O/T...bought my first house

Jamo58 · Nov 24, 2010

I just signed the final paperwork, now it's time to hurry up and wait until the closing in late December...no more rent payments for me...on to a mortgage and the freedom to do what I like with my own property.

I'm 25. How old were all of you when you bought your first place?

-Jameson

Rusty wheel · Nov 24, 2010

Bought first house when I was 20. Cost 9.500.00/ Payment was $70.00/mo.

Anonymous-0 · Nov 24, 2010

Congrats on your first house! Your still limited with what you can do with your own property though. A lot depends on the bylaws where you live... and your neighbors, unfortunately. Dave

M Nut · Nov 24, 2010

25 also. Bought the farm Buildings from my grandma. My parents/brother/I own the farmland in a three way partnership.

4010 puller · Nov 24, 2010

Im with ya, signed the papers last friday, waiting on 30 days so I can work on the house and build a little fence. I'm 27.

OH Boy · Nov 24, 2010

I was 29 and it was tiny and the mortgage seemed huge at first but it really wasnt once we got used to it. Be sure you finance your home on a fixed term mortgage, the interest rates that are out there right now are incredible. They will go back up at some point, so don't do an adjustable rate mortgage.

Anonymous-0 · Nov 24, 2010

I was 23, had a wife, 1 kid, and another on the way when we bought the first place. I thought the weight of the world was on my shoulders. Little did I realize just how simple life was back then.

Enjoy your new home. There is NOTHING like walking in at the end of a long hard day and sitting down under a roof you own. Sounds like you have a LOT to be thankful about tomorrow!

Gun guru · Nov 24, 2010

I was 23 and I saved up over $20k and put it down on a small home, small lot too. It was before I was married and it was nice to have my own home.

first house was 800 sq. feet, 1 bathroom, 2 bedrooms, small kitchen and living room. 24 x 30 garage though. I put a workshop in it and it was home and shop too.

I put an addition on that little house and made it 1250 sq. feet and sold it in 1999.
Are you going to live their with wife/girlfriend?

Gene Dotson · Nov 24, 2010

1965, I was 23, 1 year out of the Air Force with wife and son. Bought on land contract for $6700. Payment was $67.00 per month. Seller later wanted out of land contract and agreed to drill a new water well and settle for the payoff. 3 bedroom, new bath and kitchen and furnace. Large lot in a small town. Also had a 1 car garage.

Gene

johndeereman · Nov 24, 2010

bought mine at age 19 for 60,000 im 28 now and could probably sell it for twice that and btw you never really own anything your taxes are your rent heck you cant even own the liscence plate on your vehical that registration you pay every year is the rent for the plate

Goose · Nov 24, 2010

Yup. 1965, at age 30, bought a house for $9800 and the payments were $77 per month. Sold it 8 years later for $22,000.

Paul from MI · Nov 24, 2010

1966, I was 22, married with one on the way. $13,750 for a 3 bed, 1bath on a lot in the countyr. Paid it off in 6-1/2 years, saved some money and built the place we're still in today. Always a good move.

camju · Nov 24, 2010

bought 160 acres with house trailer in 2004.Payed $65000,brother paid down payment and farmed it for 4 years as pay back.if all goes well I will pay it off this fall.then and only then will I be able to say it is mine.I am now 38 so bought at 32 with 5 children,now have 8.

John M · Nov 24, 2010

Long story short, bought a single wide trailer in 90, I was 21. Lived in it by myself for some time, then got married, then had wife had a kid, so I was in it until 2003, when I moved into my boyhood home.(After a major remodel)

flying belgian · Nov 24, 2010

Age 22 for me. 11 acre farmsite. $53,000 contract for deed. Monthly payments $290.04 That was in 1976.

Hobo,NC · Nov 24, 2010

(quoted from post at 22:24:33 11/24/10) I just signed the final paperwork, now it's time to hurry up and wait until the closing in late December...no more rent payments for me...on to a mortgage and the freedom to do what I like with my own property.

I'm 25. How old were all of you when you bought your first place?

-Jameson

I will let you figger out the year,,, the interest rate was 16%... I was in my mid 20's.

Rusty wheel · Nov 24, 2010

Those were the days. rw

Mark-Mi · Nov 24, 2010

Hobo,NC · Nov 24, 2010

(quoted from post at 02:04:16 11/25/10) 1978

I was think'n 79/80,,, but somewhere about that time,,, I had to put 40% down and finance it for 30 days till the power was turned final inspection done then redo the deal threw another bank,,, money was hard to borrow when you were self employed (still is)... It should have stayed that way instead of the other folks mess that we all pay for now... That would keep folks from overbuying...

Chuck (CA) · Nov 24, 2010

Congratulations! We bought our first house when I was 26 in 1974,,, San Jose Ca, for 34,900. Brand new 4 bd, 2 bath, 1400 sq.ft. Payments were 330 per month and terrifying for the first two months.. Then it was all good. Sold it 4 years later for 78,000 and thought it was the best thing evr. Twenty years later it was worth ten times that much. (Silicon Valley prices got stupid high). The values have come down since then, but it would still be enough for me to retire. Oh well, At least I now live on some acreage, not a postage stamp, and don't have to rub elbows with my neighbors.

PJH · Nov 24, 2010

Good memories Jameson.

I had to wait a few months to sign the note for our first house. The bank insisted that I be 21 before entering into a contract with me. I had already tried to buy a couple houses and had been turned down for a loan. Was pretty discouraging.

When I was 20 years old, an old fellow that I knew insisted that I look at a house he had for sale. I told him that I wouldn't be able to get a loan for the purchase. He persisted, and when I went to the bank, they never batted an eye. He had co-signed the loan without my knowledge, and assured the transaction. He held that house for me for six months. What a guy. I'll always be indebted to him, although he is now long gone. One of my greatest honors was when he was dying of cancer and asked me to be a pallbearer at his funeral.

This man had an interesting saying - "I've never lost a nickel investing in the young people in our community."

I wish I was just half the man. . .

Paul

8N'r--WI · Nov 25, 2010

I was 22. Paid for the lot, then had a hard time finding a bank that would lend the money to me for the house because I was doing the general contracting, rough and finish carpentry work by myself.

9 1/2 % money....thought it was the end of the world for me....

Tim

dbernie · Nov 25, 2010

Congrats on the home ownership!
Doesn't answer your question,
but I remember moving here this time of year--
said I'd never move in the winter time again, lol.
It got cold, and the snow made it even more fun.

But its worth it...

Mike (WA) · Nov 25, 2010

House, barn, machine shed on 55 acres for $34,000, in 1972- I was 24. Buildings were old, but serviceable- it was a great deal, even for then. Bought on a real estate contract- payments about 300 a month, IIRC. Wife and I were each making about $8,000 per year at the time.

rustyj14 · Nov 25, 2010

Bought our home under the G.I.Loan program. A Cape Cod, with almost two wooded acres. Water well, and a garage out back. Going to be our starter home, and buy better later on---yeah.
We're still in it! Had a really terminal sick adopted son. That took lots of cash. Then, not having learned anything, we adopted two more boys, who have turned out well.
So, i guess we'll die here. But, the area is all built up now, and the home has a nice addition we put on, and we'll be here until we croak!

O/T...bought my first house

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