when you moved out, did you buy a house/apt/condo...

[belle155]

im lookin to get outta the house but its tough tryin to find a new spot to move to. i dont know if i should get an apt, but to me thats like tossin money awayi could be using for a down payment on a house. if i do get a house, i feel like im never gonna leave cleveland. once i get a house, its not gonna be easyto resell so id be stuck here for a while. what did you guys do when you moved out?

 

[doublejs07]

I lived in an apartment for 3 years, then bought my first house in November of 06'.

The tax break for being a home owner....

 

[belle155]

if you had to do it over tho would you have stayed longer and just got the house? everyone situation is different but im thinkin just wait and get a house,skip the apt step. i dont know tho cause im gettin the itch to leave asap

 

[doublejs07]

Nah...the apartment was straight...I was living the life of luxury

2 pools, fitness center, indoor b-ball court, 2 parking spots in the garage, a bunch of mini-shops, etc etc...it was like its own little city. The only thingthat was the killer was the rent....I looked at things from a financial standpoint, and I wasn't getting any $ on my tax return for being a renter. I gotin the housing market right when it swung in favor of the buyers. I got a great deal on my house, and I have no regrets.

The apartment was good in a sense because it was my first time paying bills on my own, doing grocery shopping, etc...it was almost "practice" forwhat was in-store in my future. I think I would have been in over my head if I had the property I do now when I was fresh out of college. I got a chance to"ease" into responsibility before buying my crib....

 

[belle155]

well i was in an apt for 3 years at school and when i graduated i came back home. i can live alone and do all the bills/shopping/etc but im stuck in decidingto get the house or apt. if i get a house, 75% of the rooms will be empty. what was the price difference in your rent for the apt and monthly house payments?

 

[doublejs07]

Originally Posted by belle155

well i was in an apt for 3 years at school and when i graduated i came back home. i can live alone and do all the bills/shopping/etc but im stuck in deciding to get the house or apt. if i get a house, 75% of the rooms will be empty. what was the price difference in your rent for the apt and monthly house payments?

My apartment rent was out the @@$ due to all of the amenities I had where I was living.

My mortgage is higher than my rent, but again, the tax return for being a homeowner has been great.

 

[belle155]

well thanks for answering, guess to many youngins on NT to be talkin about houses. im just also tryin to figure out whether i spend extra on a nice house in anice neighborhood or go a cheaper route for a smaller house on a not so nice street. i just dont wanna be in over my head and livin paycheck to paycheck

 

[kiiidthrash]

this is sort of off topic but what age did u officially move out??
because i just turned 18 like 2 months ago and my bro nagging "you still live at home looser"

im in HS

 

[fanatic15]

If you don't have enough for a down payment on a house already then chances are you won't even be able to buy a house if you wanted. If you don'tknow where you will be or have plans on moving then there is nothing wrong with renting. A house is a huge responsibility.

 

[doublejs07]

Originally Posted by KiiidThrash

this is sort of off topic but what age did u officially move out??
because i just turned 18 like 2 months ago and my bro nagging "you still live at home looser"

im in HS

There is NOTHING wrong with staying at home and saving that $$$....

you're 18, and the majority of 18 year olds are not living in their OWN condos/houses....shoot, a lot of college graduates live at home to save moneypost-graduation.


if your brother is gonna get on your case for living at home at 18, then he's a fool.

 

[belle155]

ok well since i got a few replies, one more question now that i think of it. AFTER you have a decent amt saved for a down payment, how much more do you thinkyou need in savings to be ok? i dont want to put all my savings in a down payment then have nothin left. i dont know what a good amount to get by on is. i needsome money for whatever but i gotta have money after i buy a house for furniture, etc.

 

[strawberry milkshakes]

just get a good job and have good credit and get a loan and youll be good,

apartments are throwing away money. avoid that if you can, but in some situations thats not possible

live at home, get a real career or solid job that pays well and you should be well enough to purchase a home without living in an apartment

 

[703 hwy]

any condo owners? I'd so how'd you do it and so you think its worth it?

 

[dirtylicious]

renting is definitely not "throwing away" money... you don't want to end up house poor

 

[putting in work]

Why not rent out the other rooms, apartment, and/or floors to the house since 75% of it will be empty to help with the rent.

 

[supermanblue79]

I stayed at home for five years after I graduated and saved for a down payment on a home. I have no regrets.
Whether you are going to buy an apartment or a house, you have to make sure that you don't overextend yourself financially. Make sure that you are able topay all of you bills while still building your savings.
Right now, I'd recommend purchasing a home. With the economy the way it is, you can get a great fixed rate loan and negotiate great prices on propertiesthat have been on the market for long periods.

 

[newkidtadagame]

This is my second apt..first time I moved out was fine, rent was cheap, not an issue..this time I'm doing horrible, rents way higher and its a struggle. Mylease is up in july and I'm def downgrading so I can save up more money.

 

[swift yons]

how much are you willing to spend?

if it was me I would rather buy a house than rent an APT.

 

[strawberry milkshakes]

" renting is definitely not "throwing away" money... you don't want to end up house poor"

i live in california, for a young person, its throwing away money. mortages are the same/higher than monthly rent and you cant write that off on your taxes.

i would advise all students if they can to go to college, live at home or a low cost dorm/apartment and work while in college.. graduate with a degree, get agood job out of college and you should have enough money to put a down payment on a house and a loan if need be.. if youre a responsble adult, this shouldnt betoo hard and if this sounds like its too much, youre probably not ready to buy a home anyway

 

[dynasty raider]

I got an apartment. I've been here since August of last year and I love it. I wanna buy a house down south within the next few years to start a family.

 

[dirtylicious]

Originally Posted by Strawberry Milkshakes

" renting is definitely not "throwing away" money... you don't want to end up house poor"

i live in california, for a young person, its throwing away money. mortages are the same/higher than monthly rent and you cant write that off on your taxes.

i would advise all students if they can to go to college, live at home or a low cost dorm/apartment and work while in college.. graduate with a degree, get a good job out of college and you should have enough money to put a down payment on a house and a loan if need be.. if youre a responsble adult, this shouldnt be too hard and if this sounds like its too much, youre probably not ready to buy a home anyway

and that's my point. a lot of people fall into the trap that they HAVE to buy a house....
if they're not ready or responsible for it...then renting is a much better avenue for them to take.
A house is the most important purchase decisionsomeone makes...why jump into it just of the sake of not renting?
for young people moving to a new are... renting for a year is also a good move since you'll be able to feel out a new city by living there.

Renting is still a good choice for many many people...

 

[north dade represent]

Originally Posted by Dirtylicious

renting is definitely not "throwing away" money... you don't want to end up house poor

Thank you. It seems like there a negative stigma associated with renting, which to me is unfair. While buying something is definitely something youshould do long term, there's nothing wrong with living in an apartment for the first few years you're on your own. In my situation, I'm paying 650for rent, while a mortgage for a decent home would be 1300. Considering that out of the 1300, around 1000 of that would be interest/taxes/homowner assoc./PMIfor the first few years, it makes sense to rent until you can put a nice down payment on a house and can afford the payment with ease. Point is, a lot ofpeople hype up buying a house as a "great financial decision" but it's overrated, IMO. I'm going to purchase a crib once my lease ends inOctober, and I know that making those payments won't be any fun. However, the tax breaks and potential appreciation of the value of the home makes it worthit.


To add, staying at home wasn't an option for me. When I finished college the only job offer I got was away from home. I wasn't going to turn that downjust for the potential to stack more chips at the crib.