Question: On the contrary. I totally understand where you’re coming from and I went > through similar situations and feelings when I was in my 20’s. I bought my > house when I was 29 after living in 3 apartments (and that was just after > college). I owned it for 12 years.
> I remember when I had put the money down on my house but I hadn’t yet > closed, my upstairs neighbor flushed their toilet and left their apartment > immediately. Their toilet started overflowing, no one was there, and of > course, it was the weekend, so the maintenance people weren’t on site. > Toilet water is coming through every light fixture in the ceiling. It’s > flinging off the blades of my ceiling fan. And I’m thinking, “I’ll be so > glad when I don’t have worry about someone else’s toilet overflowing and > ruining MY things.”
> I think home ownership is something that everyone wants to at least try. > Like you, my next home will be on a bigger chunk of land. But it will be a > while before I’ll be able to do it right. In the meantime, there are ways > to be a happier renter.
> Just a comment – Houston is very spread out and all the reasonably priced > newer homes are out in the ‘burbs. I really hate driving in traffic. What > a waste of life! Since I’ve been changing jobs more often in the last few > years, it’s been nice to be able to move close to where I work. Once I get > settled with one company (hhopefully the one I’m with now) I’m sure I will > be looking to buy again.
Answer: I think it depends on where you want to live and where you see yourself 10 or 20 years down the line. Here in the NYC area housing prices have gotten ridiculous,with new homes starting at around $250,000 for a little split level ranch on not that much land. Of course the further away from the city you get the more house you can purchase with less money. But then you have to commute into the city, which is a drag.
I wonder what will happen when the next recession happens (and it will) and persons whom put next to nothing down on their new homes and have little to no equity in them will just walk away. I think that was one of the reasons the banking industry was pushing to reform the Bankruptcy Laws last year.
While I would not want to be a renter all my life, I am just going to wait a bit for the next market downturn, then there will be lots of homes on the market at much more affordable prices. Also not too sure if where I want to spend “my autumn years”. Being young and single I would rather not bother with the hassle of owning a home right now anyway.
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