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Thread: Homeownership?

  1. Senior Member
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    #1

    Homeownership?

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    Hi!
    I know this is a small percentage of the board, but how many out there are homeowners? How did you know it was time to buy?

    I feel like this is something that I would like within the next four years or so, simply because I struggle with not building equity when I have a stable income. The housing and rental market in my town is incredibly tight and I feel like sooner is better with the prices around here skyrocketing. Any words of wisdom? DB and I would like to have income properties eventually, and our first home will likely turn into a rental when the time is right.


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    #2
    Are you guys planning on buying together? It can be reallllyyyy complicated to have joint ownership without marriage. I think you have to qualify on 1 person's income & credit score, which might be tough for you guys.

    DH and I knew it was time to start looking when rent went up 12% in one year. We knew it was time to buy when we 1) got confirmation our jobs were pretty secure (his is indefinite, mine's secure for at least 3.5 more years), 2) When we were able to sit down and budget and work out a variety of scenarios to see what we were getting into, and 3) when we asked the housing office their plans for next years rent price and they confirmed it will be going up another 12-15%.

    Basically, our mortgage+HOA+insurance+taxes+estimated utilities is only about 300 more than we pay now, and we have more than enough discretionary income to absorb that increase, and this way we won't have to worry about rent going up 3X inflation every year. Seriously, when I moved here 3 years ago, DH and I were paying like 1100 for a 1 bedroom. Our rental company has increased prices so much that next year a new lease is 1750 for a 1 bedroom.
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    #3
    DH and I are homeowners though we no longer live in the home we own due to moving overseas.

    We decided it was time when we had to move (due to living with a roommate who was moving overseas) and we realized we could easily afford to buy, and that it would about the same to buy a place than to rent a comparable home (even when including HOA, insurance, property tax, etc.) To be honest, we probably would have rented for another year because we hadn't saved up for a 20% down. But my grandmother passed away and my dad inherited her house and offered to sell it to us directly (no bank mortgage, just payments to Bank of Dad, including a fair market interest rate) so we didn't need the 20% in order to avoid PMI.
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  4. In vino veritas
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    #4
    MF and I are currently in the 'we want to buy in the near future but arent there yet'. We know its time because we can pay slightly more monthly with house prices around here but be building equity if we owned. We would buy sooner, but avg homes in this area cost approx 550k (and thats not even close to expensive for this area -_-), so we will be saving for a while to get the down payment. But for us, a 500k house with a 10% down will be 2k in a mortgage a month, and we currently pay 2600/month in rent, so really, its worth it for us. The only other thing holding us back is job stability. MF is switching jobs soon (major upgrade!), so while we are saving we need to see what his prospects will continue to be.
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    #5
    I bought my first house about 6 months after college graduation. I knew it was the time to buy because I got a mortgage that was less than the rent would've been on an apartment in this area and I didn't want to throw money down a hole when I could be building equity in a home.

    DH and I bought our second home about 2 years ago and we bought a house that was big enough for us to grow into instead of grow out of and we bought in an area that's about to be built up with commercial properties so our home value will increase pretty rapidly over the next 5-10 years. (It's already gone up about $40K in the 2 years since we closed on the house).


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    #6
    We own 3 homes now. DH bought his first house before we were married, and thought he'd be in Jax, Fl longer so he wanted to build equity. Then ended up getting stationed in Japan for 2 years then Norfolk for 2 years, so it's been rented out to tenants that actually want to buy it at the end of the lease. Which will be great if they do because we don't plan on going back there and we're actually losing money monthly because the rental market isn't that great down there.

    We purchased our home in Norfolk because the rentals available were way more expensive than a mortgage on a better house. Plus the rentals available to us weren't very desirable because we have 2 german shepherds.. and nobody rents a nice house to people with 2 huge dogs. Since we're leaving the area, we've got a 2 year lease to a nice couple and once we get a little more equity we may sell, or just keep it for extra income. We'll be making about $300 a month on the rent since our mortgage is so cheap.

    We just closed on our 3rd and hopefully long-time home. DH is getting out of the navy and we're hoping to set roots and stop this whole 'moving every 2 years' crap.
  7. Dancing Backwards in High Heels
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    #7
    We bought our home because there was no place to rent when I moved here. In a perfect world, I would have rented for longer. We've replaced a furnace, water heater, roof, and septic system and only been living here for 3 years.

    Renting is just so much less stress because if big things break down, its no skin off your back. I know in the next few years we will be replacing a washer, dryer and fridge...weeee.
  8. Meet me underneath the Oklahoma sky
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    #8
    We bought our house in Feb. we knew it was time because I had/have a good stable job, and we were ready to start TTC but wanted to be in a home before we got pregnant. Our original plan was to buy land and build, but where we wanted to buy at, was WAY out of our comfortable price range. We found a house that we both liked 99% of things about it and it was exactly where we wanted to live at. Of course we found out we were expecting the day we closed on our house. So obviously it was meant to be.

    We pay less for our mortgage and escrow than what a nice apartment in a good location here costs. So for us, it made sense. While I miss having a landlord to call when things break, I am so happy we are home owners.
  9. i request the highest of fives!
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    #9
    we just closed on ours a month ago and we knew it was way, way overdue. basically what it came down to for us was that we had been tossing over a thousand bucks a month (i know that's not high for rent in most places, but it is here!) to a rental company for four years in a place that we knew we'd be living for at least six, even though a mortgage on basically the same house is about half that. dh was career designated a few years back so zero question that our income will only go up. we had no serious debts so we knew it would be a reasonably easy process and would be fair. we knew the house will be easily marketable or rentable when it does come time for us to move. that's about it i guess
  10. MilitarySOS Jewel
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    #10
    We own our home in Jacksonville. We purchased it when we got married at 21 and it has been a pretty positive experience so far! We rent in Hawaii and I am pretty unhappy about it but I refuse to buy a home here. I hate spending double our mortgage for a house in Hawaii that isnt even ours
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