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Did you always dream of owning a home?

Posted by on Nov. 27, 2012 at 6:47 AM
  • 46 Replies
I don't(I'm weird,I don't dream about a weeding either) my parents have been through hell and back with all the homes they have gotten.Plus you just own the house not the land itself,unlike back home where your home is yours.(land included) So if you don't own a home is that your dream?
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by on Nov. 27, 2012 at 6:47 AM
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Replies (1-10):
TheMrs407
by on Nov. 27, 2012 at 6:50 AM

I'm not sure if it was a dream.  I just assumed I would.  Where are you that you don't own the land too?

jakesmom323
by on Nov. 27, 2012 at 6:52 AM
We own our home and lot. If you didn't own the land outside your home, it would be under an association or condo association. If you are responsible with your money, owning a home with equity is a great thing. Its not for everyone, but it was a great decision for us to buy our homes.
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kaylasmom22
by on Nov. 27, 2012 at 6:57 AM
Well from my understanding the foundation where your home is belongs to the govt. I could be wrong though,either way I have never wanted my own home.
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Tea4Tas
by on Nov. 27, 2012 at 7:04 AM


Quoting kaylasmom22:

Well from my understanding the foundation where your home is belongs to the govt. I could be wrong though,either way I have never wanted my own home.

In the US in most land transactions the home and land become your property.  I have no mortgage my home is MINE.  Outside of zoning and HOA restrictions, I can do what I want with it.  I can make it larger if I want. I can tear it down and rebuild from scratch.  As long as I pay my taxes it will remain mine.  My taxes are only $500 a month-and it's a 5 bedroom house worth over $300K. To RENT a house like it in my area of award winning schools would be about $3200-$3500 IF YOU COULD FIND ONE.  To rent a 2 bedroom apartment in my school district would be about $1000-$1200.

Oh and when I sell my home-the money is all mine TAX free-well the first $250,000 of profit.

My parents made about  400K tax free when they sold their house. Good deal isn't it?

If they sold their current home they would owe taxes though-they have MORE than a 500K profit on it at this point.   Their taxes are a lot less though-only about $275 a month-to live in a beautiful 4 bed 4 bath home on the water....

Yes homeownership has it's perks-IF YOU CHOOSE the right location.

MountieMama
by on Nov. 27, 2012 at 7:07 AM
Where are you that you don't own the land?
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kaylasmom22
by on Nov. 27, 2012 at 7:28 AM
I guess NYC is not the right location,cause my parents will never be able to own their own home mortgage free. granted they have made bad deals and have gotten screwed a couple of times. maybe seeing their struggles got me thinking like that. But good for you that you knew how to budget and buy a great property.

Quoting Tea4Tas:



Quoting kaylasmom22:

Well from my understanding the foundation where your home is belongs to the govt. I could be wrong though,either way I have never wanted my own home.

In the US in most land transactions the home and land become your property.  I have no mortgage my home is MINE.  Outside of zoning and HOA restrictions, I can do what I want with it.  I can make it larger if I want. I can tear it down and rebuild from scratch.  As long as I pay my taxes it will remain mine.  My taxes are only $500 a month-and it's a 5 bedroom house worth over $300K. To RENT a house like it in my area of award winning schools would be about $3200-$3500 IF YOU COULD FIND ONE.  To rent a 2 bedroom apartment in my school district would be about $1000-$1200.

Oh and when I sell my home-the money is all mine TAX free-well the first $250,000 of profit.

My parents made about  400K tax free when they sold their house. Good deal isn't it?

If they sold their current home they would owe taxes though-they have MORE than a 500K profit on it at this point.   Their taxes are a lot less though-only about $275 a month-to live in a beautiful 4 bed 4 bath home on the water....

Yes homeownership has it's perks-IF YOU CHOOSE the right location.

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lucky2Beeme
by Platinum Member on Nov. 27, 2012 at 7:33 AM
1 mom liked this

I always assumed I would live my adult life similar to my parents. Owning a home, having many kids, living middle class. I was pretty shocked to learn how hard that is to do.

mommytoeandb
by Gold Member on Nov. 27, 2012 at 7:43 AM
We bought our home and land over ten years ago. We've added on. Even with the addition (we did a refi), we'll pay it off in less than 30 years. We ended up paying less for our mortgage than we did in rent.

We were offered an adjustable mortgage and a lot more financing than we were comfortable with. We bought a modest home with a traditional mortgage.

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jillianmayasmom
by on Nov. 27, 2012 at 7:51 AM
You own the land too.
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christina0607
by on Nov. 27, 2012 at 7:55 AM

I don't know the OP situation, but there are a few situations where you don't own the land. I think the most common is buying a trailer in a trailer park.

However, in some states you can absolutely buy a home and not own the land. It's called ground rent....and I am so glad I do not live in any of those states. The 4 I know of are Hawaii, Pennsylvania, Louisiana and Maryland. 

Quoting MountieMama:

Where are you that you don't own the land?


Make someone happy today, mind your own business.

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