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Originally Posted by Amorphous02
Why does no one consider a small house first: It might be small but its yours. there are so many advantages to being a home owner. But what surprises me is that no one has talked to the banks about REOs and "repos".. that is time well spent. Banks love to get rid of REOs (real estate owned properties, as I hear often. Am I missing something? Right now, given my unemployment (part time WAHM) I can only hope to buy a mobile home! :-(.
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I agree. I have never owned a home and honestly, even though I'd love to have my own little spot on this planet, I am quite overwhelmed at the thought of it. Renting is just so EASY. So it makes sense to me that, when we can finally afford to buy our own place, we will start out with something somewhat on the small side: A couple of bedrooms, maybe a small office, 1.5 baths, etc. We'll make it our own and use it to learn HOW to be homeowners. How to maintain the property, the lawn, the plumbing, taxes, etc. That will all be new to us, and I'd rather start out with a small, manageable size than move into some monstrosity that we can't keep up with.
Of course, after living in a one-bedroom apartment for five years (two adults and one 100lb dog), anything with more than one bathroom and one bedroom will seem like a luxury suite!
~ Jenney