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/biz/ - Business & Finance

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10437808 No.10437808 [Reply] [Original]

Hey anons. Looking for some home buying advice or counter arguments to it.

>26
>Have a job in Insurance 40k annual (Just started)
>Have saved 6k
>Company offers 5k investment to employees who choose to buy in our city
>My city also offers a benefits package for first time home buyers which includes clearing closing costs, lower taxes etc.
>14k in student loan debt
>Average cost of a home in my city 200-400k

Here's where it gets tricky. My folks are getting a divorce. I still live at home but I've been saving to get a place. Part of the negotiation now is what to do with our family home. It's got an acre of land smack dab in the middle of my city. (2nd largest yard privately owned)
And disregarding memories, it's got an insane amount of work put into it that's made it into the type of home you'd see an aristocrat living in. (My father is a designer/builder by trade who finished art/architecture school)

While I will always take care of my folks, I want to start my own life, and I'm concerned that should I buy the house, I'm guaranteed to be stuck with them somehow, as well as siblings who are just about to start college.

A. Rent a room with someone and keep saving
B. Look for a cheap property and get a mortgage
C. Buy my home and risk taking on the bills that my siblings run up because they definitely won't leave and my parents will probably stay for a while too.

The benefits given by my company and the city are pretty nice. Is it financially feasible and also some general words of advice about the sticky situation. Oh and I have like 3k in crypto that I'd be willing to pull out.

>> No.10437831

>>10437808
Just smoke crack and throw your life away

>> No.10437838

>>10437831
oh ok. Thanks dude.

>> No.10437857

>be 26
>ready to settle down and start an old folks home/halfway house

>> No.10437891

>>10437838
40k ann is pretty shitty bro. I wouldn't buy A house rn especially in this inflated market. Housing bubble could pop any second

>> No.10437900

>>10437891
this. just focus on building capital

>> No.10437910
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10437910

>>10437891
>median household income is like 55k
>40k is shit

>> No.10437927

>>10437857
That's why I ask. My folks are in their 50's. They did their best, but it didn't work out. Mostly because of my siblings. They are fucking hellspawn and genuinely hate them.

>>10437891
I know. So then just rent? Keep trying to save up? I'm getting in shape to try and get into the Officer reserves as well, for God, country, and extra money. I can expect a promotion within a year and be earning 55k from my insurance job because I'm doing great and already assigned to a top market. Until then, it's 40k.

>> No.10437934

>>10437910
Lmao nah it was 60k in 2016 and 110k in my city is low income so btfo poor fag

>> No.10437971

>>10437934
Sounds like your city is garbage anon. That being said, I know I'm in the bottom rung for now but I'll be earning better soon. That's what I get for studying econ and finance I suppose.

>> No.10438037

>>10437971
Nah you are on the right track dude. Track spending each month and save up. Keep your crypto for now.. The housing market like i said earlier could crash any moment even if your city is nice and upcoming. The whole market is in A weird place right now

>> No.10438045

Whatever you may choose God to be.. Have faith and believe in your future

>> No.10438081

>>10438037
Alright. It's been really hectic at home and part of why I'm still here is acting as duct tape but it's blown over. No one can handle the stress. I just want to make the best decision to set myself for success faster in life. I'll just tell my folks to sell it and move on.

>>10438045
Thanks dude, that was really nice. God bless you.

>> No.10438148

>>10437808
>40k
>-16k
>300k

Nope. Save up more cash first. Unless you are a good builder and really want to buy a shitter to fix up yourself, like it's your lifelong dream, then don't let me stop you. But otherwise no.

>> No.10438374

>>10438148
I'm a decent builder. But building still costs money.

>> No.10438466

>>10437808
Talk over concerns with folks, 100% sure they'd support you if you had to put your foot down on a lazy relative as they paid for you for so many years I'm sure they know the costs very well. And as nice as the house is they are not making any more land. Make sure you own that land 100% tho as I'm sure your broke ass/lazy siblings will want it once they realize how valuable it is and they can't afford it they'll try to guilt trip you into selling/sharing the money so yea. C kick out siblings, folks hanging about isn't terrible. They can help you raise the grand kids you'll be from your new waifu who wants to live in your mansion with you.

>> No.10438469
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10438469

>>10437934
>that retard who assumes his city is the median for the nation

>> No.10438550

>>10438466
Just had a sit down with the mother. Told her some options.
Need to sit with dad and then both of them two.

There's obviously more to this than just pure capitalistic pragmatism. There's alot of sadness, anger and depression in this household. Once again, mostly because of shitty siblings.

So it's tough to factor that in because it has no real value, just all in our heads and hearts.

I agree whole heartedly with the land prospect. It's alot of land in a quickly growing city. And my city is getting whiter too.

>> No.10438595

>>10437808
Is there any way for you to go live with your mom or dad after they divorce? I used to be against living with your parents as you got older (personally I left at 19) but financially it's one of the best things you can do especially if your goals involve buying property.

One of my friends lived with his parents until almost 30, they paid 100% of everything, so all his money went into savings while he worked full time. He ended up having 2 rental properties (one was a duplex and he lived in one half) and quite a bit invested in stocks, he was basically fully retired before 40.

I wouldn't buy your current family house if the siblings/parents are going to live there and expect you to pay the bills.

>> No.10438631

>>10438595
I don't mind supporting my parents. They still work. They probably won't want to live together, but the really shitty part is, that if my siblings aren't around they don't fight. They don't talk either but they have no issue with running into eachother. They both ignore the fact that my siblings are the reason for all of this and I can't change either's mind on it.
My concern is that I buy the property and my siblings basically refuse to leave. You can say "Just kick them out" but that would destroy my relationship with my parents. I'm a Balkanfag btw, we are (in theory) supposed to stick with family to the end. Even now with them getting ready for divorce they keep saying not to eachother, but to me "If only they would come and apologize I would forgive" but neither will do that. And they didn't even do anything like cheat on eachother. Just got into insane fights over sisters for the last 10 years.
If they do split, I'm going my own way until it comes time for them to need help. That's just how my culture is, it's a large part of why Southern and Eastern Europe sucks. People carry their kin around with all the baggage.

>> No.10438715

>Company offers 5k investment to employees who choose to buy in our city
you chump they only do that to incentivize tying yourself down to a massive financial obligation to keep you dependent on the income THEY provide

>My city also offers a benefits package for first time home buyers which includes clearing closing costs, lower taxes etc.
to get you paying property taxes ASAP

>Average cost of a home in my city 200-400k
too expensive
>Have saved 6k
not enough down
>Have a job in Insurance 40k annual
not enough per month

>26
you lack the most fundamental reasons to own a single detached family home

>> No.10438729

whats you're student loan interest rate at? paying that off might be a better investment than a lot of other things.

>> No.10438853

>>10438729
4.5%. Monthly is 160. I pay 350.

>>10438715
I suppose. I know how to build. And my father is a crafstman. I found a 2 family in my city for 180k that is in rough shape and I was thinking of just investing my free time into building it up. But idk.