How old were you when you bought your first house?

[68BabyBlue]

My wife and I were both 27 when we bought our first home in 1980. We never lived in it. The three bedroom townhouse was rented to three Penn State students, in clear violation of the property's restrictive covenants. We put 50% down on the $47,000 purchase price, planning on positive cash flow on the rental, until I graduated from law school three years later, at which time we planned to occupy it. Things could not have gone further south.

After the first two years, tenants started moving out, and the newer ones became an issue with on time rent. As a second year law student, I now understood I held a lease with terms that weren't legally enforceable. Even if they had been, action from five states away would have been nearly impossible. Graduation finally came, and I couldn't get a job, finally hung a shingle two hours from my home town.

Interest rates at the time hit 14%. We sold the place at a $5000 loss to raise cash. My failed practice took what was left within the next year. Expensive lesson, but I never made a major financial error afterwards. I made up for the beating on the townhouse when I bought my current home two decades later, on 5% down, selling my 1960 Chrysler 300F for the down payment. We've lived in it for 25 years now, refinanced at 3.5% in 2011. This one will be paid off within the year, and I gained $400,000 in appreciation.

 

[Ron H]

Sounds like the house I have now!! lol All the dark paneling and shag carpeting is long gone these days.

Was a mess taking the paneling off in the family room ruining the drywall, someone went crazy with the liquid nails. At the time money was tight. I plastered the walls giving a stucco look adding chair rail and crown molding (pine not affording oak). Tore out a half wall to open the room up btw the kitchen. Oh well, long story of fixing that a lot of us did..

 

[Cranky]

Was a mess taking the paneling off in the family room ruining the drywall, someone went crazy with the liquid nails. At the time money was tight. I plastered the walls giving a stucco look adding chair rail and crown molding (pine not affording oak). Tore out a half wall to open the room up btw the kitchen. Oh well, long story of fixing that a lot of us did..

When this house was built in 76, the paneling was installed on bare studs. The panels were supper thin and acted as a soundboard to the Master bedroom. Pulled it all off and stuffed insulation in and covered it with drywall. Nice difference!

 

[Ron H]

selling my 1960 Chrysler 300F for the down payment.

Wow, you came through some tough times! Recall you mentioning your ‘60 Chrysler (a 300 yet) one of my favorites, the body style was just awesome all the way around. IMO, the climax of the finned mopars. We sold my wife’s ’66 T-bird vert she loved as part of the down payment keeping the Vette I had then for a while longer. Sold it after our first was born.

 

[moparwacko]

I was 22, just married, and a meter reader for the electric utility. It was 800 square ft., 2 bedroom 1 bath ranch. If i remember correctly the interest rates (1980) were around 12%. I took the opportunity to enter the Lineman apprenticeship 2 years later and never looked back.
We are in our 3rd home now -2200 sq ft 2 story, 4 bdrm, 3 bath on 5 acres. We raised our kids here and have been considering downsizing to a single level but it's just not worth it.

On a side note: HGTV should be outlawed. First time buyers think they all need 3000 sq ft, granite, hardwood floors, gym space, office space, and of course a pool.

 

[Ray70Chrg]

What's that 37K Long Island house worth today, 50 years later?

According to Zillow, they estimate the value to be $689,200. We only lived there for 2 1/2 yrs and got relocated to CT. and bought a house in New Milford for $63,000. Stayed there for 10 years and was relocated here in AZ. and bought a house for $170,000 which we still occupy after 38 years. Luckily, I am way ahead of the Zillow estimate of our 1st house on Long Island.

 

[AR67GTX]

32 YO in 1983. Missed the opportunity big jump in appreciation/equity in the late 70s/early 80s. The Jimmy Carter inflation years. A lot of young guys out of college were getting married right out of school, buying a house in the mid/late 70s and selling it a few years later for a big equity and then rolled it into another. My first mortgage loan was 13.25% - thank you Jimmy Carter - may I have another. Refinanced for something slightly more sane a year or two later.

 

[Cranky]

32 YO in 1983. Missed the opportunity big jump in appreciation/equity in the late 70s/early 80s. The Jimmy Carter inflation years. A lot of young guys out of college were getting married right out of school, buying a house in the mid/late 70s and selling it a few years later for a big equity and then rolled it into another. My first mortgage loan was 13.25% - thank you Jimmy Carter - may I have another. Refinanced for something slightly more sane a year or two later.

Having bought my house in 73, I was doing ok by the time the inflation ball hit. Tight money was already upon us when I decided to get out of the home building business with my dad and go for a more secure job at a steel mill but even that had it's ups and downs with Japan's subsidized steel flooding the markets. Anyways, that subject is better suited for the News and Political Forum....

 

[Cranky]

@HawkRod He had to be joking, right!? Tell me he was joking....

 

[Tony Tee]

I was 25 and built my house. Had to borrow 10k to finish it. And it wasn't too long before it was paid off. And I was driving my 70 dodge charger R/T SE. at the time.

 

[ZDECKICH]

First house was in 2014, I was 28.

 

[Budnicks]

On a positive note if you chose to move the car scene at least in the Denver area is pretty good, and there is an abundance of great roads with incredible scenery waiting to be explored...

Maybe on the outskirts of Denver,
not living in Denver it's a woke shithole...

but yeah the scenery is great

 

[Ron H]

Missed the opportunity big jump in appreciation/equity in the late 70s

I remember two of my HS friends purchasing their first homes just a couple years before we did in ‘81. That was a smart move for them. Little did we know, but the company I went to work for out of tech school assured me I wouldn’t be transferred to another location having an opening in my area. Our plans had been to buy a house. Going through their 12-week training program, including the last half at their regional HQ, I get notified that they gave that slot to another, a female, who was from the area. Super peeved, but transferred with their assurances I would be first in line to move back. The person they let take my spot here didn’t work out being canned and was transferred back after some 14-months. That setback was more costly than thought, given we had to beg for a friggin loan at 18.5% despite having over 10% down.