Buying A Home
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Start Small- How buying a home now can help you save for your ?dream? home!
Edited by moderator. Against TOS.
Re: Start Small- How buying a home now can help you save for your ?dream? home!
Yep, except when it's not.
Tell that to the people who bought starter homes 5 years ago and can't sell them today because they are underwater!
Eye to eye, Lil Jen. OP needs to wander over to MM for a reality check
My first thought was that it is a fallacy that buying always makes more sense than renting -- especially when you consider the costs of owning even in a "normal" market (and of course today's market is anything but.)
So I went to that link and was playing around with The New York Times buy vs. rent calculator and the cheaper the house you buy, the quicker you start earning equity in it -- which makes sense. For instance, if I bought a "starter" house now, I'd be better off than renting within five to 10 years (depending on when/whether the market corrects itself.) If I spent an extra $100,000 for a long-term "dream" house, I'd need to commit 13-25 years to that house before seeing a pay-off versus renting.
So the picture is complicated and depends on a lot of factors, including current rent, current home prices, future rent, future home prices, whether you might need to move again, etc. The OP is an oversimplification of how building equity works.
My Pinterest
The Googlesites Paint Bio
Thinking of doing cosmetic updates to a dated home? These were our costs.
You're funny.
I'm $70,000 underwater on the starter home I bought 2 years ago.
How's that for equity?
Your nice little paragraph is about six years behind the times. lololol. No way would I trust an agent spewing out that kind of bullshiit advice.
So if this spam post gets picked up by the search engines like you're hoping it will, my advice to anyone reading this is to avoid Charlotte Gage, buyer's specialist with Coldwell Banker Dew Realty in the Richmond, Virginia area.
her bio is basically advertising
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Sorry, my philosophy is never consider your home as an investment. It can be, but it is not a guarantee of a return of equity after selling costs --- then there is all the buying costs for the next home. Houses can gain in value and can lose their value. In today's market it is financially adventageous to rent or stay put.
Buy something you can comfortably live in for at least 10 years minimum.