patrick.net
An Antidote to Corporate Media
1,364,380 comments by 15,735 users - stereotomy online now
« First « Previous Comments 49 - 52 of 52 Search these comments
B.A.C.A.H.
@
2010 Jul 29, 3:00pm
Theo,
get roommates to help you defray the monthly cost in the early years after you've bought the place. It's how my partner and I were able to get our place when we were your age and not be stressed about making the next payment.
How annoying are your parents? Times have changed, kids are returning home, there’s no shame in living at home,
My parents are just fine they don’t annoy me. But they are about 60 years old and nearing retirement. They cashed out their life insurance so they can help me with a down payment. Their logic is that the housing market has bottomed out and that rates are low so now is “the time to buy†they say. While I do agree with them; I still feel that houses around here aren’t worth half a million dollars. It still makes me laugh that you have to pay half a million dollars for some piece of shit home here in the Peninsula (I guess it’s even more funny that people were paying 620-640k for the same stuff 4 years ago).
I’m not in a rush I was just seeking advice for what other people think (especially people that live in the Peninsula).
There you go, just follow your instincts. The fact you called it a piece of shit and dont want to spend half a million on it tells you right there at least what NOT to do.
You are young and may need to move to where the jobs are some day. If you own, will you be able to sell, or will you be stuck like so many house owners?
Theo,
If you know where you want to live then you've got the most important piece of the puzzle. I'd keep your eye out, but prices aren't going up. Higher rates will HELP you by pushing the price lower, so don't let someone convince you otherwise.
I can see you less than excited for your options @ 500k, but be realistic when it comes to a starter house. I'm 40, and my wife's co-workers have kids in their 20s looking for the same luxury as their parent's home, and end putting off kids and job opportunities to become a slave to too much house. I hope you're not expeciting your parent's house, because you don't want to BE your parents, do you?
You said "we" in the first post. Who is the other 1/2? Is this going to be your house or "our" house? One thing I'm absolutely certain about is if its not "our" house (as in her house) it ain't gonna work. Don't waste your time on a practice house like I did, twice!
« First « Previous Comments 49 - 52 of 52 Search these comments
Hello all. First time post, I've been reading through this whole forum such good advice.
I'm 26 years old, I live on the Peninsula in the Bay Area. Houses around here cost about 550 to 700k. I have (through hard work my whole life and my parents help accumulated about 110,000 for a down payment). I have been looking at houses priced around 500k right now. My only problem is these houses are not the best. I make about 2800 a month after taxes.
I don't want to move to the East Bay (where houses are more affordable). I really believe the houses will dip another 10%. My parents are under the assumption that we should get a house right now due to the 4.5% rate. Should I get one of these 500k houses that aren't the best or should I wait a little longer maybe 6-8 months?
I just am starting to look at a home for myself and I just wanted some other people's advice on this.
Thank You.