How old were you when you bought your first home?

Discussion in 'Teacher Time Out' started by Unbeknownst, Feb 19, 2010.

  1. Unbeknownst

    Unbeknownst Cohort

    Joined:
    Feb 9, 2010
    Messages:
    612
    Likes Received:
    1

    Feb 19, 2010

    I'm 23; wife is 24.

    I'm afraid we're putting the cart before the horse on our home purchasing decisions (we don't own a home yet).

    Because we know a lot about finances and home-buying, we (I'm using "we" liberally here) are interesting in looking to purchase a home by mid-year.

    How old were y'all before you finally put a mortgage under your belt?
     
  2.  
  3. Caesar753

    Caesar753 Multitudinous

    Joined:
    Jun 10, 2007
    Messages:
    14,601
    Likes Received:
    2,711

    Feb 19, 2010

    My husband and I are going to be buying our first house later this year, provided that everything goes smoothly. He'll be 31 and I'll be 29 or 30.

    I'd say it's less about your age than about your financial stability and job security. Houses are expensive, obviously, so you need to be able to pay for them and continue to live comfortably (and not be 'house poor'). Another thing to consider is that in this market, houses are getting harder to sell in many places, so you might not always have the option of just moving if you lose your job or decide that you can no longer afford a house.
     
  4. ecsmom

    ecsmom Habitué

    Joined:
    Jun 17, 2007
    Messages:
    768
    Likes Received:
    0

    Feb 19, 2010

    We bought our first home right before we got married in '83. DH was 22, I was 21. Interests rates were outrageous then, 12%!
    We bought the home we have now 3 years later, interests rates had come down to 5% by then.
     
  5. Mrs.DLC

    Mrs.DLC Comrade

    Joined:
    Apr 9, 2009
    Messages:
    319
    Likes Received:
    1

    Feb 19, 2010

    25-many years(and houses) ago!!!
     
  6. silverspoon65

    silverspoon65 Enthusiast

    Joined:
    Aug 3, 2007
    Messages:
    2,403
    Likes Received:
    1

    Feb 19, 2010

    29! It was a month ago and I am moving in this weekend finally!!!

    I would have bought earlier if the housing market was better. But it is a buyer's market now. I highly recommend you go for it!
     
  7. Beth2004

    Beth2004 Maven

    Joined:
    Jun 1, 2004
    Messages:
    5,168
    Likes Received:
    1

    Feb 19, 2010

    We bought our first house last summer at 27 years old. I agree that it's less about age and more about financial stability. I think housing costs where you are play a huge role too. People who live in higher cost of living areas, on average, are probably going to have to wait longer to afford a home than people who live in lower cost of living areas.
     
  8. Unbeknownst

    Unbeknownst Cohort

    Joined:
    Feb 9, 2010
    Messages:
    612
    Likes Received:
    1

    Feb 19, 2010

    Yeah, my wife and I watch HGTV a lot (what married couple doesn't?), and I can't believe how much houses are in other parts of the country.

    We're in Texas, and we can get a respectable 3 bedroom 2 bath house for $120,000. The same house in other places is literally $450,000 -- $500,000! I can't imagine.

    I'm thinking we'll probably buy our first home when I'm 24 and she is 25.
     
  9. giraffe326

    giraffe326 Virtuoso

    Joined:
    Jan 2, 2006
    Messages:
    7,075
    Likes Received:
    15

    Feb 19, 2010

    I was 25 and I was/am single.
     
  10. chemteach55

    chemteach55 Connoisseur

    Joined:
    Jul 8, 2007
    Messages:
    1,710
    Likes Received:
    13

    Feb 19, 2010

    We built a house when I was 22 and hubby was 24. My parents gave us the property for a wedding gift so we were able to build using the property as our down payment. We also did lots of the work ourselves and ended up borrowing 38,000 as our final loan in 1987. We sold the house 5 years ago for 145,000 and so we had a great down payment on our present house which is 3x the size of the 1st house.
     
  11. Jem

    Jem Aficionado

    Joined:
    May 7, 2008
    Messages:
    3,544
    Likes Received:
    0

    Feb 19, 2010

    We were looking this summer and couldn't find anything under 650k-in a good market.

    We were really looking to buy this summer (as many on here can attest-put in four offers). It didn't work out, but to be honest, I'm really glad. We ended up renting a beautiful home that we could never afford (this neighborhood is in the millions, even though the homes look like average mid-western homes-all the houses we could afford were 2 bed/1 bath fixers). We got the landlord to allow us the right to paint, and we can replace light fixtures easily. I feel I can freely use all my HGTV ideas-I just need to make sure it's easily removable/paint over-able/take to another house-able. ;) Which so far, has been very easy!!

    We have also realized that we're pretty transient people, so the idea of being able to stick things in storage to travel, or even to move back to dh's hometown in a few years is very appealing. I love nesting and fixing things up right now, but I also want the freedom to take off.

    So to me, it's not age. It's where you are in life, and what kind of lifestyle you like!
     
  12. Tasha

    Tasha Phenom

    Joined:
    Feb 28, 2007
    Messages:
    4,391
    Likes Received:
    5

    Feb 19, 2010

    I was 20, DH was 25 (We are in Texas) and it is a smaller house, but a brick 3/2/2 with a very large yard, even for this area.
     
  13. TamiJ

    TamiJ Virtuoso

    Joined:
    Sep 18, 2007
    Messages:
    6,886
    Likes Received:
    232

    Feb 19, 2010

    I am 29 and we have not bought our first house yet. We are currently in another country anyway, and most people rent here. In any case, I don't want a mortgage hanging over me right now...We had thought about buying back when we were in the US, but thankfully we did not. I don't think this move would have been possible, at least not in the time frame we'd hoped, if we had bought.
     
  14. mom2ohc

    mom2ohc Habitué

    Joined:
    Sep 7, 2008
    Messages:
    974
    Likes Received:
    0

    Feb 19, 2010

    i was 28 and he was 30
     
  15. Beth2004

    Beth2004 Maven

    Joined:
    Jun 1, 2004
    Messages:
    5,168
    Likes Received:
    1

    Feb 19, 2010

    Luckily, with the market the way it is, prices in most places have come down. That's why my husband and I were able to buy last summer. Up until then, you couldn't find anything half-way decent for less than $350k and that's way out of our budget. Now you can get a relatively decent house in an ok area for around $250k, so that allowed a lot of people to buy who couldn't afford to before.
     
  16. shouldbeasleep

    shouldbeasleep Enthusiast

    Joined:
    Jul 28, 2007
    Messages:
    2,233
    Likes Received:
    0

    Feb 19, 2010

    My first purchased house was a 1966 Marlett mobile home. We paid $7000 for it in 1983. It was better than it sounds. Lots and lots of windows. It even had a wood burning stove and was on a small piece of land that butted up against a national forest. It had a view of Mt. Ranier out the front windows. We were so very, very poor back then, but had such good times trying to make do. I used to roam the back woods and find Chantrelle mushrooms to sell. My husband cut wood in the parts that were logged and sold truck loads from our beat-up 1966 pick-up truck. What a life! I was 24.

    The second home was bought in 1987. I paid around $70,000 for a 3 bedroom starter on an acre of pasture land next to my parents. I paid them $2000 for the land. Mortgage was about $450 per month, which I paid extra each month on the principal so that I could pay it off faster.
     
  17. dizzykates

    dizzykates Habitué

    Joined:
    Aug 4, 2005
    Messages:
    815
    Likes Received:
    0

    Feb 19, 2010

    My husband bought our house when we were 22 (me) and 26 (him). We bought at the peak of the market and have since seen our house lose $50,000. I wish more than anything we had waited because we could have purchases much more than we did and now we are stuck in a place we expected to be a starter home.
     
  18. KinderCowgirl

    KinderCowgirl Phenom

    Joined:
    Apr 1, 2006
    Messages:
    4,858
    Likes Received:
    0

    Feb 19, 2010

    I was 30 when I bought my house. It just got to the point where job was stable, I wasn't going to be relocating again and it seemed pointless to throw money away on rent month after month when I could be paying a mortgage and make more of an investment.
     
  19. Proud2BATeacher

    Proud2BATeacher Phenom

    Joined:
    Dec 27, 2005
    Messages:
    4,896
    Likes Received:
    5

    Feb 19, 2010

    I don't know if it would ever happen ... I hate the school district that I work with but with budget cuts it is hard to get on with another school district.
     
  20. kacieann

    kacieann Companion

    Joined:
    Dec 30, 2008
    Messages:
    247
    Likes Received:
    0

    Feb 19, 2010

    We were 25 about 5 years ago. We were able to purchase a home way less than what we were approved for. I am so happy with that decision because about a year later I decided to become a teacher and cut my salary in half.
     
  21. dragonfly05

    dragonfly05 Companion

    Joined:
    Jul 2, 2006
    Messages:
    189
    Likes Received:
    0

    Feb 19, 2010

    We are looking to buy our first house by this summer! We did the approval for my husband alone and were lucky that he qualified for way more than we need! Now is the time to buy here...because if we wait too much longer, we won't be able to afford it. :D We are both 30.
     
  22. Unbeknownst

    Unbeknownst Cohort

    Joined:
    Feb 9, 2010
    Messages:
    612
    Likes Received:
    1

    Feb 19, 2010

    Sounds like the life if you ask me. I had similar experiences growing up in my own family.
     
  23. MuggleBug

    MuggleBug Companion

    Joined:
    May 7, 2008
    Messages:
    169
    Likes Received:
    0

    Feb 19, 2010

    I'm hoping DH and I will be able to buy by the time we're 30 (we'll be 27 and 28 this year). Unfortunately, we don't know where we'll be when he gets out of the military in a year and a half so it doesn't make sense for us to buy now. I'd love to stay here (CT) but it is really expensive so it will depend on if he gets a good job in this area or not. He wants to move to Alabama where his family is but I am hoping we won't have to, lol.
     
  24. JaimeMarie

    JaimeMarie Moderator

    Joined:
    Jul 13, 2005
    Messages:
    10,120
    Likes Received:
    0

    Feb 19, 2010

    We just built our first home and moved in November 25th. I am 34 and DH is 31. We had been looking for six years.
     
  25. Ima Teacher

    Ima Teacher Virtuoso

    Joined:
    Oct 25, 2005
    Messages:
    6,208
    Likes Received:
    1,595

    Feb 19, 2010

    I bought my house when I was 29 and dating DH. I looked for awhile, but I didn't find what I wanted. People kept wanting to show me "starter houses". I wanted a "keeper" house.

    I also knew that I wanted a one-story house, a big yard, and neighbors that weren't too close. I wanted a nice house, but I wasn't afraid of a little fix-up work either.

    I wanted to be settled in my career, so I waited until I finished my masters, bought a new car, and got tenure.

    The orignal mortgage was a 30 year, but I didn't want to have a mortgage after retirement so I refinanced for a 15 year.

    My parents were 23 and 32 when they bought their house.
     
  26. ku_alum

    ku_alum Aficionado

    Joined:
    May 24, 2008
    Messages:
    3,513
    Likes Received:
    15

    Feb 19, 2010

    I was 29.
    Student teaching, no income, no husband.
    I had taught/researched at a university for several years before changing to the education degree, so I had savings. My mom loaned me 1/3 of the down payment. She's been paid back.

    Husband and I still live in the same home. We are looking to move though.
     
  27. AMK

    AMK Aficionado

    Joined:
    Apr 18, 2003
    Messages:
    3,019
    Likes Received:
    0

    Feb 20, 2010

    We recently bought our 1st house, we were both 29 but I was only a few weeks away of turning 30
     
  28. AMK

    AMK Aficionado

    Joined:
    Apr 18, 2003
    Messages:
    3,019
    Likes Received:
    0

    Feb 20, 2010

    My mom really my grandma was in her 60's when she bought her 1st house, she was so nervous at her closing!
     
  29. FarFromHome

    FarFromHome Connoisseur

    Joined:
    Jul 9, 2007
    Messages:
    1,857
    Likes Received:
    2

    Feb 20, 2010

    I turned 23 the day we closed on our house, and my husband was 21.
     
  30. terptoteacher

    terptoteacher Connoisseur

    Joined:
    Jun 30, 2006
    Messages:
    1,751
    Likes Received:
    2

    Feb 20, 2010

    I was 23. We'd just had our first child. My parents loaned us some money as did his mother. We bought a 2,000 square foot, 4 bedroom, 3 bath, unfinished daylight basement in Olympia Wa for...$84,650. Couldn't touch that house now for less than $275-300,000 now.
     
  31. Unbeknownst

    Unbeknownst Cohort

    Joined:
    Feb 9, 2010
    Messages:
    612
    Likes Received:
    1

    Feb 20, 2010

    I'm going to save this post and update everyone years later when my wife and I buy our first home, lol.
     
  32. DaleJr88AmpFan

    DaleJr88AmpFan Cohort

    Joined:
    Apr 19, 2008
    Messages:
    565
    Likes Received:
    0

    Feb 20, 2010

    We were both 25 when we bought our first home together. We sold it in Oct 07 and moved into our new house in April 08. We were 36 when we closed on the new house. We're making additional payments on principle to pay the loan down quicker. I want to be done with those mortgage payments before I start looking at retirement.
     
  33. stevenrokz

    stevenrokz New Member

    Joined:
    Feb 20, 2010
    Messages:
    1
    Likes Received:
    0

    Feb 21, 2010

    Well, I bought my house just after marriage when i was 28 & my spouse was 24. I am now planning to move in a new house as the interests rates are quite low and its buyer market and this is best time for it
     
  34. Crzy_ArtTeacher

    Crzy_ArtTeacher Comrade

    Joined:
    Oct 10, 2008
    Messages:
    351
    Likes Received:
    0

    Feb 21, 2010

    My SO and I bought our house at 22 years old in July of 08. It is our 'starter' home and we've really enjoyed the process of remodeling it specifically for us.
     
  35. fast chalk

    fast chalk Comrade

    Joined:
    Mar 25, 2009
    Messages:
    416
    Likes Received:
    0

    Feb 21, 2010

    I was 22 and Dh was 25.
    It was a long tome ago...
     
  36. Aliceacc

    Aliceacc Multitudinous

    Joined:
    Apr 12, 2006
    Messages:
    27,534
    Likes Received:
    6

    Feb 21, 2010

    I was 32.

    FYI: If you're really serious about buying soon, there's money to be had!

    As part of the stimulus package, you can qualify for up to $8000 if you buy your house soon!

    I got this from the Century 21 Website:

    "Homebuyer Tax Credit has been extended and expanded!

    First-time home buyers and move up buyers have another great reason to get on the path to purchasing a new home! The benefit to First-time homebuyers is a tax credit up to $8,000 and for qualified Move-up buyers a tax credit up to $6,500. But this opportunity ends in April.


    •Between November 7, 2009 and April 30, 2010, homebuyers that have a signed binding contract to purchase a home by April 30, 2010 may be eligible for the tax credit. The transaction must close by June 30, 2010.
    •For First-Time Homebuyers, a tax credit up to $8,000 ($4000 for married filing separate), homebuyers may receive a credit of 10 percent of the purchase price up to the $8,000 tax credit amount. If you have never owned a home before or have not owned a principle residence in the last three years, you are considered a First-Time Homebuyer.
    •For the "Move Up" consumer, a tax credit of up to $6,500 ($3250 married filing separate) is available for Homeowners who have lived in their current residence for at least five consecutive years out of the past eight years. The homebuyers can receive a credit up to $6,500 when they contract to purchase a home by April 30, 2010, and close by June 30, 2010

    The tax credit does not have to be repaid provided you live in the new home for a minimum of three years. Military families who must move due to a call to active duty are exempt from this minimum.

    This is intended to provide an overview only - for specific information or individual concerns, please contact your lawyer, accountant and/or financial advisor. "
     
  37. Unbeknownst

    Unbeknownst Cohort

    Joined:
    Feb 9, 2010
    Messages:
    612
    Likes Received:
    1

    Feb 21, 2010

    Yeah, I'm aware of the stimulus package tax credit, but it will still be too soon even after the extension. Looks like we're just going to have to pass on this deal.
     
  38. Aliceacc

    Aliceacc Multitudinous

    Joined:
    Apr 12, 2006
    Messages:
    27,534
    Likes Received:
    6

    Feb 21, 2010

    I'm only aware of it because mom just put her house up on the market. She was planning to wait until spring, to coincide with the home-buying season, but her realtor mentioned the rebate; it just made more sense to put it up on the market earlier rather than later.
     
  39. cityfrog6

    cityfrog6 Comrade

    Joined:
    Jul 5, 2008
    Messages:
    258
    Likes Received:
    0

    Feb 21, 2010

    I was 22 and hubby was 27 when we bought our house in 2002.
     
  40. SunnyReader

    SunnyReader Companion

    Joined:
    Sep 2, 2009
    Messages:
    237
    Likes Received:
    0

    Feb 21, 2010

    I bought my house when I was 22 and my husband and I were on HGTV.
     
  41. Caesar753

    Caesar753 Multitudinous

    Joined:
    Jun 10, 2007
    Messages:
    14,601
    Likes Received:
    2,711

    Feb 21, 2010

    :eek:
     

Share This Page

Members Online Now

Total: 198 (members: 1, guests: 183, robots: 14)
test