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Why aren't u buying a home???

mrdropclothmrdropcloth Member Posts: 614 ✭✭✭
edited June 2010 in General Discussion
With all the hype about super low interest rates,( true) and declining home values, and incentives from banks, as well as builders....whats YOUR reason for sitting on the "Fence?"
We all say if we had 20/20 vision we would have done thus and such.
Point is , do you think NOW really is the right or best time to buy a modest price house?
What is the advantage to renting???
Feedback from both sides please....thx.[:)]

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    spasmcreekspasmcreek Member Posts: 37,724 ✭✭✭
    edited November -1
    own three...all paid for ...that's enough
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    Follow MeFollow Me Member Posts: 1,971 ✭✭✭✭✭
    edited November -1
    I posted about a month ago that I was doing just that. Got them all full of renters and plan on having a nice cash out in about 10 years or so.
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    cccoopercccooper Member Posts: 4,044 ✭✭
    edited November -1
    Trying to own the one I have. About 5yrs left on the MTG.
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    AzhunterAzhunter Member Posts: 2,205 ✭✭✭✭✭
    edited November -1
    Already have one, thanks anyway. We have been thinking about upgrading, but I need to improve my employment situation first.[B)]
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    iwannausernameiwannausername Member Posts: 7,131
    edited November -1
    Got 15 left on my mortgage... will be the one and only house I buy ...
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    Alan RushingAlan Rushing Member Posts: 9,002 ✭✭
    edited November -1
    Have found that much of the talk is exactly that, so much talk. If others have found out otherwise, I'm listening!

    (At this point, I feel that I ain't got no money ... even if not completely so.)

    spasmcreek (unless you inherited or were given them) great job ... way to do it!
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    wittynbearwittynbear Member Posts: 4,518
    edited November -1
    I already own one with no mortgage, don't need another.
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    RtWngExtrmstRtWngExtrmst Member Posts: 7,456
    edited November -1
    Raw land is a much better investment than a house.
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    AlpineAlpine Member Posts: 15,066 ✭✭✭✭
    edited November -1
    I already own 5.

    That's my own personal limit.
    ?The problem with socialism is that you eventually run out of other people's money.?
    Margaret Thatcher

    "There are three kinds of lies: lies, damned lies and statistics."
    Mark Twain
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    WarbirdsWarbirds Member Posts: 16,849 ✭✭✭✭
    edited November -1
    I have been thinking about buying another as an investment property.

    Two things though:

    I don't know the process or the best way to go about doing it, taking the leap and making the jump to buy an investment property.
    I'm open to any advice. I could probably put 20K down on a 2nd house, but how do you calculate all the variables.
    Is it rentable, is it profitable, maintenance, taxes, etc.

    I believe rates will continue to drop as more financial data comes out post- "first time home buyer credit".

    A place like this (although I don't live in FL my wife's family is there) Seems like in the long run, it couldn't loose money.

    http://www.zillow.com/homedetails/702-Panferio-Dr-Pensacola-Beach-FL-32561/80777443_zpid/
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    ruger41ruger41 Member Posts: 14,655 ✭✭✭✭
    edited November -1
    Just finished paying off all credit debt except for car payment. We were looking to buy a house a year ago but we didn't have enough at the time for a decent down payment & interest rate(decent according to the bank is 10%-20% down) and I refused to go with an ARM loan, which we could have easily gotten--but look where that kind of borrowing has gotten the US into today. My credit took a thrashing thanks to an exwife, so we will just have to come up with some more to put down. We also moved to an area of the state that actually has affordable homes. A standard 1,200 to 1,700 sq ft home on the Seattle side runs at least $270,000 unless you live in the ghetto. Here on the east side of the state you can find a 3 to 5 bedroom 2,000+ sq ft home for $150K to $225K in a nice area.
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    penetraitorpenetraitor Member Posts: 3,870
    edited November -1
    I'm not buying a home because the one I live in is paid for. I sure the heck don't rent and I don't want to take out any loans.
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    spasmcreekspasmcreek Member Posts: 37,724 ✭✭✭
    edited November -1
    bought & paid for .....main home at farm, one home in town, one home at eastern kansas lake....do wonder though at govt hand sticking deeper in your pocket if it is wise to own anything....they absolutely do not get necessity of STOP SPENDING MONEY
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    RtWngExtrmstRtWngExtrmst Member Posts: 7,456
    edited November -1
    Nearly $200/sq. ft. for a 50 YO house on a small lot? You gotta be kidding.
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    shilowarshilowar Member Posts: 38,815 ✭✭✭
    edited November -1
    bought mine last year so already did my part...and didn't get any $8k tax credit either
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    joker5656joker5656 Member Posts: 5,598 ✭✭✭
    edited November -1
    To buy a house you need a stable job and I mean stable. Right now the job market isn't stable. Also with the jobs it also has to deal with where you live. That goes without saying.
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    MossbergboogieMossbergboogie Member Posts: 12,211
    edited November -1
    Because I can pick up and move tomorrow and not have to worry about a payment for something I don't intend to use. Anything breaks the owner pays to have it fixed. I don't pay for the taxes or home owners insurance, just a small renters policy. When you are young and un-married and can travel the country at a moments notice what's the point.
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    Maximus4427Maximus4427 Member Posts: 558 ✭✭✭
    edited November -1
    quote:Originally posted by wittynbear
    I already own one with no mortgage, don't need another.


    Me too![^]
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    Maximus4427Maximus4427 Member Posts: 558 ✭✭✭
    edited November -1
    quote:Originally posted by RtWngExtrmst
    Raw land is a much better investment than a house.


    If you like living on a vacant lot![:(]
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    hotshoothotshoot Member Posts: 4,227
    edited November -1
    for what i got, for what Im paying you cant find something like this
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    mrseatlemrseatle Member Posts: 15,467 ✭✭✭
    edited November -1
    I bought a townhome 2 years ago.
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    JackBwrJackBwr Member Posts: 1,756 ✭✭✭
    edited November -1
    quote:Originally posted by shilowar
    bought mine last year so already did my part...and didn't get any $8k tax credit either


    Yeah. Me either. I dove into the market 5 years ago as everybody was saying how bad the economy was and "interest rates will never be lower than this!" "Lock in now. They'll be going up soon." hahaha Yeah. Right!

    I managed 10% down. Did not receive the $8,000 tax credit that I now wish I had waited for. Got locked in at 5.5. Could probably get a 15 year for 4.25 now but it's relatively small and the wife wants to move in a few years. So I'm not going to bother.

    I figure the next 5 years will be very educational. Either things deteriorate so bad that we'll be counting our blessings that we have this house and we won't be going anywhere. Or, there's finally a general turn around and I won't feel as nervous upgrading. We'll see.
    Don't know what interest rates will do but raising them in the foreseeable future would spell disaster for sure. I'm betting nothing changes for several years.
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    badsbsnf81badsbsnf81 Member Posts: 768
    edited November -1
    I'm only going to do it once and it will be a "turn key" deal. I tell the contractor what I want, he/she tells me what it will costs. I get a lawyer to write as much of a binding contract as is umanly possilbe. The contractr gets signed. When the house is done and I'm satisfied, I get the keys, put one in the lock, turn it, open the door and own it free and clear.
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    CHEVELLE427CHEVELLE427 Member Posts: 6,750
    edited November -1
    takes money and at this time in my life i have none, thinking of buying a new 4 room tent comes with indoor toilet
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    45forme45forme Member Posts: 948 ✭✭
    edited November -1
    The time to buy a house is as soon as you have the money to do it. Buy it at a good price, settle for less than you wanted if you need to, and remember that there are costs associated with maintaining it.

    The mortage tax write off is a big reason not to rent. The equity you build over time is much more than you would have saved by renting, and you probably would have spent that money at the time, and wouldn't have it 20 years later. A paid off house is most peoples primary nest egg for retirement.

    The only reason I can see for not buying a house is that your company constantly moves you from state to state. If so, I hope they are compensating you adequately, and I hope you are saving in an Roth IRA for an eventual large downpayement.

    As to buying a rental house, this seems like a good time to purcase middle of the road houses at a very good price. They key to success is buying at a good price. Find a situation with a desperate seller and take advantage.

    Even buying when interest rates are high can be good, because high interest rates mean lower prices, and you can refinance when interest rates drop.
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    FrancFFrancF Member Posts: 35,278 ✭✭✭
    edited November -1
    His & Her's are paid for.
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    pickenuppickenup Member Posts: 22,844 ✭✭✭✭
    edited November -1
    Advantage to renting?
    Depending on the lease, when something goes wrong/breaks, the owner fixes it.
    You own it, YOU fix it.

    Not buying another one right now, don't feel the time is right. The government is telling us the economy is getting better. Guess what, I DO NOT BELIEVE the government.

    We already have more than one, and when we move into the one we are currently remodeling, all we will owe is the yearly extortion fees demanded by that same government.

    We may do a 1031 exchange (Starker) on other properties about that time. Will have to wait to see what the market/opportunities are then.
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    gruntledgruntled Member Posts: 8,218 ✭✭
    edited November -1
    I tried several times. They don't reaaly want to sell them, it's all a game.
    I put in a full price cash offer for a vacation condo in Arizona about a year ago & two months later the broker still could not get any response from the bank.
    I tried several times to help my son buy a home. Again full cash offers. All the banks were trying to do was start bidding wars. You have to offer way over the so-called list price. It's all some sort of stupid game.
    I would still like to get a vacation home in Nevada or Arizona but I'm VERY tired of the games they are playing.
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    redneckandyredneckandy Member Posts: 9,687 ✭✭✭✭
    edited November -1
    I just bought one. Needs minor work (kitchen, bath, and paint). In a nice neighborhood (my house is the worst for now). Double lot, detached garage, 20'x40' in ground pool all for well less than what I make in a year. For less than $10k in repair this place will be perfect.
    If the market goes up I can sell and double my money, if it goes down I can still rent it and make some money. The best part is I was able to pay in cash. No mortgage.
    IF you have the cash, now is the time to buy.
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    BeeramidBeeramid Member, Moderator Posts: 7,264 ******
    edited November -1
    Bought a new construction home a year and a half ago.
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    drobsdrobs Member Posts: 22,549 ✭✭✭✭
    edited November -1
    Just bought one. Looking for another or more land.
    Might look for something in the city.
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    kidthatsirishkidthatsirish Member Posts: 6,985 ✭✭✭
    edited November -1
    It wouldnt be worth it to me right now....Im still recovering from my wife's student loans that I got as a wedding gift![:p]
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    drobsdrobs Member Posts: 22,549 ✭✭✭✭
    edited November -1
    Paying off my truck right now with the tax refund from the house.

    It's freeing and painful at the same time.

    With each click of the mouse - goes an ATV, a Barrett semi auto, a 2nd used car...

    Buddy of mine is buying a house right now. Most builders are offering 8k off the price of new construction now that the refund has expired.
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    slipgateslipgate Member Posts: 12,741
    edited November -1
    I just did - $400k below its high in 2006!
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