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Old 04-18-2008, 12:52 PM   #1
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Why it's hard to buy a house

Ok so these are pics of houses in my city. I live about 1.5 miles from these houses. This is the area my cousin lives in.

I have decided that this is why its so hard to buy a house in this part of Utah. the crazy thing is, these are not as big as the ones on top of South mountain.
These houses are only half way up the mountain and there are hundreds of houses this size. Its CRZY. the first three are of a big castle house. i had to take two shots and put them together. the view is awesome from the back.





Notice how all the roofing is coper along with the rain gutters.

Here are some more of random houses up here.



i have more but i think this is enough right now.

I do not know how people can afford these homes. I would hate to clean them. lol

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Old 04-18-2008, 02:41 PM   #2
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By using equity and the bank irresponsibly giving out loans that people cannot realistically pay off. Like the "30 year loan" due in 15 years. Your payments are set for 30 but if you don't pay extra you're screwed.
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Old 04-18-2008, 02:46 PM   #3
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By using equity and the bank irresponsibly giving out loans that people cannot realistically pay off. Like the "30 year loan" due in 15 years. Your payments are set for 30 but if you don't pay extra you're screwed.
yeah i can totally see that. i just wanna know what these people do for a living to have these homes.

Even if i could afford that, i would still buy a modest house and save the money or use it for family fun stuff. I mean make my money work for me, not me work for my money
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Old 04-18-2008, 02:50 PM   #4
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Alot of people work in NYC from my area. The last town I lived in there was a private helicopter every morning and afternoon going into Manhattan. We call them McMansions. Super gigantic homes that pop up all over the place. There's even new developments that have 7,8,9000 square foor homes. Who cares about the cleaning part, how the heck would you furnish it?
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Old 04-18-2008, 02:53 PM   #5
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yeah i can totally see that. i just wanna know what these people do for a living to have these homes.

Even if i could afford that, i would still buy a modest house and save the money or use it for family fun stuff. I mean make my money work for me, not me work for my money
Good for you, LT! Buy less home than you "qualify" for so that your entire life doesn't revolve around making the mortgage payments. How much joy can there be in that?
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Old 04-18-2008, 03:08 PM   #6
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Good for you, LT! Buy less home than you "qualify" for so that your entire life doesn't revolve around making the mortgage payments. How much joy can there be in that?
Exactly. If you are smart with your money and have a modest house, think of all the other stuff you can do with the left over money. I would be alot happier with more family vacations, family outings, parties and smaller things than having only one big thing to show for all my hard earned money.

the cool thing about my cousin who owns ogio, his son agrees with me. His son is away at school and told his parents not to pay for anything. so he lives in a one bedroom apartment and has no bed, just a mattress on the floor. no tv no nothin. He uses all his hard earned cash from work to pay for tuition and books. Im proud of him because now he knows the value of a dolor.
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Old 04-18-2008, 03:14 PM   #7
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A lot of people who have houses that size HAVE been smart with their money. That is why they are able to afford them. What is affordable is relative. I know people with houses that size or bigger. They have not squandered their money. They have spent it wisely and have something to show for it. They have plenty of money left over to take vacations and buy cars and boats and whatever else.

Someone who lives in a third world country in a ramshackle shack would look at some of the modest houses that we live in and think they would never buy a house that size, because what they are used to is so much less and they see our houses and think they are extravagant.

Do not forget that buying a house is an investment. It is not just a purchase. If you buy a nice house (assuming you can afford it) and can hang onto it and then sell it when the market is favorable then your investment will have paid off.
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Old 04-18-2008, 03:15 PM   #8
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What a wonderful thing that young persons are being taught early the joys of living debt-free!!! I had to learn the hard way. I'd been married 15 years before we embarked on a debt-free plan. When we finally paid off the house 8 years early last year, I felt completely free. It's the best feeling in the world. And I can promise you if you live like this from the beginning as a couple, you will have a much happier life together! (Most of the discord between husbands and wives seems to center around money and how it's used.)
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Old 04-18-2008, 03:20 PM   #9
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A lot of people who have houses that size HAVE been smart with their money. That is why they are able to afford them. What is affordable is relative. I know people with houses that size or bigger. They have not squandered their money. They have spent it wisely and have something to show for it. They have plenty of money left over to take vacations and buy cars and boats and whatever else.

Someone who lives in a third world country in a ramshackle shack would look at some of the modest houses that we live in and think they would never buy a house that size, because what they are used to is so much less and they see our houses and think they are extravagant.

Do not forget that buying a house is an investment. It is not just a purchase. If you buy a nice house (assuming you can afford it) and can hang onto it and then sell it when the market is favorable then your investment will have paid off.
oh good point, I was looking at it at my own perspective. I have seen friends spend with out thinking. lol...

Seriously, what ever these people do for a living, im jumping in the same boat. Its gotta be sales/consulting or they own a big business. oh cant forget the lawyers and Dr's

My age has alot to do with it also. Im 23 and not yet married and looking at prices of houses really discourages me. I havent even started life and it already seems impossible
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Old 04-18-2008, 03:40 PM   #10
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GB is right - houses like that are often move-up houses, not starter houses. A starter house is your first one - usually a modest one, like you say, or a fixer-upper that is available at a discount because it needs work. You buy a starter house and hopefully the market improves so in 5-10 years, you can sell it for a nice profit and use the profit to make a large down payment on a larger house. Some people like to do that, others stay in their initial homes.

My parents moved every 2-3 years when I was growing up, and made about $9k each time - a lot of money in the '60s and '70s. My in-laws, on the other hand, stayed in their second home for about 30 years; when they retired, they sold it for a substantial profit.

The houses you're looking at are not starter homes And it's not all that often, I think, that people in their early 20s are in a position to buy a home, especially when they're single. Unless you're a military veteran, you generally need a down payment, 10-20% of the value of the home - especially now.
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