Is buying a house in your 20s really a smart idea?

[EndDomination]

Homes dont automatically "grow in value" and that value growth isnt something one can control single handedly.

Take advice from a breh in Cleaveland brehs

Smh

You're telling an Econ major, trust me, I've had a fairly deep knowledge about the US and foreign housing markets since I was like 15.
There is a growing housing market in Cleveland, and I described the places its growing.
The same could be said for purchasing homes in the growing suburbs surrounding LA, and right outside of NYC.
I'm not talking about controlling the growth so much as I'm talking about investing in something that has a high chance of continuing to grow in value.

 

[Paisley Darts]

If you have a stable job and can afford it, buying a house is a smart idea. People in this thread are talking about "it can lose value" etc etc. With any investment there is always risk. If you do research and make smart decisions you can minimize risk. I bought my first house at the age of 27. I've had it for 4 years and I now have approx $30K in equity. I plan to pay my house off in another 8 years or so (bought it for $95K) and then rent it out for supplemental income. If I had chose to rent a place, I would have payed a monthly rent higher than my current mortgage and would not have any equity. Again, everybody situation is different. But if you have a career and enough money to do so, then buying is the smarter option.

 

[The Don]

Only time youre really getting tax breaks is if you dont make any money or you pay a ton in property taxes/interest.

Dudes are ignoring this thread is about a 20 YR OLD.

People mention mortgage is less than rent yet have yet to talk about having to be 100% responsible for maintaining and repair of your home.

Yall can listen to these goofs if you want but like i said if you are just looking at rent vs mortgage cost you definately are not ready to buy a home. You HAVE to Examine YOUR situation and all these goofies talking about THEIR SITUATION as if it is the Standard yall are going to be set up to lose.

I enjoy being a home owner but I damn sure wont talk like its a simple task. My mortgage is less than what i have paid in rent in the past yet owning a home has been much more expensive.

A person in their 20s has to factor in unforseen cost, their career because at the end of the day you may get a better opportunity elsewhere and having to worry about selling your property or rent it out is another beast in itself.

Like i said, listen to these goofies of you want

I agree totally what you said and even mentioned some of the things you said. If you're 21, single, with no kids and career driven than yeah it's probably best that you rent unless you are preparing for the future but either way its better to own something and call it your own rather than put money in someone else's pocket to ease the headaches of home ownership. But I agree it all depends on your situation.

 

[Apollo Creed]

I agree totally what you said and even mentioned some of the things you said. If you're 21, single, with no kids and career driven than yeah it's probably best that you rent unless you are preparing for the future but either way its better to own something and call it your own rather than put money in someone else's pocket to ease the headaches of home ownership. But I agree it all depends on your situation.

Thing is you dont own something until you pay it off lol none of these people are talking about ownership, they are talking about home values increasing so they can sell it and start the process all over again.

 

[the bossman]

What's the payout after 30 years of renting?

It could be a lot more than 40k. That money that you didn't spend on down payment, replacing the water heater, a/c unit, roof, increasing property taxes, etc. could've been used to start a business, or to make different investments that don't require all types of costs to upkeep

 

[Apollo Creed]

It could be a lot more than 40k. That money that you didn't spend on down payment, replacing the water heater, a/c unit, roof, increasing property taxes, etc. could've been used to start a business, or to make different investments that don't require all types of costs to upkeep

Exactly lol. If you are buying property to rent out and actually generate income than hell yea go for it. All that "house is an investment" is 1950s leave it to beaver talk. Lol like i said listen to these goofies if you want.

 

[Field Marshall Bradley]

Houses were never meant to be investments really....... so if you buy one, just make sure go about it the right way.... I would even avoid a mortgage if you could..... but that would be difficult in a lot of the major cities on the east and west coast..... but in Bham, Atl, Nashville, Detroit, etc..... you can come up on a sleeper for 30k..........

 

[BlackBall]

What's the payout after 30 years of renting?

You a ton of dough on not paying for maintenance like a fukking ton actually

 

[CrimsonTider]

Houses were never meant to be investments really....... so if you buy one, just make sure go about it the right way.... I would even avoid a mortgage if you could..... but that would be difficult in a lot of the major cities on the east and west coast..... but in Bham, Atl, Nashville, Detroit, etc..... you can come up on a sleeper for 30k..........

 

[philmonroe]

Exactly lol. If you are buying property to rent out and actually generate income than hell yea go for it. All that "house is an investment" is 1950s leave it to beaver talk. Lol like i said listen to these goofies if you want.

This esp since most folks ain't no damn house flippers. They buy their house to live in for the rest of their lives or the majority of it so that's why I don't really look at it as an investment. It just sounds good to cats IMO.

 

[Field Marshall Bradley]

 

[Solano707]

Only time youre really getting tax breaks is if you dont make any money or you pay a ton in property taxes/interest.

Dudes are ignoring this thread is about a 20 YR OLD.

People mention mortgage is less than rent yet have yet to talk about having to be 100% responsible for maintaining and repair of your home.

Yall can listen to these goofs if you want but like i said if you are just looking at rent vs mortgage cost you definately are not ready to buy a home. You HAVE to Examine YOUR situation and all these goofies talking about THEIR SITUATION as if it is the Standard yall are going to be set up to lose.

I enjoy being a home owner but I damn sure wont talk like its a simple task. My mortgage is less than what i have paid in rent in the past yet owning a home has been much more expensive.

A person in their 20s has to factor in unforseen cost, their career because at the end of the day you may get a better opportunity elsewhere and having to worry about selling your property or rent it out is another beast in itself.

Like i said, listen to these goofies of you want

It's about people in their 20's, not a 20 year old...

Be illiterate brehs.

Edit:

Be illiterate and give out terrible advice on home ownership and economics brehs

 

[Field Marshall Bradley]

give out terrible advice on home ownership and economics brehs

What was so bad about what was said ??

 

[bright black]

the money you would have presumably spent on a house would be invested in other ways.. bonds, dividends, creating your own products to sell online. Real estate is not the end all be all to building wealth. It's just one tool.

cats talking about selling for 100k profit but don't mention the thousands of dollars they spent over the years in maintaining that property (lawn care, replacing appliances, water heaters, busted pipes, roof, A/C unit, etc. some shyt will always pop up). ALL that shyt adds up which is why I don't necessarily always agree that the house you live in is an 'investment'. just crunch the numbers and make sure it works for you.

home ownership is always listed as a factor in wealth gaps between races...i assumed home ownership was a good idea but i aint an expert...and ive never heard paying rent mentioned as a path to building and creating wealth...

 

[BaldingSoHard]

It could be a lot more than 40k. That money that you didn't spend on down payment, replacing the water heater, a/c unit, roof, increasing property taxes, etc. could've been used to start a business, or to make different investments that don't require all types of costs to upkeep

This shyt always cracks me up.

The mental gymnastics people will go through to justify paying someone else's mortgage.

If you like renting just say you like renting. No shame in it.

Dudes really out here waving off tax breaks, ownership, equity... all because they don't wanna replace a $300 water heater once every ten years.

Also, all those maintenance and repair costs are built into the price of your rent. You don't really think landlords are out here taking losses because of roofing repairs do you?