That's a smart decision. My best friend took a loan from his parents to buy a condo. 5 Years later when he wanted to buy a house his dad gave him a bunch of sh!t about the move, but he was able to get into a house with...another loan from his parents. He's even paying a low interest rate on the loan. The borrowing of money wasn't the issue. It's the leverage that his dad has over his life that really is the issue. Taking a step to show your parents that they can't decide how you live your life is a big deal. I'm not sure how my friend will fare in the future, but I can't wait for the day that he gives a big F-U to his dad.

Also, my current home was a Fannie Mae Homepath. I'm pretty sure that they laid new flooring (carpet/vinyl) and repainted the interior (white) before the home was listed. I got a hell of a good deal on it, even with competing bids (my bid accepted 5 days after the home was listed). Seems that it was listed a little below market value, and you're not competing with cash-bidding-investors for a homepath (which can give you a hard time if you're looking for good deals).

<p>I have a really good relationship with my parents, and it has actually improved since I pulled farther away. I would like to keep improving it and I think that giving them control over a mortgage that I am carrying the majority of the debt on is not a good way to continue improving it. I don't doubt that they believe they are doing what's best for my interests, but thats not for them to decide lol. Although I will stay on their health insurance. My mom works for the county and gets kick ass health insurance, for way less than I would ever get it for.</p>

Financially speaking, owning vs renting varies widely depending upon where you live and the relative supply and demand of housing there. Don't take anyone else's word for it, you have to do the math yourself for the area you want to live in.

From a non-financial standpoint, owning vs renting has tradeoffs both ways. Yes, you're not liable for the major repairs, OTOH if the landlord has any sense you're pre-paying for those repairs every month and he's taking that cash and putting it away against the expected lifetime of the roof, AC compressor, etc. You have mobility because of the flexibility to leave at the end of your lease, but you lack stability because you have no rights to the property beyond the length of that lease. You might be forced to move when you don't want to because the landlord is selling it, and you're vulnerable to massive rent increases if the real estate values in your area suddenly rise.

IME, the mobility looks appealing in one's 20s, but as marriage and kids happen the stability starts to take over. It's a lot harder to pick up and move to another state when it means your kids need to go to a new school and make new friends. You also tend to acquire more stuff, which makes moving a serious PITA.

As for the original topic, it sounds like it's moot now. It's good that you realized that before it became difficult and expensive to resolve.

--Ian

<p></p><p>I'm 22 and I'm already fucked in this department. I have way too much stuff.</p>

bwhahahaha, wait til you're moving your kids' stuff as well. :)

--Ian

<p>i dont even want to think about it. My gf wants to do a cross-country move and I'm just like...fuckkkk thats a big u-haul.</p>

Owning for me was a no-brainer. No way would I be enjoying my 480 sq. ft. composite deck if I was renting; also I don't have to put up with bullshit "duct tape" repairs on everything: My A/C recently went out on me. Instead of getting it replaced with the absolute cheapest thing on the market that would continue to do a shitty job of cooling my home (or getting a shoddy repair that would last 6 months), I got to spend a little extra and get the unit that *I* wanted. Much quieter, installed on the side of the home (away from the new deck), and on the ground (instead of attached to the block foundation on brackets).

There's a part of me which envies those of you for whom purchasing a home is a practical option.

When we were buying our 1st house we absolutely did not need to borrow money from our parents, not even a little bit. But we did anyway, because 30% down payment is much better than 10. They had absolutely no say in anything, but we ended up getting a house they loved anyway. We paid them back I think the very 1st year of owning, and then paid off the house entirely 2 years after that. Then got another house.

What I'm saying is that borrowing from parents isn't a bad thing, if you have the correct relationship and both sides understand what's happening. Kinda bothers me when people just want to say F-U to their parents, that just shows how poor their relationship is. (and I'm not saying it's necessarily their fault).

I'm in no way trying to say FU to my parents. They (mom mostly) just have a little bit of a control problem. When the borrowing first came up I thought she was going to set it aside. When I realized she wasn't, thats when I backed down.

Yeah I get it. If she's a control freak then you likely made the right choice. It's one thing to provide input and opinions, it's another thing if she wants everything done to her liking down to the very last details.

I think for you to look into this now is good preparation for the future when you're actually ready