Who here owns?
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- ********
I'm thinking about buying a place. Any of you guys own a house or apartment? Do you guys ever freak the fuck out about mortgage?
- moamoa0
ask hedge
- fuck, beat me to it!waterhouse
- you guys *still talk about hedge? say it aint...philipdrumman
- waterhouse0
Thanks for not being hedge. I rent.
- Ottoblix0
If you can swing the downpayment, the rest is business as usual !
- JG_LB0
There's a huge difference between renting and owning. Do your homework, twice. I don't have any direct personal experience but close friends and family made the transition and it wasn't a walk in the park. Taxes, repairs, 30yr mortgage, etc etc
- d_rek0
I don't own a place but have been shopping around. However the Michigan housing market is in the pits right now - you can find some gorgeous newer homes for $140-180 right now in very ideal areas (fairly rural with little commercial development).
- And Ottoblox is right, downpayments are key for a good mortage.d_rek
- locustsloth0
i own. But we bought because we had a kid and wanted a yard to play in, so on, so forth. We entered into a diminished equity situation in order to keep it affordable. i freak out every once in a while about the mortgage, but it's the occasional (and sometimes expensive) repairs that get me the most
- Point50
I'm somewhat avoiding it right now; no fucking reason to really stay here in Vegas.
must... get... out...
- thinking of moving to Vegas. Design scene is weak I hear.amongthemasses
- all the stupid hotels want designers to work for 30k********
- spendogg0
only if I dont have money.
JK. It is about the same as rent. you may pay a little more for your mortgage, but you make it up at the end of the year. you can write off your intrest.
- ********0
I'm looking in San Francisco, but shit is rough man. I might have to be "all growns up" and move out to Santa Rosa or San Jose or some shit.
- Mellimelvin0
I was scared buying my first house. The mortgage was $1200/m and I was paying $550 at the time. I bought in 2003 before prices went crazy.
I didn't make crazy money, but you tend to prioritize what you need and what you want. I never paid my mortgage on the first, but I always managed to pay it within the 16 day grace period. Trying not to spend the money on stupid shit.
- Point50
I hear both sides of the story these days:
"it's the best thing I've ever done"
"fuck, I'm stuck here cuz I can't sell this shit"however, if happy with the decision to stay where you buy for a few years, now is a great time to buy
- true... i don't plan on moving from my current place for some time.Mellimelvin
- BonSeff0
im coming up on 3 years. ive put 10k into the place and prolly have 5k in equity. the hardest part about a mortgage is, if you did like me and didn't put shit down, is that the first couple years are mostly interest.. dont really dent the principal that much.
and a couple months ago i had to replace the central heat/ac. that one fucking stung.
but the upside is that i will prolly get it the investment back when i sell. i think i am stuck with it til the market turns however.
but on the upside of that, is that while i wait i am getting more equity..
so there are pros and cons. i think the whole flip this house model is gone. if you buy, plan on being in it for a few years. throw down on the upgrades build the equity
- I did a similar thing. I look at the rehabbing and updating as my down payment.Mimio
- ********0
I'm thinking about throwing down like half. Hopefully I can get a good interest rate. The thing thats got me freaked the fuck out is constant work. I just got a full time job, but I think it would be wise to wait a bit and see how secure it is.
- Working on your own place is half the fun living there. I love it********
- cannon, if you're planning on throwing down half you'll be in great shape when you go to buy.Point5
- Working on your own place is half the fun living there. I love it
- ********0
the price of ownership compared to renting has been inflated for a while now, so I actually think renting is better at this time, especially when you factor in cost of upkeep, etc.
- horton0
when you know you're somewhere you wanna be, jump in.
- ********0
My apartment have more than doubled it's value since I bought it 3 years ago. But that's because I got in just before it all when nuts.
If I had to pick today, I would rent till the market have settled again.
- bulletfactory0
my wife and i have almost doubled the value of our house through personally renovating it. our mortgage payment is ridiculously low - Our house is a 1898 two story, around 2,000 sq. ft. (may not sound like a lot, but it's just the two of us and our boxer, and we love this house). The problem is, that living in a college town, most of the houses on our block are rentals - meaning, THAT is what would drive the property value down. We just wish we could pick our house up and move it elsewhere.
My point is that neighborhood will play a factor in worth.- that's a huge house for 2 people.. sucks about the rentals.Mellimelvin
- mrdobolina0
I took over the mortgage at my mom's place. It's a fucking steal. Although I got really lucky and refi'd when rates were really low and got a good rate.
- my wife refinanced when rates got crazy low and we're smiling.bulletfactory