Home ownership for singles?

  • highforthis

    Posts: 681

    Apr 24, 2015 5:31 AM GMT
    So about a quarter of my graduating class are engaged or married and many have bought or are buying their first home with dual incomes. I'm doing very well above average money-wise and can finance a mortgage myself right now if I wanted to, but it seems impossible to commit to that while single. Meeting the right person can change everything in an instant, and I don't want to be tied down if it happens. But I really want to buy a sexy condo and spend the kind of money on interior design that I can't justify for a rental apartment. ARgh!
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    Apr 24, 2015 11:48 AM GMT
    Buy the condo. You will be investing in an asset that will most likely grow in value. Paying rent is money wasted.

    If you later meet the love of your life but he lives in a geographically unworkable location, you can always sell.
  • Svnw688

    Posts: 3350

    Apr 24, 2015 2:55 PM GMT
    If you can afford it, which it sounds like you can, absolutely get the mortgage. Yes, it's a bit scary at first, but you're investing in yourself.

    Rent is making someone else rich and is money thrown away, literally.

    Mortgage payments create equity. In all likelihood it is an asset that will appreciate (this is all the more true that longer you look at keeping this asset). You can always sublet in a bad economy, and sell if the market is decent or good. Worst case scenario is probably the same as if you'd simply been paying rent, but you'll likely break even (i.e., free rent for XYZ months/years) and/or make a profit.

    There are two kinds of people: those who rent and those who own.
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    Apr 25, 2015 12:42 PM GMT
    Svnw688 said
    There are two kinds of people: those who rent and those who own.


    Totally true. There is a special feeling you get when you move into your first owned home. You don't have a landlord (just the bank). You can do whatever you want! (The bank won't care what color you paint your living room.)
  • ai82

    Posts: 183

    Apr 26, 2015 2:10 AM GMT
    Think about it long and hard. Having a home is an investment and is nice, but it's also a HUGE responsibility. I wish I had a condo vs a single family home but the privacy is worth it. It's the biggest investment you'll likely ever make, and the investment does'nt stop with the purchase, it's also maintenance. If I could go back, I probably would not have purchased a home this early in my life.
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    Apr 26, 2015 7:18 AM GMT
    I hate the idea of those monthly condo HOA fees, but other than that I agree with buying. Later on you can always trade up to a house.
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    Apr 26, 2015 8:18 AM GMT
    If things could change for you, treat your purchase as an investment. Look for a situation/place where you can sell for more than you paid. An agent can help you with this type of search. Consider any decorating/remodeling that you do as "staging" for eventual sale. This means no changes that express highly individualized taste. There is a lot of real estate advice out there for what colors/features/furnishings sell a place, and your agent will be a good source for that type of information. Out of everything I did in life, real estate profit has brought me the most financial security and it can do that for you as well.
  • roadbikeRob

    Posts: 14360

    Apr 26, 2015 4:31 PM GMT
    I much rather rent than own. It is less stressful since you don't have to worry about maintenance, insurance, taxes, and most utilities. Home ownership isn't all that it is cracked up to be.
  • baldone

    Posts: 826

    Apr 26, 2015 5:01 PM GMT
    I am divorced,single and bought my home in 2012....best decision....mtg is much less than I would pay for rent and get all the tax benefits at tax time....
  • Svnw688

    Posts: 3350

    Apr 26, 2015 7:56 PM GMT
    roadbikeRob saidI much rather rent than own. It is less stressful since you don't have to worry about maintenance, insurance, taxes, and most utilities. Home ownership isn't all that it is cracked up to be.


    Rent increases? No equity or security?

    How in the world is renting "less stressful"? Renting is easier, insofar that you don't have to procure a mortgage, close on a home, and spend other countless hours brokering the buy, eventual sell, and maintenance of the property. However, just while it's not easier to own, it's certainly less stressful. I have equity and nobody can kick me out (except imminent domain).

    The stress comes from having NOTHING to your name. That's stressful. Paying rent is also a great way to make someone ELSE rich and to keep YOURSELF poor.

  • SilverRRCloud

    Posts: 874

    Apr 28, 2015 6:50 PM GMT
    Svnw688 said
    roadbikeRob saidI much rather rent than own. It is less stressful since you don't have to worry about maintenance, insurance, taxes, and most utilities. Home ownership isn't all that it is cracked up to be.


    Rent increases? No equity or security?

    How in the world is renting "less stressful"? Renting is easier, insofar that you don't have to procure a mortgage, close on a home, and spend other countless hours brokering the buy, eventual sell, and maintenance of the property. However, just while it's not easier to own, it's certainly less stressful. I have equity and nobody can kick me out (except imminent domain).

    The stress comes from having NOTHING to your name. That's stressful. Paying rent is also a great way to make someone ELSE rich and to keep YOURSELF poor.



    Very true!

    I am very happy to be a home owner. I never took any mortgage though. I simply bought what I liked.

    People change. And their lives change, too. A good condo can be rented, and will usually grant you a nice additional income.

    I do not depend on my rental income at all. Yet, the rents keep coming in, and I see no harm in that.

    SC
  • metta

    Posts: 39134

    Dec 18, 2015 7:24 PM GMT
    Home mortgage lenders easing up on home loans


    http://www.cnbc.com/2015/12/18/home-mortgage-lenders-easing-up-on-home-loans.html
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    Dec 18, 2015 9:22 PM GMT
    rent or own:
    if you feel your employment situation is not stable dont buy.

    the time to buy was 2010. Since than prices have doubled but both rents and sale prices will continue to go up. If you wait chances are you will get priced out of the area where you now live. In denver people are being forced to consider housing in the suburbs. Not sexy is a Reagan brown color ranch. That grinder date will re consider if the drive is 45 minutes from the gay bro.

    if you buy; finish the condo or single family home with durable materials but not extravagant:
    -it will not be the last property you own. You will not get get your return on investment for expensive fixtures wall floor coverings etc.
    -if you choose to rent the property the tenants will not have the respect a home owner would have.
    -the man with the most toys dosnt win a prize.


    a single family home and chances are a condo as well; would be nice if you and or your partner have attitude. There is a youTube video on everything so no skills necessary to do the work your self. To pay up front for simple repairs gets old fast.
  • roadbikeRob

    Posts: 14360

    Dec 18, 2015 10:53 PM GMT
    Svnw688 said
    roadbikeRob saidI much rather rent than own. It is less stressful since you don't have to worry about maintenance, insurance, taxes, and most utilities. Home ownership isn't all that it is cracked up to be.


    Rent increases? No equity or security?

    How in the world is renting "less stressful"? Renting is easier, insofar that you don't have to procure a mortgage, close on a home, and spend other countless hours brokering the buy, eventual sell, and maintenance of the property. However, just while it's not easier to own, it's certainly less stressful. I have equity and nobody can kick me out (except imminent domain).

    The stress comes from having NOTHING to your name. That's stressful. Paying rent is also a great way to make someone ELSE rich and to keep YOURSELF poor.

    Not necessarily. Owning a property can be very stressful with all the legal responsibilities firmly attached to it. Equity isn't all what it is cracked up to be. You can have it. It is easier and less stressful to rent than to own.
  • metta

    Posts: 39134

    Dec 19, 2015 2:16 AM GMT
    The housing market hasn't peaked yet


    http://www.cnbc.com/2015/12/17/the-housing-market-hasnt-peaked-yet-commentary.html
  • roadbikeRob

    Posts: 14360

    Dec 19, 2015 2:48 AM GMT
    Home ownership is definitely not my cup of tea. It is much easier and less stressful to rent than to own. The equity is not worth the aggravation and endless worries and responsibilities of ownership. Plus I hate fucking stupid yard work. Originally I was supposed to get the house that I grew up in but I told my parents that I wanted nothing to do with this huge monstrosity of a house and the ridiculously large yard in some out of the way exurban area 20 miles north of Buffalo. As far as I was concerned, home ownership was a form of self inflicted prison labor. It was all work, work, and more goddamned hard work. The hell with that shit. The American Dream is not only unsustainable but it is also all stupid bullshit.
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    Dec 19, 2015 4:55 AM GMT
    roadbikeRob saidI much rather rent than own. It is less stressful since you don't have to worry about maintenance, insurance, taxes, and most utilities. Home ownership isn't all that it is cracked up to be.


    +1
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    Dec 19, 2015 4:58 AM GMT
    Why is this in the "dating" forum, anyway? I thought it would be well into the fourth page of bachelor pad design. Sex dungeon tips. The altar-like properties of Brian Kinney's bed... icon_confused.gif

    You probably can't have a fully open shower in a rental...
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    Dec 19, 2015 5:36 AM GMT
    Leave it to mindgarden to notice the subtle details.   icon_lol.gif
  • Suetonius

    Posts: 1842

    Dec 19, 2015 6:08 AM GMT
    Given the nature of many of the OP's contributions on here, why should he even think it ever would be possible for him to "meet the right person" to "settle down with"?
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    Dec 19, 2015 10:11 PM GMT
    So, single home-owners:
    Houseboy or Mexican Cleaning Lady? Pros and Cons.

    latest?cb=20130423134837

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    Dec 19, 2015 10:15 PM GMT
    mindgarden saidSo, single home-owners:
    Houseboy or Mexican Cleaning Lady? Pros and Cons.

    You know me, everything's genetic, and I believe that women have it in their genes to like a clean home. So a woman is much more likely to do a proper job. My current cleaning lady is Mexican (of several years) and she does an outstanding job.
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    Dec 19, 2015 10:27 PM GMT
    Svnw688 said...
    How in the world is renting "less stressful"...


    Some careers and life circumstances require one to be able to move around the country or even the planet every year or two with very little advance notice. In such circumstances owning a home might be more stress than it's worth. That's before considering the possibility that taxes and HOA fees might render the equity accumulation for the same monthly expenditure more or less meaningless.

    I'm not trying to start something here, but I've had to weigh the options very carefully many times and this is the first time home ownership has even begun to break even with the freedom to move as needed. Even now, I'm in a hyper-inflated housing market (SF Bay Area) and buying a home is making a very unsafe bet that this whole bubble won't burst in the next 15 years, give or take. At best I have to do a whole lot of hedging before I take that bet, and chances are I'll be a whole lot better off moving at least one more time before I buy.
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    Dec 19, 2015 11:06 PM GMT
    Mexican Cleaning Lady:
    Can make stuff shine that you can't even figure out how to clean.
    Won't clean sex toys. In fact you have to hide them and the porn and etc. before she even arrives.
    Can usually hook you up with relatives for yard work, mechanical, upholstery... Whatever.
    Thinks you're too skinny and brings food
    Need to wear clothes when she's around
    Can't "entertain" when she's around
    Goes home at the end of the day and leaves you alone
    Improves your "AirBnB" reviews


    Houseboy:
    Can sometimes also handle yard work and light maintenance.
    Uses the sex toys, porn, etc. and may or may not clean them
    Eats an incredible amount of food
    Possible "benefits."
    Always needs some form of "sugar."
    Tries to play "fast and furious" with your car, then has no idea what happened to it
    Improves your "MisterBnB" reviews.

    Well, just a few off the top of my head. Cleaning Lady is probably cheaper.