Tilted Forum Project Discussion Community - View Single Post

ASU2003 · 04-19-2007, 10:39 PM

I'm making this post for me primarily, just to get the facts and my ideas written down. But feel free to comment if you like.

I've been living alone in an apartment for the past 4 years now (3 years in the current one), an it doesn't look like I will be moving or changing my job for another 5-7 years.

I have been saving money in the last three years and have $27,000 in the stock market, $5,000 in a CD and $8000 in my savings account. I make around $51,000/year. The first house I'm looking at costs $110,500. I could probably afford more house, but this is a good house in a decent location. It needs a little work and paint inside, but nothing major. It is 1592 sq ft with a two car garage. It isn’t in a cookie-cutter home neighborhood.

I currently pay $7320/year for rent, so I would probably pay that much to the bank in interest next year (but tax deductible). And over 5 years, it would be over $36k (I would be able to save money each month still, I just wouldn't see any home value appreciation/deprecation). And living in a home would be a little different from my current apartment.

The downsides
-I would have to mow the grass. Well, I would get a robotic lawnmower to mow the grass.
-Heating and utility bills would be higher.
-I might have to pay for internet access.
-Property taxes (maybe $2600/year)
-I go on long business trips and would have to leave the house sitting there for weeks at a time.
-I would be stuck here in Ohio for a few years.
-There is a 5% chance I lose my job after Sept, but I doubt it.
-Closing costs, fees and hassle of moving.
-Home insurance
-On a road where the speed limit is 55mph
-Selling houses isn't fun, even though it wouldn't be for a few years hopefully
-I would be 'house poor' for a few months and not have a very big bank account
-10 minutes longer trip from work each way, same number of stop lights.
-I would have to pay for a house inspection.

The positives
-I would own a house
-It has a garage and a new roof
-It is close to the state park and bike trail. I would be able to ride more often than the two times a week I ride currently.
-It is in a smaller town (4,000 people), who actually are friendly. Right now I feel like I am just another person in a city. I might live within 1 miles of 1,000 apartments, but everyone just goes to work, comes home, go out someplace, and sleep. I haven't met any of my neighbors.
-If it is fixed up (it was built in 1995, so it isn't that bad), it should be worth$20,000 more. At least that is how much more it sold for in 1997/2000. It just needs some landscaping, half a driveway (50ft x 10 ft), a deck, a few windows, tile or hardwood floors in two rooms, 4 or 5 rooms painted, some interior decorating that I'm not that great at, a hot tub and a few solar panels if I feel crazy.

And the last thing on my mind is, "how will this effect picking up chicks?." Yes, every decision I have made in the past 10 years has to have an answer for that question. (Even though I haven't gotten anywhere close to getting a girlfriend or having a girl come over to my place.) It brings up to question, is it easier to find someone in a small town where you run into the same people more often, or in a big city where you have more people to pick from? I'm starting to think, the more people you see on a daily basis, the less likely you are to interact with them.

Does anybody else have any advice or some more positives/negatives to home ownership?

04-19-2007, 10:39 PM	#1 (permalink)
ASU2003 immoral minority Location: Back in Ohio	Should I buy a house? I'm making this post for me primarily, just to get the facts and my ideas written down. But feel free to comment if you like. I've been living alone in an apartment for the past 4 years now (3 years in the current one), an it doesn't look like I will be moving or changing my job for another 5-7 years. I have been saving money in the last three years and have $27,000 in the stock market, $5,000 in a CD and $8000 in my savings account. I make around $51,000/year. The first house I'm looking at costs $110,500. I could probably afford more house, but this is a good house in a decent location. It needs a little work and paint inside, but nothing major. It is 1592 sq ft with a two car garage. It isn’t in a cookie-cutter home neighborhood. I currently pay $7320/year for rent, so I would probably pay that much to the bank in interest next year (but tax deductible). And over 5 years, it would be over $36k (I would be able to save money each month still, I just wouldn't see any home value appreciation/deprecation). And living in a home would be a little different from my current apartment. The downsides -I would have to mow the grass. Well, I would get a robotic lawnmower to mow the grass. -Heating and utility bills would be higher. -I might have to pay for internet access. -Property taxes (maybe $2600/year) -I go on long business trips and would have to leave the house sitting there for weeks at a time. -I would be stuck here in Ohio for a few years. -There is a 5% chance I lose my job after Sept, but I doubt it. -Closing costs, fees and hassle of moving. -Home insurance -On a road where the speed limit is 55mph -Selling houses isn't fun, even though it wouldn't be for a few years hopefully -I would be 'house poor' for a few months and not have a very big bank account -10 minutes longer trip from work each way, same number of stop lights. -I would have to pay for a house inspection. The positives -I would own a house -It has a garage and a new roof -It is close to the state park and bike trail. I would be able to ride more often than the two times a week I ride currently. -It is in a smaller town (4,000 people), who actually are friendly. Right now I feel like I am just another person in a city. I might live within 1 miles of 1,000 apartments, but everyone just goes to work, comes home, go out someplace, and sleep. I haven't met any of my neighbors. -If it is fixed up (it was built in 1995, so it isn't that bad), it should be worth$20,000 more. At least that is how much more it sold for in 1997/2000. It just needs some landscaping, half a driveway (50ft x 10 ft), a deck, a few windows, tile or hardwood floors in two rooms, 4 or 5 rooms painted, some interior decorating that I'm not that great at, a hot tub and a few solar panels if I feel crazy. And the last thing on my mind is, "how will this effect picking up chicks?." Yes, every decision I have made in the past 10 years has to have an answer for that question. (Even though I haven't gotten anywhere close to getting a girlfriend or having a girl come over to my place.) It brings up to question, is it easier to find someone in a small town where you run into the same people more often, or in a big city where you have more people to pick from? I'm starting to think, the more people you see on a daily basis, the less likely you are to interact with them. Does anybody else have any advice or some more positives/negatives to home ownership?