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Buying a home sucks
Tweet Topic Started: Feb 28 2006, 02:52 PM (207 Views)
Aladdar Feb 28 2006, 02:52 PM Post #1
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So we're trying to purchase a home which is seeming more and more unreasonable as we go along.

One of the cheapest homes we have found is for 161000 dollars. A loan even on that amount comes out to 1400 dollars. I can't afford 1400 dollars a month. This is seeming further and further out of reach.
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Didge Feb 28 2006, 03:38 PM Post #2
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Did you look into the no-equity loans? I responded to your comment about both you and Fix's problems in his wife's lj.

Short answer, they're not the greatest type of loan (as they don't acrue equity) but they do give you that extra leverage to get into a place. Just be wise with your money, and don't spend the extra savings on other things, apply it back into the loan to pay off the principle.

Just an option. As a side note, which I mentioned before, if you can hold out for another eight years or so, that'd be the time to really buy a house. With all these non-equity loans out there, and most of America being stupid about them, the housing market will fall through the floor about then, whether it is rising or falling. Expect to see very affordable houses at that time period as the banks begin to foreclose on the lot of them.

When you're making an Adventure, remember to ask, "WWMPD" (What Would My Player's Do?) Then tailor your adventure around that.
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DaveReaves Feb 28 2006, 04:07 PM Post #3
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It may well be worth you time to wait. Last year and in 04 a lot more people than the market could bare were buying houses. They were paying rediculous prices for them because they felt that that property value would only go up. Unfortunantly when average Joe tries to play the real estate game it rarely ends well. As such, people who can't afford the property they bought are trying to make a profit on property that they paid too much for to begin with and prices are freaky high until they bight the bullet and sell at cost or loss.

Another thing you can do is buy property now and think about other types of structures to live in. Mobel homes are not nearly as bad as they used to be as far as depreciation. You can get some very nice ones in the neigborhood of 80-90 k. There are also manufactured homes that are not mobel homes. Such homes are built then delivered by flat bed (instead of built with wheels and moved on its own) and hold value more like a real site built home.

You may also want to look into condos.
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Aladdar Feb 28 2006, 06:42 PM Post #4
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I'm considering an interst only loan, but that scares me. Should the market fall through the floor then I'm in trouble. As long as it keeps building like it is then it's worthwhile, but if something happens then I'm in trouble.
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Vacerious Feb 28 2006, 10:44 PM Post #5
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Wow. Reading this kinda stuff makes me glad that I'm still a teenager.

Now, I'm not the authority on real estate or anything, but perhaps now isn't the time to be buying a house, what with the today's economy being in the trash, and all.

Personally, I think that DaveReaves has a good point. Trailer homes aren't horrible, but my experience with mobile homes is that trailer parks typically aren't in the nicest neighborhoods (seriously, I've seen people run from the cops after dropping my friend off at his trailer). If you can afford a condo (stayed in one once, and it was NICE), more power to you.

Unless you're absolutely positively sure that you want to move into a house, I might recommend that you stick with your current residence.

:cheers:

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kismetrose Feb 28 2006, 10:57 PM Post #6
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I'd like to have my own home someday. Someplace I can really make my mark on without having to worry that the managers will bitch if I paint a room a different color. Someplace I can make as cozy as I want. Someplace I can use to set up the library that would have to sprout in a place with my name on it. I would love to actually buy beautiful furniture and work on layouts for rooms. Did I mention I'm a Sims addict?

But I don't know that I'll ever be able to do that in the city of my birth or anywhere close. Homes in Glendale are bad enough in price. For now, I'm just glad to have a roof over my head (although we need a new bookshelf and have for a while).
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Fixxxer Mar 1 2006, 02:06 AM Post #7
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Mar 1 2006, 12:57 AM
But I don't know that I'll ever be able to do that in the city of my birth or anywhere close. Homes in Glendale are bad enough in price. For now, I'm just glad to have a roof over my head (although we need a new bookshelf and have for a while).

Consider playing around with www.findyourspot.com. If nothing else, it's an amusing idea, though I think most of the responses I got were fairly spot on.
In my mind, it is that simple. But then, I'm simple minded. -Didge-
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DaveReaves Mar 1 2006, 06:34 AM Post #8
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Turns out I'm living in the right spot. Most of my results were in Florida and most of them were within two hours of Ocala. Gainesville (about 20 minutes away), Daytona (hour and a half), and Tallahassee (around four hours) are some of my favorite places. :D

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Personally, I think that DaveReaves has a good point. Trailer homes aren't horrible, but my experience with mobile homes is that trailer parks typically aren't in the nicest neighborhoods (seriously, I've seen people run from the cops after dropping my friend off at his trailer). If you can afford a condo (stayed in one once, and it was NICE), more power to you.
A lot of the moble homes they are building these days meet the requirements for homeowners associations to alow them in nicer neighborhoods. As for trailer parks, there are some nice onces and there are some shafty ones just like any other neighborhood. The problem comes in when druggies, criminals and other "bad people" who don't generaly have a lot of money start moving into cheeper communities. These people attracted others of their sects, and people from those walks of life tend not to be the nicest people in the world.
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Aladdar Mar 1 2006, 07:09 AM Post #9
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My wife is 100% opposed to living in a mobile home no matter how nice it is. I'm not that far off either being that we live on the beach and the hurricanes favorite spot to play.
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