(Closed) 1st Home vs. Home-to-grow-old-in

posted 8 years ago in Home
  • poll: Are you/will you be looking for your 1st home or a home you will settle down in?
    We're looking for/already bought our 1st home and looking forward to upgrade one day. : (90 votes)
    74 %
    We're looking for/bought our home to raise our family, settle down and grow old in. : (29 votes)
    24 %
    Other. : (2 votes)
    2 %
  • Post # 3
    Member
    3788 posts
    Honey bee
    • Wedding: July 2011

    I want both, ultimately. I am 24 years old and have moved ~18 times in my life. I want to find a job/place to live and stay there until I am old and gray. Bury me in the backyard type thinking.

    However, I know that financially and the job market being what it is, I doubt the very first home we buy will be that place. We won’t be having kids for ~6 years, so I hope that we will be in the grow-old house by then or at least move while the kids are young.

    Post # 4
    Member
    6572 posts
    Bee Keeper
    • Wedding: February 2010

    i moved in with my fi who already owns a home… but soon (hopefully) we will be able to look for our home to grow old in. where we are now isn’t big enough and doesn’t have a yard for the dog, so it just won’t cut it. i was born in the house that my parents still live in, and only moved for college, so i’m not used to moving and don’t want to do it unless i have to.

    Post # 5
    Member
    2562 posts
    Sugar bee
    • Wedding: July 2010

    We were in an odd situation when we bought our current home (we were moving to a new city, I hadn’t solidified my job yet – so we qualified for our mortgage based on one income, we have a house we can easily save money in, it is beautiful, but doesn’t have everything we could want in our forever house) … we call it our “5-year” home, and in 5 years time we want to buy our “rest of our lives” house.

    Post # 6
    Member
    2280 posts
    Buzzing bee
    • Wedding: April 2011

    I’d love to do like my sister and BIL did and build a home-to-grow-old-in. But I have no idea if that will be financially feasible, what with my ideal home being a million dollar pipe dream, haha. In the meantime I’m happy renting. 🙂

    Post # 7
    Member
    979 posts
    Busy bee
    • Wedding: May 2010

    My parents have lived in the same house for 30 years and I never moved until I moved out.  It was wonderful growing up and now I love that I can still go home, but now my parents have a huge house with just two people in it.

    I think a lot of picking a house depends on your family situation.  It is hard to buy the perfect long-term “home” as a newlywed couple if you plan on having four kids in the future.  It is just too much house for a small family. 

    Post # 8
    Member
    2397 posts
    Buzzing bee
    • Wedding: May 2010

    We bought our first house several years ago.  It’s a townhouse, and while it’s very nice, we definitely want something bigger someday!  It’s hard to say if our next home will be our “home to grow old in” though… we still aren’t sure if we’d like to move south for awhile.  It’d be hard to buy a forever home in a new area that we’re unfamilar with.  So we’ll see!

    Post # 9
    Member
    4123 posts
    Honey bee
    • Wedding: October 2010

    For my Fiance and I, we both need an office at home, plus our room, and ideally a guest bedroom. That means, for us, right now, 4 bedrooms! lol.  The one we have an offer on has a lot of room for us to be content and happy now, but flexibility to grow in the future. I DONT want to move a lot.  I lived in the same house from 3-23 and if it wasn’t for my parents being transferred overseas, they’d still be there! I love it and we too are buying to settle down for a while not “content for now.”

    Post # 10
    Member
    2022 posts
    Buzzing bee

    We live in Boston and bought our first home – a 2 bedroom condo – right before our wedding.  It is a great starter home and we love it…also “homes” in the city are virtually non-existent in the less-than-a-million dollar range.  It’s perfect for now, but in 3-5 years we’ll want a backyard, the suburbs, and a bigger space. 

    Post # 11
    Hostess
    18644 posts
    Honey Beekeeper
    • Wedding: June 2009

    We bought our house 3 years ago as a first house.  We were pretty sure that we weren’t going to live in CO forever and we haven’t stayed in the house.  Especially in this job market, it helps to be able to move where the jobs are instead of having to stay put with your house.  Our house is a rental property now.

    Post # 12
    Member
    3564 posts
    Sugar bee
    • Wedding: August 2010

    We live in Manhattan and will likely not be buying a place for at least 4 or 5 years, minimum. When we do get a place, I would imagine that we would want to stay there for at least 5 years. Of course, this also depends on how big the apartment is that we end up getting, and how many kids we end up having.

    Post # 13
    Member
    1570 posts
    Bumble bee
    • Wedding: March 1996

    We bought our wonderful first home last June, and I think we got just about the best steal in the city. There would have been no way we could have afforded the big, beautiful home (also in the city) that we will want to raise our kids in one day, not this early in the game, but we were able to get in on the historic low interest rates and bottomed-out housing market and gigantic first-time homeowner tax credit from the federal government, all three of which were temporary conditions and therefore huge incentives to buy at that time. We have more room than we need for the time being and look forward to growing into this home in its fabulous location for the next 5-7 years, and will probably have our first kid here, but when a #2 child comes around we’ll want to upgrade.

    Post # 14
    Member
    2463 posts
    Buzzing bee
    • Wedding: August 2010

    we might be buying a house this summer, depending on where i get in to grad school and where we decide to move (ie, if it’s an affordable area). but we’d probably only be living there 5-7 years while i get my phd, and then we’ll probably move again

    Post # 15
    Member
    3587 posts
    Sugar bee

    The house I put an offer on would be a right now house before the 2 kids come into the mix. I’m sure I could have looked into a bigger house with 5 bedrooms and 3 bathrooms, but right now, I can easily afford a smaller 3bed 2 bath house.

    We can upgrade later and use this one as a rental property.

    Post # 16
    Member
    348 posts
    Helper bee

    Financially, you usually have to live in a house at least 5-7 years in order for it to be a good investment (otherwise the closing costs pretty much eat up any equity you’re earning.)  Obviously this varies according to your situation, such as what your interest rate is and how quickly you’re able to pay down your mortgage, but this means it can be risky to buy a house knowing you will want to move soon. 

    For anyone who’s interested, here’s a calculator that does this cost-benefit analysis: http://www.nytimes.com/2007/04/10/business/2007_BUYRENT_GRAPHIC.html

    When I run the numbers on my own current apartment, the break-even point is 10 years, although I live in a pretty extreme housing market.

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