Current Events > America: To make it in this country you need to buy a house

(+) Yeah! (+)

"Okay I want that. I pay 2500 dollars in rent and im tired of it."
America: "Cool but first save up for a down payment"
"But how, i just said i pay so much in rent, it'd be easier to pay a mort--"
America: "And don't forget about closing costs. Origination Fees, inspection fees, and fee fees."
"Fee-- what? H-"
America: "Oh yeah and PMI, which is an insurance YOU pay for to insure the BANK if you default."
"How does that make any sense. I can't afford all that."
America: "LAZY! MILLENNIALS ARE RUINING THE HOUSING INDUSTRY!"

I agree with the topic title. It's an investment into your family tbh. Once it's paid off, you have no cost of shelter beyond your bills and property tax. No rent or mortgage which is the large majority of cost of shelter. Your kids can live in that house and save money, you can retire in that house, etc. Maintenance costs can be mitigated by learning alot of that stuff yourself.

I mean, you can make a down payment as low as 3-5% and lock in a very low interest rate as a first time home buyer. 20% can be a lot depending on where you are looking but that will allow you to avoid the PMI so you're likely going to have to eat that until it falls off.

Inspection is only like $500 depending on area, and your agent can negotiate the sellers to cover the closing costs pretty easily.

PMI is a tax deduction, don't worry about it.

Just stop buying Starbucks breast milk lattes and you'll be able to afford it

Dan_Haren- posted...

Once it's paid off, you have no cost of shelter beyond your bills

Technically thats true before you pay it off as well.

FAQ-Checker posted...

Technically thats true before you pay it off as well.

Only if you include mortgage/rent into bills, and by bills I mean utilities.

FatAnimeBooty posted...

Just stop buying Starbucks breast milk lattes and you'll be able to afford it

NEVER!!!!!

Yeah it is trash.

Me and our wife can't wait so we getting a house with barely any downpayment.