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Old 04-18-2008, 05:59 PM   #31
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We were young and making nothing. Had a chance to buy a real fixer upper for a song.

By the way there is not such thing as buying a fixer upper for a song.

You will spending a whole lot of money at the Home Depot like stores and it will probably need stuff like water heaters, and all kinds of appliances and fundamental work on the house. We learned, and put in a whole lot of time.

We got about five hours sleep for years and we sure learned.

Then we moved up and this is our fifth house.

When we bought it we could have purchased another, more fancy one, that cost several times what this one did. Or at least that is what the agents and banks told us. But suchcame with an enormous mortgage. We demurred.

Many of those who did so are in trouble now.

We are not. We have a modest house still, but we can easily afford the mortgage payments.

The subprime mortgage disaster occurred because their were folks who were gullible and lenders who were, to me, dishonest.

Anyway, be conservative in your finances. At least it has always worked for us.

Before criticizing a person, walk a mile in his shoes - then you are a mile away and you have his shoes!
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Old 04-18-2008, 06:23 PM   #32
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Buy the biggest house you can so when you get married you will have more places to hide! ;)

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Old 04-19-2008, 11:36 PM   #33
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Originally Posted by NAchef View Post
Buy the biggest house you can so when you get married you will have more places to hide! ;)
Do you know where the woodshed is?

"Count yourself...you ain't so many" - quote from Buck's Daddy
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Old 04-20-2008, 03:14 AM   #34
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Saw a "Build Your Own Home" program the other day and was blown away by the naive couple that was featured. Now this was probably filmed several years ago (most of the TV here is except for good ol' CNN and Larry King Live). Anyways this show profiled a young couple with two very young children building a huge home in a nice area of the UK. The estimated cost was 3/4 of a million British sterling (double that and you're talking US dollars today). The home was going to feature 9 bedrooms, 6 baths (the master suite had a fireplace in the bathroom) and minute attention to detail was followed. The lady knew what she wanted and she was very knowledgeable. The windows alone cost nearly $80,000---they were the antique kind that had bubbles and waves in it and as she explained reflected different pictures from each pane. Now you might think that they had won the lottery or inherited a fortune as they were so young. Nope, they had a whopping 17,000pounds or about $34,000 in savings. They were renting their first home. The bank loaned them the rest. Throughout the hour show the interviewer cautioned them about getting in over their heads and would periodically check up on them and the progress of the house. One year later the house's completion was behind by 8 months. But they were optimistic as ever. This was really hard to watch I have to tell you. Anyway by the end of the show she was sitting on her back porch near the special built orangerie looking very glum and admitted that building costs had tripled from the 3/4 of a million dollars. The house was still not finished and they finally admitted that they would have to sell it.
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Old 04-20-2008, 11:33 PM   #35
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A lot of it is a "status" thing!

My best friend recently got a divorce and had to sell his home. With the bad market he could "only" fetch 750k US for the home. He also wanted to get out as quick as possible.

We were talking recently at his new home, which is maybe 2k sq. ft., and he told me that he likes this home much better and the old home was more of a status thing for him at the time.

He has been retired since he was 33, that was about 10 years ago, and wont have to work again.

I have a few ideas on the house I want and have been drawing ideas from time to time but in the end I really dont need something that big. After a few years the kids will be gone and the rooms will be a waste except if I want to be a pack rat.

The market is ever changing and you have to decide what will work best for you, BUT do not try to out do the Joneses!
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Old 04-21-2008, 12:09 AM   #36
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Originally Posted by kitchenelf View Post
Do you know where the woodshed is?
Surely he can afford something bigger than that!


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