Speaking as a future father (just 3 more months) if you told me that you had considered my idea of having to pay rent and determined that it was worth $100 to you, while you stood there and defiantly told me you were going to be purchasing a new car and that I had to succumb to your wishes because you wanted to buy a house in a year.

I would, after looking at your Mom for effect, would tell you "son, your mom and I love you very much and are extemely proud of you, but, in this case, while we do still love you, you are a complete and utter jerk and I'm not sure where your Mom and I went wrong, but we are going to correct our mistakes.

Our counter-offer to your idea is that next month you will start paying us a $1000 per month to live here plus cleaning and cooking services. We also will be charging you extra to park your cool ride in MY DRIVEWAY.

That is our final offer, if you need help packing let us know.

Sorry to say this but your thoughts and actions are incongruent, rethink your priorities.

-g

LX98Civic

"For all the Ricers in Savannah, Ga and surrounding areas.....
--You will no longer **** with my ride. The slow LX is getting the boot and a 5th gen. h/b Hybrid is coming. Rev all you want, but those Pep Boy mods aren't going to save your ***!!!"


WTF is this about???

Civic, what we are trying to say (the majority) is that in this case you are wrong. You are not acting mature if you spend all that money in a car and offer a paltry $100 to your parents (just food is more than that). I feel bad I only give my mom $500. (well I asked her to give me 10 years from when I started working full-time (July 2001) to completely take care of her). My free ride ended at 21... you got 4 more years out of it (I was managing my own money since I was 20... I got the money and I paid for food, gas, toothpaste and such, but rent was still free at that point).

I want a $3,000 digital camera. And a digital camcorder. And so many DVDs. And CDs, a laserdisc player, some LDs, a P4 computer with 1 gig of RDRAM. There are so many things that I want. But I practice what is called delayed gratification. You work hard for it.

Pay (a reasonable) rent or move out (and $100 rent is not reasonable, it's an insult to your parents. You are denigrating them). Choose what you want - the house or the car (and it's not like you don't even have a car... I was given my first car, a 1996 Kia Sephia which I still drive and plan on getting hopefully 4 more years out of it).

LX

You and I haven't always gottena long on this board, and I find this one to be no exception.

I'm 22 I live in the world's tiniest apartment in one of the area's nicest neighborhoods. I have one cupboard cabinet, one closet and one sink cabinet.

I have a tiny bathroom.

I have a bed/sofa that aren't mine,because the apartment is furnished.

I make Jackshit for $$ overall(and yes, it's my fault for buying a late model car).

But you knw what?

I'm much happier than when I was living at home. By far.

This is MY Place.

No parents.
NO Siblings.

MINE!!!

Move out. Seriously.

Can youa ctually "afford" a house?

Sure you can pay the mortage, but...

what about a plumbing problem?
how about a roof leaking?
what about any of 10000s of other things that can go wrong?
What about bills? Food? etc

Just get a nice apartment somewhere and learn to live along, I can't see buying a house will be a good "First step" for you.

man, is this thread going for longest in history??

Could be worse, I live in a tiny apartment in a not-so-great (read: high-crime) neighborhood.

LX, I think it's going to be difficult for you to convince most posters in this thread that what you're doing is reasonable. I know what it feels like to desire expensive items (hell, who doesn't?), even if they aren't absolutely necessary...but in this case it just seems like you're shifting money away from what's important (rent, apartment, house payment, etc.) to something that's not quite-as-urgent (second car).

I'm not sure I understand why you need a second car (because as far as I know your first one is fine, and you're even keeping it). I'm not sure what other expenses you have (girlfriend, child, etc.). I have no idea how much money you make. And while it's true that, for the most part, one's age shouldn't determine whether or not it's "acceptable" to live at home, I think the best thing for you to do here is just move out. Your girlfriend and you can have your own place. You won't have to deal with your brother nor parents. Sure, it'll mean waiting a little longer to own your own house...but what 25-year-old buys a 3-bedroom, 2-bathroom house anyway? (IIRC, that's the size you wanted.) There's no shame in living in an apartment. Hell, there's no shame in struggling to make ends meet, living in a less-than-ideal apartment, etc. I say it builds character.

Word.

Just a statement for all the ricers in Savannah......
You would have to be into cars / imports to understand.

That's what I do. It's called Prince Georges County.

That is funny! I never knew that

Quote:

I'm 22 I live in the world's tiniest apartment in one of the area's nicest neighborhoods. I have one cupboard cabinet, one closet and one sink cabinet.

I have a tiny bathroom.

I have a bed/sofa that aren't mine,because the apartment is furnished.

I make Jackshit for $$ overall(and yes, it's my fault for buying a late model car).

But you knw what?

I'm much happier than when I was living at home. By far.

That is cool that you are happy with such a small place, but I would much rather stay at home another year than to have something like you have. I've already explained the whole apartment thing and like I said "probation from work" and I am also getting another car.

Quote:

This is MY Place.

No parents.
NO Siblings.

MINE!!!

Move out. Seriously.

Can youa ctually "afford" a house?

I don't see why not. I'm making more $$ than when I was approved for a house 2 years back.

Quote:

Sure you can pay the mortage, but...

what about a plumbing problem?
how about a roof leaking?
what about any of 10000s of other things that can go wrong?
What about bills? Food? etc

New houses come with warranties if you did not know. Not saying that I won't have any problems, but most (if not all) would be covered for a year to five years.

Quote:

Just get a nice apartment somewhere and learn to live along, I can't see buying a house will be a good "First step" for you.

Why? Because all you can afford is a tiny apartment? I'm not trying to knock you for having a tiny apartment, but I'm not YOU! You have NO idea of my financial situation. I don't have a "new car payment" or any credit card debt either. Just child support that is not owed for at least another 6 months (Her mom owes me close to 2k).

Well after 7 pages in this thread, I'm just hoping that this guy has gotten a wake up call that his priorities are WAY out of wack.

I mean, I truly wonder if he thought we'd all simpathize with him originally, and be like "screw your parents man".

I'm still interested in the child situation though...but I guess that'd be another thread. Children should come first btw!!!

Dude, you're mooching off your parents. Cut the umbilical cord already...

So, just because I want a car and I am waiting a year to move out means my priorities are out of whack I could be out drinking and smoking at the clubs every night like some people I know. I finally get a career going and want to reward myself with a car and that's wrong???

It was the fact that my younger bro gets sway with it. But, it does make sense that I should pay considering I am 5 years older and making good $$. You guys have cleared that up for me

Quote:

I'm still interested in the child situation though...but I guess that'd be another thread. Children should come first btw!!!

My child is well taking care of by myself, her mother and the boyfriend. Yeah, I don't get to see her as much as I would like, but that is life and having a (12p-9p) job.... I'm not bitchin' about this situation since she is happy and I am happy with the way my life is / has been going lately.

BTW >>> If you want to get technical I am 24 and a half. By the time I am 25 1/2 I should be out in my house

You say these houses are brand new but you have been looking at them for 2 years??? Are they still building houses in the subdivision? Are they still going to be building them next year? The prices of homes have gone up so much in the last 2 years... So just because you could of afford it 2 years ago doesn't mean you can afford it now or even next year. Even if you have a job making more money... Have you priced these houses today? How much are these homes? Also home warranties only cover the home for the first year.

Mortgages are at an all time low. NOW is the time for you to buy something. Rates will not stay this low much longer. if you wait a year and rates go up you may not be able to afford that house anymore.

Yes.

LX, I made a rather long post here yesterday, and before I could post it, I lost power to this computer. Just as well, you seem to understand why you must pay money to your parents, which is a good first step.

I'm about to explain to you why we're concerned, and possibly why your parents might be putting the squeeze on you. First, I don't know what a probationary period is at your work, but last time I checked, there aren't many jobs that give you a contract. You might have the greatest, most stable job and still be laid off next week under the right circumstances. I can't imagine that the probationary period is that much more risky than the full time job.

Second, you say you're trying to buy a house. That's a good decision, and you do need to save money. However, you seem to be dropping money into a second car, when you could be saving money for a house -- which supposedly is the reason you live at home. You say you can afford about $750 a month for rent. Let's say for the sake of argument that's a $100,000 house with a 10% down payment, or a $95,000 house with a 5% down payment. On the high end, you're looking at $10,000 and about $5,000 on the low end for a down payment. You don't have the money to move into a house yet, but you can go buy a second used car and trick it out? I know from experience that $5,000 is a pretty conservative figure for a project car. Don't be surprised if you end up spending well over $10,000.

So, instead of using that money for a down payment and moving out now, you're going to drop it into a new car. Mainly, because you can still live at home rent free -- I imagine if you were living in an apartment, we wouldn't be having this discussion. Now, I applaud you for saving money, but think you're underestimating how much money you're going to need. Homes are expensive, even new ones. Expect it to be a huge money pit for the next three or four years. If you're buying a new house, don't forget that it doesn't come with blinds or curtains, or a lawn mower or a weedeater, or even a refrigerator. Those are all things you'll need before you ever set foot in the door. You'll probably also have to (or at least want to) buy new furniture for your new house. Don't forget all the tools you'll need now that you actually own the place. And, though the house has a one year warranty, believe me, that warranty will go quick. Don't forget that homes are a lot more than just a monthly payment. My monthly payment is a certain amount, but I pay another 25% on top of that just for taxes and insurance. There's also a lot more bills in a house than an apartment, and they tend to be higher as well. My electric bill is easily twice what it was in an apartment, and now I have a gas bill, a water bill, and a garbage bill on top of all that. That doesn't include the discretionary bills, like cable, or bills I've simply forgotten to mention.

There's also nothing wrong with having a car hobby -- if you can afford it. Right now, you can't. Seriously. You need to save for your house, and you really need to pay rent to someone. Here's what I see happening and probably what your parents see happening as well. You're going to take some of this new-found wealth, and buy a project car. Pretty soon, you'll be spending most of your disposable income on this car, and saving very little toward your new house. You'll also get very used to not having a house payment or real rent, and when you go to buy said house, you'll realize that the $750/month for the house + the $250 (or more) for bills for that house + the taxes on said house = more than you can spend, because you're used to spending a certain amount every month on "fun". So, now you think "well, I can't afford the house, but I don't want to throw money down the hole that is an apartment, so maybe I'll just stay here another year and save some more money and try to start cutting back on expenses."

Personally? If I was in your situation, my parents wouldn't let me camp out their house for a year, and I have to agree with them. I might give you a couple of months to get your stuff together, but no more. I surely wouldn't make it a comfortable time. If I was leeching off them, and I purchased something completely discretionary, like a second car, I'd be out on my ass the second it hit the driveway.

Did not say that! I said I was approved for a brand new $80,000 home 2 years ago. The area I am looking at now is just outside Savannah and just recently started getting popular. They are building like crazy out there and the community will continue to grow over the next several years.

Quote:

The prices of homes have gone up so much in the last 2 years... So just because you could of afford it 2 years ago doesn't mean you can afford it now or even next year. Even if you have a job making more money... Have you priced these houses today? How much are these homes?

A co-worker lives out in the area I am looking at. House was 93k and with nothing down pays $750 a month. His interest rate is like just over 5%. By the end of 02 I will have 2 more annual raises and who knows maybe a promotion as well. know I'll be better off with more $$ no matter what. If my g/f moves in with me (which is what we plan) I know I can afford a payment of $900 with her working p/t (going to school) and paying the smaller bills --> electric / water

Quote:

Also home warranties only cover the home for the first year.

How often or usually how long before houses start having problems when you take care of it? A long time..... My older brother is now in his 4th brand new house at 30 in December. He's only lived in each house 2 yaers and never had any major problems. I plan to be in this house a few years then sell it for something in another location (another state).

Quote:

Mortgages are at an all time low. NOW is the time for you to buy something. Rates will not stay this low much longer. if you wait a year and rates go up you may not be able to afford that house anymore.

Yes, this is a GREAT time for me to buy with the rates being so low, but I'm not ready. Hopefully the rates next year will be similar. I'll most likely start looking around my 25th b-day in May since I may have to wait a few months for it to be built.

Great googly moogly! Pack the bags, honey, we're moving!

I don't know if I mentioned it, but I do plan to sell the LX once I get ready to buy a house. That is about 8k right there. There is a lot of things like you said that I will need for the house. ...and I posted about down payments for a house a while back. The most popular way to go was with some kind of loan that required 0 to little down. I can't think of the name at the moment.

I don't just plan to start out with this house that is filled with nice furniture / pictures and anything else a 10 year family would have. Obviously that takes time.....

That is one thing about getting this car NOW. I want to get it out the way. Yeah, you never stop buying small things for the car when you're into it like I am. But, to get the car / engine swap and have it looking good now would get 98% of the expenses out the way for it.

Oh, and tax return in Feb. should look pretty nice in the bank

I don't think that anything anyone has or will said will ever make sense to you.

Everything you posted is "I'll get the car now, no matter what, and live at home for another year."

As long as the car is first on your list, I'd say that you aren't really as serious about getting and saving for a house as you let on.
You have a car now, with no payments. You want to save for a house. Bravo.

But snubbing your parents or offering them a paultry $100/month rent and still going out and buying/tricking out a new car

Wow, I didn't know you were in PG. Another MD/DC/VA Otter... wheeee!
Glad you figured that one out.

It sounds like you can afford to either move out or pay rent, but you just don't want to because you want to spend your money on fun stuff.

Welcome to the wonderful world of being an adult!

My house (2-1-1) was 42k. It's only 384 a month.

I don't think anybody thinks its a bad idea to live with your parents while you are saving money for a house. That is financially responsible.

However, it is NAUSEATING that you think $100/month is enough to give your parents.

Buy your car, buy your house next year, and stay in your bunkbed, but for god's sake stop insulting your parents by giving them chump change in exhange for the roof over your head.

When you were previously approved, was that before or after your divorce? If it was after, then you certainly can't say that not that much has changed. Any income your ex-wife contributed to the equation is now gone, and you are now responsible for paying child support (regardless of what anyone else owes you, you [/b]must[/b] pay the child support, and must report that obligation on any loan/mortgage applications.

I'd also recommend that you not plan on any help from the girlfriend, you already know that relationships can end, and unless you are both signing the mortgage, she will have no obligation to help you in any way. That house will be yours, which makes it your responsibility.

I thinkn we are all honestly trying to be helpful when we suggest that your priorities are slightly out of line for someone who wants to purchase a house. You asked for our advice, so we're giving it. It's hard to tell someone they're being immature w/o sounding like you are name calling, but in my opinion, as well as so many others here, you are being immature. Please consider what we've said and allow for the possibility that we may be correct.

Regardless of your job status, I'd also recommend that you squirrel away at least 6 months worth of mortgage payments before you purchase a house. You cannot always sell a house when you need to, and moving back in with your parents won't alleviate you of that obligation.

If you're only planning on being in a house for 2 years, I'd forget about it anyway, it seems like you think a house is an investment or something. The rule of thumb is that if you plan on staying for less than 5 years, don't buy, rent.

<------ patiently awaiting the bumping of this thread in October 2003.