5 ms·

i just bought an apartment. it made sense for me for a few reasons... 1) i've been screwed over by too many landlords and have become so exhausted with renting

by a_m_m 3y ago

i just bought an apartment. it made sense for me for a few reasons... 1) i've been screwed over by too many landlords and have become so exhausted with renting (i was forced out of my last apartment for complaining about not having hot water. i know this is illegal, unfortunately there is nothing you can do about it.) 2) the apartment i found was _perfect_ for me. it had everything i wanted...quite rare 3) i was not thrilled about the idea of waiting for mortgage rates to drop, home prices to go up and then ensuing bidding wars bringing you far over asking, like what happened in the early covid days. 4) rates will drop eventually and i'll refinance maybe it doesn't make all the financial sense in the world, but it worked out for me.

lacrimacida 3y ago
Good luck and hope it works out well for you.
georgeecollins 3y ago
I think you made a reasonable decision and you should not get caught up in these cycle narratives. Prices go up and down. You could try to time the market but I think a better strategy is just get what makes sense for you, when it makes sense for you.
vharuck 3y ago
If you can afford it and be happy, then it was a good deal.
ghusto 3y ago
You absolutely made the right choice. You needed a place to live, and didn't want to continue setting your money on fire paying rent. The best time to buy is as soon as you can. High, low, whatever, it makes no difference in the long run. In that long run, you've bought a house you chose, are not throwing away money, and will eventually make back any money you lost buying high. I have a feeling all the people giving advice to not buy in climate X at any given time are only saying so to feel better that they currently can't.
- monkmartinez 3y ago
  We "made" $190k selling a home we bought as a foreclosure in 2009 in 2021. In reality we didn't make jack squat. We paid that much in interest alone over the course of those years. The blood, sweat equity, and money we spent on upkeep and upgrades is incalculable to double entry standard, but I can tell you it was an absolute shit ton. I didn't even do the math on our property taxes, refinance charges, and closing costs because it's maddening to think about. Since we have been renting our accounts have gone parabolic. We are able to save my wife's entire check, every month. There is no money burning a hole in her pocket to redo the kitchen, or bathroom, or backyard. There is no money going toward a new garbage disposal or A/C unit. We have more money despite two teenagers that have gone parabolic fees for club sports, driving, clothes, and FOOD. We could absolutely buy right now, but I have my foot firmly down as a HARD NO. I would rather buy her a new car to assuage the urge to buy a home. If I could wave a magic wand and remove the desire completely, I would in a heartbeat. A home, from a 100% economic POV, is a waste of time and money. It is only complicated because of emotions and "what everyone else" is doing. There is zero logic in a mortgage and what is worse is that you never truly own the dirt your home is sitting on, at least in the USA. Edit: I feel like the people that encourage others to buy a mortgage are doing so out of ignorance and have never actually thought it through to the end of days. I see old people living in nursing homes every day. None of them tell me about the homes they lived in while we wait for transport to the ER. They all talk about experiences, places they have traveled, their families, and the parts of their working lives they loved and hated. Never had a person talk about their "mortgage", I mean "home" on their deathbed.
  - adamredwoods 3y ago
    When we rented, anytime the market shifted, the landlords raised rents on us. It was hell. I was paying more than what a mortgage was. When I bought, all that went away. We bought a nice house that didn't need immediate work done. My mortgage was below rental rates. So my point is that it takes a little insight when buying a house, but if rents are expected to go up (which are expected almost always), then it's a wise decision long term. Yes, house maintenance needs to be factored in, but those costs are amortized over long-term.

by a_m_m 3y ago

lacrimacida 3y ago

Good luck and hope it works out well for you.

georgeecollins 3y ago

I think you made a reasonable decision and you should not get caught up in these cycle narratives. Prices go up and down. You could try to time the market but I think a better strategy is just get what makes sense for you, when it makes sense for you.

vharuck 3y ago

If you can afford it and be happy, then it was a good deal.

ghusto 3y ago

You absolutely made the right choice. You needed a place to live, and didn't want to continue setting your money on fire paying rent. The best time to buy is as soon as you can. High, low, whatever, it makes no difference in the long run. In that long run, you've bought a house you chose, are not throwing away money, and will eventually make back any money you lost buying high. I have a feeling all the people giving advice to not buy in climate X at any given time are only saying so to feel better that they currently can't.

monkmartinez 3y ago
We "made" $190k selling a home we bought as a foreclosure in 2009 in 2021. In reality we didn't make jack squat. We paid that much in interest alone over the course of those years. The blood, sweat equity, and money we spent on upkeep and upgrades is incalculable to double entry standard, but I can tell you it was an absolute shit ton. I didn't even do the math on our property taxes, refinance charges, and closing costs because it's maddening to think about. Since we have been renting our accounts have gone parabolic. We are able to save my wife's entire check, every month. There is no money burning a hole in her pocket to redo the kitchen, or bathroom, or backyard. There is no money going toward a new garbage disposal or A/C unit. We have more money despite two teenagers that have gone parabolic fees for club sports, driving, clothes, and FOOD. We could absolutely buy right now, but I have my foot firmly down as a HARD NO. I would rather buy her a new car to assuage the urge to buy a home. If I could wave a magic wand and remove the desire completely, I would in a heartbeat. A home, from a 100% economic POV, is a waste of time and money. It is only complicated because of emotions and "what everyone else" is doing. There is zero logic in a mortgage and what is worse is that you never truly own the dirt your home is sitting on, at least in the USA. Edit: I feel like the people that encourage others to buy a mortgage are doing so out of ignorance and have never actually thought it through to the end of days. I see old people living in nursing homes every day. None of them tell me about the homes they lived in while we wait for transport to the ER. They all talk about experiences, places they have traveled, their families, and the parts of their working lives they loved and hated. Never had a person talk about their "mortgage", I mean "home" on their deathbed.
- adamredwoods 3y ago
  When we rented, anytime the market shifted, the landlords raised rents on us. It was hell. I was paying more than what a mortgage was. When I bought, all that went away. We bought a nice house that didn't need immediate work done. My mortgage was below rental rates. So my point is that it takes a little insight when buying a house, but if rents are expected to go up (which are expected almost always), then it's a wise decision long term. Yes, house maintenance needs to be factored in, but those costs are amortized over long-term.