purchased home in the last 10 yrs without any help

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Purchased home in the last 10 yrs without any help

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amother

Thu, Jul 10 2014, 10:32 am

We bought a house on our own. I was expecting my 4th at the time. I wasn't working. We started saving for a down payment as soon as we got married (and my husband had deb that his parents made in his name that we had to pay off too). We shop around for big ticket items, don't buy too much extras and only go out for really special occasions (home cooked meals usually taste better anyways, but its nice to be waited on). We put away a really nice down payment after 9 years of marriage. Enough to put down 20% and do renovations. My husband does not have an extremely good pay check. He works hard but has no degree of any sort. It is possible to do it without family support. His family has no money to offer, and I'm not the type to ask my parents of money (they have, but I know my father worked very hard to have what he has. Started from a very poor family and built up a successful business although he was an uneducated immigrant (well, no secular education))

amother

Thu, Jul 10 2014, 11:13 am

Yes, we bought a house when pretty newly married. I had savings from before we were married from working.
We did take a LOAN from our parents, interest free, but we had the down payment ready when they offered it. When we were finalizing the loan, they told us to take 30,000 less and we would pay them back (its all paid back, we gave 500\month. It took up us about 5 years to pay back.
We bought when the market was at its absolute highest and mortgage rates were high. Unfortunately our house is worth much less then when we bought it - and we don't fit into it anymore - so we do have to figure that part out now.

doughnut

Thu, Jul 10 2014, 1:48 pm

I haven't yet bought a house, but I could. On my own.

The fact that there's this much debate about whether it's possible to be a self-supporting adult is a sad commentary on how children are being raised in our communities.

amother

Thu, Jul 10 2014, 1:49 pm

Yes. We did. In the NY/NJ area. This month marks 10 years since we closed. No help from either set of parents, and we were just married for four years, and had two kids already but no college degrees whatsoever. I B"H landed a solid job during my engagement and we saved, saved, saved. No splurging, hand me downs, and scrimping and saving got us there along with loads of siyata dishmaya. We did end up borrowing approximately $5,000 from my husband's friend (which we paid back over the first year) for unexpected expenses that came up.

I believe that part of the reason we bought then was because we were so young. Honestly, three years later once we had another child and experienced life a bit more, we probably would've decided that we can't afford it (though home prices came down somewhat thereafter). I'm grateful that we bought when we did.

amother

Thu, Jul 10 2014, 6:08 pm

Bought a condo in Brooklyn in 2006. Never received any support from anyone. We even paid for our wedding ourselves! Sold at a loss, but that's after the market collapsed.
We both worked hard.

kaye

Thu, Jul 10 2014, 6:13 pm

We bought our house at the height of the market without any financial assistance from anyone. We scrimped and saved for the first six years of our marriage inorder to afford our house. It took another two years of saving before we were able to do the renovations we wanted but we were able to do so using cash and without taking out any loans.

celesteno

Thu, Jul 10 2014, 10:07 pm

We bought our house with no help from our parents whatsoever. We got married older so my husband had sizable savings to purchase a house.

amother

Thu, Jul 10 2014, 10:35 pm

Yes. Not in ny but in another expensive city.
We saved and lived frugally for a many years and bought when we found a good deal.
It is possible.

amother

Thu, Jul 10 2014, 10:44 pm

We closed on our house without any help. The house was $350,000. We had $100,000 down payment. My mom paid off my mortgage without me asking. Does that count?

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