Anyone Here Bought A House??

house payment - house sitting on calender showing what day the housepayment is due on.
@devideddi (1437)
United States
February 3, 2007 8:17pm CST
The American dream is to own your own home. Has anyone here actually bought and paid for a home. Seems pretty hard to me. I always here about mortgage payments or refinancing, or second mortgage. My mom has not even paid off the home I grew up in. Is it possible? Does anyone own their own home that they have paid for?
4 people like this
12 responses
@XxAngelxX (2833)
• Canada
4 Feb 07
I own my home, actually , haha, the bank still owns it for another twenty years. But all in all, it's cheaper than renting an apartment as I have three children so I'd need a really large apartment. And in twenty years, I will actually have a home that is paid for. I can't imagine not making a rent or mortgage payment, that will be sooo fabulous!!
2 people like this
@devideddi (1437)
• United States
4 Feb 07
I don't know where I will be in 20 years, it just takes so long for the home to be actually paid for.
1 person likes this
• United States
4 Feb 07
Well, i think paying a mortgage is better than paying rent to someone else. At least there is a good chance to get equity if you do have to sell. Plus at the end of the mortgage you own something when you rent you will never own anything. We are paying for a mortgage and I wouldn't have it any other way.
1 person likes this
@kgwat70 (13396)
• United States
4 Feb 07
I bought my townhouse eight years ago and am loving it. I love having my own place and being able to do whatever i want with my home. My mortgage payment each month is much less than most apartment rentals so I am happy about that as well. It is possible to pay off the house, depending on your salary and other expenses you have to pay. I still have 22 years left on my mortgage.
1 person likes this
@devideddi (1437)
• United States
4 Feb 07
22 years just seems like a long time to me
1 person likes this
@devideddi (1437)
• United States
4 Feb 07
22 years just seems like a long time to me
1 person likes this
@lyndaj70 (293)
• United States
5 Feb 07
When I went to leave my husband I bought an old mobile home for cash and moved in there -- I rented the lot but the home was paid for. Had to get rid of it to move here to get farther away from my ex. I rent right now, but am saving up so that I can once again start with a little mobile home -- hopefully this time by owning the lot as well. I have had bad luck with financing to the point where I believe it is like gambling -- gambling that you will be making enough money for x amount of years to make the payments. And in the life of a single mother, income can rise -- and lower too quickly for me to risk it. So while I consider myself to have owned my own home in the past (albeit without land), I am not a homeowner now. Take care.
@msqtech (15226)
• United States
15 Feb 07
When you own your home you get the deductions of mortgage and the equity built in the home. Renters give it to someone else. I think it is wiser to own if you can. Try to keep the housing cost to around 33% of your income to be safe.
@brihanna (381)
• United States
5 Feb 07
I and my bank own my home (oh yeah, and my husband). I am not sure if it is the American dream or not. I rented for year, and there are definate pros and cons. But my suggestion would be to try to buy if you can. It is excellent for your credit-you have something to barter with. Plus, most people do not ever actually own thier own home. I am 37. I have a 30 year mortage, so I will not own my home until I am well over 60. But by that time, I will have sold this one. (it will be too big for me by then). BUT, I will have made money on it, so I will hopefully be able to find a smaller home, where I do not have a mortage. Cons-fix your own stuff-I am the landlord and..., taxes, taxes, taxes.
@cassidy22 (2975)
• United States
5 Feb 07
I already bought and sold my first house. We plan on having our second house paid off in 15 years. Sometimes you have to take out a second mortgage when something happens in your life, like an accident or illness and you have medical bills to oay for, or if you choose to expand your home, or whatever. My husband's aunt and his grandfather both own the homes they live in, no more mortgage. So did both of my grandmothers before they passed. SO it is doable. If I had stayed in my first house, I probably would have paid it off in 15... but it wasn't big enough to raise a family in.
1 person likes this
@kylesmiles (1914)
• United States
4 Feb 07
We own our home however we are still paying the mortgage. So I guess I could say we own our home...but not paid for. :) I am happy with that.
1 person likes this
@Asylum (48282)
• Manchester, England
4 Feb 07
Yes, I have bought my own home and I would strongly recommend it. I agree that you could still be paying for it in 20 years time, but what is the alternative? If you do not buy a home then you will need to rent, and you will still be paying rent in 40 years time. The average cost of a mortgage is higher than the average rent, but this does change over a few years. Due to inflation the cost of renting will increase every year, whereas a mortgage will fluctuate according to lending rates but stay around the same level. Therefore in 10 years time your mortgage will be much cheaper than renting, and will have an end in sight.
1 person likes this
• United States
4 Feb 07
We bought our 1st house about 2 years ago on a 30 year mortgage. We figured it would be better than us renting as we would be paying the same amount for SOMEONE ELSE to own the house. But we know we won't be in this house forever and will probably sell it in a few years and move to a bigger house. But before we bought the place, we did a lot of research on the values of properties around this area. We wanted to make sure that when we do sell the house, we would be able to sell it at a profit.
1 person likes this
@wahmbuddy (392)
• Canada
4 Feb 07
I have bought three houses so far. I think that it is way better than paying rent and basically wasting that money every month. Atleast if you have to sell your house and move, you make it back.
1 person likes this
@brokentia (10396)
• United States
4 Feb 07
I think the only people that can pay for their house outright are people that are rich. I would love to be able to pay for a house outright. But it is just not possible for the mass population. Just paying the monthly mortgage is tough. But I sure do hope that we never have to worry about taking a second mortgage!
1 person likes this
4 Feb 07
You'd be kidding yourself here. (this what i'm doing) To buy a house it'll take ages here. with the prices of things, private renting or getting a council house is as good as it gets. lol (i'm not joking) I'm not trusting banks. so loans are pretty much out of the question. I would like to own a house like my parents and i'm looking forward to having a place of mine own. (well of course it would be my wife's aswell) We'll probably still be where we are now next christmas. (how the council moves with things) not keen on privite renting since we're still teens and i've also heard grim stories by landlords. oh the life =) kudos. P.s sorry for rambling there. =)
@msqtech (15226)
• United States
15 Feb 07
I have owned several house and having an outstanding debt is not a bad thing. The government actually rewards you for carrying your debt in your home. It is a smart financial decision. In retirement is the only time you really need to think about it being paid off for that reduces your monthly need. I think you think that people should be able to live debt free and this is not possible nor helpful to the economic state.