Weird for a single man to buy a house by himself?

[topaMAXX]

That's impressive... even though 70k twenty years ago was 110k today (inflation). Still a 70k profit today. Not bad at all.

 

 

But to the OP, I don't think it makes a difference whether you buy a house single or married.

 

Dude, tying your money up for 20 years for just a 70k profit is an awful ROI.

 

Guess I'm the only one in this thread that sees that though.

[Radu]

It really isn't a waste to purchase a home... depending on the market. The house I'm currently living in... the owner purchased it for 70k and is selling it for 180k 20 years later. I wouldn't say that was a waste. On top of that, she rents it our for more than the mortgage is so she makes money off of it every month.

 

As for whether it makes you look weird OP... no it doesn't. Personally, I think it makes you seem more stable if you are able to have your own home. Of course, I don't own a home yet either but I'm thinking about buying one for myself too. I can't see how it would deter your dates in anyway.

 

How much do you figure the inflation boosted that 70k figure over the last 20yrs ?

I'm betting it's slightly below 180k.

 

PS: Assuming an average 5% inflation, 70k becomes 114k in just 10yrs.

145k in 15yrs.

185k in 20yrs.

 

Add property taxes, repairs, possible fluctuations in the local market [not here but still a risk], and the house is basically worth about the same.

While having it's value dropped because you had tenants [they are not really that good with the property, and you will have to take into account just the money over a 10-11 month period in calculation, the rest either is between tenants or set aside for repairs].

 

I'm not saying it's a bad investment, but don't be dazzled by the jump from 70k to 180k, it does not always mean profit.

Edited April 15, 2014 by Radu

[thefooloftheyear]

Dude, tying your money up for 20 years for just a 70k profit is an awful ROI.

 

Guess I'm the only one in this thread that sees that though.

 

Im completely with you.....

 

Look..Its used to be a great deal....Own a house..Get the tax deduction...Hang onto it for a while..and sell for a tidy profit..The real estate market just hasn't acted this way for many years..My parents bought their house for 28K in 1968 and sold it for 350 in 83...Now that makes sense...especially in light of the fact that they had no money to do anything to it in terms of maintenance/repairs and sold it as basically a tear down..

 

And if the house doesn't appreciate in value...It isn't really economically smart..

 

I think the only thing, for some people that cant save money, is that it might be a forced way of saving for a "nest egg"...But if you put that money to work, you are going to crush a real estate purchase without much effort at all..unless the market changes...I just dont see that...not any time soon..

 

TFY

Edited April 15, 2014 by thefooloftheyear

[Lernaean_Hydra]

Hi. I was curious what others thought of this. I have been renting a small apartment in downtown for the past 3 and a half years, and was thinking of buying a house. I put an offer on a house in a suburb close to downtown. I thought it would be a good idea to build some equity, have more space, and live closer to where I work.

 

I was concerned about perception issues. Would it look weird to potential dates? Would it be weird for a guy to live on his own in a house? Would the neighborhood think I am weird? What about a condo? I was avoiding condos because I didn't want to deal with the HOA fees.

 

Thanks for your opinion.

 

I'm relatively young and thus finding a guy who just rents his own apartment without parents or roommates is a pleasant surprise. I can't imagine what I'd do if I came across a guy who had his own home; however but I certainly wouldn't be weirded by it out or anything. I can only see it as a plus.

 

Being a homeowner projects an image of stability. It tells women, hell, in tells EVERYONE that you've got your s*t together and are serious about this adulthood thing so I see nothing wrong in it. The only thing you should really be wary of is bad credit women seeing you as the captain save em that'll eventually put them into a nice house.

 

However, now that I know Carhill bought his first home when he was about my age, I don't even know how to feel about myself anymore so maybe just ignore me .

[oz-missy]

Hi. I was curious what others thought of this. I have been renting a small apartment in downtown for the past 3 and a half years, and was thinking of buying a house. I put an offer on a house in a suburb close to downtown. I thought it would be a good idea to build some equity, have more space, and live closer to where I work.

 

I was concerned about perception issues. Would it look weird to potential dates? Would it be weird for a guy to live on his own in a house? Would the neighborhood think I am weird? What about a condo? I was avoiding condos because I didn't want to deal with the HOA fees.

 

Thanks for your opinion.

 

OP if you were doing this in my city people would be totally impressed at your ability to be able to buy. We are so priced out of the market here that it's perpetual renting for most people who are not already in the market.

 

I have dated men who have owned their own place while being single, it's never been an oddity. Never been an issue really at all.

[Emilia]

It's somewhat misinformed to comment on real estate/property as investment without taking into account the fact that different areas (as carhill pointed out) will bring different return as capital value will appreciate differently. In the UK growth is very far from over, in London/South East England it has overtaken pre-recession levels.

 

You don't sell it for short term profit if you are smart. You use the equity to remortgage for further purchase of rentals, you create income both from capital gains and rental income. I agree that it's a lot of work but return and cash flow can be pretty good. You have to know your market. I've always bought in up and coming, central areas with good transport links.

 

Back to the OP: responsible people own their home rather than pay someone else's mortgage unless you can rent really cheaply and use your property as a business.

[martaldn]

Hi. I was curious what others thought of this. I have been renting a small apartment in downtown for the past 3 and a half years, and was thinking of buying a house. I put an offer on a house in a suburb close to downtown. I thought it would be a good idea to build some equity, have more space, and live closer to where I work.

 

I was concerned about perception issues. Would it look weird to potential dates? Would it be weird for a guy to live on his own in a house? Would the neighborhood think I am weird? What about a condo? I was avoiding condos because I didn't want to deal with the HOA fees.

 

Thanks for your opinion.

 

sorry but why this should be weird? I think its very smart instead.. invest in houses market is always the best option to me!

go for it!