I want to buy a home!

[Bowyer12]

Hi all,
I live with my parents and I want to be separate, that’s the reason am desperate to buy my own place. I cannot afford much but if the necessity arises I can go for finance. Do you people have any good ideas that can help me to get my dream house? Your help would be greatly appreciated.
Thanks in advance for your advice!

 

[GIDDO]

OOh...This is almost just too good.

"If the necessity arises, I can go for finance"
So; will it be necessary? You should know now whether you have the cash?

"Help you get your dream home" "I cannot afford much"

You'll have to define "Dream Home".

You'll have to define "Afford much".

I see you live in the USA.
Are you fair dinkum??

 

[BV]

I have seen this post before somewhere...
Anyway, stay at home.
Alternatively treehouses are cheap, just head for the nearest available tree.

 

[sailor]

Hi all,
I live with my parents and I want to be separate, that’s the reason am desperate to buy my own place. I cannot afford much but if the necessity arises I can go for finance. Do you people have any good ideas that can help me to get my dream house? Your help would be greatly appreciated.
Thanks in advance for your advice!

Good Idea #1: Save
Good Idea #2: Save
Good Idea #3: Save
Good Idea #4: Don't plan on getting your dream house first. Start off small.
Good Idea #5: Don't spend money on anything that's not absolutely necessary.
Good Idea #6: Save.

 

[valleymist]

Previous occurence of this thread

http://www.somersoft.com/forums/showthread.php?t=39964

smells fishy

 

[Sunder]

Good idea #6 Don't get a first home, get a first investment property.

Once it's paid off and there are no tax advantages left, move into it.

 

[sailor]

Good idea #6 Don't get a first home, get a first investment property.

Once it's paid off and there are no tax advantages left, move into it.

But in the USA, isn't interest on PPOR's tax deductible?

 

[Sunder]

But in the USA, isn't interest on PPOR's tax deductible?

I heard rumours that they were proposing that to put a bottom on foreclosures, not that it was currently active.

Maybe I'm talking out of my butt. Sorry if I am.

 

[alexlee]

I heard rumours that they were proposing that to put a bottom on foreclosures, not that it was currently active.

Maybe I'm talking out of my butt. Sorry if I am.

PPOR interest is already deductible in the US. However CG exemption on the PPOR is limited to $250k for individuals, 500k per couple.
Alex

 

[michaelg]

Hi,

If allowed, find a way to get a small relocatable put in the parents backyard (nice clean one) then save your $$$ and buy a small rental within your budget.

If your dream house is one you own (ie not a mansion) then it shouldn't be an issue. Your first house might be crap, but it will be all yours.

Buying a house is easy, paying the mortgage is the tricky part.

Michael

 

[Pablo]

How did I know there would be a link to this web site popping up.

 

[VYBerlinaV8]

Hi,

If allowed, find a way to get a small relocatable put in the parents backyard (nice clean one) then save your $$$ and buy a small rental within your budget.


Michael

... then when you can afford a house with a backyard, move your relocatable to it backyard and rent the main house to someone else. Then when you can afford your own place, rent out the relocatable.