Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)

Should Single Young Adult Children Buy a Home?

Posted by on Jan. 6, 2015 at 10:23 PM
  • 24 Replies

EDIT:

#1

How many of you ladies would convince your son or daughter that are in their early 20's or say by age 20 to buy a home?  They have just enough money to put on a down payment.

I know of a mother that is very ambitious. She has pushed her son and daughter to work as soon as they were able to. The kids never had a real childhood because the mother has told the children that if they work hard from the age of 16 they will have it easier when older. I have seen the kids and are already burnt out from working so much.  The mother has told them that in the future they can rent the  house out later or re-sell it for a profit. 

 #2

Do you agree or disagree with this?

Some people say that when your young that is when you should have all your fun so that when you get up in age you are ready to settle down.  They say that people who work all their young years get frustrated at an older age and cannot settle down because they want to make up for lost time when they are older.

#3

Yeah, maybe we should go back to child labor when kids as young as 6 were put in sweat shops working up to 12 hours a day. LET KIDS BE KIDS!: LIFE IS NOT ALL ABOUT WORK. " Look at the lillies in the field and I tell you Solomon was not clothed as one of these." A quote from Jesus Christ who once paid His taxes with a precious stone He found while NOT WORKING, BUT FISHING!

by on Jan. 6, 2015 at 10:23 PM
Add your quick reply below:
You must be a member to reply to this post.
Replies (1-10):
ame4c
by Group Admin on Jan. 6, 2015 at 10:28 PM
I see nothing wrong with what this mom is doing. She is giving her kids good advice. I have been working since I was 12 and I'm very successful in my career. A house is an investment and will only make your money grow. If my kid could afford a house then yes I would encourage them to purchase one.

I've even gone as far as teaching my kids to start saving for retirement as soon as possible.
brieri
by on Jan. 6, 2015 at 10:54 PM

 Even though I had to edit you understood what I am saying. 

The only problem I see with this is, what happens when the child decides to get married?.  Supposedly this child has either bought the house with a sibling, or a relative has moved in.  If this is the case, would you still convince your child to buy a house - as it is a big expense and a house cannot be neglected by not caring for it overtime should something break or needing repairs (not talking small repairs - but rather larger repairs - such as a roof leak), or total water damage).

 (I have also added another paragraph in the post after  I have responded to you.

Quoting ame4c: I see nothing wrong with what this mom is doing. She is giving her kids good advice. I have been working since I was 12 and I'm very successful in my career. A house is an investment and will only make your money grow. If my kid could afford a house then yes I would encourage them to purchase one. I've even gone as far as teaching my kids to start saving for retirement as soon as possible.

 

woodstock525
by on Jan. 6, 2015 at 11:06 PM

I would disagree.  Buying a house is a huge financial commitment.  They will be commiting not only their down payment, but also future earnings into this house which can potentially become a great financial burden.  This would limit them in terms of their ability to be mobile for new job opportunities or higher education opportunities or even a relationship.  It could financially drain them with just upkeep costs, let alone anything major that might occur.  And, though the economy is slowly recovering, real estate, depending on the area in which you live, is not the great investment that it once was.

We bought a house 4 years ago.  We had a good inspector come through and since owning the place all we've done is dump money into it.  In the last 4 years, we bought a washer/dryer (the place didn't come with one), stove and refridgerator (both died), dishwasher (to match the other appliances), and hot water tank (that failed and caused a water leak).  We've had to remove a tree, put in a patio, replaced a good part of our driveway and sidewalk, put in new drain tile, replace the sewer line and repair inside after the sewer backed up, update two of our three bathrooms including replacing the vanities and toilets. 

After we moved into the place, the neighbor next door sold their home to what we thought was a nice young couple...who have turned into the neighbors from hell.  They have three oversized pit mixes who they leave out in their backyard and the whole neighborhood hates because they bark constantly (cops do nothing), he treats the street like a drag strip, and had his tricked out vehicle firebombed in the street in front of our house (everyone suspects he either did it or had it done).  We own our place and they own theirs...anyone viewing our house and seeing/hearing those dogs may think twice about buying our place.  :-(

Right now, we are paying even more money to finish fixing it up so we can get it on the market and pray that it sells for enough that we can at least not have to pay out anything more than what we currently owe on it.  Adding up all our repair and maintenance costs, it would have been so much cheaper for us if we had just rented a place that we could have walked away from...and it would have been easier for us to both pick up and move rather than SO having to stay out of state at the house while I got a job and moved.

After we get rid of this place, we plan to rent or consider condo living at best.  We did think about renting the house out, but have seen and heard nothing but bad things about how renters have trashed places.  We just can't afford to repair that kind of damage.

LifeCafe42
by on Jan. 6, 2015 at 11:48 PM
I'm up and down I bought my first house at 27 it was a little pit but it helped raise my credit score and did a lot for me. I'm grateful for the opportunity I was given and the work ethics instilled in me
Posted on CafeMom Mobile
cjsmom1
by Group Admin on Jan. 7, 2015 at 1:10 AM

I would encourage them to continue saving so that when they were ready to make that decision they would have the money. Buying a house is more of a commitment then just a down payment.

brieri
by on Jan. 7, 2015 at 2:54 AM

FYI: You might think horribly on renting your home out because of the stories you hear - it's really not that bad - it happens so few times.  Most tenants try to keep their rentals nice.  I had experience there.  It's a tough situation though, because there are things an owner must take care of should things start to break down.  Like you stated - water problems, roofing issues, plumbing,  etc..., replacing carpeting - all wear and tear stuff.

As far as appliances go, no when you buy a home not all appliances may be in the home and you have to buy/provide your own. .I remember we didn't have washer/dryer, frigs in either of our homes lived in.  In one home (condo) because it was a newer place - we had dishwasher, stove/oven, and a microwave .  In theand sink with garbage disposal.  Actual house, we had a stove/oven, dishwasher and a sink and garbage disposal we had to replace, all pretty bad looking.. No microwave.

Same goes for when renting - some places don't provide washers/dryers, frigs. and sometimes microwaves.  They say these things shouldn't be in rental homes - because of  how other's use them - and everyone uses them differently, causing problems to fix.

Sorry, though about the rest of the problems - it's a neighborhood issue and all you can do is hope for the best outcome when your time is to sell.     . 

Quoting woodstock525:

I would disagree.  Buying a house is a huge financial commitment.  They will be commiting not only their down payment, but also future earnings into this house which can potentially become a great financial burden.  This would limit them in terms of their ability to be mobile for new job opportunities or higher education opportunities or even a relationship.  It could financially drain them with just upkeep costs, let alone anything major that might occur.  And, though the economy is slowly recovering, real estate, depending on the area in which you live, is not the great investment that it once was.

We bought a house 4 years ago.  We had a good inspector come through and since owning the place all we've done is dump money into it.  In the last 4 years, we bought a washer/dryer (the place didn't come with one), stove and refridgerator (both died), dishwasher (to match the other appliances), and hot water tank (that failed and caused a water leak).  We've had to remove a tree, put in a patio, replaced a good part of our driveway and sidewalk, put in new drain tile, replace the sewer line and repair inside after the sewer backed up, update two of our three bathrooms including replacing the vanities and toilets. 

After we moved into the place, the neighbor next door sold their home to what we thought was a nice young couple...who have turned into the neighbors from hell.  They have three oversized pit mixes who they leave out in their backyard and the whole neighborhood hates because they bark constantly (cops do nothing), he treats the street like a drag strip, and had his tricked out vehicle firebombed in the street in front of our house (everyone suspects he either did it or had it done).  We own our place and they own theirs...anyone viewing our house and seeing/hearing those dogs may think twice about buying our place.  :-(

 

Right now, we are paying even more money to finish fixing it up so we can get it on the market and pray that it sells for enough that we can at least not have to pay out anything more than what we currently owe on it.  Adding up all our repair and maintenance costs, it would have been so much cheaper for us if we had just rented a place that we could have walked away from...and it would have been easier for us to both pick up and move rather than SO having to stay out of state at the house while I got a job and moved.

After we get rid of this place, we plan to rent or consider condo living at best.  We did think about renting the house out, but have seen and heard nothing but bad things about how renters have trashed places.  We just can't afford to repair that kind of damage.

 

ame4c
by Group Admin on Jan. 7, 2015 at 5:47 AM
Buying a house with someone depends on your relationship with that person. It is still an investment and good option. Repairs and up keep go with about anything in life and this experience will only help your child mature and grow. When they decide to marry then they can rent out their home or sell it to purchase a bigger one. If you own a portion of the home it can be bought out by the other person too.

BTW roof leak and water damage shouldn't be an issue if you carry the proper insurance on your home. All home repairs and up keep are tax deductible as well.


Quoting brieri:

 Even though I had to edit you understood what I am saying. 



The only problem I see with this is, what happens when the child decides to get married?.  Supposedly this child has either bought the house with a sibling, or a relative has moved in.  If this is the case, would you still convince your child to buy a house - as it is a big expense and a house cannot be neglected by not caring for it overtime should something break or needing repairs (not talking small repairs - but rather larger repairs - such as a roof leak), or total water damage).



 (I have also added another paragraph in the post after  I have responded to you.



Quoting ame4c: I see nothing wrong with what this mom is doing. She is giving her kids good advice. I have been working since I was 12 and I'm very successful in my career. A house is an investment and will only make your money grow. If my kid could afford a house then yes I would encourage them to purchase one. I've even gone as far as teaching my kids to start saving for retirement as soon as possible.


 

ame4c
by Group Admin on Jan. 7, 2015 at 6:13 AM
As for the "have fun while your young part". I will retire probably 15-20 yrs before my other working peers. At this time I will be making more money (a good 80% more) than I did when I was 20. I am still fairly young and plan to travel and have fun. I would bet my peers will be somewhat jealous because a majority of them will have to work unti 65 and some will have to work til they die. As our bodies age it gets harder to put in a days worth of work and soon I won't have to worry about that but some of my peers have to worry about how they will just make it through the day.

BTW I owned my 1st home at age 22 and I dont regret it. I do not feel I missed out on my youth at all. I feel I've benefited and only prospered from my hard work and investments. Currently I own my home fully no mortgage and the property values here are not an issue. No one said you shouldn't research and make the best purchase for yourself. If you dont want to be fixing things all the time you buy a newer home that needs less repairs. It can take a few years to find the right house. You shouldn't hurry when buying something of this nature, meaning dont buy the 1st one you see just because you can. A smart and researched purchase will only help you financially.
goldpandora
by on Jan. 7, 2015 at 6:27 AM

Where I live, the only things you expect other than the walls and roof are heating (if it was already installed) and water heaters. Nothing else. No washing machines, cookers, etc. Who would want anyone else's old junk anyway?

My husband started saving for a home when he started earning money. At 27 he chose a house and met me a few months later. Together we paid off the rest of the loan. We lived there for 11 years and made considerable improvements to the place. When we sold it, the market was in a slump but we got the price it originally cost. The improvements and repairwork were WAY lower than the cost of 11 years of rent. 


Quoting brieri:

FYI: You might think horribly on renting your home out because of the stories you hear - it's really not that bad - it happens so few times.  Most tenants try to keep their rentals nice.  I had experience there.  It's a tough situation though, because there are things an owner must take care of should things start to break down.  Like you stated - water problems, roofing issues, plumbing,  etc..., replacing carpeting - all wear and tear stuff.

As far as appliances go, no when you buy a home not all appliances may be in the home and you have to buy/provide your own. .I remember we didn't have washer/dryer, frigs in either of our homes lived in.  In one home (condo) because it was a newer place - we had dishwasher, stove/oven, and a microwave .  In theand sink with garbage disposal.  Actual house, we had a stove/oven, dishwasher and a sink and garbage disposal we had to replace, all pretty bad looking.. No microwave.

Same goes for when renting - some places don't provide washers/dryers, frigs. and sometimes microwaves.  They say these things shouldn't be in rental homes - because of  how other's use them - and everyone uses them differently, causing problems to fix.

Sorry, though about the rest of the problems - it's a neighborhood issue and all you can do is hope for the best outcome when your time is to sell.     . 

Quoting woodstock525:

I would disagree.  Buying a house is a huge financial commitment.  They will be commiting not only their down payment, but also future earnings into this house which can potentially become a great financial burden.  This would limit them in terms of their ability to be mobile for new job opportunities or higher education opportunities or even a relationship.  It could financially drain them with just upkeep costs, let alone anything major that might occur.  And, though the economy is slowly recovering, real estate, depending on the area in which you live, is not the great investment that it once was.

We bought a house 4 years ago.  We had a good inspector come through and since owning the place all we've done is dump money into it.  In the last 4 years, we bought a washer/dryer (the place didn't come with one), stove and refridgerator (both died), dishwasher (to match the other appliances), and hot water tank (that failed and caused a water leak).  We've had to remove a tree, put in a patio, replaced a good part of our driveway and sidewalk, put in new drain tile, replace the sewer line and repair inside after the sewer backed up, update two of our three bathrooms including replacing the vanities and toilets. 

After we moved into the place, the neighbor next door sold their home to what we thought was a nice young couple...who have turned into the neighbors from hell.  They have three oversized pit mixes who they leave out in their backyard and the whole neighborhood hates because they bark constantly (cops do nothing), he treats the street like a drag strip, and had his tricked out vehicle firebombed in the street in front of our house (everyone suspects he either did it or had it done).  We own our place and they own theirs...anyone viewing our house and seeing/hearing those dogs may think twice about buying our place.  :-(


Right now, we are paying even more money to finish fixing it up so we can get it on the market and pray that it sells for enough that we can at least not have to pay out anything more than what we currently owe on it.  Adding up all our repair and maintenance costs, it would have been so much cheaper for us if we had just rented a place that we could have walked away from...and it would have been easier for us to both pick up and move rather than SO having to stay out of state at the house while I got a job and moved.

After we get rid of this place, we plan to rent or consider condo living at best.  We did think about renting the house out, but have seen and heard nothing but bad things about how renters have trashed places.  We just can't afford to repair that kind of damage.

 


goldpandora
by on Jan. 7, 2015 at 6:31 AM

I don't see it as an all-or-nothing situation. Why can't you pay for your house and still enjoy being young? We certainly did and we were pretty broke at the time (lol) but had a lot of imagination. Not everyone considers going out to bars/clubs and drinking all night to be their idea of having fun ...

Quoting brieri:

Some people say that when your young that is when you should have all your fun so that when you get up in age you are ready to settle down.  They say that people who work all their young years get frustrated at an older age and cannot settle down because they want to make up for lost time when they are older.

   


Add your quick reply below:
You must be a member to reply to this post.
Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)