tag:blogger.com,1999:blog-875001767678246171.post1423102678661890060..comments2024-01-07T22:02:50.324-08:00Comments on Double Journey: Houses All Around With Nothing To BuyUnknownnoreply@blogger.comBlogger2125tag:blogger.com,1999:blog-875001767678246171.post-58418113405009863622009-06-01T02:51:39.000-07:002009-06-01T02:51:39.000-07:00Give the cash to me ;)Give the cash to me ;)Rick Brewsterhttp://blog.getpaint.netnoreply@blogger.comtag:blogger.com,1999:blog-875001767678246171.post-89724867919958809642009-06-09T03:14:47.000-07:002009-06-09T03:14:47.000-07:00I kind of looked at it like the compound interest ...I kind of looked at it like the compound interest argument that you have used several times when you've talked about saving for retirement; the early you get in, the more equity you're going to have later. With rent, you basically hand that money over to the owner every month.<br><br>I bought a condo because I was tired of renting. What I bought is not the greatest place, it needs some work, but it's not a terrible place either. I didn't want to live outside of my means so I searched within a certain price range, I ended up moving in with my girlfriend, and I am actually spending about the same as when I was living in an apartment. My plan is to keep saving and sell it in 3-5 years and buy a house.<br><br>Also, there's an $8k tax credit from the Government for first time home owners that you do not have to pay back, which helps. That was another reason that prompted me to buy.<br><br>And yeah, the $300-499k market is the hottest housing market right now, because most couples can afford that, so it's going to be picked over. My girlfriend's brother and family sold their house a year and a half ago and are now looking for a house in the low to mid $400k range. There's not a lot of inventory and the few open houses they've gone to have been feeding frenzies.<br><br>There's a show on HGTV called "Property Virgins" that I was watching while I was looking and it's an interesting show because it basically proves the point that first time home owners want everything and they don't want to pay a lot for it. And it's all about sacrificing something; you either pay for what you want and sacrifice something you like to do to pay the mortgage every month, or you sacrifice something in regards to the house to fit your budget. And that's pretty much how I ended up in a condo, I was getting outbid on townhouses and any house I could afford would have been a massive fixer (which would have been too much work for me) in the ghetto. I'm not 100% happy with the place, but I think it will be ok until I'm ready to sell it.Tylernoreply@blogger.com