Comments on: Deciding on Home Ownership

By: Ryan @ Plantingdollars

Ryan @ Plantingdollars — Mon, 21 Dec 2009 08:43:49 +0000

Hey GP,
I actually went through offers for properties on three separate occasions before I came to my senses. I worked as a Realtor my senior year of college (08′) and for a while after. Those deals falling through made me a believer in things happen for a reason because in each offer something funky happened.

Anyways, in hind sight I was completely not ready for it because my priorities were actually Traveling and following my passions, which required me to leave my home town. However, I think if you’re completely happy in the city you’re at and won’t regret being attached to where you live, you’ve just made a great and very smart decision. Enjoy your new townhouse and enjoy the extra $8k.

Ryan

By: Jake @ Dollar Commentary

Jake @ Dollar Commentary — Tue, 01 Dec 2009 06:32:58 +0000

Sounds like you guys did a good job of actually considering all of the costs upfront. So many people just simply jump into it without considering all of the expenses and eventualities and then wonder why they don’t have any money left.

By: Green Panda

Green Panda — Tue, 10 Nov 2009 22:42:01 +0000

Thanks Kevin for pointing out another factor to put into your decision. I think this is an issue to seriously consider if your local area has been hit hard by the recession.

By: Kevin@OutOfYourRut

Kevin@OutOfYourRut — Tue, 10 Nov 2009 19:52:55 +0000

Laura–I love reading your posts here and on Five Cent Nickel on homebuying. You’re giving outstanding advice as someone who is actually going through the process.

But just to offer some thoughts on the homebuying process, I’d like to add that it isn’t all a dollars and cents calculation, there can be more involved than just making a buying decision based on your ability to afford it (versus renting).

One thing you have to factor in with owning is loss of mobility. Millions of people have lost their jobs in the past couple of years, and the ability to pull up stakes and move to a new city for employment will be considerably more difficult if you have a house to sell.

In addition to the time required to sell, there’s a very real prospect of facing a financial loss–maybe even the need to write a check at closing–in order to sell a house. A renter doesn’t have that issue.

So I’d like to add that another consideration is the type of work you do, and the availability of jobs in the city where you are buying. If jobs in your field are thin in your city, you may need to consider this in the buy vs. rent decisi0n. In many fields, it’s much harder to find work than it has been in many years, and it’s a good idea to avoid the sell at a loss to take a new job situation.

By: Weekly Reading 10/30 | Money Under 30

Weekly Reading 10/30 | Money Under 30 — Fri, 30 Oct 2009 16:46:23 +0000

[...] good advice for when you are ready to make decisions about home ownership. (Green Panda [...]