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31
everything
@
2011 Dec 7, 7:22am
everything
@
2011 Dec 7, 7:22am
Don't even think about worrying what others think about what your doing, your parents know they can kick you out anytime, they know it's temporary, and they also know things are not getting any easier for the younger generation. Be glad you've got the option and make the most of it.
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There are two ways to beat the banks, as I see it: minimize the amount of debt one accrues over one's lifetime, and pay down debt faster than the schedule dictates. A mortgage is for most the biggest debt they will assume. I'm trading in some pride and independence and recently moved in with my parents to save money for a down payment. I feel pretty emasculated by this, since I'm in my late twenties, but then again I have a couple friends who overextended themselves and have already been foreclosed on. Where I live in Chicago, landlords were jacking up rents because so many people are renting now. I guess I stayed ahead of the slave drivers again (didn't buy during the boom), but at the loss of some dignity. My planned downpayment will exceed 20% and I hope to get a ten-year mortgage for the remainder and pay that at an accelerated pace. The price of the property I buy will not exceed 3x of my income.
#housing