New young female co-worker joined today.

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Not really: I have never seen an apartment that didn't require at least a year's commitment and around here they automatically renew for another year unless you give 3-4 months notice in writing. The absolute minimum time is 31 days and it can be even longer than that to leave a rental. Yes, many houses linger in the market for months but that's because they are overpriced. In my neighborhood, I have seen houses re-sold after less than a year for more than what was paid for them: factoring in closing costs, it is still far cheaper than rent.


You still pay all those taxes when you rent too: it is just reflected in the (high) monthly rent. Factoring in all those things, my total housing expenses are only about 30% more than as a Bachelor (and way less than what Mrs GHF and I had paid combined): considering my house is over double the size, in a far nicer neighbourhood and has already increased in value I am much better off financially now than before I become a homeowner.

Renting is definitely easier, but if I had my time back I would have purchased a small townhouse. The mortgage and taxes would have been less than renting and I could have easily re-sold it for about 25% more than I paid for it in just 3 years.

I honestly find that really hard to believe. I do know (because I have seen it) that candidates are rejected solely based on living in an area of the city that is 99% rentals. My boss made some vague reference to how they are unstable to which I angrily replied that I rented for years myself and am the definition of stable.

So how's the new job search going?

I have been trying for a couple of years to no avail I am honestly shocked at how difficult it is even with my many years of experience and education to land a job that pays comparable to what I make now (far below what I can capable of earning). I honestly felt I would have received multiple offers so far but nope, not even an interview.

Before that, the previous boss (who was fired) was a racist and would not interview anyone from known black areas or with stereotypical black first or last names. One thing I learned a LONG time ago was that those doing hiring reject people for the most ridiculous and petty reasons, often nothing to do with their skills (just like people on online dating sites). What's ironic is that the higher ups later intervened, hired a 'token' black guy and he was by far our best worker: before he got promoted, I always sought to work with him.

Again, sorry for continuing to derail this thread but unless you are part time, it is not a great idea to date someone you have regular contact with at work.

In the unlikely event you need to suddenly disappear, apartments are great. Crap happens. If I had to, I could forfeit a month’s rent and lose my deposit if the circumstances were bad enough. Homes actually do depreciate in my area, but it was what we could afford.

If you inherit some money and you can buy something mortgage-free AND you plan on sticking around a while, DO IT.

If you’re living in a single-room apartment and suddenly make enough money to buy (with cash) a small house AFTER paying rent, by all means BUY.

Mortgages assume too much risk when you’re young. I thought I had a secure job. I didn’t. My wife got fired for having a baby. Not having the ability to make mortgage payments put us on the street. We were LUCKY. VERY LUCKY. We had enough equity and we got the house sold at the last minute so we COULD find a new place. 5-bedroom on half-acre lot in the high-tax neighborhood when you’re from out-of-town and you’re in music and education is just a recipe for disaster. Make friends, see how the next 5 years go, THEN consider buying.

Had we been smarter, we’d have just stayed in apartments and skipped town in the off-season, found another town to start over in.

If you absolutely MUST mortgage a place, don’t go through a typical bank. Find a bank that will do mortgage underwriting. They absolutely WILL NOT lend you money unless they know for a fact you’re low-risk. They ask a lot of uncomfortable questions you aren’t going to want to answer. But at least you’ll know with little doubt you can manage it. And you can make cash payments.

Someone lock this thread now, please.

Why?

Shouldn't there be some articuable reason for locking the thread? Just because it goes in an unexpected direction from what the OP intended should not be sufficient reason.

Usually, the moderators here lock threads when the OP requests it.

I never noticed that before. (I registered with this name yesterday and abandoned my old username.)

Maybe I tend not to join threads that have much potential for being locked. The last thread that I was on that was locked it was because one certain poster made a stupid personal attack. Oddly enough, the personal attack itself wasn't removed.

Locked by request.