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re: When did you buy your first house?
Posted on 3/30/21 at 1:12 pm to SCgamecock2988
Posted on 3/30/21 at 1:12 pm to SCgamecock2988
26. House went for 216k. Mortgage is about 1200 per month when I was paying 1050 in rent.
0
Posted on 3/30/21 at 1:12 pm to SCgamecock2988
24. Sold it and built our forever home at 27 with the money made from the sale
Posted on 3/30/21 at 1:12 pm to Eighteen
Good points. I have never enjoyed any job I've ever had and have wanted to move out of SC just because I've been here my whole life. But I keep saying these things and not doing anything about it.
Posted on 3/30/21 at 1:15 pm to SCgamecock2988
22, a few months before getting married.
Posted on 3/30/21 at 1:19 pm to 777Tiger
quote:
buying a home used to be a legit investment, not so much anymore in general
Maybe not in LA but in a place like TX, FL or CO it is a legit money making proposition if you buy in a decent area
This post was edited on 3/30/21 at 1:20 pm
Posted on 3/30/21 at 1:23 pm to SCgamecock2988
29 when I bought my first
Posted on 3/30/21 at 1:26 pm to SCgamecock2988
1 year out of law school. Paid $38,500 
Posted on 3/30/21 at 1:33 pm to The Quiet One
quote:
We wrote a check for it. No mortgage
I so wanted to do this
I put in a cash offer on a $150K property, but the seller went with someone in the local area instead of me. Even offered $155K and he declined. I'm so fricking salty about it and will be that way a long time
Technically we wired the money direct to the owner. No realtor involved. Had our attorney handle the transfer and deed and what not. Bam, easy done deal.
Now won’t have a house note or anything. Feels good man. Thank God for the GFs inheritance. Now I can pay my truck and boat off in couple years and be debt free
Posted on 3/30/21 at 1:35 pm to SCgamecock2988
If you want some real world numbers, I kept track of our costs on our first house which we lived in for just under 5 years (59 months)
Prior to buying, were renting a 2 bedroom apartment (one bedroom was home office) for $1200 a month. Renters insurance was negligible, like $20 a month. So if we had continued living in that apartment instead of buying, we’d have spent $71,980 on renting
We bought a four bedroom house with yard in a decent but older area for $155,000.
Over the 5 years we owned the house we spent
$32,00 on improvements/repairs ($5k for AC and $13k on new siding were biggest expenses + kitchen updates, new carpet, painting, etc...these costs are murky because the cost to update also increased the sale value in the end)
$16,500 in loan interest (15 year loan)
$30k in property taxes
$5k in home insurance
$16,00 to sell the house (realtor fees + moving cleaners, etc)
So $99,500 in costs to “own” and live in the house
Sold the house for $225k ($70k appreciation over time)
$99.5K - $70k appreciation = $29.5K house cost
So $29.5K to live in a four bedroom house with yard for 5 years vs $71k to live in a two bedroom apartment for 5 years (and this is assuming no rent increases for 5 years)
Prior to buying, were renting a 2 bedroom apartment (one bedroom was home office) for $1200 a month. Renters insurance was negligible, like $20 a month. So if we had continued living in that apartment instead of buying, we’d have spent $71,980 on renting
We bought a four bedroom house with yard in a decent but older area for $155,000.
Over the 5 years we owned the house we spent
$32,00 on improvements/repairs ($5k for AC and $13k on new siding were biggest expenses + kitchen updates, new carpet, painting, etc...these costs are murky because the cost to update also increased the sale value in the end)
$16,500 in loan interest (15 year loan)
$30k in property taxes
$5k in home insurance
$16,00 to sell the house (realtor fees + moving cleaners, etc)
So $99,500 in costs to “own” and live in the house
Sold the house for $225k ($70k appreciation over time)
$99.5K - $70k appreciation = $29.5K house cost
So $29.5K to live in a four bedroom house with yard for 5 years vs $71k to live in a two bedroom apartment for 5 years (and this is assuming no rent increases for 5 years)
This post was edited on 3/30/21 at 2:21 pm
Posted on 3/30/21 at 1:37 pm to SCgamecock2988
23
Posted on 3/30/21 at 1:37 pm to SCgamecock2988
30 yrs. old, 1995. Wife and I saved for the 10% down payment. Beautiful old house Uptown New Orleans -- $125,000.
Sold it 5 years later for $210,000, the profit of which we turned into our 'forever' new construction house on a tear-down lot in Old Metairie. The lot in Old Metairie cost more than the 1st house did.
That house is worth a LOT more now-- have refinanced twice to lessen notes and shorten term; will be paid off in three more years.
Sold it 5 years later for $210,000, the profit of which we turned into our 'forever' new construction house on a tear-down lot in Old Metairie. The lot in Old Metairie cost more than the 1st house did.
That house is worth a LOT more now-- have refinanced twice to lessen notes and shorten term; will be paid off in three more years.
Posted on 3/30/21 at 1:38 pm to 777Tiger
quote:
but buying a home used to be a legit investment
When investment became priority, the regular guy who just wants a home was priced out.
It's pretty amazing to me that so many people who own real estate here do not live here.
Posted on 3/30/21 at 1:41 pm to RogerTheShrubber
26 on LSU Ave. Sold it 4 years later. Made 100k. Got a steal for the locations. It has tripled in price over the last 20 years.
Posted on 3/30/21 at 1:41 pm to SCgamecock2988
1998 I was 29. Bought a 1200sf house for 72K. My mortgage payment was 530 bucks a month.
Posted on 3/30/21 at 1:43 pm to SCgamecock2988
Built at 34 after renting and saving for years with little ones.
Posted on 3/30/21 at 1:54 pm to SCgamecock2988
25 and my husband was 27
Posted on 3/30/21 at 1:56 pm to SCgamecock2988
Idk how I feel about this. I’m 30 I’ve lived in west coast and Texas now want to move to east coast. Not sure if I ever want to live in one city
Posted on 3/30/21 at 2:01 pm to SCgamecock2988
25, made a 50% profit in 5 years. Thanks Huntsville.
Posted on 3/30/21 at 2:03 pm to SCgamecock2988
Perhaps a condo would be more suitable for you.
Posted on 3/30/21 at 2:06 pm to SCgamecock2988
I was 30, closed the morning of the National Championship game last year. It was a big day.
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