At what age did you buy your house?

amother

Oleander

Fri, May 19 2023, 8:59 am

25 (husband 22) we chose to live in basement apartments and didn't spend more than $2000 a month for 2 years. We put every dime and dollar in savings and bought our first house almost 2 years ago

amother

Catmint

Fri, May 19 2023, 9:01 am

24, all our own money. Very oot (about 150k)
We put alot of money in to it already, but also the market since went up even here and a similar house would go for about double now

amother

RosePink

Fri, May 19 2023, 9:57 am

Those of you claiming you had "zero help " I'm wondering if your parents helped in indirect ways, even if they didn't give money towards the down payment.

For example, did they support you in the beginning if marriage, so you were able to save more? Did they pay your college/grad school tuition (if applicable) so you didnt have to pay back loans and could save more?

I have a sis in law who claims her parents aren't helping her buy a house. But they supported her the first few years of marriage and most of that support money went straight to savings which she is using for the house.

amother

RosePink

Fri, May 19 2023, 9:58 am

amother Oleander wrote:

25 (husband 22) we chose to live in basement apartments and didn't spend more than $2000 a month for 2 years. We put every dime and dollar in savings and bought our first house almost 2 years ago

2000 including rent or on top of rent?

amother

Crystal

Fri, May 19 2023, 10:07 am

amother Bronze wrote:

You bought or someone bought for you?
How did you have money at that age?

I bought completely on my own. That was my first year working and I put all my earnings into a small downpayment of just 10% (yes I had to pay PMI). 3 years later we had crazy inflation so I sold my house for double the price and to avoid the income tax I did a 1031x and reinvested into another 3 properties. Here and there ill buy/sell/reinvest. Real estate in my opinion is the safest investment.

amother

Crystal

Fri, May 19 2023, 10:14 am

amother Crystal wrote:

I want to add that I was not married, I was a 18 yr old single

amother

Yarrow

Fri, May 19 2023, 10:17 am

amother Crystal wrote:

How were you able to put ALL of your earnings? You didnt have to pay for living?

amother

Crystal

Fri, May 19 2023, 10:24 am

amother Yarrow wrote:

How were you able to put ALL of your earnings? You didnt have to pay for living?

At 18 I was still single living at home so no expenses bh

amother

Yarrow

Fri, May 19 2023, 10:44 am

amother Crystal wrote:

At 18 I was still single living at home so no expenses bh

So you wrote "all on your own" but if you were not paying living expenses, it was with your parents help, for "allowing" you to put all of your earings toward a down payment. Nothing wrong, the ipposite, very very generous. But not all on your own then.

amother

Stone

Fri, May 19 2023, 10:55 am

amother Yarrow wrote:

At 18? well within reason that a parent covers living expenses up to 18... most 18 year olds wouldn't have the discipline to save up their earnings that way - its very impressive.

amother

Bluebell

Fri, May 19 2023, 10:56 am

26/2018 - bought a condo for $180k, using DH’s inheritance

30/2022 - SFH for $375k. Needed a small loan because we couldn’t sell the condo. Will be paid back in a year or two when we sell.

OOT (Upper Midwest)

amother

Lightblue

Fri, May 19 2023, 11:00 am

amother Crystal wrote:

Very cool! So when you were 18 and bought the house you started renting it out? Or you moved there?

amother

Yarrow

Fri, May 19 2023, 11:23 am

amother Stone wrote:

At 18? well within reason that a parent covers living expenses up to 18... most 18 year olds wouldn't have the discipline to save up their earnings that way - its very impressive.

Of course its amaxinv that this poster saved all of her earnings. But my point was that she said she did it all on her own when in fact that is not true becausr she did not hwve to pay any living expenses. Thats all.

amother

Crystal

Fri, May 19 2023, 11:24 am

amother Lightblue wrote:

Very cool! So when you were 18 and bought the house you started renting it out? Or you moved there?

rented it out. lived at home till I got married

amother

Crystal

Fri, May 19 2023, 11:36 am

amother Yarrow wrote:

I wrote that I bought on my own because I DID buy on my own. My cost of living was low because I was a 18 yr old single living at home and did not pay rent to my parents as I hope you would do the same for yours. My parents "allowing"?? this is totally insane! I would feel sorry for any single whose parents dont "allow them to live at home!
I did have some expenses which I paid for on my own, vacationing with friends and eating out. I wasnt a big spender otherwise and yes my parents allowed me to eat in their house too (shocker).

amother

Peachpuff

Fri, May 19 2023, 11:40 am

Bought in 2001 in my mid 20's, married 5 years at the time, for $130,000 in Baltimore (small 4 bedroom on large lot). Got an FHA loan so down payment was only 3.5%, which we paid out of our own savings and we did no work on the house even though it needed some. We did construction about 10 years later (2 story addition and new kitchen) and BH we could probably sell our house for $700,000-$800,000 now, but then we would have nowhere to live so we are staying put. It isn't perfect, but I love my house and am so happy we bought when the market was crazy low compared to nowadays. Worried how my newly married kids will ever be able to afford buying their own...

amother

Cognac

Fri, May 19 2023, 12:10 pm

After about 2 yrs of marriage. In Baltimore. This was 15+ years ago. I was about 25. It was a stretch but I'm glad we did it.

Genius

Fri, May 19 2023, 12:14 pm

amother Yarrow wrote:

I can’t stand this attitude.
“If you didn’t work as hard as me than you didn’t work at all.”
“If you would have had as crappy an upbringing as I had than you would’ve never been where I’m at…”
Nobody does anything on their own.
Everybody has help either from people and of course from the ribbono shel oilem. Even if you worked all by yourself you still needed a boss to pay you or clients who appreciated what you offered.

amother

Stone

Fri, May 19 2023, 12:18 pm

amother Yarrow wrote:

She did with money she earned - that's doing it on her own, at a time where her cost of living was really low (naturally).