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kiss_the_sky03
human being



Registered: 08/19/05
Posts: 1,428
Loc: where I want
Last seen: 24 days, 8 hours
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owning a house?
#14445367 - 05/13/11 12:48 PM (12 years, 8 months ago) |
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Good idea or bad?
And I mean a < 100,000 house that I could pay off within 3 years. Ultimately, I'd like to be able to move overseas at some point in time and am wondering if it would be worth the hassle of owning a home or if I should just stay in my apartment which is a nice place for what I pay.
I guess I could always rent the house out when I move overseas and then I'd always have a place to come back to when I'm done overseas 
What do you guys think?
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Superide
PROcrastinator


Registered: 01/19/11
Posts: 293
Loc: MASS
Last seen: 9 years, 11 months
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If you're planning on moving away within the decade I wouldn't buy a house. The real estate market is real shitty right now so you could probably buy a house for a decent price but then you'll be stuck with it a lot longer than you think when you put it back up on the market and you'll probably take a big hit on it. And being in one country and then renting out a house in another country can get tricky unless you find very honest and good people for tenants who will pay rent like you want.
Best advice: Even if you do want to spend a chunk of money on a place I'd buy a nicer apartment, it'll be a lot easier to get out when you move away.
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Anthony917
why dont we do it in the road



Registered: 05/14/09
Posts: 3,243
Loc: Earth
Last seen: 12 years, 2 months
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Re: owning a house? [Re: Superide]
#14445425 - 05/13/11 01:03 PM (12 years, 8 months ago) |
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Quote:
Superide said: If you're planning on moving away within the decade I wouldn't buy a house. The real estate market is real shitty right now so you could probably buy a house for a decent price but then you'll be stuck with it a lot longer than you think when you put it back up on the market and you'll probably take a big hit on it. And being in one country and then renting out a house in another country can get tricky unless you find very honest and good people for tenants who will pay rent like you want.
Best advice: Even if you do want to spend a chunk of money on a place I'd buy a nicer apartment, it'll be a lot easier to get out when you move away.
Ok the housing market is down, so you think by the time he's ready to sell prices won't have gone back up? OP it would be nice to OWN a house. No payments, no nothing...it's YOURS! That is something I want to experience some day. If you're planning on moving outta the country though I would say fuck it and try and save up as much $$ as possible.
-------------------- Prisoner#1 said: I got my ass kicked by a 9yo when I was 17 Trippin? Click Me
What is life? I'm tired of life...
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Patlal
You ask too many questions


Registered: 10/09/10
Posts: 44,797
Loc: Ottawa
Last seen: 21 hours, 38 minutes
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Quote:
kiss_the_sky03 said: Good idea or bad?
And I mean a < 100,000 house that I could pay off within 3 years. Ultimately, I'd like to be able to move overseas at some point in time and am wondering if it would be worth the hassle of owning a home or if I should just stay in my apartment which is a nice place for what I pay.
I guess I could always rent the house out when I move overseas and then I'd always have a place to come back to when I'm done overseas 
What do you guys think?
Owning a house is the smartest thing you could do. What you pay for your mortgage is like a savings account cause when you sell the house the money comes back to you. (unless it loses value).
If its in a good neighborhood and a city that has a good economy going. Owning a house would be your first step towards financial freedom.
I say, go for it
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Happy2fly
The Champ!




Registered: 05/18/09
Posts: 1,287
Loc: The land of many thousand...
Last seen: 10 years, 1 month
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Re: owning a house? [Re: Patlal] 1
#14445602 - 05/13/11 01:40 PM (12 years, 8 months ago) |
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The rule of thumb is to not buy a house if you plan on moving within 5 years. The reason is that the act of purchasing a home is pretty expensive, and it takes that long for the appreciation to make up for the closing costs.
If you can find a good deal on a fixer upper, and can do the fixing yourself, or if you can negotiate with the seller to cover all of the closing costs then the rule of thumb might not apply. There are a lot of variables to consider...
-------------------- The fire has many things to teach. But so does the human experience.. which is like fire, sometimes you just need to stoke the coals and sometimes you just need to add a log or reposition the log matrix. But a well built fire will be much more self-sustaining than a poorly built one, and they all need love to grow. And don't fuck around or your might burn yourself. Must always respect the fire. - Shroomism
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kirilan
dued



Registered: 03/08/10
Posts: 3,791
Loc:
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100,000? So cheap Housing is so expencive here. 
I would love to be able to buy my own house. So much freedom. If you think it's a good idea financially, and you can really afford it i'd say go for it.
-------------------- "The beauty of a living thing is not the atoms that go into it, but the way those atoms are put together" Carl Sagan
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badchad
Mad Scientist

Registered: 03/02/05
Posts: 13,372
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I think it depends on when you are moving. A sub-100k house sort of indicates that you aren't in an area of huge demand. Thus, it's not going to appreciate a whole lot over a 3-5 year period. Your credit becomes important too, because it directly affects your interest rate. I paid close to 15k last year in just interest. That's money that's gone simply for the luxury of borrowing money.
Also, consider what your free time is worth, upkeeping a home can be very labor intensive.
However, there is something moderately fulfilling about owning a home. its yours, you can do what you want.
-------------------- ...the whole experience is (and is as) a profound piece of knowledge. It is an indellible experience; it is forever known. I have known myself in a way I doubt I would have ever occurred except as it did. Smith, P. Bull. Menninger Clinic (1959) 23:20-27; p. 27. ...most subjects find the experience valuable, some find it frightening, and many say that is it uniquely lovely. Osmond, H. Annals, NY Acad Science (1957) 66:418-434; p.436
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RobMarley420
LSD Enthusiast



Registered: 05/01/05
Posts: 12,554
Loc: Mushroom Mountain
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Re: owning a house? [Re: badchad]
#14445948 - 05/13/11 02:55 PM (12 years, 8 months ago) |
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Owning a house is a great idea! Its an investment.
The only good thing about renting is that you don't have to pay for the repairs and maintence of the hosue. And you are free to move anytime you want.
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