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Started By
Message
re: Millenial homeowners "get real" about their success
Posted on 6/5/19 at 2:00 pm to NYNolaguy1
Posted on 6/5/19 at 2:00 pm to NYNolaguy1
quote:
Just so everyones clear there are sometimes very expensive common charges associated with condos that houses don't have.
Already been through this. About half of those are actually probably town homes with no fees.
My first mortgage was a townhome and there were no additional fees.
ETA: Just retooled the search - six are classified as Townhomes with no additional fees.
This post was edited on 6/5/19 at 2:02 pm
0
Posted on 6/5/19 at 2:02 pm to Antonio Moss
quote:
just can't fathom renting. You are just burning that money.
Not necessarily. You are buying mobility and convenience. Telling a new grad to buy a home before they even figure out where their career may take them geographically isn’t wise.
Being able to move whenever you want has it’s perks. Being able to make a phone call and whatever is broke is fixed without having to pay out of pocket for it has it’s perks.
Posted on 6/5/19 at 2:03 pm to lsunurse
quote:
Not necessarily. You are buying mobility and convenience. Telling a new grad to buy a home before they even figure out where their career may take them geographically isn’t wise.
Being able to move whenever you want has it’s perks. Being able to make a phone call and whatever is broke is fixed without having to pay out of pocket for it has it’s perks.
THANK YOU!
I did a horrible job articulating this
Posted on 6/5/19 at 2:03 pm to Antonio Moss
quote:
Buy a condo or a townhouse. Keep it for a few years. Build equity. Sell it. Use profit on down payment for next house.
You do realize that 65% - 75% of your payments in the first few years go towards interest and not principal right?
It is almost never beneficial to buy over rent unless you are planning on staying somewhere for 5-7 years minimum.
It also kills one of your best assets when you are starting out your career: mobility.
eta: This is coming from someone who graduated 4 years ago and has bought a house
This post was edited on 6/5/19 at 2:07 pm
Posted on 6/5/19 at 2:03 pm to Antonio Moss
quote:
I just can't fathom renting. You are just burning that money.
Closing costs, interest, repairs/maintenance, HOA fees, etc are all "burning money" too. How much does a new roof cost? A/C unit? What happens if you flood? What happens if you lose your job?
You need at least 5 years in a place to justify buying. At least.
This post was edited on 6/5/19 at 2:05 pm
Posted on 6/5/19 at 2:04 pm to lsunurse
quote:
Telling a new grad to buy a home
Isn't this thread about home ownership?
Posted on 6/5/19 at 2:07 pm to Janky
quote:Partially yes
Isn't this thread about home ownership?
Still, what does this have to do with telling a new grad to purchase a home?
Posted on 6/5/19 at 2:08 pm to lsunurse
quote:
Telling a new grad to buy a home before they even figure out where their career may take them geographically isn’t wise.
I understand that and was not an issue for me.
But as someone pointed out earlier, this entire discussion is about the housing market which, to me, assumes that the people complaining are actively seeking to purchase.
Posted on 6/5/19 at 2:08 pm to Antonio Moss
You are making one big mistake: assuming equity is built. ESPECIALLY in a condo. Do you honestly think you’re guaranteed to just make bank from owning? Welcome to 2008
Posted on 6/5/19 at 2:09 pm to lsupride87
quote:
Still, what does this have to do with telling a new grad to purchase a home?
I never said a new grad had to purchase a home.
I said people complaining about housing costs (which is what this thread is about) need to lower expectations, start small, and build equity.
Posted on 6/5/19 at 2:10 pm to MrJimBeam
quote:
Do you honestly think you’re guaranteed to just make bank from owning?
Make bank? No.
Not lose money like renting? Yes.
Posted on 6/5/19 at 2:12 pm to lsupride87
I don't really remember how the thread started, but I think it was people bitching that they could not afford a home when they graduate. The thread is not about whether it is smart or not. Therefore to argue that renting is better than owning is no the topic at hand.
BTW, the secret is timing. I bought a brand new condo in Jackson square in Baton Rouge for $130,000. A couple of years later Katrina hit and I sold it to an old lady for $190,000 cash.
BTW, the secret is timing. I bought a brand new condo in Jackson square in Baton Rouge for $130,000. A couple of years later Katrina hit and I sold it to an old lady for $190,000 cash.
Posted on 6/5/19 at 2:13 pm to Antonio Moss
quote:
Not lose money like renting? Yes.
People lose money all the time by purchasing property. All it takes is one flood or one big repair.
Posted on 6/5/19 at 2:13 pm to Antonio Moss
quote:I would venture to say you will lose more money buying a condo in br and selling within a few years than renting
Not lose money like renting? Yes.
Would be damn close
This post was edited on 6/5/19 at 2:14 pm
Posted on 6/5/19 at 2:14 pm to Antonio Moss
quote:
Not lose money like renting? Yes.
This is far from guaranteed
Posted on 6/5/19 at 2:14 pm to Antonio Moss
You suggested 3 years of owning a condo earlier and selling to use equity towards a new place. You can lose that in realtor fees and no improvement on selling price alone. Condos don’t sell as fast so a new grad early in a career would not want to deal with a low movement property on top of the fact that they typically don’t increase in value similarly to detached homes in neighborhoods. You’re giving a ton of terrible advice.
This post was edited on 6/5/19 at 2:16 pm
Posted on 6/5/19 at 2:14 pm to Janky
quote:
BTW, the secret is timing
quote:yep
bought a brand new condo in Jackson square in Baton Rouge for $130,000. A couple of years later Katrina hit and I sold it to an old lady for $190,000 cash.
And if she tried to sell a few years later like 2008 or 2009 she sold it for 125,000
This post was edited on 6/5/19 at 2:15 pm
Posted on 6/5/19 at 2:15 pm to JohnnyKilroy
quote:especially on a fricking condo in BR. Zero promises there.
This is far from guaranteed
Posted on 6/5/19 at 2:15 pm to lsupride87
And owning vs renting is less flexibility. To a new grad...
Posted on 6/5/19 at 2:16 pm to Janky
quote:That is not a very well kept secret my friend
BTW, the secret is timing.
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