Help a poor country girl understand........

[ePaper]

Investment: In finance, the purchase of a financial product or other item of value with an expectation of favorable future returns. In general terms, investment means the use money in the hope of making more money.

 

The way I was raised a house was not looked at as an investment; it was just shelter.

I don't think anyone in my family has ever sold a home/land. I have some relatives that have lived in their homes for over 50 years.

 

My ex-husband chose to live in ATL. I didn't want to live there because of the high cost of living.

($850 rent for a 2br apartment, RIDICULOUS!)

 

I mentioned that if he (keyword: he; cause i ain't paying for anything!) was going to spend that much in rent he should buy a house.

We went looking at townhouses & condos.

 

Another thing which I thought was TOTALLY RIDICULOUS!

Why would someone pay for a home that's connected to 4 other homes. That to me sounds like an APARTMENT. Might as well continue to pay rent!

 

Then y'all should have seen the price of the townhouses.........200k to 300k!

Then the one he liked was $330,000!

I showed my country a-z-z in the realty office...

"$330,000!!! Do you know how my TRAILERS I could buy with 330k!"

 

To me it just didn't seem logical!

********************************************************

 

 

And what's wrong with living in a home for more than 5 years.

What's with this house hopping trend?

Don't people raise their children, then grandchildren, then die & leave the house to the family anymore?

I thought that's when the "investment" part came in: you die & your kids sell = profit!

***************************************************************************

 

I also I don't believe in being a single chick and buying a house. [single: just you, no kids]

(Unless your life goal is to be an old cat lady)

I believe you're supposed to be married (again) first.

But I'm not going to dwell on that topic for fear of the fem-nazis attacking me.

 

*******************************************************************************

Edited July 4, 2008 by ePaper

[Seabee]

I did not vote because the first two questions can vary so much on so many variables.

 

A house can be an investment or a huge money sink. I bought my house about 10 years ago and it has doubled in value. Add in the equity that I've built up by paying the mortgage instead of rent, and it has certainly been a good investment. Another home may have had significant problems and cost a lot to maintain and repair, and it could be in an area where the housing market declined.

 

There is much more to the cost of any housing decision than just the rent or mortgage cost. Utilities, taxes, condo fees, all vary between types of residence as well as between different units of the same type. One condo may be a wonderful investment, where another may cost much more than the apartment down the street.

[54regcab]

Buying a house CAN be a good investment if done correctly.

[Uncle Leo]

A house can be an investment or a huge money sink.

 

Any investment can lose gobs of money. Just because the word "investment" is attached to it doesn't guarantee profit.

 

Anyway...

 

In the poll I mistook the word "shelter" to mean something like 'tax shelter', and didn't realize it was intended as 'shelter fom the elements', so to speak. I voted investment... but I would have anyway. To me, a house's primary literal function is that as a shelter, but what makes it double as an investment is purchasing it instead of merely renting. You quite often do get something back of value at the end. With renting, you get nothing, period.

[Cactus Flower]

My ex-husband chose to live in ATL. I didn't want to live there because of the high cost of living.

($850 rent for a 2br apartment, RIDICULOUS!)

 

WOW.. $850 is what I pay for a 2 br rental in Phoenix, that is about standard .. I think some places it would be twice that .. like LA or NYC. I've been told our rent is "cheap" here..

[Cactus Flower]

I did not vote because the first two questions can vary so much on so many variables.

 

agreed !

 

I don't consider a townhouse a bad choice .. maybe a wise choise actually

 

Think of all of the up & coming aging/retiring baby-boomers that may not "want" a full sized house going forward.. demand for smaller dwellings?

[ePaper]

My ex-husband chose to live in ATL. I didn't want to live there because of the high cost of living.

($850 rent for a 2br apartment, RIDICULOUS!)

 

WOW.. $850 is what I pay for a 2 br rental in Phoenix, that is about standard .. I think some places it would be twice that .. like LA or NYC. I've been told our rent is "cheap" here..

 

Here in AL you can rent a 2br in a very nice neighborhood for $500-600.

Somewhere like NYC you would have to pay more to live in a 1br ghetto.

 

 

Think of all of the up & coming aging/retiring baby-boomers that may not "want" a full sized house going forward.. demand for smaller dwellings?

Someone should suggest this to Ed McMahon.

 

 

 

Any investment can lose gobs of money. Just because the word "investment" is attached to it doesn't guarantee profit.

STRONG words of wisdom!

I'ma have to use that.

Edited July 4, 2008 by ePaper

[Keishala]

Investment: In finance, the purchase of a financial product or other item of value with an expectation of favorable future returns. In general terms, investment means the use money in the hope of making more money.

 

The way I was raised a house was not looked at as an investment; it was just shelter.

I don't think anyone in my family has ever sold a home/land. I have some relatives that have lived in their homes for over 50 years.

 

My ex-husband chose to live in ATL. I didn't want to live there because of the high cost of living.

($850 rent for a 2br apartment, RIDICULOUS!)

In Atlanta proper?! That's very inexpensive for rent

 

I mentioned that if he (keyword: he; cause i ain't paying for anything!) was going to spend that much in rent he should buy a house.[\quote]

I don't know where you're moving from, but your expectations are unrealistic if you think $850 equates to basic monthly expenses of home ownership in Atlanta proper - even in close suburbs.

 

We went looking at townhouses & condos.

 

Another thing which I thought was TOTALLY RIDICULOUS!

Why would someone pay for a home that's connected to 4 other homes. That to me sounds like an APARTMENT. Might as well continue to pay rent!

Ok - you didn't really provide enough options in your poll. For is it wise to purchase townhome/condo, you only had "yes/no" - where's the option for "it depends?" I definitely wouldn't advise anyone to buy either outside of Atlanta's perimeter - I'd imagine it would make it really difficult to resale. In general, townhouses and condos are lifestyle choices - people want to live closer to the center of the city, people don't want yards to maintain, etc. Also, if the units are built to the proper specs (which are different from those for apartments), then you don't have the issues associated with your unit being adjacent with someone else's. For instance, it's difficult to hear your neighbors walking around upstairs when you have a very thick layer of concrete between you. Skipping ahead a bit, you prefer trailer-living to condos/townhomes I'm guessing because they're not connected. Different strokes for different folks...

 

Then y'all should have seen the price of the townhouses.........200k to 300k!

Then the one he liked was $330,000!

I showed my country a-z-z in the realty office...

"$330,000!!! Do you know how my TRAILERS I could buy with 330k!"

 

To me it just didn't seem logical!

********************************************************

Yes, you are country! Again, what do you think a home in Atlanta proper will cost you? In the same neighborhood as that $330k townhome, the single family homes are sure to cost at least $500k. Do you know of any trailers constructed as nicely as those townhomes? How close is the nearest trailer park to where you were? When purchasing real estate, you're paying partly for the value of the construction and largely for the location - but usually, the two are in sync - better location (and/or neighborhood) usually translates to better construction

 

 

And what's wrong with living in a home for more than 5 years.

What's with this house hopping trend?

Don't people raise their children, then grandchildren, then die & leave the house to the family anymore?

I thought that's when the "investment" part came in: you die & your kids sell = profit!

***************************************************************************

That's your perception. I never planned to live in my condo for more than 5 years. Why? because I bought what I could *afford* and for most people the first time out, that's not necessarily their dream house. If money were no object, I'd have a 3-bedroom penthouse with a house manager to handle all of the issues that arise. Otherwise, I've learned that it's more financially savvy to rent if you're good with managing your money. Nevertheless, I don't view houses as investments because as people are learning in this market, equity is funny money - it really only exists when you sell - and homes are not guaranteed to appreciate.

 

On another note, my grandmother has lived in the same house since she and my grandfather married. He's content - she's always wanted more. Again, different strokes for different folks.

 

I also I don't believe in being a single chick and buying a house. [single: just you, no kids]

(Unless your life goal is to be an old cat lady)

I believe you're supposed to be married (again) first.

But I'm not going to dwell on that topic for fear of the fem-nazis attacking me.*****************************************************************************

**

I'm so glad I don't share your limited view of the world. Is it ok for single guys to buy houses then? For the record, I am a single woman - I purchased when I was 23/24. Why? Because I bought into the hype of - you're making good money, why are you renting...blah, blah, blah. I went against my better judgment - but that's another thread. However, if anyone fully understands the responsibilities and implications of buying a home, they should be able to do so? A lot of married people with kids should not buy homes - just check out the mortgage forum. People are still biting off more than they can chew and finding standard parts of the home purchase process surprising! Do your research folks!

 

Hopefully, you will open your mind, do some research, and make the best decision for you and your family. That might involve owning the same trailer for the rest of your life. And guess what? This femi-nazi doesn't think there's anything wrong with that if it's the best choice for your "country azz." Good luck with whatever you decide

Edited July 4, 2008 by Keishala

[Onwards]

A house can be a great investment in a rising market, due to leverage.

 

Of course, that makes it rather stinky in a declining market.

 

Personally, the main aspect I like about buying a house is that I am no longer dependent on somebody else's (the landlord) decision as to whether to stay in it.

 

A condo is simply a different style of living. Not many places in the world even have the option of easily choosing to live in a detached single-family home, like we do here in the US. I grew up in another country and only the elite could afford that (and even then a 10,000 sqft lot is considered absolutely huge).

 

A time-share could be a good investment, but requires a lot more research to figure out.

[Daddy]

We are about to list our home. With Principal, Interest, Taxes, Insurance, and PMI, we are paying about $1625 a month. We could go rent a smaller apartment and save about $800-900 a month, and put that on our snowball.

 

If I knew a year ago what I know now, I would have easily waited.

[Kevin20]

ePaper, you sound as if you are unaware that people move, and gravitate to cities with a higher cost of living, because that's where the opportunities are. I pay even more than $850 for my 2 br apartment, and things would be cheaper where I'm from in Arkansas. But I also have unusual, well-paying job in this city that most certainly does not exist in the state of Arkansas.

 

If I make 3X more income in Texas than I could in Arkansas, then I can afford more rent.

 

Buying a house probably would be a good investment here eventually, but it also eats up an enormous amount of cash flow that people often fail to consider. Between mortgage, insurance, property tax (that's a big one), higher utility bills, lawn maintenance, repairs, etc, it adds up and I'm not yet willing to sink that kind of cash into a house when I'm quite happy where I am and have other needs for my cash. There are plenty of people who pay more in property tax than I pay in rent, don't tell me *I'm* the one wasting money.

 

Also, I don't know why you are under the illusion that it's normal for whole generations to be born and raised and stay all in one place. This is America -- this county was created and populated and expanded across a continent by people who were moving elsewhere looking for opportunity. THAT's the normal mode of operation for an American.

 

You grandparents may have stayed in the same house their whole lives but guess what, their parents or grandparents certainly did not, or else you wouldn't be wherever you are.

[hegemony]

IMHO a first home is more than just about the financial aspects, but also the intangibles such as having a place to make your own. IMHO, renting really stinks unless you like paying someone else's mortgage and having to live within the limitations of the lease. Obviously others have their own points of view regarding what is best for them at this point in their lives.

 

I did not vote in the poll because the questions are too binary and there are - as someone else stated -- too many variables to have a simple answer. (e.g., a lot depends on how long you plan to stay in the house; if you will be in the home for 30 years then perhaps finacially it makes a lot more sense to not rent for 30 years, but instead build equity and make the house a real home. )

[Operation_Home_Ownership]

My mom was an old country gal like you, born & raised in Sawyerville, AL [Greensboro County] BUUUTTT I sure am glad she didnt share your views! Where would I be??? Perhaps sitting next to someone like you churning butter on the porch of the home my grandparents passed down with an outhouse for a bathroom, pregnant early with a hubby working in a factory for pennies. Or maybe we would upgrade and move a trailor on to the family property. No thanks!

 

My mom left once she graduated HS, moved to NYC and married my pops 40+ yrs ago...they have bought and sold 4 homes, and now are retired from their respective fields. I believe homes can be BOTH shelters and investments with varying factors. Growing equity over the years in property my parents were ultimately able to buy their dream home on 8 acres to retire upon. They still own a summer home in AL that is on the market which once sold will allow for more available funds.

 

I lived in AL the first 7 yrs of my life [now in NYC], visited grandparents during summer months, and sister moved there for a short period after she graduated HS to take care of assets family had there, so I am definitely familiar with the mentality that you are conveying. Its like the plague down there. I hope you do begin to understand this great land of opportunity with work allows us to improve, set goals, make choices, and grow even if one is SINGLE.

 

Get out of AL more!

[2BlackCats]

***************************************************************************

 

I also I don't believe in being a single chick and buying a house. [single: just you, no kids]

(Unless your life goal is to be an old cat lady)

I believe you're supposed to be married (again) first.

But I'm not going to dwell on that topic for fear of the fem-nazis attacking me.

 

*******************************************************************************

 

I purchased my first home 11 years ago as a single women at 26. I was living my life and wasn't going to "wait" around for a man to come and take care of me. It was a small cottage (680 sq ft) on a 40 x 100 lot and was perfect for a single professional.

 

I met my husband 6 years later. I actually just sold the home this past Thursday. While I, well "we", made a nice profit on it, I'd never trade in all the life experiences I gained through the experience. It taught me a lot of valuable life lessons and was beyond anything that money can provide.

[hegemony]

I also I don't believe in being a single chick and buying a house. [single: just you, no kids]

(Unless your life goal is to be an old cat lady)

I believe you're supposed to be married (again) first.

But I'm not going to dwell on that topic for fear of the fem-nazis attacking me.

so you need a man to buy a house?

 

I happen to like old cat ladies. much nicer than young renters.

[hegemony]

***************************************************************************

 

I also I don't believe in being a single chick and buying a house. [single: just you, no kids]

(Unless your life goal is to be an old cat lady)

I believe you're supposed to be married (again) first.

But I'm not going to dwell on that topic for fear of the fem-nazis attacking me.

 

*******************************************************************************

 

I purchased my first home 11 years ago as a single women at 26. I was living my life and wasn't going to "wait" around for a man to come and take care of me. It was a small cottage (680 sq ft) on a 40 x 100 lot and was perfect for a single professional.

 

I met my husband 6 years later. I actually just sold the home this past Thursday. While I, well "we", made a nice profit on it, I'd never trade in all the life experiences I gained through the experience. It taught me a lot of valuable life lessons and was beyond anything that money can provide.

wow. I think you have given the greatest retort possible to the salamanderic statements of the OP.

[Kevin20]

Where would I be??? Perhaps sitting next to someone like you churning butter on the porch of the home my grandparents passed down with an outhouse for a bathroom, pregnant early with a hubby working in a factory for pennies. Or maybe we would upgrade and move a trailor

 

That's cruel, yet funny!

[hegemony]

Where would I be??? Perhaps sitting next to someone like you churning butter on the porch of the home my grandparents passed down with an outhouse for a bathroom, pregnant early with a hubby working in a factory for pennies. Or maybe we would upgrade and move a trailor

 

That's cruel, yet funny!

homemade butter sounds good

 

outhouses are "Green"

[yourguide]

I also I don't believe in being a single chick and buying a house. [single: just you, no kids]

(Unless your life goal is to be an old cat lady)

I believe you're supposed to be married (again) first.

But I'm not going to dwell on that topic for fear of the fem-nazis attacking me.

 

*******************************************************************************

 

Fem-nazi mod here. Please tone down the rhetoric. It's unnecessary and unpleasant.

 

Side note: We don't live in the 40s any longer. Single women, just like single men, should be able to own their own homes, just like they own their own cars, and just like they have the right to vote, much to your apparent chagrin.

 

If it makes more financial sense for a single person, woman or man, to own his/her own home than to rent then the choice is pretty clear. It has nothing to do with being married, it has everything to do with what the person wants for his or her self.

[Operation_Home_Ownership]

Where would I be??? Perhaps sitting next to someone like you churning butter on the porch of the home my grandparents passed down with an outhouse for a bathroom, pregnant early with a hubby working in a factory for pennies. Or maybe we would upgrade and move a trailor

 

That's cruel, yet funny!

 

My apologies, change churning butter to jarring preservatives then, thats a sweeter activity

Edited July 4, 2008 by Operation_Home_Ownership

[Operation_Home_Ownership]

homemade butter sounds good

 

outhouses are "Green"

 

LOL! Spoken like a man who may have never used a 40 year old outhouse! Your butt comes out the color green after sitting and that is about it!

 

And the closest I want to come to churned butter is selecting country crock churn style in the fridge isle of the super market.

 

I want to say I am surprise by the OP, but I am really not after knowing the mentality of the area in which she is from. I cracked some jokes [which I always do], but really it is sad what is instilled in the youth there regarding lifestyle and setting goals. Honestly, if I did not grow up in NYC & experience other lifestyles and cultures through moving around while attaining higher education and later fighting my way up the latter in corporate america my sweet old mom would have considered her input a failure. She wanted her kids to break the barrier in which she was taught she had to remain within.

 

She just doesnt understand how short sighted her poll and sentiments truly are, "fem-nazi" BLAH!

Edited July 4, 2008 by Operation_Home_Ownership

[cinderella]

My mom was an old country gal like you, born & raised in Sawyerville, AL [Greensboro County] BUUUTTT I sure am glad she didnt share your views! Where would I be??? Perhaps sitting next to someone like you churning butter on the porch of the home my grandparents passed down with an outhouse for a bathroom, pregnant early with a hubby working in a factory for pennies. Or maybe we would upgrade and move a trailor on to the family property. No thanks!

 

My mom left once she graduated HS, moved to NYC and married my pops 40+ yrs ago...they have bought and sold 4 homes, and now are retired from their respective fields. I believe homes can be BOTH shelters and investments with varying factors. Growing equity over the years in property my parents were ultimately able to buy their dream home on 8 acres to retire upon. They still own a summer home in AL that is on the market which once sold will allow for more available funds.

 

I lived in AL the first 7 yrs of my life [now in NYC], visited grandparents during summer months, and sister moved there for a short period after she graduated HS to take care of assets family had there, so I am definitely familiar with the mentality that you are conveying. Its like the plague down there. I hope you do begin to understand this great land of opportunity with work allows us to improve, set goals, make choices, and grow even if one is SINGLE.

 

Get out of AL more!

 

 

I don't know..........OP doesn't sound so bad to me. She might be a little naive and myopic regarding real estate and female roles, so what. Nothing life experience couldn't fix.

 

Where I live, I'm sure my area has almost most of NY has to offer to varying degress. Lately, within a few years, I've often heard people say this part of Cali is the new NY, especially in terms of the stereotype of the old NY being unfriendly.

 

People come, people go. Your lucky to know one or two neighbors, most will be strangers.

 

Are we more sophisticated, smarter, educated, better in some way because we don't live in some 'hick town, have advanced educations, and maybe own homes that are on the highest end of national home prices?

 

For me, and I know a good chunk of folks in my area that feel the same way...........we want something our community can't or isn't giving us. I'd rather my focus be on relationships.........I'd like to know more neighbors, I'd like to go into town and see people i am familiar with instead of constant strangers.

 

Myself, I'd be willing to give some "sophistication" up to live in a smaller community where relationships - long-lasting ones and maybe a return to more simple things in life prevailed and were the priority instead of 'keeping up with the Jones' and a ME ME I I attitude prevails.

 

I would value a sense of community where relationships with neighbors and those residing in the community are the norm, instead of a fragmented community where strangers are the norm and you know a handful of people. OP seems to understand that or want that, regardless of how naive she might be with female roles and real estate.

[Operation_Home_Ownership]

Are we more sophisticated, smarter, educated, better in some way because we don't live in some 'hick town, have advanced educations, and maybe own homes that are on the highest end of national home prices?

 

For me, and I know a good chunk of folks in my area that feel the same way...........we want something our community can't or isn't giving us. I'd rather my focus be on relationships.........I'd like to know more neighbors, I'd like to go into town and see people i am familiar with instead of constant strangers.

 

Myself, I'd be willing to give some "sophistication" up to live in a smaller community where relationships - long-lasting ones and maybe a return to more simple things in life prevailed and were the priority instead of 'keeping up with the Jones' and a ME ME I I attitude prevails.

 

I would value a sense of community where relationships with neighbors and those residing in the community are the norm, instead of a fragmented community where strangers are the norm and you know a handful of people. OP seems to understand that or want that, regardless of how naive she might be with female roles and real estate.

 

Well my point [thru the jokes] was not that NYC equates sophistication or intellect. DEFINITELY do not want to promote that kind of sentiment, but rather generally speaking IF the OP stepped outside of her community upbringing [wherever she lands--her hubby I believe was trying ATL] perhaps the experience would open her eyes that other communities/lifestyles at large are not ridiculous to invest in. The cost of living, home prices, single people working to achieve american dreams are not ridiculous concepts they are indeed the fabric of life and the OP needs not to hold herself back from experiencing [if indeed she is]. I also recognize that the OP could move anywhere, but her ideals will remain the same if she isnt open to changing what has been taught. Or at least open minded to let her kids decide for themselves by providing options.

 

Secondly, why would one need to sacrifice values/family/relationships to have a sense of community in a robust/highly populated area? Last I checked a family can be tight knit in a small town, big city, suburb, highrise condo, townhouse, 6000 sq ft home, 600 sq ft apt, etc. These feelings of value/togetherness are instilled in people NOT things or places.

 

Furthermore, my personal experiences that I shared about my Mom or exodus to the big city was just to illustrate that I understand through long-term experience that the OPs environment feeds this type of ideology. My mom worked to change the ideals she was handed, and even as we were coming up my mom would often say she could never imagine doing/achieving the goals her kids were. She was elated. Sheesh even with growing up in the city, after moving around to other states during college I had a major culture shock a realized my bubble & way of thinking was short-sighted...its called live-learn and I am far from done.

[texastech97]

Investment: In finance, the purchase of a financial product or other item of value with an expectation of favorable future returns. In general terms, investment means the use money in the hope of making more money.

 

The way I was raised a house was not looked at as an investment; it was just shelter.

I don't think anyone in my family has ever sold a home/land. I have some relatives that have lived in their homes for over 50 years.

 

My ex-husband chose to live in ATL. I didn't want to live there because of the high cost of living.

($850 rent for a 2br apartment, RIDICULOUS!)

 

I mentioned that if he (keyword: he; cause i ain't paying for anything!) was going to spend that much in rent he should buy a house.

We went looking at townhouses & condos.

 

Another thing which I thought was TOTALLY RIDICULOUS!

Why would someone pay for a home that's connected to 4 other homes. That to me sounds like an APARTMENT. Might as well continue to pay rent!

 

Then y'all should have seen the price of the townhouses.........200k to 300k!

Then the one he liked was $330,000!

I showed my country a-z-z in the realty office...

"$330,000!!! Do you know how my TRAILERS I could buy with 330k!"

 

 

I consider my primary home as a shelter first and an investment second. We were in the same situation about 2 years ago and in the same city too. We were paying about $850 a month for a 2br apt near my work in North Atlanta just inside loop 285. We looked at houses in the area and what I really wanted was in the $450K and up. The new town homes started at $200K (1br) up to $500K. I considered commuting an 1hr+ from the suburbs, but we ended up making a decision to leave Atlanta for a cheaper COL area.

 

It was a great decision for us. I ended up getting a transfer and making the same amount. My drive is the same as before and our brand new house is at least $300K cheaper than back in Atlanta. It's nice knowing I will not be spending the next 15+ years paying off my primary home.

Edited July 4, 2008 by texastech97

[pennypoor]

At least we can all agree on something....

 

Time shares got a NO!!!!!!! answer all the way.