Is it impossible to actually own a house, should I rent until I die?

Question

It seems to unreachable. :(

Answer 1

It depends on where you live... My parents were never able to buy a house and therefore rented an apartment until they died. Homes in my home town cost over $1 million. The greatest disadvantage of renting is that your rent will keep going up. On the upside you are not responsible for paying for maintenance or replacements like new roof, water heater, AC/furnace, etc. Also, when you rent you are more mobile. You can move and don't have to worry about finding somebody to buy your house. You don't have to worry about property values, either. Renting is not all bad if you have a good landlord.

Answer 2

Honestly, take the answers you receive on here with a grain of salt. There will be a lot of egotistical answers, and jealousy.

Having money isn’t really the issue. If you have savings, then cool, but a savings account won’t buy a house. Setting aside money for a down payment will. If you call that saving, fine, but you should still have a savings account.

Good income isn’t really an issue either, because people lose their jobs all the time. There are foreclosures, bankruptcies, and other issues every day. Having a savings account to help you in these situations is necessary. A fancy job title is not necessary.

Remember, life on Facebook does not determine what is needed for success. Working hard, understanding how people think through their life, and knowing society prays on garbage does.

Save money, work hard, and value yourself and family.

Answer 3

Have one savings account that you consider just for a down payment on a house. Start small and consider buying a cheap, small fixer upper. The further away you get from a big city, the cheaper houses get. I bought my house for 50K and re-did much of it myself. Getting the mortgage and paying on time has never been a problem even though my income is very moderate. Keep your credit rating at least Good and spotless. No judgements or collections. Shop around on Zillow (but don't believe their valuation "Zestimate") and on auction and RE sites-get to know pricing.

It's not at all impossible unless you are looking at houses far beyond your income.

Answer 4

Good credit and stable income are key.

Look around your area, start using Zillow to see what the house prices are. A 30 year mortgage can spread that cost out and make it easier to do payments. If you can buy and pay off a new $20,000 car in 4 years you can do a house.

You'll need to look into WHEDA and HUD loans, they help a lot. Or a VA loan if you were/are in the service. You'll need only 5% down if you can get one of these three. Otherwise it's 15-20% down on purchase, based off the total asking price. When I bought mine it was quoted at $35,000, I put $5,000 down and my monthly mortgage was $189. That also included the property taxes collected, which was a check cut for me by the bank each December. I had no pre-payment penalties so I could add more to each mortgage payment as needed, bringing that 30 year payoff down to less than 20 years. Very do-able.

Answer 5

its your wish .

Answer 6

We don't know your income, your expenses, or what you save on an annual basis. Kind of hard to give you any sort of feedback without knowing your financial condition.

Answer 7

It isn't impossible as long as you have the discipline to save up and the ambition to better yourself to get a job that support a house.

Answer 8

Not impossible. You just need 2 things.. great credit and good income

Answer 9

No. Why rent when you end up with nothing. Renting is basically helping the landlord to finance a home.

Just save any way that you can until you have enough to make a deposit. Your monthly payment will be the same but your rent goes up each year so every year, use the money you save and use it to pay off the mortgage or save it for an emergency.

Answer 10

That depends on where you live, and how stable and well-paying your job is.

In most places, you can get a small house for a very reasonable price. If you're going to spend big on a "good neighborhood," or buy a 17 bedroom house because of all the kids you may or may not have, that's different.

You should, without too much effort, be able to get a 30 year (or even a 15 or 10 year) mortgage that should be significantly less than you are paying in rent. This allows you to build equity in the home, so you aren't just giving away rent for nothing.

There are potential downsides. Home repairs are now your problem, and you're somewhat tied to that area. If there's a good chance that you'll move in the next few years, or if you don't have the time or inclination to maintain the property, owning a home may not be for you.