Has anyone bought their own home/apartment/co-op/condo

[Tom Earp]

IF, you can find a duplex buy it! It helps pay for your Loan Payment and maybe most of it!

I live in one side and rent the other

Depends what area you live in of course!

Buy if can, has money going in it and not just pay to live with rent!

The very best of luck!!!!!!!

[ilovemyglo]

Originally posted by madmax
Why would the homeowners have to pay the descendants 20-200K? Wouldn't the title insurance company have to pay the claim?

The owners didnt purchase title insurance.
When you buy a home you will see that you have to buy title insurance- but that only covers the lender, not you personally.
So they were liable.

[Jadey28]

My boyfriend and I just went to a future first-time homeowners seminar on Wednesday night. Everything mentioned in the posts above was mentioned during the seminar. I really didn't realize how blind I was to everything that comes with purchasing a house. I would check your area to see if any mortgage company or realtor offers such a class. (We received our invitation through the mail~you know, junk mail that you would normally toss). I think seminars like this usually cost a little bit, but ours was free and we walked away with tons of knowledge. We started working with the realtors and looking at potential places. And we're meeting with the loan officer to see exactly what we qualify for. Maybe, if everything goes right, we might have a place by the end of September????

Good luck to you winneythepooh7.

[ilovemyglo]

If you find a company that is actually a holding of MidAmerica energies, they hold 1st time homebuyer seminars regularly for free.
Also, contact your local board of realtors they should have that info.

I am currently working as the marketing liason for our company (a down payment assistance program) and the realtors, lenders and builders.

There are 3 areas I have no desire to by a homebuyer in right now:
California (any part of the state no less), Maryland and New York.

My reasoning- for the same money you could buy a mansion elsewhere.
I can't bear the thought of a $1,000 month mortgage payment for 900-1200 square feet.
I can buy a nice condo, in a good area of town- probably brand new with brand new appliances for around $90,000.
Same condo in NYC- about $350,000.
That also goes for Cali.
Maryland I wouldnt buy because the prices are inflated and the market is on the brink of toppling over.

But that is my 2 cents.

[Munchkin03]

Yes, I could get a much larger house for what I'd pay to own an apartment here. BUT...there are certain amenities that come with living in the city that I think are well worth the sticker price. Plus, incomes are higher than they are in other areas--so it works out for the most part. It might be too expensive for you, but those who can manage are doing just fine.

You seriously cannot expect those whose jobs and families are tied to those areas to move.

[ADPiAkron]

Originally posted by DeltAlum
The joke here used to be, "What's the difference between AIDS and a condo in Aurora. The answer is "Someday you'll be able to get rid of AIDS." (At least we all pray the second part is true)

That is what it is like here in NE Ohio! I own a condo and my dad has been in Real Estate all my life. He knows selling it in the future will be difficult...but realized it was the best for me since I needed something smaller without any outdoor maintenance!!

A condo is great....but I HIGHLY recommend you buy a detached one! Let me put it this way--my hot water heater broke and my neighbor's ceiling is destroyed--get my point?!?!

I was able to buy my first house outright last yr. A few yrs ago i inherited my grandparents house and last yr when we were having the real estate market boom i sold thathouse in 4 hrs time and tripled for what i asked and was able to buy my first house outright ...no mortgage or rent. I hate renting beent here , doen that and when it doesnt feel like yours its no comfortable. i have 3,000 sq ft house and a son who thinks it is his personal playground and race track with his big wheel bike

[Peaches-n-Cream]

My friend is in real estate sales in Manhattan. The average 3 bedroom co-op is now over $900,000. In most parts of the US, that could buy a huge house and a nice lifestyle. Not Manhattan.

[ilovemyglo]

Originally posted by Munchkin03
Yes, I could get a much larger house for what I'd pay to own an apartment here. BUT...there are certain amenities that come with living in the city that I think are well worth the sticker price. Plus, incomes are higher than they are in other areas--so it works out for the most part. It might be too expensive for you, but those who can manage are doing just fine.

You seriously cannot expect those whose jobs and families are tied to those areas to move.

I never said that, I said I PERSONALLY could not spend that much money- knowing what else is out there.

I live in a city, a rather large one at that. We have all the amenities, but you can buy a gorgeous home, in a great neighborhood, close to everything for $250,000 (actually less, but that is probably like a 5 bedroom home) and furnish it with all new furniture for what most people pay in those cities.

Yes I know that pay is different, but it isn't that different. I do have friends that live in all of those places, and they are amazed at the cost of living.

It reminds me of why most Americans have around $20,000 in credit card debt.

[mu_agd]

I bought a condo in Boston last August and I love it. It was a lot of money, but I was spending so much on rent each month, I figured why not?

[Dionysus]

I have absolutely no interest. People go or whenever I say that, but whatever.

[Tom Earp]

Old damn thread, but can still work today!

Many Cities are going for Loft Space. So many in fact that the prices are coming down. Again, depends on the area.

Look at all aspects. As I mentioned, I own a duplex, the tenent pays for the payment.

Condos are nice, but look at resale and taxes.

[BLUTANG]

I am SO FAR above that projection, but I'm blessed enough to not have any other major bills.

My advice to new homebuyers:
1. don't worry about what your friends are doing!!!
I purchased small in a FANTASTIC neighborhood, instead of buying big "in the hood" like some people i know.

2. don't think about how much your money would go in other parts of the country (example DC versus NC)... it will only drive you crazy! This also ties back in to #1... I bought my MD condo at the same time my friend from undergrad bought a 3 bedroom house with garage in NC... he has a yard and HE PAID LESS!!!!! But what can i do about if but move to Cary? Nothing... so don't even waste energy on those thoughts.

3. location, location, location

4. check out the "mix" of neighbors (age, sex, families vs singles, OWNERS vs renters, how many people are pushing strollers? how many people do you see jogging in the evening? are they pet owners? etc)

5. very important in DC area: how close you are to metro / major highways; is there parking for you & your guests? Do you have to drive around the block 35 times to snag a space, or can people just hop on the _____ (insert color here) line to visit you? Will you still be sitting on the beltway for an hour just to park at the Metro to go to work in the mornings?

6. Go for the best schools and parks EVEN IF YOU DON'T HAVE KIDS. Your life will change, and even if that's not in your forecast, the person you sell your home to will care about these issues.

Originally posted by AXiD670
I'm double-posting!

Question to those of you who own:

I know the rule of thumb is to not spend more than 28% of your monthly income on the mortgage payment, and not to spend more than 36% on combined housing costs. Has anyone really analyzed how this affects your month-to-month cash flow? How close (or far) are you from that rule?

[SmartBlondeGPhB]

I've never gotten one. Don't know what they are for and haven't cared enough to find out.

[Rudey]

Originally posted by AXiD670
Okay, we found the house, we have a closing date, so here's my next question.

Did you purchase a home warranty? If so, what company would you recommend? Our home is only two years old, so I don't understand why we would need one. Also, if something breaks, why can't I just find a repair person?

I really don't want to deal with having to figure out a way to visually represent company cashflows, so instead I googled for you

http://homebuying.about.com/b/a/129511.htm
http://moneycentral.msn.com/content/...ide/P76015.asp
http://www.berkeleydaily.org/oldpape...&storyID=23858
http://www.ehow.com/how_5584_determine-you-need.html
http://www.consumersunion.org/other/mh/paper-pr.htm
http://www.ourfamilyplace.com/homebuyer/warranty.html

-Rudey