That is the one downfall to the ownership without a doubt! Nice just to call maintenance or the landlord for a fix, then again getting them to actually fix it is another issue. Most of the money I have spent has been with improvements, minimal repairs (knocks on wood). I loved renting when I was on my own and younger, would have been no fun to deal with all the 'chores'.

" But, geez, with me, the maintenance costs of owning a home sure add up. I was just posting my frustrations!"

Amen to that brother! Living in an apartment is so much easier...especially when things start to break or quit working.

Owning a house is like having a baby...you are always going to spend money on it and you are going end up spending (a lot) of money on things you never expected to buy. Unless you buy the 'perfect' house, which I doubt anyone does, you are going to be spending some weekend hours at Home Depot and Lowes.

And if you have a decent lawn with trees...a whole new ball of wax.

Not trying to discourage anyone from home ownership...I think it is good in the long term.

BUT, heard a financial adviser on TV once say...treat your house like a home, not an investment. I think this is one of the reasons we as a nation got into mortgage trouble...treating our homes that were paid or nearly paid off as an ATM machine. (Hell, people in Cali where I used to live did that with less than a year of ownership...idiots.)

Anywho...good luck.

well, i'll play devils advocate..i just bought a home about 5~6 months ago, sure i have to do all of my own up keep but i already have $30,000 or so in equity built up in my house, i personally think it's a very good time to buy right now, worst case buy the house and turn around and sell it in a couple of months, the way i look at it is either the market tanks and we're all on the street looking for food and shelter or i'm buying at the lowest point in my life time.

really i'm considering selling my house pocketing the extra money i made in the last couple of months and buying another one....it all comes down to your income level and the house your looking at. i really do think it's a great time to buy anything, stock,homes ect ect ect....yeah and like said above please stay within your means...paying rent is essentially paying off someone else's mortgage and allowing them to collect the equity as well as all of the tax benefits of owning a home, your money isn't working for you...i'm sorry but owning a home is right up there with gun owner ship as part of being an American, a home is an investment, i think too many people make bad investments so it's easy for people to say things like treat a home as a home and not an investment, i'm 31 and am on my second home, i have never lost money on a house because i wait and buy good deals on home instead of buying my dream home or what's pretty, it's all about the cost/value ratio....really there's lots of money to be made right now if you invest smartly...and if the market goes to hell we'll all be standing in bread lines ad your home mortgage will be the least of your worries...

I agree that home ownership can be a real pain with maintenance and upkeep. But to me, ownership is a better long term financial decision and state of mind. Just don't bite off more then you can chew. As others have stated, its a perfect buyers market right now with the low interest rates and low home prices. I also understand your current position with school and all so I see where buying isn't in your best interest right now.

As far as the decorating, unless its a real big issue for you, let the GF take the helm on that with little hints and input from your end. I've always abided by the philosophy of "happy wife (GF in your case)=happy life." Of course that rule does not apply to the garage, workshop or any designated Man Cave. For some "Man" type of ideas, check out the local Restoration Hardware.

To buy yes, I was thinking in a backwards manor to the poster before you about selling and how this is a horrible time to sell.

Not a horrible time to sell if you're buying UP. Sure you may take a hit, but if you have the means and are looking at going bigger/better the small hit you take with your own sale could be hugely offset by the loss the seller of the home you'd buy is taking.

I hope that makes sense haha.

Prices are down across the market.

I'd take a $5k loss to buy a better house where someone was losing $45k.

I have to agree with Thai here.. I have had this discussion with many friends and coworkers but so many people are ignorant of the simple truth that buying is NOT ALWAYS the best option.

Even with 3% home value growth it takes several years to break even on a house; this is the point where you could sell it and walk away ahead.

There is something called the "Rent to own index" that is different for each city. Look up your city (if you are in CA then you are probably screwed)

In CA you typically have to make payments on a house for 8 years before you can sell it and walk away EVEN. That is assuming the market doesn't crash or you don't get laid off.

Myself ... I am saving up cash and when I get to 50k in savings then I will buy somewhere specifically to rent it out. It will not be my primary and I will not be underwater or dependent on staying in the same job to keep the house.

I have known too many friends and family members that have been hosed by the housing boom.




THIS LINK IS PRETTY GOOD ---> http://www.zillow.com/blog/research/...y-three-years/

That also heavily depends upon how one buys. Both of my houses (the first one I've owned as well as my current one) were houses that were loaded with potential, but didn't have discerning owners.

For example: Our current house had/has steel siding on the outside, full basement, 2.5 acres, 2 bedrooms, and an attached carport with a fully trussed roof AND a building-grade concrete slab. Why did the owners sell?

Because they wanted to totally redo the inside and felt it would be too much money. So they sold it to us.

Well, they'd torn down all the wallpaper, carpeting, etc. We had to spend about $500 on the bathroom, $1000 for carpeting upstairs, and about $2000 to get the kitchen set up the way we wanted it.

I recently finished the basement by myself with some assistance; one room (from nothing to finished) cost me about $1200; the other was $1500.

Now, for many, that might not have been feasible. *BUT* we got the house - which appraised at $100K before the housing bust, and $88K after - for a good $20K less than the lower estimate above.

All because the owners didn't want to do the work. You KNOW you got a good deal when literally every guy who walks in to do work says "Damn! I wanted to flip this house!" LOL

Granted...it took us some time. But that being said, while I can't generalize for most, I can say I had a TON more time as a single man than I do now. LOL

The key takeaway being .....

There are a lot of US cities where it is a good time to buy and you can breakeven in 2 years at current growth ... unfortunately I don't live near any of those cities.

Also there is uncertainty .... SO MUCH uncertainty right now that could affect the market in next 2 years and cause housing to go down again.

I really don't need to list all the uncertainty but as long as everyone realizes that whatever affects unemployment levels, stock market and GDP will also affect the housing market.

It is not always about walking away ahead. It is about reducing loss. If you rent for $1500 a month for 2 years that is. $36,000 you will NEVER seen again. If you purchase a house, and sell it after a couple and take a 10k hit you are still $26,000 AHEAD of the 'game'. Think of the 4R mods that could buy you . I know owning is not always the best, but in the end it comes down to $$$$ in your pocket. The best option is the one that will keep the most in your pocket.

A house should be a home and an investment, not on or the other. I just bought my house almost 3 months ago and it is my first house.

Home wise, it had everything I want. 30ft deep 2 car garage, 4bed, 3 bath, 2500sqft, unfinished basement, acre of land, big master suite. Plenty of room to grow a family into.

Investment wise, the house was priced 40k below appraisal at 105k. I still knocked them down to 100k. The only downsides were the bedrooms and living room needed carpeting and the landscaping needed work. I bought my house to live in a long time so I'm focused on repairs that can last a while and basically just require a little time and energy to get done.

Agreed with acid. Reguardless of a home or apt, its still my home, and ill make the best of it.... Now, if only i had my favorite t4r guests for a house warming party....haha

Sorry but you don't always come out ahead. It normally takes years to break even and then you become "ahead". Those X years are to cover the closing costs, taxes, and interest on the loan. It is not as simple as "pay for 2 years, you will always be ahead" -at least not in CA.

Probably the best point - what you said above, and know the market.

We bought our house for several reasons:

- didn't mind doing much of the work ourselves
- wanted a small mortgage (not even kidding when I say that my mortgage is less than a new car payment)
- living outside a fort, I can say that even in a depressed economy, it's fairly easy to sell houses

Long as you know the market, know what attracts people, and ensure you get a GOOD deal, it's not at all hard to get even on, and maybe even turn a profit on, a house. I sold my very first house 2 months after the bottom fell out of the housing market, and STILL made a healthy profit.

****, i'm moving to CO for sure now..... 3k sq ft on 1.09 acre @ $309k here.... that makes me a sad panda....all that for $100k.....washington is doing something wrong...haha