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How old were you when you bought a house?
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amother
Copper


 

Post Sun, Aug 23 2015, 7:51 am
20, and DH was 23. Newly married for about a year. Borrowed money from relatives and friends. Probably a mistake. Took us years to repay all the loans. Besides our families never owned houses so we didn't know what we were looking for. The house is tiny. If we had to do it again, we would probably have saved up more and bought a more decent sized home.
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JAWSCIENCE




 
 
    
 

Post Sun, Aug 23 2015, 8:08 am
I'm 30 and I still don't. It makes more sense for me to rent near where I work because otherwise I'd never see my kids. Plus I don't have the time to deal with the issues of home ownership - repairs, shoveling snow, etc. that my building handles for me now. I only plan on living in this area for another 1-3 years and I don't have the time/energy/knowledge to buy in the area I eventually will live and rent it out until I move. This does not bother me. it is not a contest - you do what makes sense for you.

The only issue is that housing cost keeps going up so I will pay more to buy later and when we move my children will be starting yeshiva and I can just see the yeshiva demanding my downpayment money for tuition. Hopefully my salary should increase at the time too.
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mille




 
 
    
 

Post Sun, Aug 23 2015, 8:09 am
Age means nothing on this front! We spent the first few years of marriage with only one income, so we weren't even saving from the beginning. On the other hand, I have friends who bought a VERY expensive house with a 20% down payment with zero help. They have both just been working for years before marriage and were both saving money. Right now, at the border of upper 20s early 30s, we have maybe a quarter of a down payment saved up.

I think we'd sooner opt for a small down payment and risk it financially (with the 'first time homeowner' thing where you can use I think it's a 3.5% down payment with good credit) than borrowing money, though. But we intend on waiting until our family outgrows our apartment to buy a house, probably. Smile Not there yet!
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amother
Goldenrod


 

Post Sun, Aug 23 2015, 8:43 am
We just bought a house. I'm 30. We saved up enough a while ago, but waited until we found "the one".

In the meantime, we continued to save so that we could make a few changes, buy new furniture that suits the house, and still have savings.
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amother
Coral


 

Post Sun, Aug 23 2015, 10:00 am
I was 25. DH had inheritance that had to be used for house, and we cleaned out our savings so we BH don't have a mortgage. Our monthly income is not so high that is why we chose to do it this way! We could have bought a bigger nicer house with a mortgage but didn't want to do the mistake many people do, just coz u have the 20% or even 30% down, doesn't mean u can afford a house! There are monthly payments!!!
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SRS




 
 
    
 

Post Sun, Aug 23 2015, 10:32 am
OP, don't put too much weight into what your friends are doing. People often buy homes with ARM Mortgages (15-30 year fixed rate mortgage is the way to go). People buy mortgages with almost nothing down (there is wisdom in your grandmother's advice of 20% down). People get strapped with large housing costs and their parents have to pitch in to help them or they run up other debt or exhaust savings. Some people have parents who help. Some people don't. What counts is that you can pay for your home without serious stress.
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amother
Khaki


 

Post Sun, Aug 23 2015, 11:22 am
I'm amazed that there are actually young people who own their homes straight out with no mortgage! I was 23, dh was 25. Our rental apartment was destroyed in a fire and we bought the first reasonably appropriate house we found. It is on the outskirts of the frum neighborhood, but we have come to love it. We borrowed half of the down payment and paid it back over 5 years. What we thought was a mediocre purchase has turned out to be an amazing bargain. The neighborhood's popularity has skyrocketed. The rent our two tenants pay covers our entire mortgage and insurance. We are living in our home for free and can easily sell it for a 500 000$ profit. Instead, we are planning to refinance and upgrade to something bigger iy''h.
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amother
Chartreuse


 

Post Sun, Aug 23 2015, 11:28 am
amother wrote:
When I was 21. And built house at 24. I got some money in gifts by my first house. Second house all alone.


I just bought my second house now. (I quoted my post) I do work in the mortgage field though and young Ppl are buying all the time. Some with more down and some with less.
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JMM-uc




 
 
    
 

Post Sun, Aug 23 2015, 1:26 pm
I was five and I was playing monopoly. Sure felt good!
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