Why are the shit millennials here so scared of buying a house?
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Date: October 11th, 2013 1:13 AM Author: Glittery selfie
a lot of millenials don't have the pay stubs/proof of a steady income because of their random tasks to earn money vs a steady job
others don't know how to spot an opportunity and cant understand how something that raped the wealth of their parents and grandparents (Real Estate "investing") is now attractive due to low mortgage rates.
(http://www.autoadmit.com/thread.php?thread_id=2384282&forum_id=2#24210762) |
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Date: October 11th, 2013 1:17 AM Author: Glittery selfie
as an alternative to renting and as a savings vehicle it is still a justified investment, a fixed interest mortgage will also be able to help you combat inflation and depending if you buy a multifamily one you can also make some money on it.
Thats sort of like saying that prices are down since the absolute nadir in the stock market in 09 - except if you bought during 10, 11, or even 12 you would do well.
(http://www.autoadmit.com/thread.php?thread_id=2384282&forum_id=2#24210791)
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Date: October 11th, 2013 1:33 AM Author: Glittery selfie
it's a good way to get ahead man.
Would you rather light 1,000 on fire every month or save it
That's the difference between renting and owning a home.
A lot of people purchased houses in the speculation times because they were going to flip them or thought they would appreciate significantly, but in reality you are going to come out ahead on many types of property if you just use it as a savings vehicle to build equity and sell it for what you paid, it will still build net worth.
(http://www.autoadmit.com/thread.php?thread_id=2384282&forum_id=2#24210872)
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Date: October 11th, 2013 1:39 AM Author: Glittery selfie
dude you are dreaming about LA there is a TON of opportunity around there.
as for NY - ya your FUKT
SF also FUKT - thats the one place where I would not want to buy any real estate because I think that prices are due to collapse when there is an earthquake - there are places near the city though that aren't that bad. like the Peninsula, South and East bay.
(http://www.autoadmit.com/thread.php?thread_id=2384282&forum_id=2#24210902) |
Date: October 11th, 2013 4:05 AM Author: geriatric stimulating internal respiration temple
a primary residence is not that good of an investment.
-you only reap the benefits of appreciation when you sell.
-it confines you to one city and makes it difficult to pursue job offers in other cities.
-a huge mortgage hanging over your head for decades is not a good feeling.
-someone buying a 700k house will probably end up paying $10k+ a yr in property taxes (which offsets a good percentage of the appreciation gains).
(http://www.autoadmit.com/thread.php?thread_id=2384282&forum_id=2#24211240)
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Date: October 11th, 2013 12:36 PM Author: exhilarant pea-brained area
late 80's child here can't wait to buy a house in the suburbs and commute to work
def want a basement so i cant have a home gym
(http://www.autoadmit.com/thread.php?thread_id=2384282&forum_id=2#24212476) |
Date: October 11th, 2013 12:51 PM Author: supple chrome piazza
A bunch of reasons.
1. No stable careers anymore. Houses made more sense when everyone worked for a single employer for decades. Now you might get laid off and end up moving to a new city in a few months.
2. No one gets married/has kids anymore. So that decreases the primary reason to buy in the burbs. In the city prices are insane and usually have nonsense like condo fees.
3. Related to 1, no one has money sitting around for down payment. 20% on $500k means $100k cash. LOL @ ARE generation having that. That doesn't even include closing costs. And no one in their right mind is going to leave themselves in a new house with no savings. So realistically, you need $150k to buy a $500k house/condo. You can do FHA or lower percentage down if you have great credit, but that has higher fees.
4. Hard to see property values massively appreciating at this point. They just don't have far up to go given the economic situation.
(http://www.autoadmit.com/thread.php?thread_id=2384282&forum_id=2#24212569) |
Date: October 11th, 2013 1:32 PM Author: Rusted slap-happy background story
bc nobody stays in the same place anymore; i guess you can sell your home every few years but seems like a huge hassle
people get divorced
jobs arent stable
home prices are to high
(http://www.autoadmit.com/thread.php?thread_id=2384282&forum_id=2#24212830) |
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