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At 30 I bought a 2 BR 1920s bungalow (800 sq ft) for 80k and at 36 I built a 4BR ranch (1725 sq ft) for about 140k. My income at 30 was around 38k and at 36 I'm just under 50k.
I'd say my only 'mistake' was building a home during this credit mess. (Of course, I didn't know that we'd be in this mess when I signed on last November.) I am currently renting the bungalow and not quite breaking even w/ the mtg payment -- some income is better than none, right?
If I could do it all over again from the beginning, I would have made sure I had a bigger chunk in the bank -- beyond the down payment. It was tough to finally 'grow up' financially AFTER I was responsible for a mortgage.
Lots of issues from bad credit issues, partying too much, large moves(2 x's cross country), to 9-11...we are finally buying now. I am 51-and hubby is 55.
Gotcha all beat so far!
We are finally homeowners!!
Closed May 5th-30 yr fixed at 5.25%.
Hey llecs, I didnt know you were from Fairfax too, small world. I was looking at condos/small town houses in Herndon. Townhouse next door to my friend's was being repoed by the bank and resold for $100k. I would like
to buy a house in that area in hopes that they MIGHT actually put up metro there.
dvroberts81 wrote:Hey llecs, I didnt know you were from Fairfax too, small world. I was looking at condos/small town houses in Herndon. Townhouse next door to my friend's was being repoed by the bank and resold for $100k. I would like
to buy a house in that area in hopes that they MIGHT actually put up metro there.
Yep, Herndon-Monroe station may be a reality soon:
http://www.dullesmetro.com/stations/index.cfm
I'm 37 and still haven't bought - I lived in Manhattan for most of my 20s, so buying a place wasn't an option when 600-1000 sq. ft. apartments were anywhere from $300k - $1 million+. Of course, most of those places have doubled or tripled in value, but when you're living in Manhattan at a young age, it's tough to save for a down payment if you're not making a great salary and if you didn't spend time at home.
I'm happy I did it, but it definitely postponed home ownership and probably wasn't the best long-term decision.