How many CAGs own their homes?

Javery

Javery

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Just curious I guess. Home ownership is a huge pain sometimes (although the benefits outweigh the negatives by miles, IMO). Lately it seems like I'm pouring money into various things around the house that just need to be done - it's endless. I also spend a good part of my weekends doing manual labor all over the place and it's getting tiring. it's only Tuesday but already I know this weekend I have to finish painting my daughter's room and clean out the entire attic to get it ready for the drywall and carpet guys (we're turning it into a guest room). No time for video games!!!

So do you own, rent or mooch?
 
I own 2 at the moment, which is not a good thing. One is on the market but hasn't sold yet.

I hear you about the neverending work though. The one that is on the market we bought in pretty bad shape and fixed it up. It isn't the big things that get you, it is the neverending little crap that drives you insane.
 
Rent. Because if something goes terribly awry, I wouldn't have the slightest clue of how to fix it. This way I don't have to worry about that for now. Being in a nice apartment is a great thing for me, something goes wrong I just call someone and it gets fixed the next if not same day. That's a very good thing to have when you're on your own.
 
Own. While mortgage payments still suck, it's far better than pissing it away with nothing to show for it by renting. Especially since renting my home would cost about the same.

Magiic, you can't qualify as a moocher at age 16. You must be at least 18 and not in school to be eligible for that glorious status.;)
 
I bought a house last year and i totally agree that it feels like there is always something that needs to be done, and nothing is ever cheap. I also never get to play any games compared to what i used to be able to play.
 
[quote name='onetrackmind']I bought a house last year and i totally agree that it feels like there is always something that needs to be done, and nothing is ever cheap. I also never get to play any games compared to what i used to be able to play.[/quote]

haha ok where do I fall then?
 
Too young to own one. My parents paid off the mortgage on theirs though. But there's so much shit that needs to be done and they never do it (or even call anyone to do it). They're so lazy in that regard, it's disgusting.
 
I own, have two kids and another on the way, my wife works 2nd shift and I work first, and we are trying to move to Seattle from Kansas this summer. So any gametime I get these days is a rare treat.



what the hell happened when did I get so old just yesterday I was irresponsible getting high and drunk and gaming and partying :cry:
 
I own.. although, living in Florida sucks while owning a home. Insurance is high.. as of now, I have to find a new company to insure us because our current company went under. I guess it could always be worse :) The only house my wife and I could afford was built in 1968 and we basically have been pouring money into it since we moved into it damn near 2 years ago. Pretty much everything has been replaced.. so I hope we get a good chunk back when we decide to sell a few years down the line. Beats the 700 sq ft. duplex we moved into when we first got married back in 03!
 
OMG! My feelings exactly!

All we could afford in Southern California (where $500,000 is the median) is a fixer-upper. The three bedroom house has been rented for the last twenty years, so it's in need of some work.

First, came the interior painting, then general jobs (who knew putting up blinds was such a bitch?), finally we have a mess of boxes in the living room. But at last I have a game-room/office.

I bought Rogue Galaxy the other day, but have little time to play it. I've been getting more time on my handhelds lately.
 
[quote name='DesertEagleXIX']All we could afford in Southern California (where $500,000 is the median) is a fixer-upper. [/quote]

I know what you mean. I paid $500,000 for my house and it is small. The footprint of the house is 25' x 25' and I've got 2 main floors, an unfinishable basement (6' ceilings) and a finished attic but you can only stand in the dead center up there because of the pitch of the roof on either side. The good news is that our neighbors who have a similar sized house just sold theirs for $600,000. Not bad but it's not like if we sold we'd be able to afford anything better in town.
 
I'm 21, still moochin'. Although mooching has allowed me to save up a good amount of money, so when I'm done with my BA I can probably afford a nice place to live.
 
I'm stuck renting. My partner and room mates are looking to move in a month or so. 4 people in a one bedroom is driving everyone insane. We're looking to get at least a 3 bedroom house. But we'd really like to rent a 4 bedroom. Could use the 4th room as a music room for my partners bass and stuff, and a workout room as me and a roomy have talked at length about going half on a bowflex or something.

Right now, we're paying 600/mo. Hopefully we'l be able to get this one 4 bedroom house that an old lady is looking to rent for 850/mo. Cool thing is that its a big house in a really damn good area and she allows pets (been without our dogs long enough, and any place that doesn't allow them is skipped over and not even considered). And 850 a month is a damn good deal, as the average rent for a house here is about 1200+++. Only other option if that falls thru is to go thru a rental property locater, and we have to shell out 200 bucks. Though if they can't find us anything we get the money back. One good thing about them is that the places they'll list are really good prices; because its mostly mom and pop places that don't want to list in the papers and have everyone under the sun calling them...

I'd be nice if in the next 5 years that I could buy a house. Something where we won't have to move. I know my partner wants that more than I do as hes currently 50, and can't/doesn't want to have to move every year and a half or so. If we can get that 850/mo house we could maybe talk to her about rent to own because she ultimatly wants to sell it. I'm a little fuzzy on it, but could any of you CAGs explain to me a bit how rent to own works?
 
I mooch. Since I've graduated, most of my money's gone to a car payments and school loans. With the cost of housing around here, it's really common for people my age to live with their relatives still. I'm saving up for my own place though (which is a lot easier with mooching).
 
I think it was a good year or so before I was actually able to sit and game for more than an hour at a time. There is still more crap that needs to be done.. but at this point, I am like.. I needs me some me time. All this other crap can wait! The people we bought the house from didn't take care of the yard, so between fixing the crushed pvc from the sprinkler system and getting any grass to grow.. ANYWHERE has been quite a task. I am not a yard person in the least. That is one think I miss about renting.. no yard work for me!
 
have a big, great apt in a cool neighborhood for an insanely cheap price

so i'll be renting while i save up a downpayment

in my hood down payments are as much as the cost of entire houses in other states
 
I own. Luckily, unlike many here, my house (a duplex condo really) is cheap. I paid under 100k for mine, so my monthly payment is under $700 a month.

But, I'm with everyone here, it's amazing how many things have to be done. Even simple things like cutting the lawn/shoveling snow/etc add up, let alone the big projects (painting, repairs, etc).

Honestly, everyone says it's better to buy than rent. If you are paying the same, then that's true. But, if you can pay less to rent or live in a smaller place, there are some huge rental benefits:

1) When you want to move, you can relatively easily. Owning a house, you have to sell it to move.

2) Stuff breaks, you can make a phone call and have it handled.

3_) Snow falls, not your problem. Same with cutting the lawn

These are always underrated things with renting. There are times I miss apartment living.
 
Own. It's like a non-stop party of spending money. My first trick is to use local, off-the-record kind of labor. I put in like, 25 recessed lights for about $2K :) Sure, the dude didnt speak english, but who cares, he was an electrician in Brazil.
 
[quote name='lordxixor101']I own. Luckily, unlike many here, my house (a duplex condo really) is cheap. I paid under 100k for mine, so my monthly payment is under $700 a month.

But, I'm with everyone here, it's amazing how many things have to be done. Even simple things like cutting the lawn/shoveling snow/etc add up, let alone the big projects (painting, repairs, etc).

Honestly, everyone says it's better to buy than rent. If you are paying the same, then that's true. But, if you can pay less to rent or live in a smaller place, there are some huge rental benefits:

1) When you want to move, you can relatively easily. Owning a house, you have to sell it to move.

2) Stuff breaks, you can make a phone call and have it handled.

3_) Snow falls, not your problem. Same with cutting the lawn

These are always underrated things with renting. There are times I miss apartment living.[/quote]

Those little perks are nice when you rent but financially speaking it doesn't really make sense to rent long-term. My rent to mortgage (plus taxes) went from about $1,300 per month to just under $4,000 per month. The difference is staggering but at least I feel like I'm paying myself and I will eventually recoup some of that money. Renting is just a bottomless pit. Of course, when I'm digging myself out of a snowstorm or hauling the bags and bags of leaves to the dump in the fall I do miss the renter's lifestyle a little. ;)
 
[quote name='javeryh']Those little perks are nice when you rent but financially speaking it doesn't really make sense to rent long-term. My rent to mortgage (plus taxes) went from about $1,300 per month to just under $4,000 per month. The difference is staggering but at least I feel like I'm paying myself and I will eventually recoup some of that money. Renting is just a bottomless pit. Of course, when I'm digging myself out of a snowstorm or hauling the bags and bags of leaves to the dump in the fall I do miss the renter's lifestyle a little. ;)[/quote]

Overall, I agree, but it can depend on your lifestyle. There are tax benefits to homeownership, at least for a little while, but some folks don't want to be tied down to a property that ultimately the government owns.
 
[quote name='javeryh']Those little perks are nice when you rent but financially speaking it doesn't really make sense to rent long-term. My rent to mortgage (plus taxes) went from about $1,300 per month to just under $4,000 per month. The difference is staggering but at least I feel like I'm paying myself and I will eventually recoup some of that money. Renting is just a bottomless pit. Of course, when I'm digging myself out of a snowstorm or hauling the bags and bags of leaves to the dump in the fall I do miss the renter's lifestyle a little. ;)[/quote]

i agree. not only do you receive a tax benefit, but you also build up equity in your house.
 
[quote name='javeryh']Those little perks are nice when you rent but financially speaking it doesn't really make sense to rent long-term. My rent to mortgage (plus taxes) went from about $1,300 per month to just under $4,000 per month. The difference is staggering but at least I feel like I'm paying myself and I will eventually recoup some of that money. Renting is just a bottomless pit. Of course, when I'm digging myself out of a snowstorm or hauling the bags and bags of leaves to the dump in the fall I do miss the renter's lifestyle a little. ;)[/quote]

How much is your house that you would have a $4,000 a month mortgage payment?

Edit: Ah.. New Jersey. Must be great living on the coast :) I have 2 very nice houses (1 on the market) and I pay half that a month for both here in the midwest.
 
There are calculators out there you can use to spitball if it would make sense financially to buy vs. rent. A big factor is how many years you plan to have the place before selling. Although I'd bet for most people it's more than just a question of straight financials.
 
[quote name='schuerm26']How much is your house that you would have a $4,000 a month mortgage payment?

Edit: Ah.. New Jersey. Must be great living on the coast :) I have 2 very nice houses (1 on the market) and I pay half that a month for both here in the midwest.[/quote]

yeah, it's very expensive here - I'm about 12 miles from NYC and I can walk to the train station in town. Taxes are about $1,000 per month (on 0.14 acres!) and the mortgage payment is just under $3,000. It's a lot but I LOVE having my own place as opposed to renting an apartment - I've got a back yard, a garage and a deck. Can't beat that!
 
I own have for 2 years now :) lot of work upfront but we bought an old house with good bones and just about everything is done now.... it of course helps that I really only had to buy the materials since I did the majority of the work that needed done by myself.
 
[quote name='Dead of Knight']Too young to own one. My parents paid off the mortgage on theirs though. But there's so much shit that needs to be done and they never do it (or even call anyone to do it). They're so lazy in that regard, it's disgusting.[/quote]


You shouldn't hate your parents.
My parents finished paying them off too. All my cousins say I'm a mooch, but I actually do more than is necessary.
 
[quote name='javeryh']yeah, it's very expensive here - I'm about 12 miles from NYC and I can walk to the train station in town. Taxes are about $1,000 per month (on 0.14 acres!) and the mortgage payment is just under $3,000. It's a lot but I LOVE having my own place as opposed to renting an apartment - I've got a back yard, a garage and a deck. Can't beat that![/QUOTE]

$3000 PER MONTH?! How long is the mortgage for?!
 
Currently renting, but looking to buy in the next 2 years. We are renting a house for $1300 a month just east of San Diego right now (rent will go up January of 09, so we hope to be out by then). The only thing that prevents us from owning are my college bills along with a bunch of debt that both of us had incurred before we met. Now that we're living together and have our financials straight, everything is looking on the up and up (minus that IRS, ex-husband debauchle we're dealing with, but that's another thread buried in the OT forum somewhere). Haven't quite tried to figure out what we can or can't afford out here, but I'm hoping to be able to afford a 3/2 in a not so scummy part of town. Only time will tell.
 
I currently rent in the cheapest and crappiest apartment building in town. I'm saving my pennies and hope to buy a single family home within the next two years.
 
[quote name='javeryh']Just curious I guess. Home ownership is a huge pain sometimes (although the benefits outweigh the negatives by miles, IMO). Lately it seems like I'm pouring money into various things around the house that just need to be done - it's endless. I also spend a good part of my weekends doing manual labor all over the place and it's getting tiring. it's only Tuesday but already I know this weekend I have to finish painting my daughter's room and clean out the entire attic to get it ready for the drywall and carpet guys (we're turning it into a guest room). No time for video games!!!

So do you own, rent or mooch?[/quote]

I own, but I took out a home equity loan because I have a lot of repairs/ upgrades to do. Like you said, weekends are gone - but at least I know enough plumbers/ electricians, etc that can help offset the cost.

I have the window people coming out next week to do all new windows....and with the blasted cold, I dread having huge holes in my house while they do that...
 
Just bought a condo in July. Its $1000 a month with mortgage and association fees - but i dont have to worry about some typical home stuff, like roof problems, snow - basically anything external to my place.
Fees also cover everything but electricity/utilities. Since the oven and heat are gas, thats a nice savings this time of year.
 
[quote name='javeryh']"Only" 30 years. :D[/QUOTE]

Not bad if it's within your budget and the interest rate is low. Might as well buy as much house as you can comfortably afford and put the rest of the money in interest bearing investments that beat the APR on your mortgage (or pay down higher interest debt if you have it).

Heck, I'll happily sock my money away while paying the minimum mortgage on my house. I look at it this way: Rate on mortgage is 2% lower than any home equity loan I can get. I'm better off keeping my money invested and more liquid than tying it up in paying down the mortgage on my home. That way if I need to fix something, have an emergency, or run away to Switzerland, the cash is easy to pull out.

Granted, back when mortgage rates were 14%, you were much better paying it down as fast as you could. Now I consider the mortgage a cheap loan that I can float while paying cash for items that would cost a lot more to finance (car, furniture, etc...)
 
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