mortage when single.. worth it ?
- Thread starter lizzie-marie
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My rent has more than doubled in the last thirty years. If I had bought thirty years ago, I would be living mortgage/rent free by now. Of course there are homeowner expenses that renters do not have, including sometimes hefty property taxes, and you need to assess whether you really want all the extra responsibility being a home owner entails. Generally speaking, though, I would say it is a good investment 
Sometimes "Yes", sometimes, "No." Here is a good source to help you to begin to learn how to manage money.
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I don't get why it would differ just because of your marital status.
I like the fact that the only thing that went up over the years for our mortgage was our real estate tax and home insurance. We bought the house when the average rent for a one-bedroom apartment was $550. And we bought a three-bedroom house for the same amount of mortgage per month. It's 25 years later, and you can't rent a closet for $550 a month. lol Because taxes and insurance increased, we're up to $650 a month.
On the down side, the house was 70 years old when we bought it, so needed a lot of fixing. We knew that coming in, and we could do the work ourselves. Unfortunately, within a decade (and still working on fixing it up) we both became disabled. What houses save on rent, they make up in maintenance. And, by the time we're done paying off the mortgage, well be spending $400 a month paying taxes and insurance anyway.
But, if we ever sell it, all that mortgage money is returned, and then some. The house is worth twice as much as when we bought it, and funny that. It's still a fixer-upper. lol
I like the fact that the only thing that went up over the years for our mortgage was our real estate tax and home insurance. We bought the house when the average rent for a one-bedroom apartment was $550. And we bought a three-bedroom house for the same amount of mortgage per month. It's 25 years later, and you can't rent a closet for $550 a month. lol Because taxes and insurance increased, we're up to $650 a month.
On the down side, the house was 70 years old when we bought it, so needed a lot of fixing. We knew that coming in, and we could do the work ourselves. Unfortunately, within a decade (and still working on fixing it up) we both became disabled. What houses save on rent, they make up in maintenance. And, by the time we're done paying off the mortgage, well be spending $400 a month paying taxes and insurance anyway.
But, if we ever sell it, all that mortgage money is returned, and then some. The house is worth twice as much as when we bought it, and funny that. It's still a fixer-upper. lol
It is if you can afford it. When I say afford it that means to ensure that you could pay for further interest rate increases.
I had a mortgage when I was single, them interest rates increased.
Eventually the mortgage payment was higher than my take pay.
Rather than be repossessed the building society suggested I handed the keys back and the insurance premium I paid for protection would cover any shortfall.
That turned out to be a lie.
It only covered 25% of the shortfall. They also neglected to tell me that the interest on the full mortgage would still be charged until it was sold.
It was sold 4 years later and I was served with a debt collection order for 48k on a flat that I bought for 40k.
If you can afford as I suggested above but also have something set aside for emergencies, then go for it.
Make sure you read the small print in every document you sign.
I had a mortgage when I was single, them interest rates increased.
Eventually the mortgage payment was higher than my take pay.
Rather than be repossessed the building society suggested I handed the keys back and the insurance premium I paid for protection would cover any shortfall.
That turned out to be a lie.
It only covered 25% of the shortfall. They also neglected to tell me that the interest on the full mortgage would still be charged until it was sold.
It was sold 4 years later and I was served with a debt collection order for 48k on a flat that I bought for 40k.
If you can afford as I suggested above but also have something set aside for emergencies, then go for it.
Make sure you read the small print in every document you sign.
E
Something to consider---------
We put 40 years of savings into a home and acreage and then spent 6 years of hard work and more money into it.
We then decided we did not like the location nor the being tied down to it, so we decided to sell it.
It took over 5 years before we were able to sell and recoup the money we spent. Made zero profit.
It is not a given that you can sell for more than you paid or even the same.
Make sure you know you want to live there for a long, long time before you sign on the dotted line.
We put 40 years of savings into a home and acreage and then spent 6 years of hard work and more money into it.
We then decided we did not like the location nor the being tied down to it, so we decided to sell it.
It took over 5 years before we were able to sell and recoup the money we spent. Made zero profit.
It is not a given that you can sell for more than you paid or even the same.
Make sure you know you want to live there for a long, long time before you sign on the dotted line.
in our experience, and you're only '28' with amazing options; Jesus tells us to 'owe no man',
thus if you have the money to put into buying a property that you can just pay for out-right,
then this would be our choice - and most often this means something that is NOT to desirable
to others, but if it can be yours, 'debt free', you can make it over on and in your own time/taste,
then it will be worth 'any thing' other than going into 'DEBT', especially at this time of our
lives in this evil world where satan rules...being/living humble often brings more comfort and
security than many or most will ever believe...
thus if you have the money to put into buying a property that you can just pay for out-right,
then this would be our choice - and most often this means something that is NOT to desirable
to others, but if it can be yours, 'debt free', you can make it over on and in your own time/taste,
then it will be worth 'any thing' other than going into 'DEBT', especially at this time of our
lives in this evil world where satan rules...being/living humble often brings more comfort and
security than many or most will ever believe...
My wife works with a school teacher who lives in our subdivision that has remained single thus far, is close to 40 years old and will have his house paid off by the time he is 45. Smart move! He bought the house when he was 30 and got a 15 year mortgage.
My wife and I will have our house paid off soon, but if I could do it all over again, I would have gotten a 15 year mortgage sooner.
My wife and I will have our house paid off soon, but if I could do it all over again, I would have gotten a 15 year mortgage sooner.
Why?
^^THIS! Get a short note and pay it off.
I don't know why so many people sign up for 30 year mortgages. A 20 year note has only slightly higher monthly payments. And a 15 year note only slightly higher payments than that. I have a 15 year mortgage. The only reason it's that long is because the interest rates were pretty low when we got it—a bit less than 4%. They're still about that low today.
I don't know why so many people sign up for 30 year mortgages. A 20 year note has only slightly higher monthly payments. And a 15 year note only slightly higher payments than that. I have a 15 year mortgage. The only reason it's that long is because the interest rates were pretty low when we got it—a bit less than 4%. They're still about that low today.
Why?
This will not necessarily make the $450 payments you agreed to any smaller, but it WILL mean that your actual intrest payment will be more like $430 that next month... then $405 the next month, and so on, dropping each month (providing you keep up the extra payment)
At the end, you will not have sent in $450 every month for a full 15 years. But, instead, you will have sent in $450 a month for only, perhaps (depending on how much extra you can afford) only 14 years and t20 months.
Start doing that early, and you might pay your mortgage off (at a rate of $450 a month) in only 10 or 11 years.