November 29, 2008 11:36am CST
I'm saving up to buy my own house and can't wait to finally do so. How old were you when you bought your first house? How long did you live in it? Do you still live in it. What the best part of buying your own home? What was the worst part of buying your own home?
• Cambridge, England
29 Nov 08
I first bought a house in 1969. It was £3,000 and I think I managed to scrape together the 10% (£300) deposit and the rest was on a mortgage. 3 years later I sold it for £9,000 and bought another for £10,500. That increased the mortgage (and the repayments) somewhat, of course, but when I sold it 12 years later, I made a small profit because I bought a place that was a little less. We made some improvements and lived there for another 10 years. Then it was time to move closer to my job and I again made a small profit - enough to pay for improvements to the new place. Again the property market did us proud. I needed to move closer to work and that happened to be in not such a desirable part of town so, again, there was a profit ... enough, at last, to pay off the mortgage entirely. That's the way that the property market can work. I seemed to have bought and sold at opportune times (without really meaning to) and have overall got to a position where I owe nothing and have a nice house to live in. Oddly enough, I am less than two miles from the first house I bought!