Owning a house

[Kneeg]

Does anyone here under the age of 30 own a house? If so how did you manage to pay for it?

 

[ilikecheese]

Not under 30...don't own. Looking to buy in the next year though...prices are too good to be true right now. Looked at a condo last week that sold for $400K in '07...selling for $192K today...not even a short sale...this economic downturn may have helped the one who likes cheese...

 

[Kneeg]

No economic downturn here though.

 

[Wratho]

I bought my house ( well started paying for it 9 years ago ) I am 34.

1. Do not go over your budget that you set when looking.
2. Lock your wife/girlfriend away during sales.
3. You do without other stuff if you really want it.

 

[ilikecheese]

Where you lookin to buy?

 

[Pblueman]

i went interest only mortgage, it is cheapest option. i'm over thirty now as well but i've owned homes since i was 24 and always gone Interest only mortgage, to work out what repayments are- times cost of mortgage by percent of mortgage divide by twelve for monthly. For eg £150000 x 4.5% mortgage = £6750 a year /12 or £562 a month. work out what you could afford to repay a month, say £500 which gives you yearly repayment of £6000 look for repayment deals online to find the percentage eg 4.5% £6000 divided by 4.5% gives you a mortgage of £133,333. When you work out how much you can afford dont forget to factor in ALL monthly bills (council Tax, home insurance etc)

 

[ToffeeMark]

I bought my first house in 2000 for 45k. I bought because it was about the same price (per month) to rent a place as it was to buy, but obviously buying means that ultimately your money is paying for something. Interest Rates are really low so if you buy somewhere, I'd leave yourself some wriggle room in case they go up.

My first house was empty and in need of renovation. You've got to start somewhere, and it's amazing what a lick of paint can do.

 

[Elong]

Bought a house last year, I'm 26.

Pay for it with a job, the usual way like.