(Closed) Why did you buy your first house?

posted 7 years ago in Home
  • poll: Why did you buy your first house?
    We found an amazing home that we just had to buy : (11 votes)
    5 %
    We wanted to upgrade from our apartment into a house/ condo/ townhome (I.e. bigger place) : (31 votes)
    14 %
    We found a home that was cheaper or the same price as our current rent. : (21 votes)
    9 %
    We had the money, secure job and the credit so we were ready : (41 votes)
    18 %
    one word, investment : (25 votes)
    11 %
    It was a buyer's market : (26 votes)
    11 %
    There was the amazing first time home buying programs that allowed us to buy a home : (22 votes)
    10 %
    We rented for a long time, so our next step was to buy : (12 votes)
    5 %
    It was the next step in our life's plan. : (39 votes)
    17 %
  • Post # 3
    6572 posts
    Bee Keeper
    • Wedding: February 2010

    We own our townhouse now, my husband bought it as an investment before he met me. Obviously that didn’t work out well.  Now we’re looking to buy another home to upgrade, since we have a baby on the way we need more room.

    Post # 4
    7975 posts
    Bumble Beekeeper

    We’re still renting, for a lot of reasons, not least of which is that we don’t want to be in the city where we are long term, but the other day I read this article on CNN and found it really interesting: http://money.cnn.com/galleries/2011/real_estate/1101/gallery.rent_or_buy/index.html

    For us, we do hope to eventually buy a home, but first we need to figure out where we’re going to settle down (we hope to live internationally for a few years before having children) and be stuck for a long time … then we’ll invest in a home there.

    Post # 5
    952 posts
    Busy bee
    • Wedding: August 2010

    I clicked almost all of those! I was in my last year of university and hubby (bf at the time) was working. When he was away working he found a house on an acreage that was so cheap. The house needed a lot of work but got a whole quarter section plus house for a steal. So we bought it. Plus I was finishing up school so it was time to upgrade. We are still in it and have done LOTS of reno’s. 

    Post # 6
    1137 posts
    Bumble bee
    • Wedding: September 2010

    I voted other. I bought my house when I was single, and it was in 2005, so it was a seller’s market in our area. Long story short, I hated living in an apartment and didn’t want to share walls with strangers. I bought my first house and rented out two rooms which covered the entire mortgage, so I basically lived for free.

    It SHOULD have been a good investment, but then the market crashed. I bought a house with my Darling Husband last year and now we have that one as a rental.

    Post # 7
    10851 posts
    Sugar Beekeeper
    • Wedding: September 2010

    I clicked a lot of those! We were hunting for a larger condo, but couldn’t find what we wanted, so we started looking at houses because the price point was basically the same for what we were looking for. We wanted another bedroom since DH’s son was no longer a wee baby and needed a “big boy bed” for his weekends with us and our 1+ den condo just was not working for our situation any longer. We stumbled into our house which ended up being an awesome deal as well as an incredible investment. If we put it on the market today we could likely list for at least $200k more than what we paid for it 3 years ago. Insane. So, we got the bigger house, the good lot, great schools, and now we’re going to renovate it top to bottom and side to side to make it our dream home 🙂 We could not pass it up!

    Post # 8
    3587 posts
    Sugar bee

    I had the money to buy and I was tired of apartment living, houses were cheap, so  I bought it. I own it outright, so it really is a security thing of, no matter what, job loss,etc, as long as we pay the property taxes, we have somewhere to live. Eventually we’ll probably upgrade, but use this one as a rental for a side income. 🙂

    Post # 9
    403 posts
    Helper bee
    • Wedding: June 2010

    I clicked on a bunch of those:  we found a great house for a great bargain in a buyers market at a time when there was a first time homebuyer’s incentive. Also, we were just married so each of our homes was too small for two people and it felt like the most appropriate next step in our life plan. Plus it was a great investment.

    Post # 10
    1523 posts
    Bumble bee
    • Wedding: September 2010

    We were dealing with a bat shit crazy landlord and after crunching the numbers we realized that our mortgage would be similiar to our rent at the time. Uncle Sam was also offering first time homebuyers $8,000 in 2009 so it seemed like a no brainer.

    Secondary reasons (but not less important) were that we both had stable good paying jobs, and we were in a major buyers market. We ended up buying a 2,000 sq foot colonial which would have been out of our reach in a better economy.

    Post # 11
    2116 posts
    Buzzing bee
    • Wedding: June 2011

    We’re about to buy, we’re 23 and 24.. we’ve each been renting since we were 18 and are sick of paying other people’s mortgages when we can afford our own.

    Post # 12
    6661 posts
    Bee Keeper
    • Wedding: May 2010

    We are in the process of buying an apartment in NYC and I clicked many of these. We’ve been renting for a long time, but growing weary of living in rental buildings. People move in and out constantly, make a lot of noise, don’t report problems so there are constant bug infestations, water leaks, etc. Subletting, having guests for extended periods, we are sick of it all. And the management company has no incentive to upgrade our apartment ever, since it’s not ours we don’t want to put any money into things like appliances, nice blinds, even paint.

    To upgrade to a ‘nicer’ rental building wouldn’t make any sense because we would be paying more a month to live in a small studio in a nice building than we would pay for a mortgage on a large one bedroom.

    IMO, if you are going to live in NYC for an extended period of time and have the money, it makes sense to buy into a coop building. There are a lot of rules in good coops that benefit all the residents. And nice buildings usually have a lot of amenities like gyms, storage spaces, play rooms, roof decks, library’s, etc. So while you don’t have a huge house with a backyard, you still have access to many of those amenities.

    It all happened kind of fast for us, we had been saving for a long time and our lease was up in May, so this past January we started looking around. It didn’t take long to discover exactly what type of place would be perfect for us, so once we found it we made an offer and it was accepted. We can’t wait to move in, but with coops it’s a long process since you have to be interviewed and voted on by the board. 

    Post # 13
    13099 posts
    Honey Beekeeper
    • Wedding: July 2010

    Darling Husband and I are starting to look at buying for many of the reasons above.  I HATE throwing away money into rent and we could buy a relatively new, large house and pay pretty much the exact same for mortgage, taxes, and insurance as we pay now in rent.  Plus we would then have equity instead of nothing to show for the large amounts of money spent every month.

    I also dislike apartment living, shared walls, other people’s disrespect for the buildings/amenities because they don’t own them, etc.  Darling Husband and I have money and secure jobs and are ready to take that next step in our lives.

    Post # 14
    6351 posts
    Bee Keeper

    Because my little girl has a learning disability and needed a better school and a more structured home life. It cost us the wedding we had planned but it is completely worth it to better her life.

    Post # 15
    2702 posts
    Sugar bee
    • Wedding: November 2011

    We bought our house because it was SUPER cheap! A 3 BR and a HUGE, long yard that we could not pass up! Fiance wanted to take advantage of that first time buyer stimulus program and he had a stable, well paying job.

    Post # 16
    5572 posts
    Bee Keeper
    • Wedding: June 2011

    We were ready to move in together. FI’s lease was up on his apartment and we were relocating to a different town. We were luckily able to purchase during the time where the first time homebuyer’s credit was being offered and take advantage of that. Neither of us wanted to pay rent that would be just as much as our house payment is either.

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