ArthurL

iTrader: (4)

I'm just curious, how old were you guys when you purchased your first home?

I was itching to pull the trigger on a used E92 M3 but then I realized it would've been a smarter decision to pay off my student loans first and focus on saving up for my first home.

SuperTrooper169

iTrader: (2)

Smart move. I purchased my first place, which was a condo, when I was 28. Even at 28 years old I wish I had waited because a few months later I met my future wife and once we got married and figured out we wanted kids we realized the condo was not going to work. So that started the painful process of listing the condo for less than what I still owed on it (bought at the peak of the market before the crash) and looking to rent a house until we figured out where we were going to settle down. Fast forward 7 years later and we're in a completely different state. You just never know.

LawnPro

I got married in November of 2002. We lived in a small apartment til May of 2003 when we bought our home.

No regrets at all at buying instead of renting! Never looked back, after 10 years of ownership.

LawnPro

^^^^ Oh yeah I forgot to say, I had just turned 27 when we bought our home.

Ken1997TL

I was 26. Paid in full.

Acura_Dude

That is awesome!!!

Devil Dog 21

28 and absolutely love it!

NBP04TL4ME

I was 26 and have never looked back. Beats the hell out of paying rent.

wndrlst

25. No regrets.

svtmike

24. No regrets either.

Acura_Dude

That is awesome!

05_NBP_TL

iTrader: (1)

24, financed in full

ttribe

I was 27.

justnspace

iTrader: (1)

I've set a goal for 4 years from now.
So, I'll be 30.

Acura_Dude

I've set a goal similar to that. 28.

speedemon90

curious would you guys go straight from say renting an apartment to buying a home, or go buy a condo first then move into a home when you have a wife/family??

I wonder how long it will be for me... I hope its before I'm 28.

I'm still in school. I'll be 23 when i graduate and about 60k in debt shit thats not going to be fun......

edit: god i hope i land a job before i graduate, i'm scaring myself now lol

BeezleTL85

Last July, and my wife and I were both 26.

NSXNEXT

iTrader: (2)

1999
29 yrs old and single
bought a 2br 1.5ba townhouse $110,000
Sold in 2004 for $199,999

Have since bought a sold another TH and now living in a 5br 2.5ba home.

Personally I would buy what you can afford. TH, condo, single family home.
You need to decide what your plans are to the future.

Do you expect to be able to live in the residence for 5+ years?
What's the market where you live?
Is this an investment property (can you afford to rent it out when you move to your next home or will it be sold?)

chill_dog

23. My advice would be to not dump a lot into your first place...your tastes and preferences will change, and you don't want to have a lot in that you might not be able to get out.

nj2pa2nc

26

svtmike

This is great advice. Not only will your tastes and preferences change, but until you have some years of experience under your belt you won't know what a house truly costs over and above the PITI expenses.

I have never overextended myself for a house and am really happy that I didn't. The cash flow has come in handy much more than once, not the least to allow me to consistently work toward other financial goals like funding children, college for children, and my retirement. My house is not a major part of any of those plans.

BlueAc

iTrader: (2)

27... Some regrets but at the end of the day I would do it again.

Devil Dog 21

Anyone who doesn't own yet, make sure you buy way below what your bank says you "qualify" for. The costs of potential problems, and big things like lawn mowers, appliances, and updates you'll eventually want to make can add up quickly. I know that's pretty common sense but easy to forget when you see a house that is super nice.

My only regret is not having a 3 car garage, but I gave it up to live in the same neighborhood as a great elementary and middle school for the kid.

ArthurL

iTrader: (4)

Awesome stuff here everyone.

I think my goal is to look for a 1 or 2 BR condo but the fact that I live in NYC and will be working in NYC will make it really hard to find one for a steal. Think the lowest I've seen is $200-250K

Part of me wants to just move out and rent, because living at home after being away for 4 years in college takes a lot of getting used to. I was so used to living on my own.

But I have to be patient I guess..

pmptx

27 for the first,
35 we bought land and built what we wanted

CGTSX2004

iTrader: (1)

Wife and I were 26 and 25 (we were engaged at the time). Financed a 2 bed/2 bath condo in DC.

We are looking at purchasing an additional property, hopefully in the not too distant future.

AMGala

iTrader: (4)

I'm 28 and my wife and I just bought our house 6 months ago

05_NBP_TL

iTrader: (1)

Finding land and building is our goal now. We already talked to the builders about floorplans and pricing. land is our biggest obstacle right now. trying to find acreage in a decent location (that is not overpriced!)

TeknoKing

OP, do you live with parents now? So a logical solution would be to save up and only invest in things that will either provide you with future income or roof over your head. Forget the bmw. Purchase luxury cars when you don't feel its cost. I love when I see ppl leasing / buying top of the lines car but that's all they can afford in life.

I got my first @ 23 in NYC, I've had very tough few years with this financial burden, my place now is worth 4 times what I've paid, eventually I will rent it out or sell it and move the effe out of this stressed NYC living. I'd like to have a standalone far from everyone and anyone

TLDude876

iTrader: (7)

27. Just had one built a few months back

ArthurL

iTrader: (4)

Yeah I still live with the parents. The best decision is probably sticking it out for a few more years and putting the down payment on a home. A 1BR or 2BR condo is so expensive nowadays in NYC.. I heard it's not a good time to buy, only a good time to sell.

In which part of NYC did you buy your home? Was it a condo, co-op, house?

I'm 22 now so it'll definitely take me a few years to save up

Dymondawg

26, rented a city apartment for 3.5 years out of college before re-entering suburbia; no regrets. Well... will regret it somewhat if we're not able to sell by the time my son enters kindergarten next September. Really don't want to pay for private school when there are high-quality districts just an arm's length away, but gotta do what you gotta do. OP, unless you're rolling in the pillsbury, stay away from the immediately gratifying depreciating assets if it means reducing your stash for future opportunities/growth (whether that's real estate or another financial vehicles).

cmschmie

27. Bought a town home what seemed like hours before the "bubble burst" (Spring 2007). Sold it in summer for 2011 for a loss

BUT, was able to save up enough money that the hit did not eat too badly into our savings. Getting ready to build a "forever house".

TeknoKing

It's a great time to buy and a crappy time to sell, the prices when down considerably, especially in my area after Sandy as the insurances skyrocketed. I'm in Sheepshead Bay. I have a condo. Owning a house in Bklyn is counterproductive unless you invest more than a million, you'll still end up with a little shack It all of course depends on the neighborhood.

FYI, 100% co-ops are cost effective but only if the building is in good financial state, lesser maintenance, etc..etc. This is your cheapest choice.

I think for now make your money grow, save up and if you'll find a ridiculous deal, invest and flip and always ask your parent for advice. The mortgage rates are good now as well, with only 10% down-payment required.

ArthurL

iTrader: (4)

I thought it's 20% nowadays?

TeknoKing

Some of my friends getting 10%, depending on the bank and the tier bracket you fall in under.

ArthurL

iTrader: (4)

10% would great.. but yes like you guys said, I'll be saving up the money for the first mortgage.

Damn, aiming to get out of my student debt to just go into more debt

TeknoKing

Maybe a bad advice on my part, but you can always incorporate student debt into mortgage if your student loans have high interest.

But at 22, it's great that you are thinking about saving and owning.

97BlackAckCL

iTrader: (6)

I was 25

Mr Marco

Does it count if the ex-wifes got them in the divorce>:?