Home Ownership

[Jasanime]

How many of you own you home? or for the younger members, do you parents own or rent?

My bf and I bought our house about 7 months ago. We saved for 4 years for the deposit (it was hard as we were paying rent while trying to save) and could finally afford an average home in a very average suburb, of which I am very proud.

In Australia, home ownership is increasingly more difficult for young people. The repayments are not so bad, but the deposit is the hard part. Most banks require 15+ % deposit, with cheapest houses starting at about $190,000.

So what's it like in other countries? I'm curious :-)

[Tarkenfire]

The US is a bad place to get examples right now, considering how close we still are after the housing bubble burst. I was kinda youngish when this happened, but IIRC, the value of my parents home got as high as 400K at one point. It sold for I think somewhere around 190K after foreclosure.

Since then, apartments have been the norm, though the current place I live isn't legally allowed to be called an apartment since it's the second floor of someone's house, so I guess I am living in a house at the moment.

[sunnyside]

I got a house after the housing bubble popped. You can find out what every home sold for in the past, so I felt kind of bad negotiating the thing. I mean you always want a good deal based on what the market is at the moment. But on the other hand you can see that the other person is already taking a six figure soaking and you're just making it worse.

I figured that the value of the home might continue to drop a little (and it did). But there were federal and state tax incentives at the time to encourage home buying and the fixed rate mortgage percentages were crazy low, and I figured they'd never get low (though they actually did).

Right now in the US it comes down to credit in a big way. The banks are skittish about giving people money, however after they've decided you're reliable than the rates are just crazy low.

On that note some advice for the young folks here, always be sure to pay those bills on time! The little late payment fee is the least of your troubles, when you go to get a loan for a house, college, or a car that credit score damage can really cost you, if not prevent you from getting what you want entirely.

Anyway it has some hassles but owning a house is great. You get a lot more freedoms. Not just getting to decorate the way you want and not having to hear the neighbors, but also stuff like being able to put up political signs or being able to have firearms in the house.

[Gideon Jeremiah]

Well I live in the Ontario, Canada's "Cottage Country", so most of the houses are unfortunately expensive (the nicer ones that is).

I live with mom right now though, the rent & utility fees are reasonable.
Less than $1,600 a month & we're within a 3 minute walking distance of "Clear Lake" (though the entire area is just woods, woods, woods, so there's not much to do for selling value).

[nrL]

Expensive to buy, expensive to maintain, makes you stuck in a single place and requires a ton of formalities.
What a waste.

[aether]

I think the UK is pretty much similar to Australia as we need about 15% for the deposit.
But for me I can't move out due to the fact that I don't have a job as no one will hire me but for my mom she bought the house and my dad is renting (yes my parents are divorced but they are still civil towards each other which is good) the housing situation is pretty dire here and the government has even let houses go for a £1 however they are in very poor areas and there are very tight restrictions on what you can do with the building.

[StrawberryCookies]

I would love to own my own home one day but where I live you have to be making some major money in order to make enough for even a simple down payment, the average cost of a house in my area is $428,655 and that is generally for something that isn't very attractive.
My parents used to own their own home, but we had to sell it, we couldn't afford the payments anymore.
I would love to own a home one day.

[Forbichi]

Ehm as far as I know we build or own house. ( My parents) They also loaned money from a bank.
If im correct our house its value is about €300,000 or a bit higher.

Back 6 years ago we payed half of the loan back, but my dad died.
But thanks to his insurance we didn't have to pay back the rest of the loan.

[sunnyside]

Expensive to buy, expensive to maintain

Cheaper than renting though, for the same thing. Especially at today's rates.

, makes you stuck in a single place

That part is a serious consideration though. Home buying isn't so much for the young single guy who can get by on a tiny cheap apartment, unless they're really into the freedoms you get with home ownership.

But if you've got family and friends you really want to live by, a stable job, or a family of your own that you really don't want to uproot, than the "stuck" factor isn't such an issue and you often want the space of a house.

[rso0]

Cheaper than renting though, for the same thing. Especially at today's rates.



That part is a serious consideration though. Home buying isn't so much for the young single guy who can get by on a tiny cheap apartment, unless they're really into the freedoms you get with home ownership.

But if you've got family and friends you really want to live by, a stable job, or a family of your own that you really don't want to uproot, than the "stuck" factor isn't such an issue and you often want the space of a house.

I'm the single guy who would rather live in a tiny cheap apartment lol

[X e Y U Z i O]

My parents currently own 3 homes, two in Illinois and one in Mexico which my father inherited.

[CrimsonMoon]

My parents own the house that I'm living in now. My eldest sister rent a house not far away. My 2nd older sister owns a home a few villages away. Someday I'm going to build my own house with the land I'll get.

[Jasanime]

My 2nd older sister owns a home a few villages away. Someday I'm going to build my own house with the land I'll get.

Dude, where do you live? Sounds old-fashioned and very sweet!

[Thefringedninja]

I'm not too sure about buying houses in the UK, as I am a student at the moment. However next year I will be renting a property with two others and it is going to cost us £55 per week, per person, excluding any utilities...gas, electricity, broadband, food, improvements and maintenance etc.
It's a beautiful house in the city though. And it has a garden!

[CrimsonMoon]

Dude, where do you live? Sounds old-fashioned and very sweet!

I live in Brunei. Actually it's not as old-fashioned as you'd think. It's just that Brunei is a small country, so villages are stacked closer. My sister's home is only 10 minutes away from my house, even though she lives 5 villages away. :x

[Jasanime]

I live in Brunei. Actually it's not as old-fashioned as you'd think. It's just that Brunei is a small country, so villages are stacked closer.

I never even knew it existed until today! It looks beautiful, I want to visit!

[T-Stew]

Expensive to buy, expensive to maintain, makes you stuck in a single place and requires a ton of formalities.
What a waste.

...But if you've got family and friends you really want to live by, a stable job, or a family of your own that you really don't want to uproot, than the "stuck" factor isn't such an issue and you often want the space of a house.

Yeah I can see renting being very feasible for many, but to say "what a waste" about owning a home is very close minded. You couldnt pay me to rent, at least not for 99% of what people normally rent. I like being able to do whatever I want to the property, build a deck, firepit, addition to the house, etc. About 3 years ago I built a 40x40 pole barn. I've got like 3 trucks, boats, tractors, my woodshop etc. all in there. Try doing that at an apartment in the city. I'm running out of room too with only a few acres. I really want some woods on the property so I can hunt and cut firewood and stuff all on my own land. Still looking for the perfect place, preferable a log cabin or timber framed house with a beautiful view of the sunset, and mountains in the distance would be great too! Yeah renting isnt for me.

Here is a quick pick, its winter here now so no pretty foliage and landscaping, sorry.


Nothing fancy, but a nice country home. The interior is all stained wood trim, the old side of the house all has old wooden doors with hammered-iron hardware, 3 wood stoves, maple floors. Been here for 4 years now.

[DOOM!]

I used to own an 80 m² house, but I bought it with a loan to the bank just before the bubble popped, and when you're married to the bank, you know that bitch is going to take everything from you. I flipped the bird at the bank and abandoned my own house to rent a shithole apartment elsewhere.
Clever girl...