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Keeping in Touch:  Housing advice  |
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CountryLisa72
True Blue Farmgirl
58 Posts
Lisa
58 Posts |
 Posted - Jan 23 2011 : 3:54:18 PM
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Sometime within the next year or so I would like to get a place of my own..Just not sure what would be good for me..Here is my take on each..
Trailer-decreases in price
Condo/Townhome-deals with Home association
Apartments-Paying someone else's mortage
House-Yours to do what you please and you own it..
I make just under $30K a year..
Thanks for your input |
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lilaclady
Farmgirl in Training
14 Posts
Janet
Mulliken
MI
USA
14 Posts |
Posted - Jan 23 2011 : 4:16:55 PM
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Hello CountryLisa....I will give you my opinion on buying your own house. Be ready to do the normal/regular repairs! I bought my house 25 years ago, remodeled and remodeled again..and it was all worth it. The BEST part is when you make the LAST payment...FREEDOM!!!!!
lilaclady in Michigan |
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Alee
True Blue Farmgirl
22941 Posts
Alee
Worland
Wy
USA
22941 Posts |
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Rosemary
True Blue Farmgirl
1825 Posts
Virginia
USA
1825 Posts |
Posted - Jan 24 2011 : 10:16:11 AM
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Your mortgage/rent payments shouldn't exceed $625. That's the conventional wisdom about not spending more than 25% of your income on shelter. That limits you to a house/property selling for around $100,000. Of course, it costs a lot more to actually operate a home. There's all the utility bills (often included in the rent when you rent), all the inside and outside maintenance, upgrades and all that. It can get expensive, even if you're handy and can do a lot of this stuff on your own, because you'll need the right tools to go with whatever equipment you need, all of which can hit at an awkward time and be a budget-buster. On the plus side, if you itemize deductions on your income tax you can claim the interest on your mortgage as a tax deduction, and there are significant federal and state tax breaks for money you spend to make your house more energy efficient (new windows, improved insulation and so on). If properly sited to take advantage of the sun, a house (with yard or land) gives you the opportunity to grow your own veggies, and maybe have chickens or other food/income-producing animals, if only a few chickens for eggs.
If you're like me, the best thing about owning your own home is that you can paint the living room RED and nobody gets to say you can't :-) |
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msdoolittle
True Blue Farmgirl
1145 Posts
Amanda
East Texas
USA
1145 Posts |
Posted - Jan 24 2011 : 6:23:12 PM
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It really depends on where you are financially. If you can't afford a substantial downpayment, I'd save until you can. I'd steer clear of trailers since the materials used to build them aren't great. Now, if you bought a little land and the trailer pretty much came with the property (read: CHEAP), I'd do that until I could afford to build a small home.
The benefit to apartments/duplexes is that you aren't paying property tax or for maintenance. When you own your own home, the maintenance can eat you alive! Our house needs SO MUCH, but we can only afford one thing at a time.
Maybe you could find a cheap little house to rent until you are ready to buy? I have rented several houses, and with the owner's permission, I was allowed to paint and also had gardens and chickens. I had a nice little house for about 350/mo and I suppose really I should have just stayed there a little longer, lol. I had chickens, gardens, and lived in nice quiet solitude in the country.
It's a lot to think about!
FarmGirl #1390
www.mylittlecountry.wordpress.com |
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2quilter
True Blue Farmgirl
127 Posts
Patricia
Greenwood
IN
USA
127 Posts |
Posted - Jan 25 2011 : 5:13:13 PM
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Some houses have HO Assn as well...so be careful of that...as well as restrictions on what you can and more importantly CAN'T do with the property. For example, in some areas here near Indianapolis, you can't even have a clothes line..(what the heck???). Also, be careful of the area...are you buying a place that you hope will appreciate so you can sell it in a few years or are you looking for this to be your one-time, live here for 30+years residence because those two sometimes aren't necessarily the same thing.... sometimes you can rent a fixer-upper and if you're handy trade improvements for part of the rent...all while building your house fund. My advice, look into rent to own, or else just rent....and if you don't like it, you can move! Save up some money and buy some land outright, and then work it out from there...and remember, location, location, location!!!
When life hands you scraps, make quilts! |
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Limeade
Farmgirl at Heart
2 Posts
Cheryl
Romeo
MI
USA
2 Posts |
Posted - Feb 03 2011 : 09:06:42 AM
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Hi Lisa! I am looking for a new home too - starting all over at 48 . So I have been thinking about the same options as you. I know I really want my own home but there is the maintenance and inevitable repairs to keep in mind (along with shoveling!). Also homes in lower price ranges tend to need work done to them to be livable. That can all add up. I have found condos and townhomes vary quite a lot as to association fees and the available outside space. I even found one with community gardens! So, I haven't completely ruled them out. I think the best thing you can do is look with an open mind and consider how you want to live everyday as you look at each possibility. Best Wishes!
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Penny Wise
True Blue Farmgirl
1903 Posts
Margo
Elyria
OH
USA
1903 Posts |
Posted - Feb 04 2011 : 06:09:03 AM
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quote:
Originally posted by Limeade
Hi Lisa! I am looking for a new home too - starting all over at 48. So I have been thinking about the same options as you. I know I really want my own home but there is the maintenance and inevitable repairs to keep in mind (along with shoveling!). Also homes in lower price ranges tend to need work done to them to be livable. That can all add up. I have found condos and townhomes vary quite a lot as to association fees and the available outside space. I even found one with community gardens! So, I haven't completely ruled them out. I think the best thing you can do is look with an open mind and consider how you want to live everyday as you look at each possibility. Best Wishes!
hi cheryl! i'm up in northern mich-just wanted to say hi and "you CAN do it"!!! i'm restarting too- and i'm 57--keep positive! here's a hug!
Farmgirl # 2139
~*~ counting my pennies and biding my time; my dreams are adding up!~*~ |
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levisgrammy
True Blue Farmgirl
9438 Posts
Denise
Beavercreek
Ohio
USA
9438 Posts |
Posted - Feb 04 2011 : 06:28:46 AM
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I just wanted to add that it is blessing to own your own home but keep in mind that while you do pay someone else when you rent you also pay someone else who technically owns your home when you buy. Mortgage company. Be wise when purchasing and also remember that you will be footing the bill for repairs and taxes. Just something to think about. If you can afford to do it then go for it!! 
farmgirl sister#43
O, a trouble's a ton or a trouble's an ounce,
Or a trouble is what you make it!
And it isn't the fact that you're hurt that counts,
But only--how did you take it?
--Edmund C. Vance.
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Montrose Girl
Farmgirl Legend/Schoolmarm
1360 Posts
Laurie
Montrose
CO
1360 Posts |
Posted - Feb 04 2011 : 11:54:17 AM
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One hint if you do buy -- every month or two put a little extra towards your principle. It doesn't have to be much, $25 here and there, but it adds up and keeps you from paying so much interest. That's the part that kills me, how much we end up paying in the end because the interest is paid up front and you pay it all off before you pay your principle off.
Good luck, ladies
Laurie
http://www.inntheorchardbnb.com/ |
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levisgrammy
True Blue Farmgirl
9438 Posts
Denise
Beavercreek
Ohio
USA
9438 Posts |
Posted - Feb 04 2011 : 1:07:21 PM
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That is what we try to do every month. I hate that we end up paying so much. The more you can pay on your principle the less interest you will end up paying, in the long run. And it doesn't matter how small an amount you can add just do it. Any little bit helps.
farmgirl sister#43
O, a trouble's a ton or a trouble's an ounce,
Or a trouble is what you make it!
And it isn't the fact that you're hurt that counts,
But only--how did you take it?
--Edmund C. Vance.
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Keeping in Touch: Housing advice |
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Housing advice
