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I think it is worth it. We are in the process of buying our first home right now (we will close in march!). we have figured out our monthly payment and it will only be about $200 more each month than renting. Also, with the economy so down right now, its a great time to buy for house costs and interest rates. Your resale value will increase quickly because the economy is down. We also like the idea of spending our money towards something we own, and not just giving it away and never getting a chance to see the profit of it in the end.
I definitely think it's worth it. We're saving up for our first home, and we're just tired of renting. We love the house we rent, but our landlord wants to raise the rent and we're too tired of moving to not pay it... I also don't want to move my kids around from school to school once I have them.
I don't know if it's the same in Canada, but most new homes have a warranty on them, and you can buy home warranties on older houses, sometimes even getting the seller to cover the cost - or transfer their existing warranty to you. That should help with some of the problems. Plus, if you have the home inspected beforehand, you'll know if it really has any immediate major problems and if you should buy it or not. I feel for your friend that has a home that gets broken into continously - that's horrible!
We just closed on our home. It made since for us. We both are do it your selfers and this home is so us. In our case its our dream home- I can see our life and all the memories to come in this home.. I doubt we will ever buy another....
Us for you- you'll know when its right. If you have doubts give it more time.
We're looking for a house now. We are definitely going to stay in DC for the long haul and come from pretty stable families house-wise. My folks bought their house 23 years ago, and his parents bought his house almost 30 years ago. We are definitely excited to buy a place and plan on living there forever. I'm excited to learn all sorts of DIY techniques and really putting some elbow grease into making someplace our home.
It's a little overwhelming sometimes--my best friend went away over Thanksgiving and when they got home, the kitchen ceiling of the house they've owned for three months had fallen down. Thank god for homeowners insurance!
If you're not excited by the idea of working (hard! and constantly!) to make some place your own, then it sounds like renting is the better bet for you at least right now. It's a huge commitment, and it's not for everyone.
The answer really depends on your personal sitation. We have lots of friends who bought a home, and in all honesty, it was not a good thing for them at all. They all banked on their home increasing in value, they felt that paying 50%+ of their take-home pay was a "good investment" and they viewed renting as "throwing their money away." Years down the road, they now see how much they've put into their homes, have lost money on what they banked on as an investment, and in the meantime have lost out on savings and have no means to move if they wanted to.
For us, we wanted to make a decision that was extrememly comfortable financially (paying less than 20% of our take-home income for the mortgage), and we were planning to stay put for 7+ years. We view our home as somewhere we love living, and not as an investment, which matters tremendously! We also bought a home that was move-in ready with only minor cosmetic elements that we wanted to change.
No matter what, you'll sink money into a home (maintenance, improvements, furniture, etc.) -- so if you cannot save extra money for these things along with a mortgage, then you'll likely learn to hate your home for them.
I love home ownership! It is a pain sometimes to be in charge of fixing things, and we definitely overall pay more in rent once you add in other expenses. But I'm proud of our home and don't mind putting time and effort and money into it.
While it would be great if we make a profit when we sell, that was not our reason for buying. We wanted more space, laundry, parking, some outdoor space, and a place that we would be happy living in.
Well, I think that you have to figure out if homeownership makes sense for you. For FI and I, homeownership made a lot of sense and we love it!
For us we were living in apartment and the rent was going up to 1050 a month, our mortgage is now 1060 a month (homeowners insurance and taxes are rolled into our mortagage). Our apartment was 1000 square feet and our house is 2100! So for us buying made a lot of sense, we no longer have to deal with crazy landlords, we have more space, we are making upgrades in our own time and we are perfectly positioned to buy our second home in 5-10 years.
If you want to buy you will need to put a lot of thought into and research neighborhoods, cities that you want to live in. We don't have to worry about a security system because we live in a safe area.
Also, if you don't want to have large maintenance costs, don't buy a house that will need a lot of work right away. With a home you will always have projects, and maintenance requirements, but that just comes with homeownership.
Anyways, I am rambling, but what I am trying to say that it is a big decision, but one that made a lot of sense for us!
Paying rent to a bank doesn't seem that attractive to me right now and this area's real estate is insane. Maybe in the future, but after the whole economy crashing and devaluing homes, I don't really see a rush to tie up a huge down payment.
I think it depends on where you live. FI and I live in Manhattan and buying here is not as easy as buying elsewhere. There's a massive downpayment, and maintenence costs in addition to your mortgage. So renting isn't really a "waste" right now, but we hope to buy someday.
Hey Amber! FI are waiting until the spring to go house shopping. We've always had the opinion that in the long run, it's better to buy then rent. I'm not a huge fan of renting because I feel as though we'd be constantly putting money in and will never recoup any of the costs.
Being a Toronto resident, I know where you're coming from. With all the extra costs of buying in Toronto, FI and I have decided to look at buying in Durham or Peel region. Although we're not a huge fan of new construction homes, we're definitely considering them because as Laylabelle has mentioned, they come with some sort of warranty.
diorable-Most people do not save up a 20% down payment on homes anymore. We were financed through a government backed FHA loan and were asked to put a 3.5% down payment for our house. The value of homes is low right now, but that works in BUYERS favor. We want to stay in our house for 5-10 years, so we will most likely see a profit on our home.
Hotchild- I agree with you, it most definitely depends where you live!
We are in the midwest and we bought a house in part because we may move to a place with a higher cost of living someday and selling our current home will make buying in a different market easier.
@ lemon - Thank you! You're right, it really depends on our personal situation. I think a few of our friends are in the same situation as your friends in terms of the fact that they invested so much into their homes and expected to profit from it but now they're losing money. You're also right about making sure that we're not using more than 20% of our take-home income for the house.
@ catlady - Exactly! The homes in Toronto are upwards of $800k right now. My fiance and I live in the Rosedale area and it's sooo damn pricey! The cost of living here is too much, but we like the area because it's close to work and it's really safe. Buying a home anywhere in Toronto is a huge financial commitment. Problem is, we can't imagine ourselves living in the suburbs because of our job locations. Best of luck on your job hunt at Durham or Peel region :)
I own my own house and I love it! Yea there is repair work and yard work and stuff like that but its mine and I love doing stuff like that. Plus I am not giving my hard earned money to someone else to make them wealthy, I am paying it toward something that later in life will be a great asset to me. Plus if I wanna paint the bathroom and put a new back splash in the kitchen then plant a rose bush, its my house and I can do that, I don't have to call anyone to make sure its ok to do so. In my personal opinion it is definitely worth it it just takes a lot of research and isn't something to just rush into doing.
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Is it worth it to buy a house or your own home? With all the costs involved (home insurance, security system, maintanance, property tax, hydro bills), not to mention the fact that you'd have to stay there for a significant amount of years to gain any profit if you decide to sell... is it worth it? My fiance and I are currently renting, but we have friends who've purchased their own homes and are unhappy. They're not exactly inspiring us to want to buy our own place. They complain about all the bills and things around the house to fix. One friend of ours has had multiple break-ins so he upgrades his alarm system frequently. Do you own your own home? Or do you plan to buy one with your fiance after the wedding? What are your reasons? Thanks!