Saving forhouse - tips?

[nick1985]

I've never seen a house go down in value, it tends to always go up, especially when you renovate/improve it.

Have you been in a coma the past few years?

Also, look into an FHA loan OP

 

[Capt Caveman]

19? Rent a place in the city, enjoy life and save a little on the side. At you age, I know I had no plan on living in the same place and work at the same company for any long time frame.

 

[OILFIELDTRASH]

Red Squirrel is in Canada so maybe the housing market didn't take a complete dump up there.

It still boggles my mind how easy it is to get into a house today. I thought it would be much tougher this time around. If you can't get into a home nowadays you must be a tard.

 

[Red Squirrel]

lol yeah it is easy, I was actually surprised when the bank approved me for up to 200k and I did not even need a cosigner. And yeah, guess the US must be different, because here houses and every other item (especially gas LOL) has been going up in price pretty much steadily. There's the odd dip but overall, it's up. Salaries go up, that means cost of materials go up, and at the end of the day, cost of a house goes up. In my current town the house market has stabilized some, but it was going up pretty fast for a while.

 

[Ksyder]

Black Tigers- If you are still in CFO- I say go for the house if you don't think you are going to leave the area. Likely, the taxes are fairly low, and the house will probably make a nice rental if you do decide to move. It's a nice community and will probably always be desirable to buyers or renters.

 

[Ksyder]

If you can't get into a home nowadays you must be a tard.

Or you could be like me, whose debt to income ratio is way too high at the moment. Considering that shouldn't be the case, I guess I am a tard, actually (too many school loans as I partied my way through my 20's)

 

[AreaCode707]

Do not buy a house at 19 unless you are willing to have roommates and can charge enough rent that they cover the entire mortgage payment, especially if you were to move out and live elsewhere as your life plans change (and then you'd better have a backup plan as to who can act as the maintenance person, without putting you in the red).

That is a very tricky situation to manage; it can be financially sound if you can swing it (we have) but can be a lot of stress and hassle. Buying a house simply for your own use at 19 locks you down, and you don't want that until you have a career-type job and know for certain where you need to live for work.

 

[Net]

Originally Posted by Jumpem
It does make sense. You need a six-month, or more, emergency fund to be able to get by in case of job loss.

I would say pay off the credit card now. If you are job less the amount that you paid off you can put back on your credit card if you have to.

 

[Red Squirrel]

Yeah definitely pay off the CC and car loan first. If you can keep the mortgage as your only debt, things go pretty well. The first year I had a citi loan at a "good" rate and furniture loan at 0% which I both paid by start of the 2nd year.

An emergency fund is a good idea too, I'm actually bad as I have yet to do that given things are fairly tight, though with my good credit I could easily take a loan if I had an emergency like my car explodes or something. Though it's best to have the money on hand for that stuff.

 

[BlackTigers]

You guys are flipping out like a 200 cc rollover debt is huge.... I just paid that off...end of that half of the conversation.

Ksyder, are you familiar with CFO?

 

[Ksyder]

Ksyder, are you familiar with CFO?

yup, I pm'ed you about it awhile back... I am from a nearby community.

 

[soulcougher73]

Pay CC off
Pay Car off
Continue to save
Rent , dont buy at your age.