First Home

[Dale Moser]

First Home

If I was young and single, Id buy a **** box in a good area, and fix it up/modernize it.


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[bowhntrmatt]

Any of your options could be just fine. Just do something. Any house you stay in 5+ years will appreciate.

[Acameron52]

Man, I was in your same shoes this last year. I originally wanted to buy a house on a couple acres. After looking at 30+ houses that were already at the top of my budget and in need of work as well as over priced I decided to build! Found 4 acres in an awesome location with killer views and closed on it December 15th. Forms went up today for my Barndo and shop!!

[ken]

I would buy now for what you want to do long term. Interest rates are extremely low. Locking in a long term loan at a low interest rate makes a huge difference in your long term costs. It is likely 5-8 years from now interest rates will be a lot higher.

[Quackerbox]

If Whatever you do, don't become house poor, especially if you are married. This can be very stressful. Also, when making your decision, be sure to pay attention to property taxes and take those into consideration when you are house hunting. They vary from neighborhood to neighborhood, so do your homework. Best of luck.

yes, there is a guy in my office that bought a huge house in a nice neighborhood. He has 2 kids under 10. Both of their vehicles are paid off with high mileage. He cant afford to buy his wife a new car (he has take home) or take the fam on a vacation past conroe.


Dont max out your budget so you can only listen to peoples vacation stories

Buy land and build as you go.

You can buy a house any time, but land, they ain’t making anymore of that.


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and yep

Ive been in my first and only house 18 years. It was a decent area when I moved in. Depending on what happens to the new development up the street things could get worse or better. Either way the homes in the area are selling at double what I paid for my house. And from pics online they havent update the homes like we have.

Wife and I bought 2 acres across the street from a lake 3 years ago and already have a barn on it. Both that and my home will be paid off before I retire.

[Mayhem]

^^^ sounds like your co worker need to put his house on the market and downsize.


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[twistedmidnite]

We purchased a home in the country on 6 acres. We lived there for 7 years, making a few improvements as we went. We sold it for $5,000 more than we bought it for. It was a win in my book.

If I had to do it all over again I'd buy the piece of property I wanted then live in a camper/barndo and build my house of choice.

[BLACKFINTURKEY]

We purchased our first home recently. Older house 1949, with 3 acres house was in good shape but in need of serious remodeling. Ended up having to re wire most of it and replumb most as well. With that being said we probably will be 45-60k all in renovations but even so the appraised price is still 40k more than our all in budget.

I would definitely look for something with a little land that’s what the buyers will want imo.

[gingib]

I am against building a new home at high prices, IF it's not your forever home

Buy used if your plan is temporary

[BlackoutRam2500]

^^^ sounds like your co worker need to put his house on the market and downsize.


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Or cut up his wife's credit cards. My BIL makes $150k a year and is still renting after 13 years with his old lady. His rent is $1,800 per month, used to be $1,300 and either way he just can't save a nickle. His wife has maxed out credit cards, a high mileage upside down car, etc... etc. A spouse with poor money management will sink you faster than anything.

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[Mayhem]

Or cut up his wife's credit cards. My BIL makes $150k a year and is still renting after 13 years with his old lady. His rent is $1,800 per month, used to be $1,300 and either way he just can't save a nickle. His wife has maxed out credit cards, a high mileage upside down car, etc... etc. A spouse with poor money management will sink you faster than anything.

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That’s his fault for letting it go on that long.


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