]

Isn't it funny how some apartments have more perks than houses? I know apartments that have bigger rooms and closets than people I know with houses and extras such as gyms, balconys, off-street parking, gated security, views, dishwashers, walk-in closets, trash pickup etc.

In the summer, the grass and grounds is always mowed and trimmed and in the snow, our management plows and clears walkways right away.

That's very true. In our case, an apartment works for now. However, it makes more finanical sense to purchase a house down the road because we don't want to spend an extra $800 or more on a monthly maintenance fee that would come with apartment living. We also would need the space that a basement and garage would allow because of M's business. I know that when we first moved in here, I had a great time painting and fixing things up. Also, M is friends with several plumbers and electricians. My dad is also an electrician. We can use them for assistance in those areas. I look forward to doing some of that work myself in our first home. I also want to have a small yard and a garden, something I can't have in apartment living. Now if we can find something in our price range in this town, I'll be all set!

[Winter Storm]

That's very true. In our case, an apartment works for now. However, it makes more finanical sense to purchase a house down the road because we don't want to spend an extra $800 or more on a monthly maintenance fee that would come with apartment living.

You have to pay $800 extra a month to maintain your apartment?

[Syracuse]

I just don't understand the point of buying a home. Sure you can sell it someday so you get the money back that you pay in mortgage. But you have to pay the property taxes so that pretty much negates any profit you'd make. Why not just rent, it seems like a lot less of a headache. Am I missing something here?

[winneythepooh7]

You have to pay $800 extra a month to maintain your apartment?


No, no. But if we were to PURCHASE in most buildings in the LBC, there would be a monthly maintenance fee.

[redsail]

I just don't understand the point of buying a home. Sure you can sell it someday so you get the money back that you pay in mortgage. But you have to pay the property taxes so that pretty much negates any profit you'd make. Why not just rent, it seems like a lot less of a headache. Am I missing something here?

I like owning a house (not a condo/town house) for privacy, noise, and space reasons.

Even if you just break even when you sell your home, you do get your principal portion of all your mortgage payments back. You don't get that when you rent.

[vxmike]

I just don't understand the point of buying a home. Sure you can sell it someday so you get the money back that you pay in mortgage. But you have to pay the property taxes so that pretty much negates any profit you'd make. Why not just rent, it seems like a lot less of a headache. Am I missing something here?

You're not missing anything. From a purely financial perspective it makes more sense to rent in most markets right now since home prices are so high.

[Xander]

...I trust everyone makes the best judgement for themselves and their futures.
*thumbsup* :)

I just don't understand the point of buying a home. Sure you can sell it someday so you get the money back that you pay in mortgage. But you have to pay the property taxes so that pretty much negates any profit you'd make. Why not just rent, it seems like a lot less of a headache. Am I missing something here?
If you're paying more in taxes and interest than you would with a comparable place by renting, then it might not make sense to buy. But more often, taxes and other costs do not outweigh the potential benefits of property appreciation, buildup of equity and such if you've done your homework.

Also, oddly enough, mortgage is sometimes cheaper than rent--as it was with a place I looked at--so technically, if I could support the financial risk, I could buy the place and rent it out, and effectually have the tenant pay the mortgage (while I'd own it at the end of the day). The risk is the tenant could destroy the unit, property value might depress, etc... There's never a sure thing, but people rarely accumulate wealth without risk. At our age, I'm willing to take on more risk.

[MoneyCntByLuv]

Thanks for all the responses everyone. This has helped me put it into perspective in terms of MY needs. I'm a single gal, no kids, no gardening hobbies, not hosting loud, large dinner parties, etc. So I don't have a need for a house right now. I don't need the extra space, it's just me. Plus, I'm not sure where I want to end up geographically. And I'd really like to focus on decreasing some debt before adding on more.

Many thanks!

[caddymac]

House upkeep is a real b@tch.
That's the key right there. One of my really good friends bought a house right out of college and that's the one thing he always complains about. In one month alone he had to spend several thousand because his washer and dryer both quit, the sewer pipes had tree roots growing in them, and several other small things all went wrong. So any emergency money he had saved up was gone in a short spell. All of his furniture sucks too, as it's stuff he and his wife have had forever. If he does have any free time, it's spent painting or doing yardwork or fixing something else. However, he has a family with a wife and 2 kids, so an apartment would have made no sense for space or money reasons.

With all that being said, these last few years we've had a blast doing projects around his house. It gives me a good excuse to take a quick 100 mile roadtrip, we get to hang out, and our man-skills get better with each project we do.

I've been thinking more and more about getting a house lately, mainly so then I can have a fun hobby of fixing the place up. Another reason would be that if I were to move within my company or move to a different company, I would have a negotiating tool to use as some companies will either help you sell your old house or buy it from you or at least give you some extra money to help pay the mortage before the house sells. As an apartment dweller, I"ve noticed a lot of companies are only willing to offer a one time small moving fee and that's about it. Homeowners seem to get a pretty decent break, but that's just my limited observations.

[asm198]

I just don't understand the point of buying a home. Sure you can sell it someday so you get the money back that you pay in mortgage. But you have to pay the property taxes so that pretty much negates any profit you'd make. Why not just rent, it seems like a lot less of a headache. Am I missing something here?

Here's maybe part of what your missing. The people who own can do whatever they want to with the place that they own.

My fiance bought this house in 2004. We decided that the bar downstairs wasn't right for our needs. So we knocked down two walls and adjusted things to open up the bar area to the rest of the basement. We knocked everything in that area down to the studs, moved two walls, fixed some issues, and put the walls back up where we wanted them.

This past summer, we remodeled our hall bathroom. That meant ripping out the wall in an adjoining bedroom. We changed plumbing, adjusted walls, etc.

All rooms were also painted and decorated to how we wanted them. The hall bath had all the 80s tile ripped out, wainscotting put in, as well as molding around the ceiling.

In the next year, we're knocking out a wall in the dining room to put in a sliding door, knocking out a wall in the kitchen, totally remodeling the kitchen, and adding a deck.

Unless you have a VERY accomodating landlord, you can't do any of that stuff if you rent. We own this place and we can do whatever we please to make it suit our tastes. Our property taxes are very low in this area and we aren't remodeling to make a profit. We are remodeling because we enjoy it and it's fun to us. If we get 10k more than what we paid for this house, we'd be thrilled.

Living in a house is just a huge plus for us. Above me is nothing and below me is the bar, dart board, and pool table. No one bugs us about nonsense and we've got more room for random stuff.

[wordsmith]

Being able to make improvements to your house is def. a perk for most people when it comes to the why buy rather than rent topic. I grew up the daughter of a carpenter, though. I'm seriously all home-improvemented out, I think for 18 years, there was constant some addition or remodeling going on to my home, something always being redone, renovated, sealed off, worked on, etc. I'm perfectly content with an apartment where I don't have to do jack to it, trust me.

[Valentine]

Being able to make improvements to your house is def. a perk for most people when it comes to the why buy rather than rent topic.

Ha. for me, the opposite. Not having to fix the toilet when it breaks because it's legally the landlord's problem, was a reason I loved renting.

[embrassezla]

Having total control to decorate, remodel, etc is definitely what I like most about buying a house. I'm busy with it pretty constantly, no doubt, but I enjoy it and find it extremely rewarding. My childhood home was sold when I moved to college, and both my parents moved to different homes, so I don't really have a homebase any longer. And I lived in apartments for the last 7 years, moving 7 times during that period. It's important to me to have a place to call "home". Just last night as I was laying in bed, I was thinking about how comfortable I am at home, and how much I love my house. I had that thought after thinking about the trip I'm taking overseas in April, and I was thinking about how much less I feel the urge to travel now that I have the house. Even locally - most of the time I'd rather be at home.

BTW, the first attempt to type "I'm busy" in that paragraph came out "I'm busty". Glad I reread it.

[hickgrrl]

A real estate agent here. My advice to those feeling pressured to buy by their friends because they have little condos and townhomes that are pretty much like renting any - SAVE YOUR MONEY for an additional year or so, and leap frog your friends and buy something bigger, better than your friends. They'll be feeling jealous of you at that point, because they jumped into a homeownership too early and now they're stuck with a little dinky house/condo.

[jrwilheim]

I'm 25, so I know I'm still young, but I'm feeling pressure to buy a home. Does anyone else look around them and see their friends buying condos/townhouses? I see this and feel bad about my own financial situation. But I do have to remember that appearances aren't always everything. Maybe these friends got down payments as gifts from their parents...Maybe they bought a condo in their parents' names and are really just paying rent to their folks....Maybe they put virtually no money down and are stuck with a crazy adjustable rate mortgage that they are struggling to make payments on....

I must take comfort in the fact that I'd rather pay off my car, pay off my CC debt, and do some damage to my student loans before taking on more debt. I also must accept, and take pride in the fact, that I'm doing it all on my own without parental help.

Anyone else have feelings like this?

I only as though everyone else is buying when I'm on this board. Here in New York, no one I know my age is able to buy anything.

One thing to consider...a lot of these people may have fallen into the trap of buying a "starter home" with the idea of moving on after 2-3 years. Experts generally think this is a bad idea, because, when you factor in closing costs and whatever you spend on repairs/improvements/upgrades, you generally lose money buying a home in that short a time frame.

[Chameleon]

A real estate agent here. My advice to those feeling pressured to buy by their friends because they have little condos and townhomes that are pretty much like renting any - SAVE YOUR MONEY for an additional year or so, and leap frog your friends and buy something bigger, better than your friends. They'll be feeling jealous of you at that point, because they jumped into a homeownership too early and now they're stuck with a little dinky house/condo.
I hope I'm missing the sarcasm in this post. The whole point to getting a home SHOULD be getting something bigger, better than your friends to make them jealous :rolleyes:

I like my dinky house, I don't need roommates to pay for it, I have room and a new reason to have people over and I no longer hear my apartment neighbor's oompah music in the morning. I was actually one of the last people at work to get a place, there is no way I would have been able to manage the shit I went through any earlier. I spend A LOT more money than I had budgeted because I trusted my realtor when he said the fixes would be inexpensive. 86 any realtor that says not to get an inspection (I don't know if that's even legal, I did get one) and if you can, get a home warrantee (one number to call to fix most things).

As mentioned earlier, a house is more than the mortgage+taxes+insurance, it's maintenance costs (home repair, yard upkeep), furnishing costs (empty rooms have a way of costing a lot of money), redecorating costs (weekends at home depot aren't a myth), security costs (alarm system if you install on, fence and gate repair) and you no longer have the luxury of calling someone and expecting the repair to be done when you get home and there's only yourself to blame if you choose an expensive and incompetent person to fix things around the house.

This year has to be a lot calmer than last, I'm hoping for less character building and more fun :)

[winneythepooh7]

A real estate agent here. My advice to those feeling pressured to buy by their friends because they have little condos and townhomes that are pretty much like renting any - SAVE YOUR MONEY for an additional year or so, and leap frog your friends and buy something bigger, better than your friends. They'll be feeling jealous of you at that point, because they jumped into a homeownership too early and now they're stuck with a little dinky house/condo.

Piggybacking on what Chameleon said, when you are ready to buy a house, you should buy something you can afford and that is within your means. There are a ton of brand new, huge homes that have only been lived in for a couple years, near where my family lives, that are now vacant. Young, foolish people didn't realize what they were getting themselves into, is the thought that immediately comes into my head. And I also think it's foolish to buy something to try to "one-up" your friends.

[yankeeyosh]

And I also think it's foolish to buy something to try to "one-up" your friends.

Especially as something as expensive as a house. You buy what you can afford, and don't try to "pimp it up" just to look "cool".

[winneythepooh7]

Especially as something as expensive as a house. You buy what you can afford, and don't try to "pimp it up" just to look "cool".

I think if your reasons behind buying a house are to "look cool" or "make your friends jealous", you are DEFINITELY NOT READY to be a homeowner. That to me translates into really not knowing the type of responsibility being a homeowner entails. And real estate agents are salespeople looking to make a commission. Of course they are going to try to talk you into buying something that is bigger and costs more because they profit :rolleyes: .

[wordsmith]

I hope I'm missing the sarcasm in this post.

Ditto. I don't know the last time I purchased ANYTHING with the intent of "making my friends jealous." I'm guessing maybe about age 11-12.

[Winter Storm]

A real estate agent here. My advice to those feeling pressured to buy by their friends because they have little condos and townhomes that are pretty much like renting any - SAVE YOUR MONEY for an additional year or so, and leap frog your friends and buy something bigger, better than your friends. They'll be feeling jealous of you at that point, because they jumped into a homeownership too early and now they're stuck with a little dinky house/condo.

Wow! Only 3 posts in and already giving ridiculous advice.

Yeah, that sounds right, I'll wait one more year and one up my friends with an even bigger house that I can't afford! I'll show them whose more successful!


:rolleyes: :frustrate

[wordsmith]

Wow! Only 3 posts in and already giving ridiculous advice.

We seem to be getting a real rash of this phenomenon.