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Old 03-29-2007, 08:05 AM   #21
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Default Re: I need older peoples advice about buying a house please help this is real life

I know were paying around $760 for our mortage, and were in a house that comfortably sleeps 4-5 people, My opinion on it is that you should at least wait until your done with college and have a steady job before you go out and buy a house.
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Old 03-29-2007, 11:07 AM   #22
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Default Re: I need older peoples advice about buying a house please help this is real life

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Originally Posted by Brookfield
I'm very lucky in that I haven't had a mortgage for over 30 years, that's not gloating, jeez, if I still had one at my age, I would have to have done something seriously wrong earlier on in my life!
It's ridiculous in England now, estate [realty] agents are prepared to loan young couples up to three times their salary, but if they take up the offer, more than half of them will struggle to meet repayments, one couple I know of got a simply huge mortgage [loan] then she got pregnant, six months later her husband had a serious accident at work & was hospitalised for three months, & is now unable to go back to the job he was doing, the only job he can do now is non-manual, ie sitting behind a desk at a quuarter of his previous salary, the government is trying to bring in legislation to reduce loans to twice the salary, the agents are just bloody bloody greedy!!, my first mortgage was under £100 a month, but it was a long time ago, my heart bleeds for these youngsters today, it really does
Your joking mate, I was offered a mortage for five times my salary, 3 times has been the norm for years.....
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Old 03-29-2007, 12:43 PM   #23
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Default Re: I need older peoples advice about buying a house please help this is real life

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Originally Posted by GlasseyeUK
Your joking mate, I was offered a mortage for five times my salary, 3 times has been the norm for years.....
Don't have a go at me Joe, so I got it wrong, well, so s-o-r-r-e-e-e it was a guess, what would I know about um, er, m, ah, mortgages, see I got it, knew it began with an m!, lol.
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Old 03-29-2007, 12:46 PM   #24
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Default Re: I need older peoples advice about buying a house please help this is real life

renting is the way to go IMO.. granted you dont see any of the money again, but you get the house maintained by the landlord.. me and my dad are renting at the moment, and its not too bad..
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Old 03-29-2007, 01:23 PM   #25
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Default Re: I need older peoples advice about buying a house please help this is real life

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renting is the way to go IMO.. granted you dont see any of the money again, but you get the house maintained by the landlord.. me and my dad are renting at the moment, and its not too bad..
yeah that's one way to look at it. You can get lucky and buy a house that doesn't cause you problems but other times you'll buy one and have something major go in it which is going to cost you a lot to repair. Houses are definitely not cheap to maintain. My parents rent out a place and the costs to maintain it is always more than their own house.
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Old 03-29-2007, 08:49 PM   #26
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Default Re: I need older peoples advice about buying a house please help this is real life

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Originally Posted by Jenox
First off, good luck buying a house.

Try either renting or getting an apartment. You'll simply be over-budgeting if you try to buy a house. trust me, been there, done that. It doesn't work. Get an apartment. $10 might seem good, but that's just because you're fresh out of highschool. $10 isn't nearly enough to buy a house. Hell, most families who make $30 combined an hour can't even afford to buy a house.

Buying a house requires roughly an income of something around $40,000 - $45,000 a year. Because of expenses, fixed and random. You have to be really mindful of what to budget.
Well, it depends. There's the big ones, that costs up to 300k, but the ones from 150-175k is more reasonable. I plan living on my own and I'm looking for a small home. I don't need a basement, so I guess that eases it.

Just make sure that you have a mortgage, if you're in Canada and a house insurance. But, $10 won't cut it. It's depending on how much you gain per week. If your house costs around 1k per week, and you gain around 1.2k per week, that's fair, but if you're borderline (1000-1050) or under (999-), then I'd start with an appartment, until you can safely go with a house.
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