Has anyone lived in a little apartment for yrs.even tho u had PLENTY of cash 4 a down payment on a house?

Question

Yes, just wondering if anyone out there lived "under" their means for yrs.&yrs. in a little apartment for well over a decade and u just kinda felt STUCK while getting in too much of a habit w/saving money
that's our situation. feel as if I'm trapped in the twilight zone,lol~you know noisey neighbors,ect,...not enough livin space
how did u break out of the comfort zone eventually when u felt all stuck forever?
getting pretty tired of this......we'll have to take the leap at some point and just go for it!
what was ur experience?

Answer 1

the best investment is - buying your own house/property

Answer 2

First off, check out the prices of homes 10 years ago vs. today.

The house i just bought-- closed on in December of '06, was $267,500.

Ten years ago, it would have been bout $140-150K. IF THAT.

So, increased values is the #1 thing to think about.


Second, why not go to the bank or mortgage broker and get preapproved? You dont have to move forward, and it doesn't cost you a dime-- but they can tell you how much you are approved for and what you rmonthly payment will be. Then if you're still scared, why not take the difference between your rent and that house paymetn and put that into your account each month and see how comfortable it is? that way you're paying the house payment before you have to-- proving that you can afford it.

Answer 3

OK you saved a lot of money there is nothing wrong with that, if you want look a a new place or a home of your own just get some thing under your mean some thing that you can still save. Also you can put down a nice down payment and keep a low mortgage.

Sound like you are on the right track.

Answer 4

I've done it. I rented out my condo and moved to a one-bedroom apartment when I got married and moved to San Diego in 2001. We sold the condo in August 2002 for $250,000, and bought a house for $450,000 the next Spring in April 2003. The house continued to go up in value and has now settled down to a value of $600,000. In the eight-month period between selling my condo and buying the house, the condo went up in value about $80,000, and it's now worth about $450,000.

We were flush with cash when we were in the apartment, and were able to save thousands per month. But, at that time, the house we eventually bought was going up in price about $8000 per month, so we didn't actually "save" anything. The market is different now, of course, but I'd still recommend getting into a property as soon as possible.

First, like you said, you want to get out of the noisy apartment situation. But also note - after our current house went up in value, I bought a couple of investment properties in Phoenix partly using some of the equity I had in my house. Those properties since went up in value about 40%.

Answer 5

Life's strange isn't it
my uncle owned his own company, land, etc..
and lived in a motel all his life
honest..........
they cleaned his room and kept the linen clean......and he was happy
when your ready you will.........do it..
you already know all the pros on why you should..
but..........if your in a zone..you will leave when your ready..
this same uncle bought his first house at 75...
yep............
and hired a student from the local school to come in and clean for him.............and cook 2 meals a week..
if as a lady if your worried about repairs and such..then..don't do it..buy a condo..and just look after the inside and let..the condo association look after the roofs and grounds etc..

Answer 6

I rented and saved a lot of money. I'm glad I did it. I had a specific goal for the money and when there was enough I moved to a nicer place. You should do the same. Set a goal and when it is achieved move on.

Answer 7

You could have practically owned the place you live in with the rent you've paid over 10 years.

There are a lot of first time home buyer programs and loans you could apply for. Check out the website below and good luck!

Answer 8

You are just throwing money away by renting. If you buy a house, it increases your net worth, gives you tax right offs, not to mention you'll be out of that tiny apartment. What are you waiting for? It's a buyers market right now, go for it!!!

Answer 9

it's not really economical. if you are rolling in the bills and money isn't an issue any way then that's your choice. but if you are not really struggling, but not really getting everything you want, you should contemplate a change of address.