My Son is Trying to Buy a House
By marcyaz
@Marcyaz (35316)
United States
January 21, 2016 1:11pm CST
My son has turned in all the papers that the bank requested.
He has never owned a house before, he has always rented.
They are now checking his references as I know his landlady and she called and said she had a fellow ask how his payments were and she said he always paid on time in fact generally he was early.
If he does qualify for this house he will need to buy a stove and refrigerator and washer and dryer which will take a big chunk of the savings he will still have in the bank.
The house is a 3 bedroom which is a little bigger than what he was wanting but is within the district he wants to live in.
Here when you buy a house you pay no deposit for utilities but when you rent you have to pay a deposit.
This is new to me as I had never heard of that before but that will be good for him.
13 people like this
17 responses
@DianneN (247186)
• United States
22 Jan 16
That is how it is in Manhattan, unless you make hundreds of thousands of dollars a year. Our older son bought his first co-op and had it renovated. It was completed the day my granddaughter was born. They are now in their larger co-op. There is always a buyer who will spend almost any amount, just to be in the city.
1 person likes this
@DianneN (247186)
• United States
21 Jan 16
A house is a good investment. Our younger son lived with us while he saved up for a deposit for a newly built house a few years ago. He has a mortgage and pays for everything, including taxes. The value has increased tremendously. Your son is wise to buy a house, rather than rent. Now is the time to buy, because interest rates are going to rise soon. Best of luck to him.
1 person likes this
@ElizabethWallace (12074)
• United States
22 Jan 16
There are many hidden fees and costs in home ownership that he did not have when renting. Hopefully he puts these deposits into the bank for those eventualities.
1 person likes this
@Marcyaz (35316)
• United States
23 Jan 16
@ElizabethWallace He is a saver and we have talked about the different costs that may come up.
1 person likes this
@Marcyaz (35316)
• United States
24 Jan 16
@ElizabethWallace
Now isn't that the truth.
1 person likes this
@ElizabethWallace (12074)
• United States
23 Jan 16
@Marcyaz Good. Nothing is worse than home repair surprises that the homeowner cannot afford.
1 person likes this
@Elizaby (6902)
• Pensacola, Florida
21 Jan 16
@Marcyaz Know how that is. Our landlord is working with my sister and brother-in-law waiting for my sister to build up enough credit with her bank so we can buy the house we are in. He is willing to wait even though he no longer lives locally and wants to sell, but wants us to have the house.
1 person likes this
@alchemistrx (2547)
• Philippines
22 Jan 16
I thought first world countries youth can buy easily houses for their own so its same here. I think anywhere in the world youth or the millenials are struggling.
1 person likes this
@Marcyaz (35316)
• United States
22 Jan 16
@alchemistrx It takes a while to buy a house with all the information they want and the checking of everything then the inspection has to go well also.
@snowy22315 (181988)
• United States
22 Feb 16
It is great he is getting a house. It is a milestone for many people. I wish him luck with the whole process.
1 person likes this
@Marcyaz (35316)
• United States
22 Feb 16
@snowy22315 Thanks we went over and measured for drapes and he looked around to decided where he wanted furniture to go. He can have gas or electric appliances so he said he will have electric.
@Blondie2222 (28611)
• United States
23 Jan 16
Well good luck to him and I hope he gets the house.
1 person likes this
@scheng1 (24649)
• Singapore
22 Jan 16
Has he tried getting different quotations from the banks?
There are so many types of mortgage packages in the market.
If he can, get a fixed rate deposit, so that he does not have to worry about rising mortgage payment.
I think this house will wipe clean his saving account!
1 person likes this
@Marilynda1225 (83074)
• United States
30 Jan 16
Hope everything works out for your son with the house. The paperwork is such a headache isn't it
1 person likes this
@Marcyaz (35316)
• United States
30 Jan 16
@marilynda1225 There sure is a lot of paperwork which surprised him, he had a text message that everything has been sent to the Underwriters and he sure hear something by the end of next week.
@VivaLaDani13 (60794)
• Perth, Australia
5 Feb 16
I don't really know how renting or buying a house here works for I've never lived on my own, well not yet anyway but I do wish the very best for your son!
1 person likes this
@Marcyaz (35316)
• United States
5 Feb 16
@VivaLaDani13 Thanks he still hasn't heard anything yes except from the realtor who said the same thing the person at the bank said it is in the hands of the underwriter at the moment.
1 person likes this
@celticeagle (168126)
• Boise, Idaho
21 Jan 16
Starting young he could have this house payed off early on. Good luck to him in this.
1 person likes this
@Marcyaz (35316)
• United States
21 Jan 16
@celticeagle yes he could have it paid off in fifteen years, thanks.
1 person likes this
@infatuatedbby (94914)
• United States
21 Jan 16
Good for your son! And sounds like he is very responsible to even pay rent earlier than scheduled! That's a huge plus! 
1 person likes this
@Marcyaz (35316)
• United States
21 Jan 16
@infatuatedbby He is very responsible and has always paid his debts ahead of time when he could.
@Hannihar (130213)
• Israel
24 Apr 18
@Marcyaz
When renting here we have had to have guaranteeors to vouch for us. Here I did not have that. Actually I was told about this place from someone I know that owns an apartment here. It is very different buying a place that renting one. When buy you are totally responsible for repairs. I wish him luck.
