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My fiancé and I are looking into moving into a new house. The property is much bigger and I can barely handle taking care of the land we have now. It will just be so much cheaper for us in the long run and I really want to own a house so when we're older, we won't have the rent expense anymore. Thoughts/tips?

abeja_reina_1989 said:

My fiancé and I are looking into moving into a new house. The property is much bigger and I can barely handle taking care of the land we have now. It will just be so much cheaper for us in the long run and I really want to own a house so when we're older, we won't have the rent expense anymore. Thoughts/tips?

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Not sure how old you are but with home prices as low as they have been in a long time, and money being available at a low interest rate to borrow at, you are SMART to lock in the deal to buy a house right now. Just remember, if you think you can buy a home cheap and flip it over in a few years to make a profit or trade up, I don't think those times will ever return for at least 10-12 years, if at all. Buy something you will grow into over the long term, not something you want just for the short term. Yet, TIME magazine had a cover story a few weeks back as to whether home ownership is something people need these days, may I suggest you try to find the story online?

My opinion may be biased because I am nearing 60 years old but I have always been a very careful borrower and consider myself well informed about the housing market and current financial situation.

Don't want to pry into your financial situation as I don't need to know but I would say that this is a great time to buy a new home. I agree with JD buy for the long haul not as a short term investment.

I agree; do not procrastinate the idea of owning a home because lending policies are deemed to become more flexible and I am one of the people looking to take advantage of that.

I am almost 22 years old. I agree that it is an amazing time to get a house right now, because they are so cheap. We've been looking at Zillow and trying to find the cheapest costs per month. It's so hard to pick a house because I'm so worried something major would be wrong with them since they're so cheap or maybe they're in bad neighborhoods. We have a lot to look into! Super stressful lol.

abeja_reina_1989 said:

I am almost 22 years old. I agree that it is an amazing time to get a house right now, because they are so cheap. We've been looking at Zillow and trying to find the cheapest costs per month. It's so hard to pick a house because I'm so worried something major would be wrong with them since they're so cheap or maybe they're in bad neighborhoods. We have a lot to look into! Super stressful lol.

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Man...you are young to be looking at a house, I never owned one till I was 30 and it was the worst one in the neighborhood, thankfully a good neighborhood. Don't laugh but I paid six grand....YES, $6000....for my first house in 1974. That is four months mortgage payments on my current house, not including taxes. If somebody had told me back in '74 that someday I'd be living in a quarter million dollar house and paying $1500 a month on a mortgage plus $300 a month for taxes I would have told them they were CRAZY....:confused2::laughing:

abeja_reina_1989 said:

I am almost 22 years old. I agree that it is an amazing time to get a house right now, because they are so cheap. We've been looking at Zillow and trying to find the cheapest costs per month. It's so hard to pick a house because I'm so worried something major would be wrong with them since they're so cheap or maybe they're in bad neighborhoods. We have a lot to look into! Super stressful lol.

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Stick with it, you are doing it the right way... Keep looking, the more you see the more you will learn what to look for, and more important what to look out for...
I bought my first business in 1971... It was a fantastic experience and led toward many more over the next35 years...
The more places you look at the more you will know to look for, your never too young, or too old to learn better ways to do what you are doing... :smile:KennyV

I wish I would have bought a house earlier, but I was stupid. Now I am on disability and need a house and am finding it hard to do on only the one income.

Not everyone has the means to buy a house, good show on those who do it young!

My wife told me the other day she wishes we had bought a home earlier too. I know if I had bought the one we were considering buying the hurricanes would have flattened it. I would say go for it though because if you do this young you might learn something before it is the final house you keep.

jenkinsph said:

Don't want to pry into your financial situation as I don't need to know but I would say that this is a great time to buy a new home. I agree with JD buy for the long haul not as a short term investment.

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I should clarify this, when I say buy for the long haul I meant to own and live in not buying with intentions to flip. Over the long run you may upgrade several times in your life, nothing wrong with that.