Any younger guys have experience buying a house?

[Sentinel]

I vote to stay flexible at 23 years old. If you're banking on having tenants who pay on time and don't completely destroy your house, good luck. Echoing what other people have said, co-signing anything with anyone is a recipe for disaster. The only person you can count on to be paying the mortgage will be you, so make sure you can afford it.

 

[Blackjack200]

We bought our townhouse brand new when I was 23 and now, 8 years later, we are both still glad we did. Buying new and a townhouse meant there were few issues to deal with and all external maintenance is covered by the HOA (I know, another thread topic). We are now looking at a slightly larger single family dwelling but for young married folks without kids (yuppies if you will) this was great.

Yuppies can have kids, though not usually. You're DINKs. Dual Income, No Kids.

...well, assuming she works too.

 

[superccs]

This is true. Problem of OP is that I doubt he'd get a loan for a $600K house on $75K salary.

Yeah how are you going to come up with the ~250K closing costs?

 

[FallenHero]

Never ever ever ever buy a house with a friend. It will not work out.

Also, read Tommy2000GT posts for epic lulz in buying a home.

 

[iroast]

Not a good idea. Pay off all debts before you tack on a mortgage. Once you're ready for a mortage, make sure you have enough left over to pay bills and deposit some in a savings account each month.

PS: Find a cheaper place to rent if possible.

 

[GrumpyMan]

Quote:
Originally Posted by bignateyk
Don't forget the part where you give the house to your girlfriend as a Christmas present.

what are you talking about

Just don't let your girl friend give the house away to her best friend like she does purses....

 

[bonkers325]

never buy a property with someone you don't intend to spend the rest of your life with.

 

[JM Aggie08]

For some reason I thought this thread was about buying a horse...

Kept reading the OP and was waiting to see breeds and bloodlines mentioned.

 

[sze5003]

I would not do it. What if you or your friend later want out? Or if one of you gets a gf or engaged do you throw the one person out?

Lucky if your parents can pay the down payment when I started making money my parents were the ones needing help so I had to and still have to help out with money plus school debt.

I just wouldn't take on a huge mortgage with even my best friend because you never know what may happen later and like others said, you won't like being stuck footing the bill in the worst scenario.

 

[sdifox]

Don't forget the part where you give the house to your girlfriend as a Christmas present.

But she has a big medical bill he doesn't want part of.

as to op, terrible idea.

 

[Red Squirrel]

I bought my first (and current) house at 23. Best to get started young as right now you're just throwing your money away on rent. Also $3200 is insane, I'd consider moving somewhere where it's not that crazy, but guess that's easier said than done if that's where family is and what you know. I pay $550 bi-weekly for a 1100sqft house. I could pay less but I choose to pay a bit more. I did have to dip into the equity this summer so this is making up for it. House was 165k when I bought it, it's now worth over 200k based on current market alone and not even considering the work I did on it.

I would avoid renting it out to random people though, just too much hassle and risk.

Also be sure you are in a position where you can afford it on your own. You don't want to depend on anyone else.

 

[Leros]

I'm 24 and could afford to buy a decent house. I'm currently renting and paying too much for it, but I don't want to give up the flexibility yet.

 

[Red Squirrel]

What is this flexibility that people speak of? Don't you want to settle in a nice place that you can be comfortable, organized, and stick to? As soon as I was out of college I was looking into getting a house. Lived at my parents for a few years so I can save up. Best thing I ever did. Though I did get lucky and got a full time job right away. I definitely would not buy a house if you only have a contract type job or no job at all, or a job that is unstable.

Though with a house even if you do have to sell, it sucks having to move but at least you make a bit of profit out of it depending how long you were in.

 

[Gronnie]

My vote is do it yourself if you can, otherwise hold off. Never do business with family or close friends.

 

[Leros]

What is this flexibility that people speak of? Don't you want to settle in a nice place that you can be comfortable, organized, and stick to? As soon as I was out of college I was looking into getting a house. Lived at my parents for a few years so I can save up. Best thing I ever did. Though I did get lucky and got a full time job right away. I definitely would not buy a house if you only have a contract type job or no job at all, or a job that is unstable.

Though with a house even if you do have to sell, it sucks having to move but at least you make a bit of profit out of it depending how long you were in.

Flexibility to move. I don't know where I want to settle down yet. I don't know the city or even the area of my current city where I'd like to love.

I know plenty of people who are in their 30s and 40s who have been wanting to move for several years, but can't sell their house or can't sell it without taking a huge loss. I don't want that sort of restriction right now.

 

[sze5003]

Yeah I get the flexibility part too. Ive been here in this city since high school. But I don't think I would want to live here for ever or even live where I work for long. Not sure as I'm one of those people that just get sick of a place after too long if things don't really go as expected. I certainly don't think I would buy a house here. Cheapest you could get and it would be a row home, for nearly 200k or more that's if its a nice neighborhood.

Nor will I have the downpayment with student loans in the way. I guess one day you figure out you enjoy the area and decide to settle there. Nothing sounds right about the area you live in. Expensive places there and you mentioned your near the good side but not directly in it. Sounds like Philadelphia ugh.

 

[CLite]

Yuppies can have kids, though not usually. You're DINKs. Dual Income, No Kids.

...well, assuming she works too.

better yet if they own a dog - DINKWAD (double income, no kid, with a dog)

Back on topic...... DINKs are a completely different situation from the OP. NEVER ENTER A MORTGAGE WITH A FRIEND.

Never.

Ever.

 

[z1ggy]

I'd say in your case, no.. Do not do that. Mainly because this is FRIEND, not a long term girl friend/wife. No matter how you cut that situation, it's not really an idea that I would suggest diving into.

Now on my hand, I bought a small 2 bed 1 bath house 1 week after I turned 23. It worked for me because I could afford the house completely on my own, and it actually cost my less in the short term, than renting. I knew it would just be a short buy (hold for 5-7 years) then I would sell it and hopefully just break even. I am now 25 and happy with my choice. Only a few things have needed fixing along the way so I think I got lucky.

I suggest you just keep renting and wait for the house buy. Only way I would suggest you buy is if you find a place you could afford completely by yourself, and then rent a room(s) out for extra income. That's what I do and it's worked great.