Own, Rent, Live with Mom and Dad

Discussion in 'Industry Surveys & Polls' started by rusty_keg_3, Jul 26, 2009.

?

Where do you live?

  1. Own Your House

    53.0%
  2. Rent

    15.7%
  3. With The Parents

    31.3%
  1. ADVANTEC LAWNS

    ADVANTEC LAWNS LawnSite Member
    Posts: 124

    :hammerhead:live with the parents they r like 54- 56 uggh they can be so disagreable
     
  2. rusty_keg_3

    rusty_keg_3 LawnSite Bronze Member
    Posts: 1,469

    Ha, yea i know my dad is super old (63)...
     
  3. rusty_keg_3

    rusty_keg_3 LawnSite Bronze Member
    Posts: 1,469

    bump
    ..............
     
  4. White Gardens

    White Gardens LawnSite Fanatic
    Posts: 6,776

    I'd say live at home as long as possible before you move out.

    If you can get all the initial equipment you need without having a house payment then that will pay off big in 5 years or so.

    I think in the green industry it can be tough starting out considering all the specialized equipment we need and can suck the pocket book dry starting out. If you guys can power through as long as you can at home then you would be in a great position to invest in a property after most of your equipment has been bought.

    That has been the biggest obstacle for me. Paying for a house, a wife, and a kid and starting a biz at the same time. I should have more equipment now, but I'm taking my time so I don't break the bank, and I'm happy I do what I love and can support my family.
     
  5. JeffNY

    JeffNY LawnSite Senior Member
    Posts: 257

    I rent because no bank is going to give me a loan for a 130k house, not for a while, so I rent my $575/mo apartment till im stable enough to get approved to buy a house. and no, I don't want a 50k house, i'd rather live in my apt.
     
  6. whosedog

    whosedog LawnSite Senior Member
    Posts: 730

    I'm 56, house paid off,no outstanding loans ;0 out the balance every month on credit cards.Have 3 sons living at home,my advise to them is to save until you can afford a good down payment on condo,townhouse or one or 2 family house.If you rent you might as well flush that money down the toilet because you will never see it again; if you own it will eventually come back to you.Our Government encourages homeownership,through tax credits etc because it's good for the economy,why not take advantage of your Uncle Sam's generosity?Especially now you have a 8,500 tax credit for first time homebuyers and banks are lending again,hey even if it's a trailer that you own at least it's your's to sell.
     
  7. 360ci

    360ci LawnSite Senior Member
    Posts: 992

    I'm 27, own a house but don't live there. I rent it out to 6 uni students for $2700/mo. I own it, there's no mortgage. I live in an apartment that I don't pay rent because I'm the super. I have ample parking for everything here at the apartment so I don't have to drive to and from my house as I use the garage there for personal storage as the students that rent it don't have cars. Once I can find a decent place that I like, without having to go custom I'll move out of the apartment, but that's a few years away. I lived at home until I was 21 to finish college. My parents live up the street from me now, so it's easy to get child care at any time when I need it.
     
  8. stevenf

    stevenf LawnSite Bronze Member
    Posts: 1,612

    Im 21 still living at home. If all gos well I will be looking for a house at the end of this year. I chose not to rent a place. Very hard to save money when your paying toward something you will never own. I plan to have a nice down payment though!
     
  9. joe james

    joe james Banned
    from ames ia
    Posts: 327

    Own my own.
     
  10. 360ci

    360ci LawnSite Senior Member
    Posts: 992

    Glad to hear. I never thought I'd rent, but after buying a decently sized house outright, my broker phoned me a few months before I was slated to move in and said if I spend 6K on some renovations, I can rent it out for decent money. So, I did. My wife didn't like the idea at the time, but now that she can shop til she drops she's all for it. My apartment complex is only 10 units, so it's fairly quiet but I couldn't see myself forking over the $800/month they want for the place I'm in (I'm a full site superintendent and have no rent). I even get basic cable at no charge.

    Ontario recently passed a law to help decrease the debt that people can get into even in a few years. So, one of the measures taken was to make a standard $20K down payment on ANY property, even for first time home buyers. This makes it harder for those that could afford a new place with low down payment, but now it'll take that much longer to secure the proper funds, only by that time I'm sure it'll be changed to $30K down. At least it makes people get serious about getting a house, but if you can't pay off a house in 15 years or less you're better off renting for what a house will cost over the long term as you won't see much value when you plan to sell it. One of my neighbours is getting a house custom built, with a FOURTY year mortgage and he's 53 years old! In ways I suppose anything's possible after all.
     

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