Rethinking Homeownership

[artgood]

We lost a home to foreclosure before we filed bankruptcy. We moved because I changed jobs, and the house never sold. Now, I don't think I will ever buy a house again, unless I know for sure I will never, ever move again.

[tobee43]

artgood, i personally so understand. we just were not truly prepared mentally or physically to make a major move (after being in the house for 33 years), and now that we have........well...the ONLY box coming out of this house will have ME in it!!

[HHM]

We lost a home to foreclosure before we filed bankruptcy. We moved because I changed jobs, and the house never sold. Now, I don't think I will ever buy a house again, unless I know for sure I will never, ever move again.

That is he real key, the housing bubble was, in large part, but the frequent up buying. If you go back and look at the post world war II era, most people stayed in their homes there entire life, I know my grandparents did.

[jetsfan2010]

To me it's not buying a house that is the issue. Buying a home I think is one of the most important things you can do for your long term financial security. I think the trick is to buy a home when you are ready to buy. That is......

1. DEBT FREE!
2. Emergency fund of at least 6 months of house notes (all expenses really).
3. LARGE down payment to offset any declines early on and to elimate PMI before you get ripped off!

If you do it that way, things go much smoother. Even with the last three years, I believe median home prices are still up some $40K in the last 30 years. It's not going to make you a millionaire, but paying off your home and owning it as you near retirement is a huge advantage.

Just my two pennies worth.

I think this sums it up. When I decide to buy another house, my overall financial picture will look much different. I will be completely debt free, have at least 4-6 months of EXPENSES saved, and put at least 10 percent down on the house.

[tobee43]

That is he real key, the housing bubble was, in large part, but the frequent up buying. If you go back and look at the post world war II era, most people stayed in their homes there entire life, I know my grandparents did.

that is a good point. and, in reality, was our thoughts when we purchased our house over 30 years ago. as was my parents, and grandparents as well.

now, today, if your or my grandparents intent was, and is to stay in a house until their dying day, then all of a sudden an economic earthquake happens, the likes that no one could see or predict; and as a result effected every part of our economy. strongly striking the typical "American" family right in the heart of their financial guts...hitting them in ways that reflected their costs of their i.e. utilities double in costs, their medical costs skyrocketed, increased property taxes, increases in food, gas prices going out of sight. so on and so forth and, well, even many of our grandparents couldn't or wouldn't have been able to keep up with today, as they are stuck with no earning power, and cut backs in their fixed incomes.

HELP!!

[tobee43]

I think this sums it up. When I decide to buy another house, my overall financial picture will look much different. I will be completely debt free, have at least 4-6 months of EXPENSES saved, and put at least 10 percent down on the house.

that's a good way to approach it. i remember our first house in the "old" days...we had to have 20% down and we didn't have a pot to cook in! it took us over 25 years to begin to save and about 1 year to loss everything we ever worked for.

we are one of the lucky one's that were able to hit the "reset" button and move on and just purchased another home in feb of this year and start over, even this late in our lives. it's nice to have this second chance, that's all i can say.

[artgood]

I think the concept of buying a house and living in it until death is a great one, but not a reasonable expectation for most people anymore. Eventually, I hope to settle in a place where I will stay until I die, but I foresee at least one more move until that happens. Until then, its renting for me.

[tobee43]

I think the concept of buying a house and living in it until death is a great one, but not a reasonable expectation for most people anymore. Eventually, I hope to settle in a place where I will stay until I die, but I foresee at least one more move until that happens. Until then, its renting for me.

we are now at the point you describe which is staying until we die. it's just we were really not prepared to make this move for another 5 years and really wanted it to be done on "our" terms.

but, we have been blessed with a second chance and we are adjusting to our new lives and home, which we will stay in forever...or until my kids lock me up! LOL!!