First Time Home Buyer

[parafly]

Re: First Time Home Buyer

No, we are commuting into the Mahwah, NJ area. I've lived in this area for my entire life, so I fully understand what Somerset, Morris, and Hunterdon Counties have to offer. All options are still on the table for us, so staying in NJ could very well happen. Gas prices are most likely going to continue growing, but a commute from the middle of Morris county for example would be about equal to the commute from Middletown, NY.

[flash]

Re: First Time Home Buyer

I spent quite a few years feeling like we were throwing away money by renting. In the end, it depends on the rent, the market, other expenses...

We rented 15 years, then bought a high end place, and made out ahead. We were in a rent-to-own (you rent off the down payment) in S. California, then DH was relocated. When we moved, after only three years, the house value had fallen from $500K to $250K. We would have lost quite a bit if we were locked in. Rent was also half of what we would have paid on mortgage and upkeep.

After you buy, there are start up costs, not just PMI, but turning on utilities, new contracts, home improvements, basic things like...do you have a ladder, or tools, or a lawn mower, or...it can take a huge whack out of your savings.

[vsjhoc]

Re: First Time Home Buyer

After you buy, there are start up costs, not just PMI, but turning on utilities, new contracts, home improvements, basic things like...do you have a ladder, or tools, or a lawn mower, or...it can take a huge whack out of your savings.

... not to mention regular expenses like property taxes, home insurance, alarm system, pest control, chimney cleaning ...

[Amorphous02]

Re: First Time Home Buyer

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! :-(.

[neatdesign]

Re: First Time Home Buyer

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! :-(.

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

[Amorphous02]

Re: First Time Home Buyer

I lived in a 1br1ba with two adults, a baby and the occasional guest. All we need is a place in our hearts. Banks can help in so many ways. Ignore the real estate agents if you can.