We own our own home. We bought it in 1995. Before this we owned a condo in Beacon Hill in Boston. In addition, I have been involved in real estate as a form of investing for the past 4 years. I work with younger people who for the most part are either still in school or have recently finished. I find myself talking to them frequently about saving money or buying their first home. I am amazed at how much more aware they are about saving money than I was at their age. However, for some reason the whole concept of buying their first home is a much harder thing for them. Today I was talking to Allen about how much home he can afford. He is struggling to find the right priced home and to budget monthly expenses. There is tons of information about how to find the best mortgage etc., but not enough about how to budget etc. It is one of the biggest mistakes that young people makes and fortunately not one of the many that we made in our youth.
http://www.interest.com/mortgage/05112007_mortgage_mistakes_interest_rates.html
This is a basic but valuable article on a great site for first time prospective buyers.
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I agree totally. In regards to savings we(me) the younger Generation X have a better since that we need to save for the future. A great portion of this thinking comes from knowing that a social security check will not be able to take care of your retirement in full. It is up to us to manage and save for our future in older age and the unexpected and only rely on federal plans as supplemental. In regards to the home buying I see that as a potential savings for taxes and a investment (hoping)for a better market value. Also for me there is only so much land available so I feel like I would buy any parcel even if it was crappy. You were correct in stating that there are many sites dealing with the "finding the best..." but not too much into what else is needed. I constantly ask other when trying to budget how much should this run and what about that. But the biggest problem in which I think you were trying to reach out is budgeting in general. Myself, I feel I know the value of the dime, yet penny wise, pound foolish. I look at the labels and shop store brand and don't go out and buy the latest clothes to impress. But what I do is when I do buy something that is going to be worth a good buck, i feel I have to buy the best. Therefor making the budgeting and low cost spending go out the door. But now that I am looking for a house to one day turn into that home I have to try to resist the urge and strive for that budget and sense of spending that is want vs. absolute need.
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