Tuesday, May 14, 2013
Younger people snapping up houses
I just heard an audiobook by Peter Cameron titled Someday This Pain Will Be Useful to You, which about sums up buying a house. Also, in this book, a whiny NY kid dreams of buying a house in Iowa or Indiana and working at McDonald's--but instead he ends up going to Brown University.
Ellen James Martin, Universal Syndicate, says some 20-somethings are leaving the homestead and buying their own homes. This is chronicled in Eric Klinenberg's book Going Solo.
Collective housing, he says, has peaked (meaning M&D or roommates).
Young people need to set conservative limits on what they will spend (it's a good market now, or better anyhow). Be careful of adjustable rate mortgages--they almost brought our economy down. Fixed rate, fixed rate.
Even if you yearn to go it alone, get enough room that you could have a paying roommate if you want to or need to down the line.
Screen properties for energy efficiency. Get a copy of the current owner's electric bill.
If you value your social life, don't move too far from the action.