To buy a horse....? or a house?

[grayci]

I go with some other people and say: NEITHER!

Bought a house a few years ago.

Within the first month: roof (brand new) leaking and the roofing company that did it went MIA. Turns out they did a terrible job and it needs an all-new roof again, but we’ve been gimping along for some time now, which we’ve had to because…

Also within first month: A/C quit. Water heater died. Washer and dryer died. Got all that replaced/repaired, only for…

Within first year: transformer exploded, killing the service into the house and also all the appliances we’d just replaced (and everything else connected to the electric). The actual into the house part the electric company replaced, but all the internal stuff was on our dime. Finished all of that, had house in shape and began saving for a roof again, only for…

discovered mushrooms growing out of the wall. Turns out the shower that had been newly installed just before buying the house was also shoddy (of course) and the pan was catty-wompus so water was leaking into the walls. In repairing that we discovered the whole bathroom had been stitched together on caulk and a prayer (the ‘insulation’ consisted of the busted-up tiles of the old bathroom, and the drywall was attached via more of the tiles caulked together), so the whole bathroom needed replaced. Been doing that for over a year now, but we’re right down to the last of what needs done, but are having a hard time doing that, because…

the neighbor’s tree fell in our pool, destroying part of that as well as the equipment. We now have a literal swamp in the back yard and are currently trying to figure out how to get permits to totally demolish it, because it would be way more expensive to fix.

In the meanwhile, the kitchen cabinets really need replaced from the original leak in the roof, there’s a section of ceiling that needs replaced thanks to a new leak opening up during a bad storm last year, and another section of ceiling that needs replaced because the A/C pan overflowed and the emergency shut-off failed to shut off (probably dead since the electric issue but never thought to check that)

Keep in mind: we’d had a thorough inspection before purchasing the house (only issue of note: soffit of the roof might need replaced in the next ‘few years’, as well as ‘an older water heater’) and have insurance, but most storm-related and water-related stuff isn’t covered due to the area we live.

Oh yeah, and it’s worth half what we owe, even without all the problems.

Honestly, no idea why ANYONE ever wants to own a house…

Then, the horses: age, cushings, board/care issues, saddle fitting, hoof abscesses, on and on and on. Leasing can come with its own issues (just like renting housing!), but safer than investing in an animal not guaranteed not to slip in the pasture and end up a very expensive pet you can’t do anything with, including sell…

[NoSuchPerson]

[QUOTE=Bogie;8267270]
Interest rates are low, yes. And some markets are strong. But NOT all. In some parts of the country, housing prices are still falling.[/QUOTE]

Very true. Where I live, which is in a rural area, prices are still falling. I nearly cried when the place across the street, with twice the acreage I have, plus a nice barn, which I don’t have, sold a year ago for nearly what I paid for my place. I nearly cried again when, a couple of months ago, the place two farms down, with twice the acreage I have, went on the market for less than I paid for my place and the price has since been reduced further.

You have to know your market if you’re going to consider buying.

[ellebeaux]

Oh Grayci, I feel for you, what a nightmare!

[showhorsegallery]

I vote buy the house BUT do a ton of research. And god, whatever you do, don’t buy a house in 2006 - especially if it’s a condo!

Things to consider when buying a house:

• [B]Your young and single, get roommates and make some money off of that house. Help rebuild your savings for a different prospect horse[/B]
• Get an extremely thorough home inspection, be ruthless, spend extra money on checking everything you possible can
• Drive by the house at all hours of the day and part of the week. For example my house has a train that goes multiple times a night and is loud as heck and wakes me up EVERY night multiple times because I am a light sleeper and I had no idea this would be an issue from my day-time visits. I'm planning on eventually getting better windows to help muffle the sound but even then I think it's still going to be an issue.
• Check for nearby section-8 housing or subsidized housing. I don't care if any one thinks this is classist to say. I bought a condo across the street from such a place (even though the general area is fine) and we had constant major crime issues that I do not experience at my new place.
• I really don't recommend condos, the condo dues are always going up and you can get stuck with some shitty people living around you, that because they own, probably aren't moving anytime soon. I know bad neighbors aren't isolated to condos but it's worse in condos then houses because they're right on top of you, right outside your front door. Special assessments and condo boards are lots of fun too.
• If you find a charming historic home spend the extra money and get that sucker replumbed, rewired and the hardwood floors refinished prior to moving in. Doing it after you're living there and all your furniture and stuff has been set up will make you avoid doing it even though it's desperately needed.
• Check the age of the appliances. AC Units only last like 15 years, Dryers last like 15, etc... and see when you might be replacing these things to get a better picture of future expenses.
• Consider getting flood insurance even if you don't live in a flood zone

[grayci]

[QUOTE=ellebeaux;8268539]
Oh Grayci, I feel for you, what a nightmare![/QUOTE]

Heh, thanks! I think we’re pretty much the poster-family for ‘things that go wrong with home ownership’. I’ve posted the insane story about buying the house to begin with too on another thread. I used to design houses professionally for a home builder (at the time we bought the house) so we had all the right people doing the right things. Just suck luck after that. It’s our first house, probably the last, and I’ll never recommend home ownership to anyone. Kind of at the point of thinking it may be better to cut our losses and run…

[OverandOnward]

[QUOTE=grayci;8267327]
I go with some other people and say: NEITHER!

Bought a house a few years ago.

Within the first month: roof (brand new) leaking and the roofing company that did it went MIA. Turns out they did a terrible job and it needs an all-new roof again, but we’ve been gimping along for some time now, which we’ve had to because…

Also within first month: A/C quit. Water heater died. Washer and dryer died. Got all that replaced/repaired, only for…

Within first year: transformer exploded, killing the service into the house and also all the appliances we’d just replaced (and everything else connected to the electric). The actual into the house part the electric company replaced, but all the internal stuff was on our dime. Finished all of that, had house in shape and began saving for a roof again, only for…

discovered mushrooms growing out of the wall. Turns out the shower that had been newly installed just before buying the house was also shoddy (of course) and the pan was catty-wompus so water was leaking into the walls. In repairing that we discovered the whole bathroom had been stitched together on caulk and a prayer (the ‘insulation’ consisted of the busted-up tiles of the old bathroom, and the drywall was attached via more of the tiles caulked together), so the whole bathroom needed replaced. Been doing that for over a year now, but we’re right down to the last of what needs done, but are having a hard time doing that, because…

the neighbor’s tree fell in our pool, destroying part of that as well as the equipment. We now have a literal swamp in the back yard and are currently trying to figure out how to get permits to totally demolish it, because it would be way more expensive to fix.

In the meanwhile, the kitchen cabinets really need replaced from the original leak in the roof, there’s a section of ceiling that needs replaced thanks to a new leak opening up during a bad storm last year, and another section of ceiling that needs replaced because the A/C pan overflowed and the emergency shut-off failed to shut off (probably dead since the electric issue but never thought to check that)

Keep in mind: we’d had a thorough inspection before purchasing the house (only issue of note: soffit of the roof might need replaced in the next ‘few years’, as well as ‘an older water heater’) and have insurance, but most storm-related and water-related stuff isn’t covered due to the area we live.

Oh yeah, and it’s worth half what we owe, even without all the problems.

Honestly, no idea why ANYONE ever wants to own a house…

Then, the horses: age, cushings, board/care issues, saddle fitting, hoof abscesses, on and on and on. Leasing can come with its own issues (just like renting housing!), but safer than investing in an animal not guaranteed not to slip in the pasture and end up a very expensive pet you can’t do anything with, including sell…[/QUOTE]

If you live in California or a few other states you might be able to sue the home inspector, and perhaps the seller and/or your realtor or theirs, for non-disclosure. Some of those were pre-existing issues ready to cause problems.

If you live in other states - out of luck on that point.

I have no idea how much of all that would be paid if you had a home warranty. Haven’t figured out if those are worth it or not - if they pay they probably are, I just don’t know what the history is. I probably need one on the (only slightly) older property where I just replaced the a/c unit.

Houses are a money pit. Anyone who thinks they just sit there being cozy is in for an abrupt surprise.

Of course that’s true for rentals as well, but it’s the landlord’s problem to fix.

[Jumpin_Horses]

buy a farm… then, get the horse later :yes:

[grayci]

[QUOTE=OverandOnward;8268709]
If you live in California or a few other states you might be able to sue the home inspector, and perhaps the seller and/or your realtor or theirs, for non-disclosure. Some of those were pre-existing issues ready to cause problems.

If you live in other states - out of luck on that point.

I have no idea how much of all that would be paid if you had a home warranty. Haven’t figured out if those are worth it or not - if they pay they probably are, I just don’t know what the history is. I probably need one on the (only slightly) older property where I just replaced the a/c unit.

Houses are a money pit. Anyone who thinks they just sit there being cozy is in for an abrupt surprise.

Of course that’s true for rentals as well, but it’s the landlord’s problem to fix. :)[/QUOTE]

Not in a state that’s an option in, sadly (looked into it when the roof thing started). Also the owner of the house had passed away and it was being sold by his kids who lived in other states (but at least that meant the elderly owner wasn’t going to try and live with us, like the previous house we were about to sign into!).

We were looking at home warranties when everything started falling apart. Haven’t gotten stuff to stop falling apart long enough to get the inspection needed to have one! Friend of mine had one come with her mortgage and they paid out everything that has gone wrong with it so far (Roof, A/C, & pool equipment). VERY worth it, if you are actually crazy enough to want to buy a house to begin with!

[ElementFarm]

Eh. I’d get the horse. You can get a house later when you have someone you want to share a life with. Get a horse now when you’re young enough and have time and health to enjoy it. Don’t think of the horse as a financial investment, instead just enjoy doing something that makes you happy (like bringing along a fancy, quality prospect). We just recently bought our first house. I’m nearly 40. I was fine renting and enjoying showing and lessons. Now I’m a house-owning adult. They are NOT inexpensive to own. Though I admit we bought a small farm so I can have the horses at home, and can therefore afford to own more of them.

[paint_hunter]

Well, I’m quite a bit older than you and so my answer comes from another generation, and I live in one of the most expensive real estate markets in the country. I bought my house (townhouse) when I was 24 and right out of my first round of graduate/professional school. I had a thirty year mortgage that I put extra into every monthly payment and converted that 30 year mortgage into a 13 or 14 year one. My late father was a product of the war and Great Depression (I am first generation) and he taught me to abhor debt. He also said if you own you own home, you will always have a roof over your head. Glad I heeded his advice because my profession has suffered its ups and downs but I always knew my home was mine. It gives me a real sense of security. Can’t say the same about a horse. I tell my clients that a horse wakes up every morning and says “how can I kill myself today?” My family doctor and friend also used to say “never invest in anything that eats.” I like to add “and gets injured on a regular basis.” I look back over the past 30 years and am so glad I bought real property instead of something, that while beautiful and elegant, by and large fails to appreciate or even break even. I guess the flip side to my above comments would be if you are in a very declining/depreciating market area. Then I would rent until I could see which way the economy was going, but I would still tuck that money away for the house at a later point and still lease a horse at this time.

[kdow]

[QUOTE=OverandOnward;8268709]
If you live in California or a few other states you might be able to sue the home inspector, and perhaps the seller and/or your realtor or theirs, for non-disclosure. Some of those were pre-existing issues ready to cause problems.

If you live in other states - out of luck on that point.

I have no idea how much of all that would be paid if you had a home warranty. Haven’t figured out if those are worth it or not - if they pay they probably are, I just don’t know what the history is. I probably need one on the (only slightly) older property where I just replaced the a/c unit.

Houses are a money pit. Anyone who thinks they just sit there being cozy is in for an abrupt surprise.

Of course that’s true for rentals as well, but it’s the landlord’s problem to fix. :)[/QUOTE]

The house I’m in (owned by my housemates) came with a home warranty and I’m glad it wasn’t a feature for them because it has been awful. Our neighbors have had similar issues with a different company - seems like they just pick the cheapest quote to do the work and too bad for you if it breaks again. I would investigate VERY carefully before paying for one myself.

[Zevida]

[QUOTE=paint hunter;8274192]
He also said if you own you own home, you will always have a roof over your head. [/QUOTE]

That’s just not true. If you can’t pay your tax bills and/or you HOA fees then you can definitely lose your home. It may have more protections than renting, but it is definitely not a guarantee if something catastrophic happens to your income.

One person’s sense of security is another person’s feeling tied down and restricted. I grew up thinking buying a home is just what you did, so I’ve bought twice. I got out of the first ok, but the second was not a good experience. I’d only recommend buying if you are absolutely sure you are putting down roots and will live there ideally 10 years, and that you yearn for that security, that if the perfect job came along that you had dreamed of but was in another city and so you’d shrug and say “oh well, not for me!” And not feel conflicted at all because the life you’ve built in your house and location is more important, then you should buy.