Comments on: On Home Buying http://www.youneedabudget.com/blog/2008/on-home-buying/ You haven't budgeted like this. Fri, 03 Feb 2012 04:59:02 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Megan http://www.youneedabudget.com/blog/2008/on-home-buying/#comment-419 Megan Sat, 21 Jun 2008 20:42:39 +0000 http://www.youneedabudget.com/?p=437#comment-419 Thank you so much for this! I'm a renter and intend to be for a while, partly because I live in an area with ridiculous housing prices and partly because at this point, with all the benefits of living in my apartment (location, amenities, etc), I wouldn't be able to afford the same sort of living situation if I were to buy. Yes, I'd be getting equity. And yes, I do plan to buy at some point. But it doesn't make sense right now, and it's nice to finally see someone say that no, buying a house is not the end all and be all that everyone makes it out to be. Thank you so much for this! I’m a renter and intend to be for a while, partly because I live in an area with ridiculous housing prices and partly because at this point, with all the benefits of living in my apartment (location, amenities, etc), I wouldn’t be able to afford the same sort of living situation if I were to buy. Yes, I’d be getting equity. And yes, I do plan to buy at some point. But it doesn’t make sense right now, and it’s nice to finally see someone say that no, buying a house is not the end all and be all that everyone makes it out to be.

]]> By: Jesse http://www.youneedabudget.com/blog/2008/on-home-buying/#comment-418 Jesse Fri, 20 Jun 2008 17:33:16 +0000 http://www.youneedabudget.com/?p=437#comment-418 Oh Tage! We just settled on our first house yesterday - will be moving in Monday. My dream car is a hard-top BMW convertible, and I so want an iPhone... Good thing we have a budget to nudge (shove, ahem) me back into reality fairly regularly. ;) Oh Tage!

We just settled on our first house yesterday – will be moving in Monday. My dream car is a hard-top BMW convertible, and I so want an iPhone…

Good thing we have a budget to nudge (shove, ahem) me back into reality fairly regularly. ;)

]]> By: Tage http://www.youneedabudget.com/blog/2008/on-home-buying/#comment-417 Tage Fri, 20 Jun 2008 09:24:26 +0000 http://www.youneedabudget.com/?p=437#comment-417 I full heartedly agree with the "rent=throw money away" myth. There are always pressures in life to conform with one's peers. Whether it's having the BMW, Iphone, owning a house, etc, there is always pressure to be like others. Often times, when attempting to purchase a house, the "American Dream", it puts people into an unnecessary financial crunch. As you also point out, this can lead to people being suckered into interest only/ adjustable rate loans. I noticed especially a couple years ago, these were the big hit! I knew a couple who bought a house nearby on an interest only loan. They figured, house values go up so much, we'll just hold it for five years, and make a lot of money. How surprised do you they were when they had no equity in their house, and they saw the value dropping? <b>These risks are unnecessary, if people can learn to live content with what they have. </b> I full heartedly agree with the “rent=throw money away” myth. There are always pressures in life to conform with one’s peers. Whether it’s having the BMW, Iphone, owning a house, etc, there is always pressure to be like others. Often times, when attempting to purchase a house, the “American Dream”, it puts people into an unnecessary financial crunch.

As you also point out, this can lead to people being suckered into interest only/ adjustable rate loans. I noticed especially a couple years ago, these were the big hit! I knew a couple who bought a house nearby on an interest only loan. They figured, house values go up so much, we’ll just hold it for five years, and make a lot of money. How surprised do you they were when they had no equity in their house, and they saw the value dropping? These risks are unnecessary, if people can learn to live content with what they have.

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