Following Tuesday’s post on Starter Homes I thought we’d try to get some more reader involvement on their first home purchase. I think we’ll find every answer is very different. TiP made a very good point at the end of the comments in that post that we all come from different places. I didn’t experience high teen interest rates or a major recession. Please comment on your experience and refrain from editorializing other’s. I’ll start:
In 1994 I bought my first home with 100% of the inheritance from my grand mother and a match from my father which equalled a 20% down payment on a house on Boones Ferry Rd. My dad cosigned the loan. We sold it a few years ago in the $300s having paid $147k. It was a four bedroom home and my three roommates paid the mortgage. I was a college sophomore at the time and the purchase eliminated my housing cost for the next three years until I moved to the Bay Area for work. I’d take my grand mother any day over the $15,000 inheritance but I could have opted to do any number of things with the money.