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re: What factors make a house a "Starter home?"
Posted on 6/15/15 at 12:43 pm to LNCHBOX
Posted on 6/15/15 at 12:43 pm to LNCHBOX
quote:
The house I'm in now was my wife's grandparents' home. They raised 6 kids in this house.
Six kids in 850 square feet? That's almost Vietnamese immigrant level crowding.
2
Posted on 6/15/15 at 12:43 pm to LeonPhelps
So there is no difference between renting and owning a home for an extended period of time? A primary residence is not an investment? Please leave the thread.
Posted on 6/15/15 at 12:44 pm to Navytiger74
Well, one was almost done college when the youngest was born, so it wasn't like they were all there at once. They also played outside a lot. 
Posted on 6/15/15 at 12:45 pm to Navytiger74
quote:
Six kids in 850 square feet? That's almost Vietnamese immigrant level crowding.
His grandparents did it. The Nguyens do it. Why shouldn't you?
Because you are doing something wrong.
Posted on 6/15/15 at 12:52 pm to LeonPhelps
quote:
Your primary residence is never an investment.
What kind of statement is that. Besides a wrong one. Not all investments are money makers first off, so your statement that "you have no idea whatsoever when you will sell it and what someone will be willing to pay" is something you can state for anything ever. Hell, you don't even know what the value of the dollar will be, so is the cash in your pocket not worth having?
I didn't make money off of my starter home, but it was an investment that helped me to build, or at least increase the ability to build my net worth. I sold my house for roughly 17.5k more than I paid for it. After about 3 years, that roughly covered the interest I paid. So I build equity and lived almost rent free (upkeep could not have been more than $100 a month). So although it's not really a huge money maker, it's an investment that worked out a whole lot better than paying $1200 a month in rent for 3 years.
Posted on 6/15/15 at 12:53 pm to Artie Rome
quote:
His grandparents did it. The Nguyens do it. Why shouldn't you?
Because you are doing something wrong.
Link to where I said to do that? You could at least try to not be an idiot.
Posted on 6/15/15 at 12:54 pm to KG6
Thank you.
Posted on 6/15/15 at 12:55 pm to LNCHBOX
quote:
If you can't be comfortable with 2000 sq ft with just a wife and two kids, you're doing something wrong.
Right here.
But you can win buddy. Seriously. I'll give you the last word, even if it is some weak ad hominem that you so often fall into.
This post was edited on 6/15/15 at 12:58 pm
Posted on 6/15/15 at 12:57 pm to dante
quote:
It is absolutely an investment....usually a good one.....but not always
You should never think of your primary residence as something you will profit from eventually. That is what an investment is. Very few people are real estate experts and, as we have seen, real estate does not only go up in price. So I tell people to just find a house they really like and don't worry about if they can make money when they sell the house eventually because that is well outside their area of expertise.
Posted on 6/15/15 at 12:58 pm to Artie Rome
So a family of eight equals a family of four now?
Posted on 6/15/15 at 12:58 pm to jimbeam
quote:
A starter home or starter house is a house that is usually the first which a person or family can afford to purchase, often using a combination of savings and mortgage financing.
Married with 2 kids over the age of 4&5 and < 1,800 SF starts to get pretty cramped. Things like covered patios and outdoor storage, large garage etc definitely help, but the accumulation of crap and no place to really get away from each other in the house can wear on you.
Of course it's doable, but not preferable IMO.
Posted on 6/15/15 at 12:59 pm to Artie Rome
quote:
Says the guy with no kids.
2 kids here, 2000 square feet and comfortable.
My starter home was much bigger than my current home. Its better cause cleaning rooms you never use, sucks.
Posted on 6/15/15 at 1:00 pm to KG6
quote:
Not all investments are money makers first off, so your statement that "you have no idea whatsoever when you will sell it and what someone will be willing to pay" is something you can state for anything ever.
I value businesses for a living. The calculable value of something is derived from the income it produces, period.
I never said don't buy a house. I am saying don't think you will sell it for more than you bought it for. You have no way of valuing the house based on income.
Posted on 6/15/15 at 1:03 pm to LSUAfro
I grew up in a family of 4 and I think our house was around 1600 sq ft. We got by. I didn't even really notice it all that much. My parents now live in a 2k sq ft house by themselves and I find the crap builds up more there than at the old house (my parents are terrible with getting rid of stuff though, so as they get older, the crap pile grows).
Posted on 6/15/15 at 1:03 pm to jimbeam
quote:
So there is no difference between renting and owning a home for an extended period of time?
If the value of the house plummets from when you bought it, then renting is definitely the superior option.
You are operating under the delusion that property values only ever go up, that much is obvious.
Posted on 6/15/15 at 1:03 pm to dante
quote:
t is absolutely an investment..
absolutely. I made more off of my first house than any of the houses I've owned. I put zero remodeling dollars in it, as well.
Posted on 6/15/15 at 1:07 pm to Sparkplug#1
quote:
I made more off of my first house than any of the houses I've owned.
Some people also make money at the casino. That doesn't make it a sound investment strategy.
Posted on 6/15/15 at 1:08 pm to KG6
quote:Same here until I was about 10 until my parent's moved to a larger home and I never noticed it either. I'm not worried about how my children view their living conditions in my house, I'm worried about my sanity
I grew up in a family of 4 and I think our house was around 1600 sq ft.
.Posted on 6/15/15 at 1:11 pm to LeonPhelps
quote:
If the value of the house plummets from when you bought it, then renting is definitely the superior option.
You are operating under the delusion that property values only ever go up, that much is obvious.
You are operating under the delusion that something is only an investment if it goes up. There are such things as bad investments. I bought my first house in the best school district in the area. Not because I ever planned to have a kid go to that school, but because it was a smarter investment, because it would sell easier. Of course, sometimes renting is the better option. But that doesn't mean that you just buy a house like you buy any luxury item that is disposable. Some people actually look at the purchase as a required place to live AND as a financial investment. May not be trying to flip real estate, but possibly cover some expenses or make a profit in some (although rare) cases. Yes it can flop, but iPhones might start exploding tomorrow and Apple stock would plummet. Doesn't mean that owning Apple stock isn't an investment.
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