How a frugalist bought her first home

re: How a frugalist bought her first home

jan — Thu, 12 Feb 2009 19:46:23 GMT

I have been in a townhouse coming on 5 years this April..new construction. There are usually a set of rules called covenants--get a copy and read over carefully. Although many people gripe because sometimes they are unusually restrictive it sure keeps the neighborhood in order. Monthy fees usually cover yard care, snow removal, and maintenance and insurance of common areas. Expect assessments--that's how big-ticket items such as roofs and exterior painting get paid for. You are responsible for the INSIDE of your house so be sure to get enough homeowners insurance. Also insurance for townhomes tend to be a bit more as they have to be rebuilt to original layout so that everything matches. But I LOVE the fact I don't have to shovel snow or do yardwork--the good fairies take care of everything.

re: How a frugalist bought her first home

tom — Sat, 06 Sep 2008 01:42:43 GMT

Well since you will not post my remarks. I think it is irresponsible to write an article that buying a manafactured home is a good thing. With all the foreclosures all across America the prudent thing to do is to buy a stick built.

Hope she never wants to sell or refinance. Good luck. Feel free to respond.

re: How a frugalist bought her first home

tom — Thu, 04 Sep 2008 18:18:27 GMT

With all the houses for sale.........Hmmmmmmmmm.........Manafactured?

re: How a frugalist bought her first home

Uncommonadvice — Wed, 03 Sep 2008 18:29:43 GMT

It seems so much different in the USA compared to the UK. In Britain no First Time Buyer would ever manage to save such a large deposit! More power to you!

re: How a frugalist bought her first home

*Cera* — Wed, 03 Sep 2008 17:32:46 GMT

A Manufactured home is a waste of money. I wouldn't even count it as a home purchase considering they are less than what I make in a year!

re: How a frugalist bought her first home

Too cool for school — Wed, 03 Sep 2008 17:31:26 GMT

"the manufactured home"? Please, I don't think it counts as a real house purchase. Anyone can afford a trailer.

re: How a frugalist bought her first home

Tom — Wed, 03 Sep 2008 14:59:38 GMT

Manafactured = bad investment

re: How a frugalist bought her first home

Libby Butler — Wed, 03 Sep 2008 14:57:46 GMT

Congrats Lynnae on your home purchase. What a great reward for your frugality. One suggestion though; and if you can do this, it really works. Commit to making extra payments on the principle only. During the first five years of my mortgage, this was an especially beneficial technique. I read about this in Kiplingers magazine a long, long time ago and used it to pay off my first home before I was 45. This was despite a divorce, debt left by an exhusband and two young children. I also do this on my car payments (with certain restrictions by my credit union).

re: How a frugalist bought her first home

John — Wed, 03 Sep 2008 14:50:09 GMT

Hello: I am self employed, (which is great and a little scary at the same time- kind of like my own private roller coaster ride) and as a result of a fluctuating income, I wonder if I would even qualify for any home purchase / building options. However, I have managed to save bewteen 30 to 50% of my proposed purchase price. Any thoughts?

re: How a frugalist bought her first home

HB — Wed, 03 Sep 2008 14:32:37 GMT

Would anyone care to comment on the advantages and disadvantages of buying a townhome? I'm looking at a foreclosed townhome, but have gotten some negative comments from people I know about surprise assessments and raises in association fees that are out of your control. Also, the home is being sold "as is," and my realtor has some concerns about that. Any input will be appreciated.