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Forum » Is inheritance anyone else's only chance of becoming a homeowner (srs)
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Thread: Is inheritance anyone else's only chance of becoming a homeowner (srs)

post 1633722083 03-14-2021, 02:34 AM
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Is inheritance anyone else's only chance of becoming a homeowner (srs)

I make 55k, am single and I'm never going to be a ceo 100k a day.

I make enough money to get by OK and I will never go hungry but I have basically no chance of being a homeowner unless there is a seismic shift in the economy and housing becomes affordable again.

I have saved 50k in the past 10 years and I have 28k in another savings account that is a government scheme.

I suppose if I bought a run down hovel next door to a gang pad or a drug dealers house I might be able to afford the down-payment but I wouldn't be able to keep up with the mortgage repayment lawl.

Being the sole person in my parents will I will inherit the house etc so at that stage I'll probably move in there or sell it and buy my own place.

But yeah I know on misc everyone is a stock market kingpin who bought their first mansion at 17 but irl the only people in my peer group who are homeowners are married with 2 salaries and their parents helped out with their house deposit.

Anyone else like me.
post 1633722143 03-14-2021, 02:36 AM
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Well you can always get a loan for 30 years OP...

Some of the retards on misc think this is a good plan too.
post 1633722173 03-14-2021, 02:38 AM
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post 1633722253 03-14-2021, 02:41 AM
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Git gud *******.

Mind, fuk buying a house atm. If you buy in a bubble this obvious you deserve to lose money.
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post 1633722273 03-14-2021, 02:42 AM
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You are doing better than most. The irs gets all my money. I was finally making 1000 a week and I got let go of from one of my jobs because of corona and then I had to get a car so I’m down right now. I’m actually surprised I haven’t committed suicide by now. I hear guys at the gym though. Most are born good abs they are like yeah I’m selling my second house this month. Been boning my side chick in it. I’m like Jesus. I hope I can afford my flipping apt
post 1633722303 03-14-2021, 02:44 AM
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Originally Posted By AverageKenneth⏩
Git gud *******.

Mind, fuk buying a house atm. If you buy in a bubble this obvious you deserve to lose money.
gigacope. house prices are never going down again. op is extra fuked when his mum leaves the house to her Ugandan boyfriend overseas
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post 1633723183 03-14-2021, 04:18 AM
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Originally Posted By AverageKenneth⏩
Git gud *******.

Mind, fuk buying a house atm. If you buy in a bubble this obvious you deserve to lose money.
They've been saying its a bubble and an inevitable house crash due since the 90s. It dips occasionally - but then rises way higher than before.

Think about it - even in the biggest recession in history (Covid) with 1 in 4 people reliant on government handouts, when mortgage lenders are only lending 4x your income (reduced from unlimited pre 2014, or 5.5x even last year) - UK house prices have STILL gone up...

My advice would be to buy the best house you can afford, even if its ****e - because it will still go up in value and worst case scenario - you can rent it out.
post 1633723343 03-14-2021, 04:28 AM
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Totally, I'm upper-middle class as are virtually all of my friends and people I know from school. I don't think there's a single one who has bought a house totally off their own back. All have had help from parents. If this is what it's like for us, for people less fortunate they must have no chance.
post 1633723353 03-14-2021, 04:28 AM
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Originally Posted By ****inator⏩
Well you can always get a loan for 30 years OP...

Some of the retards on misc think this is a good plan too.
my mortgage costs less than your rent, and my house is up 20k since october

how mad
Originally Posted By AverageKenneth⏩
Git gud *******.

Mind, fuk buying a house atm. If you buy in a bubble this obvious you deserve to lose money.
with the amount of money the governments printing, the difference between owning real estate and not is going to be brutal 10 years from now

even with the inflated price of houses I guarantee you'll never get a mortgage this cheap again
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post 1633723383 03-14-2021, 04:28 AM
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I'm going to marry a Filipina and have her buy some rural crack land for $20K and then build a house on it. Then hope she doesn't murder me or move her in 20 relatives. If she kicks me out I figure it's cheaper than a western style divorce (divorce is illegal in Philippines there's only annulment that requires both to consent to it).

That or I'll buy a 1 bedroom apartment somewhere in Eastern Europe but how to get residency / citizenship there is unknown..

So yeah if I'm ever forced to go back to my home country I could be screwed because renting isn't cheap nor do I know of any cheap land options.
post 1633723473 03-14-2021, 04:31 AM
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that's the god damn truth for most. if any of you have parents saying they need a reverse mortgage pay their mortgage ffs or at least part. you're ****ing yourself if you don't.


i spent 500k on a house a little up in the hills. now houses at the bottom in busy streets go for 650. that's retarded!!!!
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post 1633723673 03-14-2021, 04:43 AM
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Yeah this problem has been making me think of buying rural land somewhere that gets good sunshine with mild winters and go off-grid with my own built cabin or tiny house. With solar, a periodic supply of propain, rainwater collection or a well, and Starlink internet I think I can make it work. Would be like unplugging from the matrix
post 1633723783 03-14-2021, 04:47 AM
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Originally Posted By Anachron⏩
In on regular whiny thread of people who are too lazy to get off their asses.

It is cheaper to buy a house now, then it was in the 1970's ( US market ).

Let that sink in.
"pull yourself up by your bootstraps I bought my first home with the money I made bagging groceries in between semesters at college"

OK boomer
post 1633724093 03-14-2021, 05:04 AM
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Not everyone can be a landchad

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post 1633724353 03-14-2021, 05:11 AM
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Government taxes inheritance like a muthafuker
post 1633724453 03-14-2021, 05:15 AM
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Originally Posted By Uhyeahokay⏩
Government taxes inheritance like a muthafuker
actually they don't. the first 2 mill per beneficiary is tax free iirc
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post 1633724713 03-14-2021, 05:28 AM
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You can put like 2.5% down
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post 1633724723 03-14-2021, 05:28 AM
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I could be a homeowner right now, but I have almost no interest. Property taxes in my city just aren't worth it especially for someone without any kids.
post 1633724773 03-14-2021, 05:31 AM
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Age 5-23 I always "knew" for certain that my family wouldn't have much, if anything, for an inheritance. PERHAPS the grandparents would offer something though. Dad always had mediocre income, wasted money, got into high interest loans a lot of times, etc. Mom refused to work due to anxiety. In those times, my family couldn't save $5k if it meant life or death.

It all changed though within the previous couple of years. Family got stupid lucky, essentially hitting a few hundred thousand dollars lotto, and bought a decent house outright with cash, no mortgage. Although beyond that they don't really have much money at all TBH. Now I might get an inheritance, to some degree, though I think my special needs brother would get most of it if he's still alive, or at least I'd ensure he did.

Point of the above context is to say... I think growing up and "knowing" I wasn't going to get any inheritance, or much help in general from the family at all, actually encouraged me to succeed. It made me realize if I want a lifestyle, to be independent, etc. I need to make it happen on my own, through brute force. Now I fully expect to have a 20% or higher down payment on a house/condo before I'm 30, perhaps even 27/28, barring unforeseen chit like death/illness, a felony, getting exiled from my industry, whatever else you can conjure up in a doomer's brain.

To place limitations on yourself is the true way to actually find limits. "I'll never own a house." You're right you won't because you've told yourself that your whole life and give up without devising a plan and working at it.
post 1633724793 03-14-2021, 05:31 AM
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Yep. Honestly for me I like renting in a way. I don't know if I would stay in the same job for enough years to make buying a house worth it. I like being able to move.

Maybe when I have a family if ever. Just seems like buying locks you down so much to one small area.
post 1633724923 03-14-2021, 05:36 AM
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One of the worse things you can do is count on an inheritance. I've seen people do this and so many times ends up not getting near what they thought they would get.
post 1633725083 03-14-2021, 05:41 AM
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If you’re sitting in front of a computer, thinking “when my Dad dies, my life is going to improve”, then you’re a wasted shot and your Dad’s ejaculate was an own goal.

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post 1633725313 03-14-2021, 05:49 AM
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Originally Posted By Jasonw1178⏩
One of the worse things you can do is count on an inheritance. I've seen people do this and so many times ends up not getting near what they thought they would get.
Yep 100%. I used to work for my dad, and he would use an expected inheritance as a manipulation tool to keep me working for way less pay than I wanted. It's a terrible way to live, and I eventually started thinking, "Oh damn, if I go down this path I wouldn't have financial freedom until I'm like 50+"
post 1633726053 03-14-2021, 06:16 AM
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no, you can get an fha loan
post 1633726163 03-14-2021, 06:20 AM
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55K net or gross?
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post 1633726193 03-14-2021, 06:23 AM
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Being single and making $55k is plenty. You are doing something wrong in your spending to have only saved $50k in 10 years.

I lived below my means throughout my mid-20s with a similar salary as yours and saved up enough to buy a house.

Lay out your monthly costs OP, let's see where you're fuking up.
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post 1633726263 03-14-2021, 06:29 AM
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Brb median house price is $1,000,000 while median salary is ~$50k

I don't understand how this is sustainable. It's gonna be 2 million soon the way things are going, and then what. How does this chit even work
A young bull and an old bull were standing atop a hill looking at a bunch of heifers in a field below.

The young bull says "Let's run down this hill and fuk one of those heifers."

The old bull replies "No. Let's walk down there, and fuk them all."
post 1633726383 03-14-2021, 06:32 AM
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Originally Posted By PenorBrahNoHomo⏩
Totally, I'm upper-middle class as are virtually all of my friends and people I know from school. I don't think there's a single one who has bought a house totally off their own back. All have had help from parents. If this is what it's like for us, for people less fortunate they must have no chance.
Brah, 99 percent of dudes that aren't trying to buy a house by their late twenties/early thirties are absolute man children. Regardless of the support you get from your parents, owning a home should be a major goal for any serious minded person. As other posters have stated, apartment prices are going to skyrocket in the coming years and the rent for an average one bedroom apartment is going to be the same as the mortgage for three bedroom houses. Get in now, don't be a fukking idiot.
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post 1633726423 03-14-2021, 06:34 AM
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Also, this thread is for Merkan brahs living in Greater Merka. New Zealand bras and Euro bras GTFO pls
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post 1633726463 03-14-2021, 06:35 AM
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Originally Posted By Achilles87⏩
Brb median house price is $1,000,000 while median salary is ~$50k

I don't understand how this is sustainable. It's gonna be 2 million soon the way things are going, and then what. How does this chit even work
No it's not. Median home price last October was just under $320,000. A single guy making $55k can easily afford that.
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