I've also heard of banks seizing escrow funds just because too.
Most of the time you can get them back but still that 3-4 month waiting period can be killer if you owe $2,000 and have to pay that shit out of pocket.
not a doctor, not a lawyer, examples I use may not be fully researched so don't take out of context plz, don't @ me
0
mrt144King of the NumbernamesRegistered Userregular
As someone who moved out at 19 and never looked back, moving out was one of the best decision I ever made. But I didn't buy a house.
Why was moving out so great?
1. A place to get my fuck on
2. A place to get my drink on
3. A place to get my anything on
Theres something liberating yet scary about being on your own. The whole "save a bunch of money and then move out" just seems so boring and something an accountant would do. And at what point are you ever really ready to move out with that mentality of saving being so important. What is the point of saving if you have to sheepishly bring a girl home to your parents house as a 24 year old?
My wife's boss has 3 kids at home, 28, 26, 23 who all live at home and none of them seem like they will ever move out. And it's weird. and they mooch off their dad who works a ton to support all of them. They all seem like stunted adults who have no responsibility or ambition. I've known a lot of people over the years who idealize living at home because they basically get to be a teenager all over again, but can drink and spend money on flashy stuff.
The only thing worse than living at home when you're 24 is moving back home when you're 25 because you didn't wait until you had more financial security to move out.
Barring job loss or profligate spending, I don't see how financial security or accruing enough of it is a good marker for moving out. Almost no 25 year old will have ever accrued enough savings to withstand a 12 month job loss at current income level. Most 30 year olds will not. I don't even know what financially secure even means in this case as I've not encountered one person who considers themselves financially secure absent a job.
0
FiggyFighter of the night manChampion of the sunRegistered Userregular
As someone who moved out at 19 and never looked back, moving out was one of the best decision I ever made. But I didn't buy a house.
Why was moving out so great?
1. A place to get my fuck on
2. A place to get my drink on
3. A place to get my anything on
Theres something liberating yet scary about being on your own. The whole "save a bunch of money and then move out" just seems so boring and something an accountant would do. And at what point are you ever really ready to move out with that mentality of saving being so important. What is the point of saving if you have to sheepishly bring a girl home to your parents house as a 24 year old?
My wife's boss has 3 kids at home, 28, 26, 23 who all live at home and none of them seem like they will ever move out. And it's weird. and they mooch off their dad who works a ton to support all of them. They all seem like stunted adults who have no responsibility or ambition. I've known a lot of people over the years who idealize living at home because they basically get to be a teenager all over again, but can drink and spend money on flashy stuff.
The only thing worse than living at home when you're 24 is moving back home when you're 25 because you didn't wait until you had more financial security to move out.
Barring job loss or profligate spending, I don't see how financial security or accruing enough of it is a good marker for moving out. Almost no 25 year old will have ever accrued enough savings to withstand a 12 month job loss at current income level. Most 30 year olds will not. I don't even know what financially secure even means in this case as I've not encountered one person who considers themselves financially secure absent a job.
I don't think he was implying that you'd need a year's income before you move out. But it's a good idea to make sure you're prepared, instead of moving out because you've got first and last's and you want to sleep with women. Financial security is just as much about just being a responsible adult as it is about building up a safety net.
As someone who moved out at 19 and never looked back, moving out was one of the best decision I ever made. But I didn't buy a house.
Why was moving out so great?
1. A place to get my fuck on
2. A place to get my drink on
3. A place to get my anything on
Theres something liberating yet scary about being on your own. The whole "save a bunch of money and then move out" just seems so boring and something an accountant would do. And at what point are you ever really ready to move out with that mentality of saving being so important. What is the point of saving if you have to sheepishly bring a girl home to your parents house as a 24 year old?
My wife's boss has 3 kids at home, 28, 26, 23 who all live at home and none of them seem like they will ever move out. And it's weird. and they mooch off their dad who works a ton to support all of them. They all seem like stunted adults who have no responsibility or ambition. I've known a lot of people over the years who idealize living at home because they basically get to be a teenager all over again, but can drink and spend money on flashy stuff.
The only thing worse than living at home when you're 24 is moving back home when you're 25 because you didn't wait until you had more financial security to move out.
Barring job loss or profligate spending, I don't see how financial security or accruing enough of it is a good marker for moving out. Almost no 25 year old will have ever accrued enough savings to withstand a 12 month job loss at current income level. Most 30 year olds will not. I don't even know what financially secure even means in this case as I've not encountered one person who considers themselves financially secure absent a job.
I don't think he was implying that you'd need a year's income before you move out. But it's a good idea to make sure you're prepared, instead of moving out because you've got first and last's and you want to sleep with women. Financial security is just as much about just being a responsible adult as it is about building up a safety net.
Prepared for what exactly? Cooking meals? Doing laundry? What is financial security if not reserves for unforeseen circumstance?
Obviously if someone moves out and can only afford 100 dollars a month in groceries after net income, then that's a problem. But why are they putting themselves in that situation in the first place? How do you put yourself in that situation?
As someone who moved out at 19 and never looked back, moving out was one of the best decision I ever made. But I didn't buy a house.
Why was moving out so great?
1. A place to get my fuck on
2. A place to get my drink on
3. A place to get my anything on
Theres something liberating yet scary about being on your own. The whole "save a bunch of money and then move out" just seems so boring and something an accountant would do. And at what point are you ever really ready to move out with that mentality of saving being so important. What is the point of saving if you have to sheepishly bring a girl home to your parents house as a 24 year old?
My wife's boss has 3 kids at home, 28, 26, 23 who all live at home and none of them seem like they will ever move out. And it's weird. and they mooch off their dad who works a ton to support all of them. They all seem like stunted adults who have no responsibility or ambition. I've known a lot of people over the years who idealize living at home because they basically get to be a teenager all over again, but can drink and spend money on flashy stuff.
The only thing worse than living at home when you're 24 is moving back home when you're 25 because you didn't wait until you had more financial security to move out.
Barring job loss or profligate spending, I don't see how financial security or accruing enough of it is a good marker for moving out. Almost no 25 year old will have ever accrued enough savings to withstand a 12 month job loss at current income level. Most 30 year olds will not. I don't even know what financially secure even means in this case as I've not encountered one person who considers themselves financially secure absent a job.
I don't think he was implying that you'd need a year's income before you move out. But it's a good idea to make sure you're prepared, instead of moving out because you've got first and last's and you want to sleep with women. Financial security is just as much about just being a responsible adult as it is about building up a safety net.
Prepared for what exactly? Cooking meals? Doing laundry? What is financial security if not reserves for unforeseen circumstance?
It is reserves for unforeseen circumstances. I'm just not sure where you got "you need to be able to live for a year without a job" from "you should save up money before you move out."
0
mrt144King of the NumbernamesRegistered Userregular
As someone who moved out at 19 and never looked back, moving out was one of the best decision I ever made. But I didn't buy a house.
Why was moving out so great?
1. A place to get my fuck on
2. A place to get my drink on
3. A place to get my anything on
Theres something liberating yet scary about being on your own. The whole "save a bunch of money and then move out" just seems so boring and something an accountant would do. And at what point are you ever really ready to move out with that mentality of saving being so important. What is the point of saving if you have to sheepishly bring a girl home to your parents house as a 24 year old?
My wife's boss has 3 kids at home, 28, 26, 23 who all live at home and none of them seem like they will ever move out. And it's weird. and they mooch off their dad who works a ton to support all of them. They all seem like stunted adults who have no responsibility or ambition. I've known a lot of people over the years who idealize living at home because they basically get to be a teenager all over again, but can drink and spend money on flashy stuff.
The only thing worse than living at home when you're 24 is moving back home when you're 25 because you didn't wait until you had more financial security to move out.
Barring job loss or profligate spending, I don't see how financial security or accruing enough of it is a good marker for moving out. Almost no 25 year old will have ever accrued enough savings to withstand a 12 month job loss at current income level. Most 30 year olds will not. I don't even know what financially secure even means in this case as I've not encountered one person who considers themselves financially secure absent a job.
I don't think he was implying that you'd need a year's income before you move out. But it's a good idea to make sure you're prepared, instead of moving out because you've got first and last's and you want to sleep with women. Financial security is just as much about just being a responsible adult as it is about building up a safety net.
Prepared for what exactly? Cooking meals? Doing laundry? What is financial security if not reserves for unforeseen circumstance?
It is reserves for unforeseen circumstances. I'm just not sure where you got "you need to be able to live for a year without a job" from "you should save up money before you move out."
Extended job loss is worst case scenario and also something that would necessitate moving back in with family. Your car blowing it's transmission on 520 would not.
0
GnomeTankWhat the what?Portland, OregonRegistered Userregular
Six months is generally what you want in readily accessible savings (aka not tied up stocks, bonds, CD's, etc), but you don't need that to move out...it's just a goal to have. I didn't have that kind of safety net until well after I turned 30.
mrt144King of the NumbernamesRegistered Userregular
My point is, having a little bit of savings is nice, but the decision to move out shouldn't hinge on a requisite savings level. If you can afford to on a monthly basis, go for it. Having 1k in the bank plus first and last isn't going to make anything more or less affordable.
Eh, call me an elitist, but I hate used furniture. If you can afford it, and actually want some nice things you can call your own, that don't have other peoples various bodily fluids, spilled food and drinks, and other stuff on them, buy new stuff. It's not that expensive to get decent quality stuff that's made of real wood.
You can get some really nice stuff for cheap. We got 2 solid wood tables for kitchen/dining room, as well as a sweet armchair for a total of around $100.
I've found it difficult to find well constructed new furniture, made of real wood, for less than $texas. I've had a lot of luck either on CL (where people can seriously undervalue their stuff) or at shops dedicated to selling used furnishings. Also the more affordable new furniture I've seen usually have MDF or worse elements and are not of the best construction (obviously made in china on an industrial scale). Then there's the ecological aspect of whether or not you want to re-use a piece made from a tree killed 50 or 100 years ago or feed the new furniture industry, though that's very much a personal thing.
I wouldn't buy a used mattress, and am unlikely to buy upholstered furniture unless in good condition and is a nice vintage piece, but anything all wood? I'd definitely shop around used.
Generally People view house ownership as a Saving Vehicle. You are forced to save your money by paying your mortgage and in return you gain it all back when you sell the house. Renting just means you are paying the landlord's Mortgage and when the lease is done you walked away with nothing.
Your first biggest concern is how you are going to afford your own place. You'll need a good credit score to qualify for good mortgage rate. Also the bigger the down-payment, the better the rates gets.
It also depends on where you are right now. U.S/ Canada/elsewhere? Canadian Bank just lowered their mortgage rates but because of that the Housing market will heat up again. Another thing of note if you are a Canadian. As a first time home buyer you are allow to take out your RRSP as a Loan to be use to purchase your house up to 25k, and you'll have to repay that back within 16 years at Fixed amount per year.
As for added cost for home-ownership... Minor stuff adds up and there will also be recurring cost. You'll need to pay for your own hydro, electricity, Internet, not to mention Food and other Living expense. The biggest time is actually time: you'll need to shovel the snow, mown the lawn, clean up around the house, do your own laundry, cook your food... etc
I've recently moved into a new condo in Toronto. House appreciates as a much higher rate then an apartment simply because of Condo fees, the fact that not everything is under your control (property management and the Board set the rules), and the fact that you don't own the land under your apartment where as you own the land under your house.
However I choose to live in a condo because some of the stuff like outside maintainace is taken care of. I'm comfortable with the amount of space my condo has... there's just too much room for a person to live even in a detached home. The primary reason for me to live in a Condo is the location. I can just walk outside and take public transportation to work instead of driving my car and that saved me a bit of money. Location should always be your primary concern on your home purchase... whether you choose condo or house.
House has it's own advantage thou and eventually everyone will get marry and live in a house somewhere in suburbia. Your house does need to refurnish a bit every few years.... it's stuff like replacing and repainting your windows, fixing up the roof, redoing the carpet, etc because those thing don't last forever.
Being in the military gives me a great excuse to never own. My parents had a pipe burst on the 2nd floor of their house and had almost 60k of damages. They had to live somewhere else for four months while their insurance agency hired contractors to do lower quality repairs than what my father did on the house. If I had an apartment, none of that shit would be my concern. They dumped hundreds of hours into that house on their own specific, perfect upgrades. Then, *poof*.
I'm more or less at the point now where I'm thinking a house would be doable financially, but probably would require more time on general upkeep than I want to part with. As for savings, I should have a good 6+ months worth of expenses in savings before I move so I'm not TOO concerned in that regard. Thanks again for all the advice.
On a related note, anyone have any experience with furniture from Costco? Is it decent quality?
0
zepherinRussian warship, go fuck yourselfRegistered Userregular
I'm more or less at the point now where I'm thinking a house would be doable financially, but probably would require more time on general upkeep than I want to part with. As for savings, I should have a good 6+ months worth of expenses in savings before I move so I'm not TOO concerned in that regard. Thanks again for all the advice.
On a related note, anyone have any experience with furniture from Costco? Is it decent quality?
I got a dresser from costco that is reasonable quality. I've got some cheap stuff too, I got 2 sets of media holders, from amazon for my video games, dirt cheap, look nice, but they would not survive a bad fall. Slightly better TV stand from walmart. My mom said she liked a mattress+boxspring+bed combo she found at costco, for about 700 bucks. It really comes down to budget, however I agree with Bowen, don't skimp on the cost of a matress. Make sure what you buy is comfortable before you even take it home.
I'm more or less at the point now where I'm thinking a house would be doable financially, but probably would require more time on general upkeep than I want to part with. As for savings, I should have a good 6+ months worth of expenses in savings before I move so I'm not TOO concerned in that regard. Thanks again for all the advice.
On a related note, anyone have any experience with furniture from Costco? Is it decent quality?
If you do decide to buy a house at any point, make sure to pay for a pest inspector to go through on top of a normal house inspector. They are more likely to catch anything annoying (like bed bugs, cockroaches, mice) or disastrous (termite infestation)
I'm more or less at the point now where I'm thinking a house would be doable financially, but probably would require more time on general upkeep than I want to part with. As for savings, I should have a good 6+ months worth of expenses in savings before I move so I'm not TOO concerned in that regard. Thanks again for all the advice.
On a related note, anyone have any experience with furniture from Costco? Is it decent quality?
While I've never bought any furniture from them, Costco makes and sells decent quality stuff as a rule.
If you have a truck or a friend with a truck, Craigslist can be your friend. I have a twelve-person dining room table and eight or so chairs from Craigslist. Also got my roommate's desk from there.
Craigslist is fine - but also make sure to make it known to friends and family that you're looking at your own place. You'll be surprised how many people have an extra coffee cable and end stand set, or washer/dryer, or kitchen table and chairs kicking around in their basement or garage. Our first place started with a fair amount of 2nd hand stuff from family and then we just replaced things a piece at a time.
0
FiggyFighter of the night manChampion of the sunRegistered Userregular
Craigslist is fine - but also make sure to make it known to friends and family that you're looking at your own place. You'll be surprised how many people have an extra coffee cable and end stand set, or washer/dryer, or kitchen table and chairs kicking around in their basement or garage. Our first place started with a fair amount of 2nd hand stuff from family and then we just replaced things a piece at a time.
It's easy for people to tell you to go big or go home, or that second hand furniture is gross, or that if you're not spending $texas on solid wood construction you're going to regret it.
Your first place, you want to focus on getting practical, functional furniture. Don't worry about it being old looking. Don't worry if there are a few scratches here and there. Get your place functional and worry about fancy shit later. I'm not saying go to Ikea and spend $15 on a coffee table, but keep an open mind. Grabbing some used stuff off Craigslist is fine. You can focus on acquiring nicer things once you're moved in and settled, and you've got some disposable income.
There's nothing like sitting down on a brand new, $3000 sofa while your landlord beats down your door because you can't make rent.
GnomeTankWhat the what?Portland, OregonRegistered Userregular
edited March 2012
You can get a really nice sofa, brand new, for a fuck ton less than 3G's. My custom fabric couch was like $899, and it's a huge overstuffed monstrosity, made by a local company from local wood grown at a sustainable wood farm. It would have been $699 had we not wanted a custom fabric put on it.
Just hyperbole. Not from personal experience or anything, thankfully.
I'm just trying to emphasize that it's possible to spend a lot on furniture and it's possible that the furniture is worth it, but in your very first place, you don't need to swing for nice things right away. Get the basics, and work on replacing it with better things down the line. When it's just you, you've got to be more careful than say you and your wife/girlfriend/boyfriend/whatever.
Our first place was tiny - but I can still remember where we got our first stuff... the only things I know we bought was a cheap little table with 2 stools we got for less than $100 to start us in the kitchen, our bed which was bought for us as a gift (and was too cheap, don't go cheap on the mattress), and our futon for the living room. Just about everything else was hand me downs, furniture from our old rooms at home, or yard sale finds.
No-one expects your first place to start out looking like a magazine photo - in fact I would argue that half the charm of a first house or apartment comes from how mismatched things tend to be at first. If you buy a house worry about a place to sleep, a place to sit and a place to cook and the rest will fill in around it.
Our first place was tiny - but I can still remember where we got our first stuff... the only things I know we bought was a cheap little table with 2 stools we got for less than $100 to start us in the kitchen, our bed which was bought for us as a gift (and was too cheap, don't go cheap on the mattress), and our futon for the living room. Just about everything else was hand me downs, furniture from our old rooms at home, or yard sale finds.
No-one expects your first place to start out looking like a magazine photo - in fact I would argue that half the charm of a first house or apartment comes from how mismatched things tend to be at first. If you buy a house worry about a place to sleep, a place to sit and a place to cook and the rest will fill in around it.
Can't stress that one enough.
not a doctor, not a lawyer, examples I use may not be fully researched so don't take out of context plz, don't @ me
0
GnomeTankWhat the what?Portland, OregonRegistered Userregular
Yeah, I think we've all stressed that a lot. Don't skimp on your mattress.
zepherinRussian warship, go fuck yourselfRegistered Userregular
Actually for my first apartment I bought a bed during a presidents day sale, and I had them move it and install it in my apartment when I moved in. Sears took care of it, and the guys were efficient.
Our first place was tiny - but I can still remember where we got our first stuff... the only things I know we bought was a cheap little table with 2 stools we got for less than $100 to start us in the kitchen, our bed which was bought for us as a gift (and was too cheap, don't go cheap on the mattress), and our futon for the living room. Just about everything else was hand me downs, furniture from our old rooms at home, or yard sale finds.
No-one expects your first place to start out looking like a magazine photo - in fact I would argue that half the charm of a first house or apartment comes from how mismatched things tend to be at first. If you buy a house worry about a place to sleep, a place to sit and a place to cook and the rest will fill in around it.
Posts
Most of the time you can get them back but still that 3-4 month waiting period can be killer if you owe $2,000 and have to pay that shit out of pocket.
Barring job loss or profligate spending, I don't see how financial security or accruing enough of it is a good marker for moving out. Almost no 25 year old will have ever accrued enough savings to withstand a 12 month job loss at current income level. Most 30 year olds will not. I don't even know what financially secure even means in this case as I've not encountered one person who considers themselves financially secure absent a job.
I don't think he was implying that you'd need a year's income before you move out. But it's a good idea to make sure you're prepared, instead of moving out because you've got first and last's and you want to sleep with women. Financial security is just as much about just being a responsible adult as it is about building up a safety net.
Prepared for what exactly? Cooking meals? Doing laundry? What is financial security if not reserves for unforeseen circumstance?
Obviously if someone moves out and can only afford 100 dollars a month in groceries after net income, then that's a problem. But why are they putting themselves in that situation in the first place? How do you put yourself in that situation?
Extended job loss is worst case scenario and also something that would necessitate moving back in with family. Your car blowing it's transmission on 520 would not.
You can get some really nice stuff for cheap. We got 2 solid wood tables for kitchen/dining room, as well as a sweet armchair for a total of around $100.
I wouldn't buy a used mattress, and am unlikely to buy upholstered furniture unless in good condition and is a nice vintage piece, but anything all wood? I'd definitely shop around used.
Generally People view house ownership as a Saving Vehicle. You are forced to save your money by paying your mortgage and in return you gain it all back when you sell the house. Renting just means you are paying the landlord's Mortgage and when the lease is done you walked away with nothing.
Your first biggest concern is how you are going to afford your own place. You'll need a good credit score to qualify for good mortgage rate. Also the bigger the down-payment, the better the rates gets.
It also depends on where you are right now. U.S/ Canada/elsewhere? Canadian Bank just lowered their mortgage rates but because of that the Housing market will heat up again. Another thing of note if you are a Canadian. As a first time home buyer you are allow to take out your RRSP as a Loan to be use to purchase your house up to 25k, and you'll have to repay that back within 16 years at Fixed amount per year.
As for added cost for home-ownership... Minor stuff adds up and there will also be recurring cost. You'll need to pay for your own hydro, electricity, Internet, not to mention Food and other Living expense. The biggest time is actually time: you'll need to shovel the snow, mown the lawn, clean up around the house, do your own laundry, cook your food... etc
I've recently moved into a new condo in Toronto. House appreciates as a much higher rate then an apartment simply because of Condo fees, the fact that not everything is under your control (property management and the Board set the rules), and the fact that you don't own the land under your apartment where as you own the land under your house.
However I choose to live in a condo because some of the stuff like outside maintainace is taken care of. I'm comfortable with the amount of space my condo has... there's just too much room for a person to live even in a detached home. The primary reason for me to live in a Condo is the location. I can just walk outside and take public transportation to work instead of driving my car and that saved me a bit of money. Location should always be your primary concern on your home purchase... whether you choose condo or house.
House has it's own advantage thou and eventually everyone will get marry and live in a house somewhere in suburbia. Your house does need to refurnish a bit every few years.... it's stuff like replacing and repainting your windows, fixing up the roof, redoing the carpet, etc because those thing don't last forever.
P.S Painting your own place saved you money
Let 'em eat fucking pineapples!
On a related note, anyone have any experience with furniture from Costco? Is it decent quality?
If you do decide to buy a house at any point, make sure to pay for a pest inspector to go through on top of a normal house inspector. They are more likely to catch anything annoying (like bed bugs, cockroaches, mice) or disastrous (termite infestation)
If you have a truck or a friend with a truck, Craigslist can be your friend. I have a twelve-person dining room table and eight or so chairs from Craigslist. Also got my roommate's desk from there.
It's easy for people to tell you to go big or go home, or that second hand furniture is gross, or that if you're not spending $texas on solid wood construction you're going to regret it.
Your first place, you want to focus on getting practical, functional furniture. Don't worry about it being old looking. Don't worry if there are a few scratches here and there. Get your place functional and worry about fancy shit later. I'm not saying go to Ikea and spend $15 on a coffee table, but keep an open mind. Grabbing some used stuff off Craigslist is fine. You can focus on acquiring nicer things once you're moved in and settled, and you've got some disposable income.
There's nothing like sitting down on a brand new, $3000 sofa while your landlord beats down your door because you can't make rent.
Just hyperbole. Not from personal experience or anything, thankfully.
I'm just trying to emphasize that it's possible to spend a lot on furniture and it's possible that the furniture is worth it, but in your very first place, you don't need to swing for nice things right away. Get the basics, and work on replacing it with better things down the line. When it's just you, you've got to be more careful than say you and your wife/girlfriend/boyfriend/whatever.
No-one expects your first place to start out looking like a magazine photo - in fact I would argue that half the charm of a first house or apartment comes from how mismatched things tend to be at first. If you buy a house worry about a place to sleep, a place to sit and a place to cook and the rest will fill in around it.
Can't stress that one enough.
God this post made me feel nostalgic