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Discussion in 'Archived Threads 2001-2004' started by Bill_D, Jul 2, 2002.
If so, that is what it is supposed to do.
I actually just made my very first death payment this month.
After years of renting, I finally found a house
I wanted. The best part is that the monthly
amount is only a little more than what I was
paying in rent. And I get a garage, yard, 3x the space,
and the ability to finally listen to HT without
feeling like I might upset the neighbors.
Of course, one of the first home purchases was a
Looking forward to 359 more death payments...
... and its worth every $ over renting.
Dont think of it as DEATH payments no wonder you sound so down. Think of it as an investment on the money you are not receiving by renting. On the other hand I would have a lot more money in the short term if I was renting to play with but owning my own home is SO much nicer then renting and having to worry about the people sharing walls with me.
I just bought a house two months ago after renting for the last 5 years. I am so happy to make my 'death' payments for now atleast. I know that you can save some money by renting, but turning up my stereo now without caring about the guy below me or the neighbour next door completely makes it all better.
I've heard that in Japan, property prices are so high that it's common to have 100 year mortgages. You have to bring your children when you apply for the loan in order to ensure that someone will be around to make the payments.
My mortgage isn't killing me. I specifically bought less house than I could afford so it wouldn't be a big deal. It's about 20% of my income. Cheap.
What I want to know is, how many of you have vehicle payments that are killing you? Last November I finally got sick and tired of shelling out $760 a month for a $35k truck and sold the sucker. Next time, I'm putting half down up front. That kind of payment gets old in a hurry...
One of the smartest things I've ever done was to purchase a home at the right time (late 95 early 96).
I cringe at what people are paying for a house like mine these days.
What's really funny is when they tell me how much it cost (not that I asked them) and then I look it up on domaina.com and find out how much they lied.
More accurately, 'mortgage' is derived from Old French, and means 'death pledge'. If memory serves me correctly, the original idea was that if something was mortgaged the lender got to keep it if the debtor didn't pay back the loan before his or her death.
We're not badly off mortgage-wise; our house has nearly doubled in value over the last three years, and our mortgage is under 10% of our net income. However, moving can be painfully expensive and I feel v. sorry for first-time buyers. This is because property prices are going bananas in the UK at the moment. I'm looking for another job and have had to reject two plum positions because we couldn't afford to live anywhere half-decent in the places in question (and we could afford a £200k deposit before adding on a mortgage). Basically, anything in the Thames Valley and the South East (i.e. London and surrounding commuter belt) is beyond anyone earning less than about £60k p.a. (and even on that salary - which is beyond all but the top 1% of earners in the UK - you will only get something very tiny and in a fairly shabby area). To give you an idea of how bad things have got, a disused public lavatory in London has just been sold for £180k. The London authorities are having to erect prefabricated portacabin buildings because teachers and nurses can't afford to live in the capital.
I just recently paid off my house!!!!
One of the best feelings I ever had. We put down a large downpayment and agressively paid it off (thank you stock options!)
I also bought at great time like Howard (April 95) but it was all luck as I was getting married so we bought a house. The house has nearly doubled in value already in 7 years here in the Boston market.
Now I can channel all the house payments into a 529 plan and have a nice college amount ready for my daughter in 15 years.
We also plan to retire when I hit 50 (16 years from now), so every penny saved will count! Well, maybe a penny or two will be set aside for DVD's!
I don't have a mortgage yet, I still rent but you don't need a mortgage to feel the death grip on your balls. I feel it every 1st of the month when I shell out $1237 for my 1 bedroom apt. I'm still hurting from yesterday.
Buying a house is the best thing I've ever done. My mortgage payment is a very reasonable amount. Even if you have to scrape in the beginning, it's definitely worth it to buy a house. Real estate (in this part of the country) is a great investment. I bought a new house 3 years ago and the value has gone up over $150,000 since then. Houses are expensive here but you're almost guaranteed to make money.
Mine isn't too bad in the summer when the bills are small but its pretty tight in the winter. My payment (not including taxes) is 40% of my gross income. But it beats renting. But I have no car payments to make. I drive a 1979 Mercury that I spend $100 and ten hours fixing once or twice a year and it runs fine.
My mortgage payment is about 13% of my pay. I live in a perfectly respectable, decent, "regular folk" neighborhood. How in the heck do you Cali folks manage?? What sort of jobs (or how many) are required to do this?
I once read in Money magazine that the average San Jose area family, earning a median of $75,000, pays $475,000 for an 1800sq ft home. Is this right?? You'd get laughed out of a mortgage office here with those ratios!!!
On a side note, my wife's aunt & uncle live in Carmel. They bought a fairly large (2500sq. ft + small guest apt) house back in the mid 80s for $300K+! Apparently, it's now worth about $1,000,000. Not bad, I guess, but the mortgage would keep me up at night!
It's my property tax that is killing me....
They raised it by ummm over 100 dollars a month. Add that onto my mortgage and well, it suxors.
We are experiencing the same issues here in New Orleans. I bought my house in '93 for $125k and a house a couple of blocks down the road sold for $308k a month or so ago...unbelievable. I live in a middle class, suburban home, nothing fancy, but definitely comfortable. Just to show you the growth of things...my folks live right across the street. They built their house for $40k in 1975. I still have 5 years to go on the mortgage, but mom/dad paid theirs off years ago. I can't wait to get out of this house note ($650/month). Luckily we have the 'Homestead Exemption' here. We don't pay taxes on the first $75k of the value of your home.
I don't mind making the mortgage payment.
I mind the forced-escrow (i can take care of my own bills, thank you), and the property taxes!
The housing prices in many cities right now are just like the NASDAQ in March of 2000: a bubble that is getting ready to burst. Many cities will end up just like Houston and Denver in the 1980's, when steadily falling house prices forced many people to just abandon their houses and mail the keys to the mortgage company rather than selling at a massive loss.
I consider myself very fortunate to have recently bought a house in an area that has NOT seen a huge run-up in prices the last few years. If I had bought recently in Washington D.C., San Jose, or Boston (to name a few cities), I'd be VERY nervous.
Surprisingly here in san jose the housing prices continue to rise. I just don't get it. Probably every company in the bay area has laid off at least 25% of its work force and homes and apartments are becoming more available now but the prices aren't dropping at all. They are still rising. To anwer some of the questions about us Cali folk. At least in San Jose many people have to share a house. Many homes in San Jose house 3-4 families and 7-10 cars. This is per house. Sure it drops the rent you pay but what kind of life is that? That's partly why prices are still going up. People just don't realize how to play the home buying market around here.