75% Of Parents Helping Their Adult Children Pay Bills

[Never_Enough]

I understand that and like I said nothing is guaranteed. But odds are better with a house. And you get the pride of owning something once you pay it off. If I rented soon as I turned 18 I wouldn’t be in a position to buy a house in a couple years.

So you keep saving & wait a bit more? You'd likely shit your pants if I told you my life story. Somehow renting apts my whole adult life prior, I bought my 1st house at age 27. All the while, paying rent every month for years prior. It is far from impossible. Unless you're born into or marry into money, life is no cakewalk. Suck it up & get it done. No more excuses.

 

[Revvv]

I am looking at relocating. When I do finally move, I doubt I will go out and buy a new home. I will more than likely rent for a year or so. This gives me time to learn about whatever city I move to. I will know what areas are developing, traffic patterns, and places to avoid.

Renting is not profitable for anyone except the home owner, but it is not a bad option for many reasons.

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[08mojo]

If I didn't continue to be supported by parents as soon as I turned 18 I wouldn’t be in a position to buy a house in a couple years.

Fixed it for you... By the way, I don't think getting your parents reasonable support is a bad thing. Learning to be an adult is hard--not many people have done it totally on their own whether they want to admit the truth or not. Just know that your opinions are largely based on fantasy--I too had a similar mindset to you regarding home ownership. Now, after being a homeowner for 7+ years, I know (more of) the truth (and I am still learning many, many things).

 

[Never_Enough]

I
Renting is not profitable for anyone except the home owner, but it is not a bad option for many reasons.

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Well, it could be if the home ownership option is a home that you'll be replacing all the big ticket items. That shit will put you in the poorhouse real quick.

 

[suicidekings]

So you keep saving & wait a bit more? You'd likely shit your pants if I told you my life story. Somehow renting apts my whole adult life prior, I bought my 1st house at age 27. All the while, paying rent every month for years prior. It is far from impossible. Unless you're born into or marry into money, life is no cakewalk. Suck it up & get it done. No more excuses.

Well said!

I am looking at relocating. When I do finally move, I doubt I will go out and buy a new home. I will more than likely rent for a year or so. This gives me time to learn about whatever city I move to. I will know what areas are developing, traffic patterns, and places to avoid.

Renting is not profitable for anyone except the home owner, but it is not a bad option for many reasons.

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I do real estate on the side and this is always what I suggest when I get out of state referrals. I tell them let me find you a rental first so you know what area you like. I moved around for 4 years in the greater phoenix area till I found somewhere I wanted to settle. Commute time ultimately won and I have been in the same house since 2011.

 

[Screw-Rice]

This forum was started because of a waste of $...these damn cars we spend too much money on LOL

I tell everyone cars are the worst hobby financially, and to take up stamp collecting or something else instead, lol.

My only point is this: there is money you will never see again whether renting or owning a home/apartment/condo/whatever. A home is NOT a guaranteed return on investment. If you still think you will buy a home, live there for 5 years and in return get all of your money back or make a profit, you have a lot to learn. It's not impossible, but it takes a lot of cash outlay up front (among MANY other variables that I'm not going to get into)--which most people will not have when starting their adult life.

Renting teaches you a lot that you would never learn otherwise. How to manage bills, maintain a home, and be responsible. Might have to make hard decisions like pay your power bill instead of partying, or you know, choose food over having a Cobra, lol. There is a little irony in this kid and Thomas who used to be here both loving living at home, saying renting is stupid, and both owned Cobras lol.

Renting also gives you perspective on how you want to live. I rented apartments, hated having people above and below. moved on to duplexs with a yard. Still annoying but way less shitty than people on all sides and no parking. Knew I wanted a house, garage, yard, etc. Others hate the idea of a yard, don't care about parking, and like the simplicity of buying a condo. You don't learn any of this when at home. The bigger the place the bigger the bills and repairs, which needs to be taken into account too.

As to the too expensive argument, lived in expensive areas, roommates aren't the most fun, but it cuts expenses in half. You can make it work in any area if you aren't set on having a nice place in a upper class area as your first place. I've run into a lot of people who live at home in their late 20's who plan to buy a house...they've been "planning to buy" for 5-6 years. Guess they'll buy when they're 40 and can afford a million dollar home...gotta be savvy on your purchase, lol. Not everyone is guilty of this, but it isn't uncommon.

 

[BlckBox04]

Save every penny you can while living at home! Mortgages are not cheap. I bought a $200k home. My mortgage is roughly $1,500 on a 30 year loan (and I bought when interest rates were nearly at the bottom). If you do the math, that's $540k for a $200k loan (assuming no additional principal payments are made)!!! Now the other part of what I'm paying in the mortgage is insurance, city taxes and county taxes (not cheap either at nearly $5k a year).

Unless you are able to pay for your home outright or take a really small mortgage, you may not be as money savvy as you once thought.

Damn dude what's your interest rate at? I have the same payments and my house is $300k

And for you guys that think renting is good, news flash you have 0 equity in renting. You get NOTHING out of it. You're paying someone else mortgage. My credit score shot up 100 points the day I signed my deed.

 

[Screw-Rice]

Well, it could be if the home ownership option is a home that you'll be replacing all the big ticket items. That shit will put you in the poorhouse real quick.

Splurged on a new washer and dryer. Morning after install, woke up to a pool party. Water heater blew, so that was $1000 days after dropping $1800. Sucked, lol. Few months later got to replace my garage opener, thanks to broken springs. Another $1200 or so gone. Ugh, lol.

 

[Zemedici]

Damn dude what's your interest rate at? I have the same payments and my house is $300k

And for you guys that think renting is good, news flash you have 0 equity in renting. You get NOTHING out of it. You're paying someone else mortgage. My credit score shot up 100 points the day I signed my deed.

obvious post is obvious.

However, you DO get something out of it. You have a place to sleep / shower / what have you....You get a place to live for x amount of time.

Far from nothing, imo. As I stated, every situation is different. Renting while you stash money back to buy makes sense to me, as does @Revvv 's suggestion of learning a city, makes sense as well. Much easier to ride out a lease and move than buy / sell buy / sell.

 

[Zemedici]

Splurged on a new washer and dryer. Morning after install, woke up to a pool party. Water heater blew, so that was $1000 days after dropping $1800. Sucked, lol. Few months later got to replace my garage opener, thanks to broken springs. Another $1200 or so gone. Ugh, lol.

My brother has learned to do a lot of home repairs himself, due to tight funds. He said some days home ownership is great, some days are full of suck. hahaha

 

[Screw-Rice]

My brother has learned to do a lot of home repairs himself, due to tight funds. He said some days home ownership is great, some days are full of suck. hahaha

I do everything I can myself, some things I won't bother. Like the garage springs, my brother got a trip to the ER and stitches trying to change his years ago. I'll pay for that, lol.

 

[jenkins_1120]

Splurged on a new washer and dryer. Morning after install, woke up to a pool party. Water heater blew, so that was $1000 days after dropping $1800. Sucked, lol. Few months later got to replace my garage opener, thanks to broken springs. Another $1200 or so gone. Ugh, lol.

replaced all appliances when we first moved in and now redoing the pool. We haven't been in the house a year and already dropped 7-8kish. I never had to deal with any of that when renting

 

[Screw-Rice]

replaced all appliances when we first moved in and now redoing the pool. We haven't been in the house a year and already dropped 7-8kish. I never had to deal with any of that when renting

Which is why renting is a good thing to do. You're learning to live on your own, and if your oven or water heater blow up, you get to experience how it's replaced and get an idea of cost at no cost to you.

 

[Blk04L]

Splurged on a new washer and dryer. Morning after install, woke up to a pool party. Water heater blew, so that was $1000 days after dropping $1800. Sucked, lol. Few months later got to replace my garage opener, thanks to broken springs. Another $1200 or so gone. Ugh, lol.

Joys of home ownership.
Feel good and splurge on one area of the house to get blindsided in another area right after lol.

Yea screw messing with springs. Gladly pay a professional to **** with those things.

 

[IronSnake]

Damn dude what's your interest rate at? I have the same payments and my house is $300k

And for you guys that think renting is good, news flash you have 0 equity in renting. You get NOTHING out of it. You're paying someone else mortgage. My credit score shot up 100 points the day I signed my deed.

Mine is about 1430 all said and done. Taxes/insurance and what not. That's on a 240k dollar house.

I didn't have a full 20% (freaking impossible) so I decided to go in, buy now on an FHA, deal with PMI, refi in a few years since the market around here is going up. Assuming interest rates aren't awful, I should be at about 1200 w/o PMI on top.

 

[suicidekings]

Damn dude what's your interest rate at? I have the same payments and my house is $300k

And for you guys that think renting is good, news flash you have 0 equity in renting. You get NOTHING out of it. You're paying someone else mortgage. My credit score shot up 100 points the day I signed my deed.

You have to realize, down payment, HOA, property tax rates, and PMI will play into many mortgages. Its easy to have a $500 mortgage on a $500k home when you have a ton to put down.

 

[Never_Enough]

Splurged on a new washer and dryer. Morning after install, woke up to a pool party. Water heater blew, so that was $1000 days after dropping $1800. Sucked, lol. Few months later got to replace my garage opener, thanks to broken springs. Another $1200 or so gone. Ugh, lol.

Exactly. Part of why I am still not sure I want to own again yet I am still shopping...

 

[Never_Enough]

replaced all appliances when we first moved in and now redoing the pool. We haven't been in the house a year and already dropped 7-8kish. I never had to deal with any of that when renting

When I bought my 1st house, I put up a nice vinyl fence, wood floors, new carpet elsewhere, lighting fixtures, painted the whole inside, remodeled master bath, etc. I easily spent 10-15k before I even moved in. I am NOT doing that this time. I am looking for something that needs minor shit like paint or carpets & a couple appliances.

 

[DriftwoodSVT]

At least you can write off mortgage interest and property taxes.

 

[BlckBox04]

Mine is about 1430 all said and done. Taxes/insurance and what not. That's on a 240k dollar house.

I didn't have a full 20% (freaking impossible) so I decided to go in, buy now on an FHA, deal with PMI, refi in a few years since the market around here is going up. Assuming interest rates aren't awful, I should be at about 1200 w/o PMI on top.

Yea I didn't take into account PMI. I put 20% down and my taxes and insurance were incorporated into my final monthly bill