I would like to have my own home someday

[Bandit]

I have never owned a home or a piece of land.

My mom has 7 acres on a mountain top in Alabama and wants to give me two acres then help me get a mobile home to put on it. I could have a nice piece of land with no mortgage payment in no time & only pay tax & insurance & that is nothing down there....then start building my own home there. The only thing I would have to do is pay for the water line to be run & have a septic tank dug/built (no biggie, I have done one before)...Electric, phone & that stuff is already out there.

Of course none of this is possible until after I get my BK over with. In the meantime, I keep reading all this mess with the house market and all the problems BUYING a house has caused and wonder if taking my mom up on this offer would be the best thing for me to do, in time, like a couple of years. Just for a medium house with 2 bedrooms you can't really get one for under 40,000- 70,000 but I could do it for about half of that!

I am just not so sure if Alabama is the place for me but it sure is quiet & peaceful every time I go there. Nice woods, pine trees, deer & wildlife, a well, an underground spring/creek with good drinking water always flowing...The sky is full of stars for eternity. I must admit I am getting a bit tired of traffic,noise and smog & am real fed up with ice, salt & snow every day...

I have always had roommates or wife, rented & lived with family so it is has always been good. Maybe I should have my own place so I can know & feel some self worth?

The summer gets a little hot there but not too bad & the winters are never impossible to get through. The draught there is almost over. I do think about the tornados that pass over & around that mountain...it may as well be tornado alley and that part is not for me.
I wonder if it is time for me to totally slow down and have my own place, a dream that may only be a dream if I don't. Since my accident I have been living a life of I NEVER KNOW WHAT TO DO OR WHAT IS HAPPENING-

I mean, I will be well over 50 when/if I do this, so is it time?

What do you think?

[One Half Full]

I understand you, but I will never ever again own a house again. In my opinion, a house traps you. It limits where you can live to one place. The worst place is a rural place in the country (unless you are rich). If you lose your job and there are few industries, you are stuck. Selling houses in "the sticks" is really hard as well. Paying for a house is not just the mortgage. It is the utilities, the the burried taxes, the lawn work, the repairs, replacing things as they wear out, renovating, and all sorts of big money Items. I am not going bankrupt and losing my house because of a "mortgage" I am doing it because there are no jobs in the area, no one wants to buy the house, I can't afford the skyrocketing price of food, fuel, transportation and so on. My dream is a nice townhouse or apartment building with concrete in the yard and some parks nearby where someone else mows the grass. (oh I am biased. Can you imagine, I bought this house with a yard and I am totally allergic to grass. When I mow, it is a major allergic reaction).

Your deal sounds good though. I think you can do it, and your heart sounds like your in it. As far as 50 years old-- that is middle aged, not ancient. Sure you can do it.

[Bandit]

Oh I do hear what you are saying about mowing grass. I mow two acres here every summer for 10 year snow & yes I am tired of it. Down there it would be twice as bad & I would have to have a riding mower. There really is nothing out there & it is about 45 minutes from Hunstville. A house does trap us but at the same time I wonder if there is also some protection or feeling of self worth knowing you have a roof that you own instead of a roof that belongs to someone else?

The maintenance would be the hardest part & the most expensive part.

Maybe a condo is better but then stuck with all the fees & personalitites- but we would not have to mow grass & shovel snow.

Maybe I just want to experience it and would end up not liking it. The I wonder about getting old...you know all that stuff.

I do hear what you are saying about going to the park if you want grass. I am laughing.

[FLBK7]

Oh I do hear what you are saying about mowing grass. I mow two acres here every summer for 10 year snow & yes I am tired of it. Down there it would be twice as bad & I would have to have a riding mower. There really is nothing out there & it is about 45 minutes from Hunstville. A house does trap us but at the same time I wonder if there is also some protection or feeling of self worth knowing you have a roof that you own instead of a roof that belongs to someone else?

The maintenance would be the hardest part & the most expensive part.

Maybe a condo is better but then stuck with all the fees & personalitites- but we would not have to mow grass & shovel snow.

Maybe I just want to experience it and would end up not liking it. The I wonder about getting old...you know all that stuff.

I do hear what you are saying about going to the park if you want grass. I am laughing.

I owned a large 4 bedroom 2-1/2 home with a pool on a full acre the entire time I was married, but when the divorce came the place was sold and the profits split. I rented for a while because I was not sure as to where I wanted to live, neighborhood-wise. My son was still a minor and he didn't want to change schools, etc. The divorce being traumatic enough, I didn't want to disrupt his life more than necessary.

Catastrophe struck when my long-time management job disappeared thanks to a merger/consolidation. It was very difficult for me to find comparable employment, and I was working two minimum-wage jobs to survive. I also had my child to support, since the ex was always erratic when it came to child support payments, and I was just too tired and wrought out emotionally to take him to court. After exhausting my savings, my credit card debt piled up, much of it for medical expenses since I no longer had insurance. When I finally found a decent-paying job (paying $21,000/year LESS than the job I had lost!!!), I was so deep in debt that BK was the only way out.

Four years after BK, I now own a beautiful condo with a great wrap-around balcony with two huge glass doors. It really has a very "outdoorsy" feeling without all the work. My view is of palm and bottle brush trees immediately in front of my balcony, and one of the swimming pools and gardens behind that. I pay quite a bit in condo maintenance fees, but I have to admit that the place is kept in an immaculate condition. I've been here for almost 1 1/2 years and I haven't had any problems to date. This is also a gated community with 24/7 security guards, and this is also reassuring to me because I live alone with my son, who will be leaving home in a year or so, as soon as he finishes his college degree.

I would never again buy a single family house, because I simply could never manage the upkeep.

And my complex is exactly across the street from a major park.

I do understand the poster who said he/she would never again buy a house and would rent forever. There is a certain sense of freedom when you rent -- when the a/c stops cooling, when your fridge dies, or when your toilet leaks you just call the landlord or building manager and it's fixed almost immediately without any cost to you. I've encountered my share of small problems in my condo, but I've also found excellent handymen, electricians, a/c people and even carpet shampooers right here in the complex. I KNOW for a fact that I've saved thousands already by hiring these people rather than going through the yellow pages. And their work is excellent, since one bad reference would kill their business in this area.

Oh wow, I've talked too much! Sorry about that.

[DisneyGirl]

We just bought a house 3 years after our BK. I would not want to rent again. We used to live in a wonderful townhouse that was located in an apartment complex and also inside a single family home development. It was a great place to live and wonderful to rent there. Then they decided to go condo and sold the apartments and townhouses and we got kicked out. That feeling sucks! That was the second time we lived in a complex that went condo and we got kicked out (unless we wanted to buy there, which we didn't).

I enjoy owning a home and knowing where I'm going to live. Not wondering if my landlord is going to change their mind and sell their property.

I also couldn't handle being right on top of my neighbors. Some were great but the not so great ones ruin the whole deal for me.

[Bandit]

Four years after BK, I now own a beautiful condo with a great wrap-around balcony with two huge glass doors. It really has a very "outdoorsy" feeling without all the work. My view is of palm and bottle brush trees immediately in front of my balcony, and one of the swimming pools and gardens behind that. I pay quite a bit in condo maintenance fees, but I have to admit that the place is kept in an immaculate condition. I've been here for almost 1 1/2 years and I haven't had any problems to date. This is also a gated community with 24/7 security guards, and this is also reassuring to me because I live alone with my son, who will be leaving home in a year or so, as soon as he finishes his college degree.

I would never again buy a single family house, because I simply could never manage the upkeep.

And my complex is exactly across the street from a major park.

Oh wow, I've talked too much! Sorry about that.

Your BK story was really a bad one. That was a long hard time for you. I think it is great that in four years you have made so much progress. I hope I will be able to say the same but right now I am still drowning so I started this dream thread.

I have never had a condo either, though I know it is different from a house. I suppose I would be happy to have one or the other just so I could say that at one point in my life I had something like that. I would even settle for a mobile home for awhile just to be able to walk into it and know that the roof and walls belong to me and maybe I simply want to know what that feels like?

But your deal with your condo sounds real nice with the security. That is something that would help me sleep better at night especially as the years get shorter. The pools and gardens are always a plus. I enjoyed one condo I stayed at because of the pools & the company was nice.

I drove by the little house I grew up in last weekend and wondered where the first 18 years of my life went to so fast. It seemed like forever back then. I do remember helping my dad put on a new roof & also an addition with two extra bedrooms & a huge family room. It was a nightmare but then it was pretty nice when it was finished.

[Bandit]

We just bought a house 3 years after our BK. I would not want to rent again. We used to live in a wonderful townhouse that was located in an apartment complex and also inside a single family home development. It was a great place to live and wonderful to rent there. Then they decided to go condo and sold the apartments and townhouses and we got kicked out. That feeling sucks! That was the second time we lived in a complex that went condo and we got kicked out (unless we wanted to buy there, which we didn't).

I enjoy owning a home and knowing where I'm going to live. Not wondering if my landlord is going to change their mind and sell their property.

I also couldn't handle being right on top of my neighbors. Some were great but the not so great ones ruin the whole deal for me.

This is more the way I am feeling right now. How can I really know for sure? I am so tired of feeling like I have nothing but then maybe that is because I really have nothing!!! ROFL! I can't even say I have my health. *laughing here* but it is true.
I feel like all there is a pile of rent receipts. Of course on the other hand it would be a pile of repair reciepts, tax receipts,...

I could not be on top of my neighbors either. I did that when I was younger but I am too grouchy these days. I think I am turing into a hermit because that mountain top all by myself sounds pretty nice.
But would it be?

[Bandit]

Keep the experiences and ideas, pros & cons coming. I am sucking it all up like a sponge.

[FLBK7]

Another plus of owning is the tax breaks. Mortgage interest and property taxes are fully deductible. My tax refund this year $4,140! The year before, without the condo, I only got $748 back. Huge difference!

I saved $3,000 and I'm spending the remaining $1,140 in small home improvements and maintenance. For instance, I painted a couple walls (accent walls), had the central a/c cleaned and serviced, replaced the garbage disposal which was already broken when I bought the place, etc. I also paid off two small credit card balances I had. And I still have $600 left of the $1,140. I feel like a millionaire!

[PaKettle]

I am in the same boat as you Bandit. I have never owned a home because I moved to California years ago and it's always been out of reach for me, here, even though I make good money by other states' standards.

I have always wanted to own my own home, but more important to me is just having a nice place to live instead of in an apt.. That is, I don't care that much if I own it, but I just want to live somewhere nice, like you say, on a mountain top away from people sounds fantastic to my wife and I.

The problem is, how do you make a living there? Wherever you live, you have to have some kind of income. Of course if you pay no rent and only have to pay utiilities and food and transportation, you don't need to make as much money.

My dream is to figure out a way to make money working for myself so I can live on a mountain top, have to walk 1/4 mile or so to the nearest neighbor's house, no barking dogs or screaming kids or neighbor's stereo to hear...

If I were you, Bandit, I would try to figure out a way to make that situation work. It's a helluva good deal to have your own place for little money and a nice area at that. All you have to do is figure out a way to make some money to pay for the things you need. (Assuming you get along well with your mother; I know I could not live next to mine, unfortunately!)

[emoney]

I don't think houses were the cause of your problems. It was the other events in your lives that seems to have caused the hurt.
Houses in most markets have gone up about 5% per year. When you include taxes upkeep and insurance it is about the same cost as an apartment.
regards,
emoney

[PaKettle]

I don't think houses were the cause of your problems. It was the other events in your lives that seems to have caused the hurt.
Houses in most markets have gone up about 5% per year. When you include taxes upkeep and insurance it is about the same cost as an apartment.
regards,
emoney

I think buying a house is somewhat like buying a used car. You can get a lemon that bleeds you dry with lots of repairs, taxes, etc...

And depending on when and where you buy you can make tons of money or lose a lot of money. It's not always easy to read the future on that, though research does usually help.

Sometimes people think they can afford a home but don't factor in all the upkeep, repairs, etc... and sometimes those repairs etc are much more than anyone could have known.

Sometimes you buy at just the wrong time, and there's a downturn in prices or that neighborhood goes down in quality...

[BankruptPinoy]

Hi Bandit. May I please send you a private message? I am not selling or otherwise spamming.

[Bandit]

The problem is, how do you make a living there? Wherever you live, you have to have some kind of income. Of course if you pay no rent and only have to pay utiilities and food and transportation, you don't need to make as much money.

I don't know. It is not the highest paid area at all & my wages would be half if I moved there (for awhile any way). The nicest homes are on ranches around there. A lot of ranching horses & cattle. I would not be doing that. There would be no rent, just insurance & property tax for awhile until my plans for building started.
It really is a great deal for starting something if I can make the other things work out. i do think it would kind of make me a hermit but not all the time.

If I were you, Bandit, I would try to figure out a way to make that situation work. It's a helluva good deal to have your own place for little money and a nice area at that. All you have to do is figure out a way to make some money to pay for the things you need. (Assuming you get along well with your mother; I know I could not live next to mine, unfortunately!)

That is the easy part. It is rare for her to push but sometimes when that happens she sees I am not moving then she stomps here feet on the way, huffing & puffing and gets over it.

My dream is to figure out a way to make money working for myself so I can live on a mountain top, have to walk 1/4 mile or so to the nearest neighbor's house, no barking dogs or screaming kids or neighbor's stereo to hear...

If you don't mind putting in a lot of hours, franchising something is not a bad way to get your own buisness. Like a convenient store- that is is still hopping.
But it sure is very quiet out there. You never hear any auto traffic and I like that.

[Bandit]

Another plus of owning is the tax breaks. Mortgage interest and property taxes are fully deductible. My tax refund this year $4,140! The year before, without the condo, I only got $748 back. Huge difference!

I saved $3,000 and I'm spending the remaining $1,140 in small home improvements and maintenance. For instance, I painted a couple walls (accent walls), had the central a/c cleaned and serviced, replaced the garbage disposal which was already broken when I bought the place, etc. I also paid off two small credit card balances I had. And I still have $600 left of the $1,140. I feel like a millionaire!

If you do not have to get into serious plumbing and roof repairs right away, then you can do well. Replacing windows is another expensive one but the windows today are worth it because they are very conservative & cut back on the utilities a whole lot.

That tax break is going to be nice for you, another good point.