So I posted this a while back, but we bought a house. Anyways today was the day of the walkthrough and my wife and i took a video tour of the house. I'll put it here so you jerks can see too!

So a note on gen y and home ownership (at least in America). If you think home ownership means nothing, I'd switch off now. But if you do agree, or can tolerate disagreance, I think home ownership is pretty great for a number of reasons. And lately I've been reading alot of articles about how gen y is suffering from our parents' collective help. That is to say, post college financial assistance from parents is holding us back. Maybe it is, maybe it isn't. But one thing this article adressed was that maybe this has put out any fire under us gen y-er's butts for building wealth. This, if true, is terrible. I think it's a load of horse-shit, and that people my age are still interested in building wealth. In any case, I'm doing my best to do my part, and so should you!

That being said, i'm (I think) on the old end of gen-y. Which means I came into the working economy just before things went pear shaped. I do consider that lucky (virtually no prior planning is to blame for this fortune). But I can appreciate many people are still scraping by after college. That truly sucks. But if you can, do your part and buy a house or a car or a dinner or something. Invest in your 401k. Pay off your credit cards. Plan for the future. And buy more pens, guys.

Edit: the aforementioned part one

Creepy basement, cute wife :).

I like the guest bedroom, can I come over yet?

@teh_destroyer: No that's not an invite. Plus I think right now the guest bedroom would be a little noisy, what with the construction and all. Tbh I'm just glad we have a place to put our family members when they visit that isn't right next to us and the kids. Feels more like an apartment or hotel or whatever.

I dont get it..where are your video game systems? You set those up first right?

@The_Laughing_Man: That one dark corner of the creepy basement? I have a little man down there making me a next generation console. It's called the lotion 720.

@The_Laughing_Man: That one dark corner of the creepy basement? I have a little man down there making me a next generation console. It's called the lotion 720.

@The_Laughing_Man: Yes. The sump pump isn't working but the drain is open so we only hose it off a little.

I missed the first installment, did you say how old you where?

As for me, I am 25, almost 26 and I live at home, I am slowly building my way to indipendiance, but having even a mild form of autisum doesnt help.

I don't mean to alarm you but you can see through your walls.

@The_Laughing_Man: Yes. The sump pump isn't working but the drain is open so we only hose it off a little.

@The_Laughing_Man: goddamnit. I have to go back there now.

@Dagbiker: I think the first I posted as a blog and didn't attach to the forums. I'm 27, and I ended up graduating college a little bit early. If you're on your way to being independent that's the first step. The phenomenon I was talking about in this article I read was how many are just hoping to ride off their parents' charity forever. So good for you!

@mfpantst said:

@teh_destroyer: No that's not an invite. Plus I think right now the guest bedroom would be a little noisy, what with the construction and all. Tbh I'm just glad we have a place to put our family members when they visit that isn't right next to us and the kids. Feels more like an apartment or hotel or whatever.

It doesn't matter, I want to sleep in that guest bedroom first.

What years are Gen y-ers? I think I might be in there, what with being 20 years old and all.

Anyway, I want my own house so bad now. I'm living with my parents during college, but I want out!

@believer258: That puts you born in 92 (?), which means you're either late gen-y or early Gen-z... I'm not making that up. I believe basically gen y is most of the 80's, but there's some crossover between x, y and z...

@mfpantst: I am an architectural drafter from Canada and I would recommend moving the laundry area to the basement if it’s still possible, in case of a washer spill the water could do way more damage on the 2nd floor, and make sure that they don’t put any heating vent or return in the garage (contractors often make that mistake which lets carbon oxide in the house and could kill your family).

Other than that, your house is shaping up nicely, congratulation.

@SmilingPig: Sweet some actual feedback! So the laundry area can't be moved, but the washer portion will have a spill pan with drain pipe that runs to the basement. I understand though the potential issues and will be having my eye on that. (these are the minor drawbacks of tract housing, less flexibility on floorplan). As far as the garage return, the central heating system doesn't go there. The guy explained today the floor of the garage is sloped so if you park nose-in less carbon monoxide gets into the house, and maybe goes out. not sure if that's a thing or not, but there's that.

An opposing viewpoint: Depending on where you live (I didn't read part 1), home ownership might NOT be a good long term investment. It could actually hinder you on your quest for financial independence. I have seen many people get into trouble by buying a home when they shouldn't have, just because they thought that it was the "grown up" thing to do. To all you generation Y / millenials out there, remember this: You do not have to buy a house to be an adult. In fact, it could be a very bad move, even if you think you can afford it. Take some time to consider all of the costs involved and run the numbers before you go out and apply for a loan. There is no shame in renting. You might even come out ahead in the long run.

@Wrect: I sat on your side of the fence until the last couple years. Then I was waiting out house prices to get back to what I thought was 'normal.' Where I live that point has hit for me. This house is coming at the cost of my apartment I have now, which is half that size.

@mfpantst said:

@believer258: That puts you born in 92 (?), which means you're either late gen-y or early Gen-z... I'm not making that up. I believe basically gen y is most of the 80's, but there's some crossover between x, y and z...

1991, actually, October to be specific. So I'm not 21 yet.

@mfpantst: In that case, congratulations. It sounds like you timed the marked perfectly, and took advantage of a good opportunity.

@mfpantst said:

@believer258: That puts you born in 92 (?), which means you're either late gen-y or early Gen-z... I'm not making that up. I believe basically gen y is most of the 80's, but there's some crossover between x, y and z...

Yeah I think generation (wh)y is 80's-90's, and I have to agree with the "no interest in building wealth". My experience of our generation is that we're more interested in developing ourselves than just having a lot of money. We don't much care if we get paid tons of money, as long as we love our work and we develop our skills.

Now don't get me wrong, money is always an issue, but from what I've seen the main motivator for gen-y is bettering ourselves.

Congrats on your house. I wouldn't buy one unless I can pay for it entirely in cash and still have enough reserves for "surprise" expenses. After the subprime crisis, I'm reluctant to see home ownership as a good long-term investment.

Quick suggestion, make sure the walls are properly insulated with nice sound damping materials. Don't want to go cheap on the walls and have to hear the groans of someone painfully defecating when you're eating dinner

@Vodun: Maybe you're right. Maybe that's what the real problem with what I've read about gen-y is. It's not that we are as a generation ignoring wealth, it's that in a lot of ways we're more interested in other things first. That being said, most gen-y'ers are baby boomer's children, and I feel like their retirement crisis should give us some pause with how we look at money and our future.

@Lunar_Aura: Being that I'm getting a fixed rate in the 4's (a govt program loan), I tend do disagree. That being said, if I had to borrow under any other condition I wouldn't.

Congrats man, that is awesome. I graduated college in '03 and immediately got my own apartment. While I share your sentiment about getting out of your parents as soon as possible (I am a much better person for it!) I also can't help but feel a pang of jealousy when my friends are buying houses with their savings, while I have been throwing money away on rent for the past however many years. School loans seemed like planning for my future, but when the economy went bottom up, I basically have resigned myself to apartment living for the next 10 or so years. So now my friends have houses, mortgages, something worthwhile, while I have a crappy 1 bedroom apartment...

Congrats to you and the wife!!!