Surprise Z costs

m4a1mustang

Generally I'd agree with you, but there are plenty of reasons not to buy a house. I know the "American Dream" and all says everyone MUST BUY A HAUS, but it's not always the best option for everybody.

__________________
- Steve

Zs & Coffee - Saturdays at 10AM in Fairfax, VA and Columbia, MD (Click the banner!)
LIKE us on Facebook!

kenchan

yah, im sure there are many reasons especially with this shittty economy. i think we'd want to give the op a break and let him think things through instead of telling him what he can or can't do.

that was the real reason for the post to red_zed.

Red__Zed

I'm not telling him what to do, I think you read someone else's post....maybe these?



On the house topic, I am far too geographically mobile to justify purchasing a house. I have a condo in one state and an apartment in another, and I sleep on a jet :|

Jeffblue

if you rented for the past few years, you're way better off than if you bought.

BrianMSmith

not necessarily. I bought a house in 03, sold for massive profit in 06, bought another brand new but cheaper house with a huge down payment, I clearly saw a bubble about to burst, so despite losing 30% of the (artificially high) market value when I purchased, I was able to refi into extraordinarily low rates, under 4% on a 15yr, so I still came out way ahead of renting a house compared to renting over the same period.

SS66

I think something on you shrunk up a little? If you have a good job it is a buyers market. Plenty of foreclosures and homes on the market. Coupled that with low interest rates its buy buy buy. I agree the house etc. followed with some toys is good planning. I am sorry but their is no reason not to buy a house if you can afford it. More times than often it is good money spent over time. Right now we have a 15 year morgage at less than 3.5 percent. Crazy good! I think the original poster should look at something else. I do give them kudos for setting down and looking at overall cost. Very smart and honest assessment on his part.

kenchan

I didn't want to sound like im preaching that's all. obviously my way of life is different from others. I did however learned quite a bit along the way as I've already posted. and I'm doing pretty good.

cossie1600

If you have 20% in down payment sure. If not, you are screwed.

SMJane_Again

Cossie, you're exactly right. Home buying is a fine goal, but it certainly is not for everybody. Some markets have such a high cost of living that scraping together 20% is practically impossible. I'm fortunate enough that I got my home bought before lending tightened up, but the idea that started this thread derailment that I need to get a house before buying a car is preposterous.

OP, here's the thing. The only thing that matters when looking at a car is whether or not the purchase negatively affects the style you've grown accustomed to living in or the style you're prepared to live in. If it does to an extent that it makes you uncomfortable, hold off and look at the purchase at a later date. As the others have said, I respect you for looking hard at the numbers, that's the only way you'll truly know if you can afford it. Whatever you decide, good luck!

S.

__________________
~S.M.
"Don't look back. Someone might be gaining on you."
-Satchel Paige

Mecinoid

Not so sure a house is a great investment right now. If they start going back up in price then.... step in. Otherwise, why ride the rollercoaster down. Not sure the ride is over yet.

This comes from someone that owns a house... out of work and has to stay working in his area because to sell his house in a bad market would be a poor move. I know it's relative... But, selling and not having enough left for a down after real estate commisions etc... is killing Americas ability to adjust to the circumstances we are in.

I mean, I'd take a job and live in Oklahoma and live for a lot less than Cali if I had a chance. I'm stuck fighting for the last scraps here in Cali and it isn't any fun I'm telling you.

m4a1mustang

This is definitely a tough market. Housing prices are only one of the reasons why it might not be a good time to buy. Are you sure that the market has bottomed? There's a glut of inventory on the market right now and they keep building new homes... are prices going to rise anytime soon? Might they even fall further?

And like in your situation, you don't want to be tied down to a certain area because you can't sell your house. There are a lot of people that would be able to get a job in another city or state but they can't because their home has anchored them and they can't afford to put it up for a firesale.

And there are people who might be fresh in their career and don't know if they are going to stay in their particular location for long. If I think I'm only going to be in DC for a few years buying a home might not be worth the risk.

Then of course there are people who are perfectly content with the apartment lifestyle. They don't want to be responsible for their own maintenance. Maybe they want to live close to where they work and buying a house that close to the city is just not in the cards financially. As an example, if I wanted to buy a house in the same area where I rent, my mortage would be double what my rent is. I don't want to take on that burden, especially if I am not comfortable with the housing market right now and if I am not even sure if I'll be in this area in the next 5 years.

There are plenty of reasons not to buy a house, just like there are plenty of reasons to buy one. So there's really no right or wrong answer and whether you own a home or not certainly lends nothing to your "credibility" as an "adult."

See what you did, ken? Epic derail. Now bring us some charburgers and cheese fries.

__________________
- Steve

Zs & Coffee - Saturdays at 10AM in Fairfax, VA and Columbia, MD (Click the banner!)
LIKE us on Facebook!

waaaasabi

Also, if you are in witness protection or have a stalker/stalkers (like moi), you probably don't want to buy a house and settle down in one area for too long

__________________
That's SOOOO not Raven!

m4a1mustang

Great point.

__________________
- Steve

Zs & Coffee - Saturdays at 10AM in Fairfax, VA and Columbia, MD (Click the banner!)
LIKE us on Facebook!

kenchan

well the issue was more about pointing out if one had prior obligations like a mortgage. that's a completely different picture than just owning or leasing an economical $35K car and paying some rent. i didnt think it was fair to the op telling him wat he can or can't buy. he can decide for himself wat's right for him (i hope it's a him. ). that was the intent of the post.

but in my world, car hobby starts from the house with garage, not the car. i mean why have a nice car if you have to park it on the street or some apartment parking structure where wheels get stolen or doors keyed or watever that happens. if you have your own garage where you have access any time of the day, at least you can concentrate on the car, not fixing bs. i like progress, not rewinding to fix bs and waste time. i dont have time for that. another reason why i have a backup steering lock already... i dont like down time.

and i had homemade pizza tonight. charburgers and cheeze fries maybe friday. hahaha

nmjaxx9