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Forum -> Household Management -> Finances

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amother

Peach

Mon, May 11 2015, 11:36 am

3 years.
we bought an apt, and our down payment was from a trust fund. the large amount that we put down for a smaller sized home allows us to save about $500 a month while we only have one kid in school to hopefully buy a house in the next five years. I've posted about this before, also another, because I think that buying an apt is an option many people don't think about. I think it's a great stepping stone while you are building a family that u can build equity and feel like your money is going somewhere rather than just to a landlord.

Ruchel

Mon, May 11 2015, 11:39 am

75% Jews live in social apartments in my city. It's a nes we bought. 5 yrs

TwinsMommy

Mon, May 11 2015, 11:45 am

Never. In our 40s married 17 years. Still renting. Happy with no surprise expenses.

amother

Teal

Mon, May 11 2015, 12:15 pm

we bought a house about 7 years after we got married. We rent it out. We could never afford to buy where we live.

amother

Brunette

Mon, May 11 2015, 12:23 pm

amother wrote:

In certain places buying a condo may be cheap but are hard to seek or rent out inc you eant to leave. Where I live there is barely any resale value in a condo and therefore most ppl rent before they buy a private home.
I bought a small house early in. Two years after marriage and put in a tenant. My mortgage was way cheaper than rent would have been.

amother

Mustard

Mon, May 11 2015, 12:41 pm

About 4 years after we got married, a house for a good price in decent enough condition was on market, so we bought. Was very hard initially as monthly expenses were way more, as family grew, we needed more space and now it's way cheaper to own our home then rent the size we need locally.

shabbatiscoming

Mon, May 11 2015, 12:45 pm

Sanguine wrote:

Sorry, I don't understand a pointless question. Forget the country. What if I tell you I owned my house before I got married. That's it. Thank-you for answering. How does it help you (or anyone) to know that? You didn't ask so I didn't tell. Anyone reading this thread thinks there are people who can own a house before they're even married. Thank you for the info. Do you want me to mention that my parents are loaded and they buy all their kids houses when we turn 18? (that's not true at all). But what's the point of wondering how long. Maybe we got married at 35 and both worked in hi-tech but lived with mom. We'd buy a house immediately but what did I tell you if you didn't know the background? OK - I'm going. I don't get it.

sanguine you are reading WAAAAY too much into my question Smile

I wasnt asking for any specific reason other than being curious. I didnt care the different specifics of everyone. just curious.
sometimes a question is really JUST a question. really Smile

amother

Blush

Mon, May 11 2015, 1:03 pm

6 years. We were living in our 3rd rental apartment by then and were tired of being kicked out every time the landlord decided to sell.

tomboy

Mon, May 11 2015, 2:39 pm

6 Months... My parents helped. Well, they gave the down payment as a wedding gift (which was half of the sale price).

amother

Peach

Mon, May 11 2015, 3:05 pm

amother wrote:

true. well, you always have to be smart about your investments. it's also mazal. we bought in a well desired neighborhood where we figure that we can't afford to buy a house unless we are saving for the next 5 years (buying the apt in this same neighborhood allowed us to do this, since our mortgage / maintenance come out to less than what it would be to rent the same apt). I'm not necessarily going to MAKE 10k back on the purchase, but I will definitely get back on the small improvements we made, plus the savings put us in a better financial situation 5 years from now.

Temilia

Tue, May 12 2015, 1:14 am

Almost 5 years after we got married. It stretched us financially big time, but in the area we live in you can expect rent to go up by 5-10 % rach year and our mortgage is less than our rent was two years ago and we got an amazing deal on our house. Best part is to know in 5 years our mortgage will still be same price.

BabsB

Tue, May 12 2015, 8:02 am

About two years in, and we had to have help from family.
HUGE mistake. We weren't financially ready and we bought a cheap fixer-upper (while we had a toddler and have since had another baby.) It was draining us and we were living in a construction zone.
We have since entered into a rent to own contract for it and should be out in under five years. (We tried to sell it, we really, really tried.)
Now we're back to renting and will be there for a good long while. At least until we can save up 20% by ourselves, and that's going to be a long time.

finprof

Tue, May 12 2015, 1:58 pm

We bought our house about a year and a half after we got married. We had a super small & cheap wedding and took the money that had been saved for the wedding plus a year of savings (loans still in deferment, no kids, no 401K deposits). That way we had enough for the down payment and the fixes we needed to make. Our house is outside the main part of the community but we can comfortably afford it and the walk is good for us Smile

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