gh

Hi there! I love to travel and if i could i would never think about stop doing it. But i am now 27, still live with my Mom, and i am thinking maybe is time to get me a place to live. Rent is out of question because where i live is really a waste of your money. So i am thinking buying a place, but that will mean end of travel for a while (at very least!). Actually if i do that i do not know when i'll be able to travel again. What should i do? Thanks a lot in advance.

Busybody

What's this? An opportunity to give my opinion about someone else's personal life? Cool <BR> <BR>Assuming you can find a place that would be a good investment, I say buy the place right now and travel later. Here's why. <BR> <BR>First, if it is in a good location and well-built, it will be more pleasant than apartment living. And believe me, you have to move out of Mom's house sometime. <BR> <BR>Second, if you buy now, you'll build equity which will help you travel later. If you get Mom to help with the expense, maybe you'll still get your payments low enough to travel some. <BR> <BR>Third, if you buy, your payments will seem painful now, but as your income grows, they seem less so over the years. Then you'll notice you have extra money to . . . travel. Also, consider taking in a roommate, like a local college student. <BR> <BR>Fourth, as you get married and have kids, money will be tight. The sooner you start building a financial future, the sooner you'll be able to travel. <BR> <BR>Finally, and I just cannot emphasize this enough, buy a GOOD place in a GOOD location. If you buy way out in the sticks, your unit will not appreciate, and you'll be stuck trying to unload it instead of cashing in. If necessary, get something cute and small instead of getting lots of bedrooms. Good luck!

dearabby

Just wanted to say I have been in your position. I got married 2 years ago at age 26 and be bought a home together. I was unable to travel (other than honeymoon) the year before we got married and the follwing two years as we were saving for and making a downpayment on home and furnishing it. We are taking our first real tripin august of 2001 to Italy. Prior to getting married I lived with 2 roomates and had very cheap rent. I love to trravel and went to different spots in the Carribbean 4 times, to London, on a 3 week hiking and backpacking trip in costa Rica and many small trips to Las Vegas, New Orlean, new york etc etc. I missed traveling for those 3 years but it was worth it. We have have equity in our home and actually own something. Pretty soon we may be starting a family so now we have to do a lot of traveling ion the next couple of years be fore we have to slow down again. No matter how much you love to travel sometimes you have to priorotize!

gh

Thanks a lot, Busybody. I am still thinking about it, and it seems that the way to go is really buy a place. I know this a little personal, but people here have experience in life that i think is very useful.

gh

Wow Dearabby, thanks a lot for sharing! And your last sentence was really important to me.

Mom

BUY the apartment. You will find there are times in your life when you can travel a lot, other times when you'll have to fall back on your memories until you can do it again. You should also note that it is much easier to get along with your mother when there is some distance between you...at this age she'd most likely prefer not to be the mother-hen a live-in arrangement seems to naturally evolve into. You both need some privacy!

elvira

I was in the same quandary about two years ago, and got some good advice from a very smart friend: <BR>If you are already putting aside as much as you can for retirement (401k, IRA, company pension, etc.), then consider a home purchase. If not, then make those contributions first before budgeting for a home purchase. <BR>Don't buy a house for a tax write-off; buy a house because you really want your own place. Costs, time and energy are large outlays for upkeep, and can be discouraging if you bought the place for all the wrong reasons. <BR>

Thyra

Wow, we just went through this same issue. My husband and I lived for the past 6 years in a trailer!! (Picture 2 professional 30 somethings in a trailer park full of retired people and you get the picture) very unusual to say the least. But on the upside we got to go to Europe every year!!!! I still hold that it's the Living not the Living Space that's important to quality of life, however, we were both driving over an hour and a half per person ONE WAY back and forth to our jobs in Los Angeles... that breaks out to, swear to heaven $300.00 per month in gas! The situation was getting way out of control so we decided to bite the bullet and get a place closer into the city. It was easy to decide to buy since rent in LA is pretty steep and a mortgage can actually be less per month. Let's just say that our mortgage on the trailer was around $300.00 per month and on our condo well over $1000.00 I was terrified that travel would no longer be an option. But we resolved to save money in other ways! Strict weekend budgets, less car repairs/gas.. keeping the purse strings tightly closed and guess what.. we can't quite go every year.. but we can probibly swing every year and a half!!! Plus we may get a tax refund this year (first time ever) which is another reason to buy instead of rent and if we do see money back it's anotehr source for travel! Good luck whatever you decide!

Susan

In Canada, we don't get a tax break if we have a mortgage, so many of us try to pay off our mortgages as soon as possible. I used to pay very low rent, especially considering that I lived in downtown Toronto (a more expensive area). I then got married and we paid much higher rent in a bigger place, but house prices were outrageous, so we felt we were still ahead. However, when house prices in Toronto came down in the early 90's, we decided to bite the bullet and buy. Luckily we did have some savings for a down payment. The year we bought we decided that we couldn't really afford our usual trip south in the winter, but we usually went to the west coast in the summer anyway to see family. That was the only year we didn't take a trip outside of Canada. Since then, we've gone away at least once or twice a year. We rarely splurge on our trips - we're budget travellers, but we've been able to do some nice trips. We've also accelerated our mortgage payments and expect to have the house paid off in another 2 years. <BR> <BR>The other reason we ended up buying was that we started to think about how long we actually wanted to work. With high rent or an outstanding mortgage, you may feel you have to keep working long after you want to quit. I didn't want to be 65 (or even 55) and still have a big mortgage to pay.

Bebe

Buy a place as soon as you can. The payments may seem high now but will not seem too bad assuming your salary increases over the years. The tax advantages may mean that owning will not cost much more than renting. We bought our house when we were in our mid-twenties and were not able to travel for about five or six years because of it. However, our payments now seem cheap, we are traveling all that we want, and we have $300K in equity in the house.

gh

Thanks a lot everyone one more time! Elvira , you made a very important point, about the energy and money you put when you are buying a place. Sometimes i think i am doing this just to show, since this idea came from a friend from work. In my heart, what i always wanted to do was travel abroad, meet people and places!

Debbie

Hi. <BR> I recently ( march 2000) bought my own home. (single / no kids) I too was worried about being able to travel, but was able to spend 9 days in Ireland in Nov. <BR> If you are willing to travel off season, you should be able to find good prices in air & hotels. <BR> Also - learn the "pay yourself first" rule of finances. Determine your priorities ( 401k,Vacation fund, new car fund, extra savings acct, etc) and then set up a budget that includes them as MUSTS. The best way, if you have autmatic deposit, is to have them come out of your paycheck before you even see it. <BR> Even $25 a check (or whatever you can afford) will add up into enough for a ticket over the course of a year or so. And besides, after you get used to the initial amount , it is easy to bump it up by $10+ , and then 10 more - you get the picture. <BR> <BR>Besides if push really came to shove, you could dip into that special account if a house emergency came up.... <BR> <BR>Good Luck. <BR>Debbie

liz

If your heart is not in it, then don't! It's a huge commitment,and there is nothing worse then being "house poor" and regretting your decision. If your priorities lie with travel then see the world, have fun, life is way too short! Have you ever thought of placing an ad to house sit for other people that travel. One of my girlfriends did that continuously for about 3 years, she lived rent free in beautiful mansions and was able to save to do alot of travelling on her own. Just a thought. Good luck!

Shanna

Oh, dear, I do love my house BUT! It owns me, not the other way around. Given a chance, I'd move back in with dear Mummsie, take her on a trip once a year as a thank you gift, and not schlep any more dirt to the back yard to level the half that fills up when it rains. I wouldn't have spent six weeks painting the interior, every weekend picking up pine cones or mowing the lawn, fertilizing, planting, never mind the coming expense for those leaky faucets, tiling the front porch, replacing ceiling fans, painting the fence, replacing the shed. Home owning is EXPENSIVE and if you buy a place that isn't exactly what you want, you'll want to change and upgrade. New carpet, terrace the front yard, remove a couple trees, how about double-pane windows to keep the noise down, lay a few beds, find friends to water plants when you go, cover those plants when it freezes . . . . I could go on forever. Stay at Mum's and save enough to make a big down payment, get a simple apartment condo with small association fees. Only if you're certain you won't let your house consume you should you buy one. I've got to go lie down now . . . . and dream of a trip I can afford in time and money.

Jeanette

Dear gh: Speaking as the Mum- buy the apartment/ house. Your Mom may love your company but she will love to see you develop & grow even more. Travel promotes growth too, but is no substitute for your own place and the beginning of your own financial integrity. Your choices will be greater for all of your years down the road. Taking responsibility for all your own expenses/ living arrangement and self-sufficiency will bring great rewards. It's often how strong, caring adults happen. And THAT road will lead to good travel experiences also, in the long run.

sm

Wow, this is a great thread. Not your typical topic, but so nice to discuss this with other travel nuts. So, I have a question too: How does this apply to a car? I am married with one child hoping to go to Europe next spring with my sister-in-law. One problem. Our 10 year-old Honda is on its last leg. Repairs are imminent--major repairs. So we're seriously thinking about a new car with a warranty. (We'd probably just keep the tired-out Honda and cross our fingers, but we'll be doing some cross-country driving this summer.) Anyway, I am worried that the car purchase will prevent the trip! The answer is probably obvious to you all, but it's been way too long since I've been to Europe!

Paige

SM: Sometimes you just have to bite the dust and do what you gotta do. Or else, skip the cross country driving this summer and go to Europe instead! With a new car you can probably budget better since you won't have unexpected repair bills, so maybe you can figure something out.

Mommy

I put aside buying a house in order to travel. Just got back from two weeks in France with my parents and child. It was exhausting. I travel to Europe every year at least once with my 8 year old daughter and also make several continental trips. <BR>Every one told me to buy a house. I knew if I did, I wouldn't have the time or money to buy a house. So I choose to travel instead. I loved my choice. <BR>But now, 10 years later, I am ready for a house and will be satisfied not making annual European vacations. <BR>I am ready for a break from travel. I want a house. It's very hard traveling with a child and a little more expensive. <BR>I say travel now till you become a parent then buy a house and take a travel break for a while. <BR>Later you can travel again.

BusyBody

Wow! Someone is thinking of buying a new car instead of traveling. Another chance to spout my opinions. This thread is a dream! <BR> <BR>I say don't buy a new car and skip the warranty. Buy a reliable two-year old car with decent mileage, maybe 24K or less, from an individual, not a dealer. I bought a two-year old Volvo three years ago, which had 21K at the time. I think I saved about $9000 over the cost of a new one. And skip the car warranty. If you buy the right car (I'm partial to things like Toyota Camrys and Honda Accords and extremely reliable, boring cars), your repairs will be minimal. <BR> <BR>Cars are a total, complete money-sucking pit. Unlike a house, they NEVER appreciate, so the expense of obtaining them is best minimized if one hopes to travel instead. <BR> <BR>Anyone else have a problem?

Cindy

Shanna, you are wearing me out! <BR> <BR>Yes, gh, Shanna is so correct that home ownership is a bear. Her list reminded me of a whole bunch of projects that need doing and funding. New roof, air conditioning, heating, gutters, fence, windows. Upgrade insulation, window treatments. Repair retaining wall, porch, garbage disposal. Furniture will have to wait. And what's the deal with all of these weeds? <BR> <BR>But boy, it's worth it. If you pick a good place in a good neighborhood, the prices just go through the roof over time. I say go ahead and buy, but be REALLY picky and don't buy unless you get a really warm glow standing in the front yard. <BR> <BR>By the way, that first time when you invite Mom over to dinner at YOUR place . . . That's really special.