House blues [vent]

posted 1 year ago in Money
Post # 2
Member
88 posts
Worker bee
  • Wedding: June 2018

holisticbabe :  I feel you!  I just bought my house at 30.  Years and years of roommates and crappy apartments in bad neighborhoods. 

My biggest peice of advice, if possible, is to only have as many expenses as you can afford on one income.  When we would go out on a date, it would be a picnic, or we would eat and drink a bit before going out on date.  That way, we where only hungry enough to split and appetizer and order one drink each.  I often bring flasks with me when we go out with friends (I have a handy one that looks like sunscreen).  I’ll order one drink, and then refil it under the table with my flask.  I still leave a nice tip for the bartenders though.  If you wantto go on a vacation consider camping.  Get some basic gear, and then it’s just the cost of gas, campsite and food.  If you go with friends, cost on all three goes down.

When cooking at home, soups are your best friend.  That and rice.  I would always buy things on sale, and at the farmers market I would get discounts on food that looked odd.  Make a big batch, freeze half, and have the other half for when you don;t feel like cooking.  Always make leftovers, and bring those in to lunch.  

Also roommates.  It sucks, and they can be a bit annoying. But I’ve tried to live like a broke college student for as long as I can.  When times got financially tough, we rented out our living room.  Now that we have a house, we’re renting out 2 of our bedrooms to friends. “rent” is a loose term.  Our friends get WAY below market rent in exhange for helping us renovate our fixer.  I have other friends who make a killing renting out rooms on Air bnb.  Fiance and I jsut don’t like the idea of strangers in our house.

Also, any bonus or tax return, we kept 1/3 for ours selves, and the rest got poured into student loans.  Whenever we got raises, we would bump up our student loan payment by half of whatever the increase was (if not more).  Keep an eye out for refinance options.  We use cards with points to pay for flights to visit family.  If we aren’t camping for vacations, we crash with friends.  Or road trip, but those are more expensive lol.  Also, our side hustle is doing focus groups for money.  It can take a bit of work, but the extra 300 dollars every now and again really helps.  

Also, trust, most mid twenty somethings aren’t buying houses.  Most of m cousins and siblings are older, and I’m the first one to buy a detached house.  The other 2 in townhomes bought the same year I did. All in our 30’s.

Also, renting isn’t all bad.  HAving a mortgage locks you into place. As a renter, you have freedom to move easily if a better job oppurtunity arises.  Also, a lot of people who are buying later skip the started home and just go straight into their forever home.  If you focus on your careers, and live frugally, you can do it.  

Post # 3
Member
177 posts
Blushing bee

Boyfriend and I just bought our first house. (he’s 26 and I’m 23) We went to a free first time homebuyer’s seminar by a local realtor company and they explained options for first time buyers. Bf was able to take out a loan through his 401k (ended up being 5k towards down payment) and we received a grant of $5k as well. There’s really no need to be saving up before buying a house. Look into FHA loans. As long as your credit is 620+, you’re good to go! We bought our house for $90k and the mortgage will be about the same as we are currently paying for rent. It’s just a little starter home, but better than an apartment!

Post # 4
Member
869 posts
Busy bee
  • Wedding: September 2015

i live in california where the houses 1 bedroom 1 bathroom start at 250k an hour away from l.a. my parents house in one of the worse cities in southern california is reaching 500k 3 bedrooms 2 bathrooms 30 minutes away from l.a.

it is very hard to save on the side, but we all must scarifice in order to move ahead. we are working on our credit so that ill help us

Post # 5
Member
9660 posts
Buzzing Beekeeper
  • Wedding: August 2016

My husband and I probably won’t be buying a house until we are in our mid-thirties – partly to save up and partly because we will be move around for the next few years for my husband’s career. 

Everyone’s life is different. It doesn’t really matter what others are doing, focus on the decisions that are best for you.

Post # 8
Member
884 posts
Busy bee

Budget budget budget! Keep track of your monthly expenses and find out where you could cut back. Maybe it means you won’t have new clothes for a while, have to cancel a gym membership, cook cheap foods at home, etc. It won’t be great but it’s the only way to save. Maybe you’re already living very frugally, which brings me to my next point…

Are different/second jobs a possibility? I waitressed in law school and made good money. Babysitting, dog walking, Uber–the gig economy is alive and well and you could earn a few extra hundred a month at least. 

Keep in mind you don’t need a 20% down payment. That was the gold standard back when our parents were buying their first homes but you’re right–things are different now. You can buy a house with a 3.5% down payment. 

Post # 9
Member
211 posts
Helper bee
  • Wedding: October 2019 - City, State

I’m in the same boat as you and could have written this thread myself, so I’m going to follow it for advice!

Post # 10
Member
580 posts
Busy bee

I often think my (our?) generation wants now what our parents worked decades to have. I just read an article about how milennials are “killing” the starter home. People aren’t buying small, fixer upper type places anymore. We all want the move in ready, 3-4 bedroom, multiple bath house with giant attached garage granite etc etc. You can’t get it all in your first home. 

Post # 11
Member
372 posts
Helper bee

I second the fact that you don’t need 20% down to buy a home. It’s always suggested but I bought my first condo with 5% down and yes you’ll pay extra fees but despite those fees, it was totally worth it. I never would have been able to buy if I was waiting to save tons of money. It’s just not feasible these days. Good luck!

Post # 12
Member
47188 posts
Honey Beekeeper
  • Wedding: November 1999

 Have you kept track of your spending for a month so you know where your money is going? Most peopledribble a lot of money away on unnecessary expenses. Just one example: We all used to have a landline for $20 mnth, now we allhave cellphones for ???

Houses here start at $1,000,00 so $250,000 looks pretty good to me.

Post # 14
Member
47188 posts
Honey Beekeeper
  • Wedding: November 1999

This house recently is listed for sale for $6.98 million. It does have a back yard.

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