Owning a home...

[Deleted]

Not in the cards for people my age (25). And it's not because we can't afford it, we just don't care for it.

A lot of our friends (except for a few) are like us: they rather pay top dollar for a nice apartment instead of buying a house. It provides us the ability to get up and move when we want without hassle and to some of us it is worth the price.

Also, we are really not into spending our weekends mowing the lawn and fixing up bathrooms, decks, etc. That also create an awesome market for condos: some condos in my area are going for the same price as single family homes, if not more. You get home ownership, without the upkeep.

Do you think that trend will continue or is it depending on where you live? When we lived upstate NY finding an apartment was quite easy and you could take your pick... In our current area, the competition is fierce and you have to move fast to get an apartment you like.

[steph08]

I think it depends on where you live. We are in a rural area and not a lot to rent so most people buy young. My husband bought our house when he was 24. And there isn't a lot to do around here, so home improvement projects usually are our weekend plans. But I can understand how that is different in cities. In a city, I would rather live in an apartment for the same reasons as you.

[RoadToRiches]

I went with a condo. The condo I bought for the price, I would no way be able to buy a house for that. My payment is as much as nice apartments. I was lucky to have a motivated seller. Paid 100k for 2 bedroom, 1800 sq feet, fireplace downstairs, attached 2 car garage, 17 feet vaulted ceilings with basketball, swimming pool, tennis courts on the property in VERY good and developing area. My property taxes are 1600 a year. My association fees are $150 which includes water, garbage, snow plowing, landscaping, bush trimming, any maintenance OUTSIDE of the condo. The just replaced my driveway, put the new roof, and replaced cedar siding with new one.

After I moved in, about 3 years later, they started to build condos right next to me. They are going for 200+k They are REALLY nice.

So that's the route I went. It works great for me. I love it. But like you said, it depends where you live.

Next street over, there are condos and homes right on one of the best golf courses in my state. Those homes were going for 400-500+k in 2006. Right now, they are selling for 300k. Magically, when I check my condos value on zillow...it still shows same price that I paid for mine lol.

[Deleted]

Indebt, be aware that if your condo association doesn't have the $$$ for the necessary improvements, they will assess you. Similarly, if enough people aren't paying, they will raise the fees on those who are.

Those are two reasons why a lot of people like SFH. I lived in what might have been considered an ultra-nice apartment for a year. It was a waste of money because I really didn't appreciate the amenities enough to pay for them. My amenities now are two decks and the chance to watch the deer eat my garden.

When you get older, Carl, you may appreciate home ownership. Or you may be an apt. dweller all your life. But I don't think your personal preference or that of your friends constitutes a major cultural shift.

[Elizabeth]

Apr 16, 2011 17:45:59 GMT -5 @tbird said:

Houses are the way to go with kids. Its just a nicer neighborhood feel, schools, etc.

When you don't have kids, apartments are fine......

the ultra delux condos in high rises downtown are probably nice for a family too, but I like a yard, veggie garden, flowers......

right now I'm watching my spinach, turnips, and cabbages srpout up, and the hyacinths are starting to bloom, tulips budding....

couple weeks - the lilacs come in.

gotta love the great outdoors....

I agree with the house when you have kids. We had to rent a condo (read apartment conversion) on the 4th floor when we moved to San Diego because the transfer happened so quickly, we had no time to come out beforehand and look for a house. At that time, DDs were 2 and 4. It wasn't pretty. Between their screaming and running around, we got calls from security a few times from our neighbors complaining. Not that I blame them at all, it is very annoying, but there was only so much I could do to keep them quiet.
Now we are in a house with a yard. They can scream their heads off for all I care. And the neighborhood is very nice, so I feel much better about DDs' safety.

[Apple]

I agree it depends on where you live. I'm in a small town and there are no condos and I can't think of any "nice" apartments (most of the apartments are low income). I bought my house when I was 19 and then-husband was 20. DS was a year old. We'd rented a tiny little house for a year before that (combined kitchen/dining room, one bedroom with a den type area we used as a nursery and a small utility room, just barely fit a washer and dryer in there). It worked until DS got real mobile, there just wasn't much room for him. The house we bought was about 985 square feet upstairs with half a finished basement, a carport and a nice big yard (front and back). Bought it for $71k in 1998.
I sold it a few years ago and bought my current house, just shy of 2400 square feet, but no carport Has a full basement and one room in an upper story. Got it for $123k, prices shot up the week after I made my offer (hit the market at the exact right time, pure luck), so I don't have to worry about taking any loss on it when I go to sell. I don't think I could handle living in an apartment or condo, I don't even like having neighbors next door (which is a big part of the reason I'm moving to the boonies on a few acres, out there I can't even see a (livable) house from my property. The one house that is across the street is pretty much condemned and my understanding is the agreement with the Lumber company (or DLM, can't remember which bought it) is that the family can stay there (they have another house up higher and out of sight) but can't build anything else so that should stay empty.
And now, at 32, I'm building my dream (and hopefully final) house. Guess I'm a bit ahead of the curve.

[Apple]

Crap--I had to type that up on "word" and then post later--I'll fix the messed up look when I get home...

[TheOtherMe]

I've been through them all--townhouse when I was young, several houses, condo when I first retired and then apartments. Now I have purchased a duplex. I own 1/2 of it. There aren't many nice apartments around here and I like the tax benefits and that I can do whatever I like to it.

My nephew is about your age and he bought a house. There truly aren't any decent apartments in our rural area. He bought a foreclosure and has fixed it up and it's really looking good.

[2kids10horses]

I tried living in a condo. Didn't work out too well. The horses are too big for the elevator.

Management didn't like me putting the manure in the garbage chute, either.

[MN-Investor]

I still remember the beautiful Friday afternoon, a couple weeks before Easter, when I was pounding out songs from "Jesus Christ, Superstar" on my piano. The woman in the apartment below did not take kindly to that. In our house, I can pound on the piano night or day. I love it! (Ok, I do try to hold it down when DH is sleeping. But if he's out of town, it's 2am and I can't sleep, I'll pound away.)

[motherto2]

I think alot depends on where you live, but also in what your priorities are. If you are a confirmed apartment dweller, I doubt you'd be happy living in an area where there isn't much to rent, aka, in the burbs. But if you are more interested in the family life and small community feel, I think you would aspire to be a home owner. Which it's a good thing we have all types. Keeps everything even. My son made an interesting comment to me one day. He couldn't have been more than 13 at the time, and he just randomly looked at me as we drove down the road, and said "Mom, I don't know that I'll ever be able to afford to buy my own home". Now where does a kid that age understand about that? And sadly, where we live, he's right. We aren't near the city, but we are close enough for commuting to the DC area and things are very expensive.

[Knee Deep in Water Chloe]

I think it does depend on the area and how many children are involved, plus what type of lifestyle one wants to have.
I completely understand not wanting to do yard work--I don't either. However, I like having the yard.
Anyway, I bought my first house when I was 24.

[pammy831]

I'd have to say I'm the total opposite of the group that cawiau described. I am 25 right now and I just sold my first home and bought a second one. I bought my first home when I was 21. That's probably younger than most. However, my situation is that DH is in the military, which makes home buying a lot easier with a steady income.

I'd say the area is a factor too though. I feel comfortable enough buying a house in our town because it's a military town that constantly has people coming and going. Therefore I feel better about being able to sell when necessary as opposed to if I lived in a rural town with not a lot of job growth or a strong economy.

Finally, it definitely depends on the person. We've met other military people our age and older than us who have never bought a home because they're not responsible enough to take care of it property or budget their money efficiently enough.

[MN-Investor]

When my parents got up in years, they moved to Minnesota to be closer to my brother and me. They bought a house going up which, in the old days, would be called a duplex or a twin home. The whole development was made up of two or three unit townhomes. There's an association and association dues, but all the yard work and snow blowing is included in that cost. It was a great deal for my folks.

I can see that as an appealing option.

[mamasita99]

I was about 24 when I purchased my first home with my then husband. Military town, so fairly stable economy. Financially smarter move for us than renting. 3 houses later, I still have part ownership in our last house.
My roommate purchased her first house at age 29, again for financial reasons. This house is a "detached condo", though. A gorgeous, 1900sqft house with a small enclosed patio area. Big enough for a small bistro set, a grill, and some vegetable plants. We love it, no yard work unless we feel like dressing up the front with plants. Central location, pool we use every day in the summer.
This neighborhood has a few families like ours, but also a lot of older folks who don't want the hassle of a huge place with a yard. Also lots of DINKS or single people who want the privacy of a house but the carefree lifestyle of a condo.

[zibazinski]

Df and I just did the same thing. gated community (neither of us liked that but the house was the best we could find) but a HOA that takes care of yard, snow, trash, streets. We can do something or we can do nothing, our choice as far as yard work. Neither of us is a gardner so it will be VERY minimal, if anything. About a third the size of his old house and we have a downstairs that we will never use except for storage and guests. All our living will be in 1600 sq ft. He's happier than he thought he would be.

[zibazinski]

There are apts that allow dogs with certain breed restrictions.

[ejd86]

I am 24 and have the $ to buy but I am just not that interested in doing so. I think I am like cawiau, the potential costs and upkeep time is just not worth it (especially as a single w/ no kids). In addition, the freedom of being able to just get up and move is priceless!

[Deleted]

Apr 17, 2011 6:45:56 GMT -5 Lady Gaga Gaga Snerd said:

I have the 4 BR family home right now with 3 kids. I can easily envision downsizing. And, eventually apt living. The biggest drawback to an apt though would be not being able to have a dog. I really want to have a dog for the rest of my life. That would be the most important thing i would look for.

We've had a dog for the past two years and it hasn't been a problem.
You can find apartment complex that allow dogs.

[swamp]

Cawiau, if your avatar is a picture of your dog, sorry, but that's not a real dog. It's a cat.

[Deleted]

Apr 17, 2011 7:22:18 GMT -5 swamp said:

Cawiau, if your avatar is a picture of your dog, sorry, but that's not a real dog. It's a cat.

LOL! We've heard that one so many times ;D ;D

In his defense, he was only 8-12 weeks old when this picture was taken. He will turn 2 this July.

He is a maltesse and shih tzu mixed. We are considering getting another puppy this summer (he spend 8-10 hours alone at home on weekdays and we feel he will enjoy the company)

[swamp]

Dog under 20 pounds = cat. ;D

[Deleted]

Apr 17, 2011 7:31:03 GMT -5 swamp said:

Dog under 20 pounds = cat. ;D

He weight 13.1 lbs... almost out of the cat category


Who am I joking, the vet said he will never weight more than 15-20 lbs

[zibazinski]

Let me guess, your wife wanted this kind of dog? ;D

[Deleted]

Apr 17, 2011 7:36:41 GMT -5 zibazinski said:

Let me guess, your wife wanted this kind of dog? ;D

Yep, she loves small dog. He is technically her dog since he was gifted to her.

[lonewolf2019]

We live in the country and keeping the place up is getting to be a real challenge. However, I don't think we'd be happy living somewhere with no place for a garden and neighbors living so close.

[zibazinski]

Not surprised about the dog. There are places that have held their value or not dropped as much as others. That darn Grand Rapids for one. There's a lot of cookie cutter homes for sale but if you want something with a little character, you are going to pay!!!

[Deleted]

I think it just depends on what you want and where you are in your life. Personally I can't imagine having kids in the city, in an apartment or condo. It would be such a hassle all the time to go outdoors. Some people love it though and are totally committed to it. I can see myself moving to a smaller house when DH and I get older (we don't have a bedroom that doesn't require stairs) but not a smaller lot. DH will never give up his woodworking, metalworking and computer hobbies which have already taken over an RV garage, a mechanical room and the office.

[Deleted]

Cawiau, not all people your age are happy with condos. I could care less about luxury living or most amenities (I'm female, btw). We bought a duplex and our renter pays our mortgage, property taxes and insurance. We only have to pay repair costs and utilities, the money I make sure makes up for the lack of amenities. Also, if I wanted to live in an apartment I would but I would never buy a condo or any house with an HOA. I won't buy a place where others will be telling me what to do, I want to be able to leave easily if I am unhappy with something.

[strider]

I don't think I'll be able to own a home until I wife up. As a single guy it's hard to do so. Getting that downpayment and having extra income will need to happen first and it's harder when you're single.