by Elsewhere 36 Replies latest jw friends
Ever think of getting a housemate so they can rent a room for a modest amount every month? That might take the edge off financially until your income increases to a level when you can manage the mortgage payments on your own. In the meantime, you're still building equity and not throwing money away every month on rent.
Love, Scully
Sorry Else . You may not buy this house but you can still get a house and that is what is important and it will still be ,,,,,,,,Elsewheres grunt home).
Hey Else,
We're buyin a rental on the Oregon coast. If ya want you can house sit. Special offer for ya, ,, $1500 a week. Course if ya sign a long term lease we'll take 15% off.
cheers
carmel
Else,
I think you are being smart by passing on the house. Why buy the place if paying for it is going to give you an ulcer? This isn't just a financial issue, but a quality of life issue. Beautiful houses and beautiful things are nice, but if they don't give you a feeling of comfort and security, they may not be worth having.
My husband and I would like to buy the house we are currently renting...we have about 18 months to get things in order to do it before our landlord puts it on the open market. Doing what we can to get our things in order etc...I have been told by a few that if we went and tried to buy one of these new houses being built in new developments, we would have a better chance of getting financing sooner. But those houses, while absolutely stunning, are more than we feel comfortable paying for. We would rather play it a little safe with the home purchase. We have too many kids to risk buying something we could lose within a few months if my husband loses his job again.
I wouldn't take an extra job just to get the house, unless that is what you are comfortable with. Me, I would rather have time to enjoy the house, actual be in the house for more than just sleeping in it. What's the point of having a nice house if you cannot have the time to enjoy it?
We do like Top Ramen too...the best cheapo noodle on the market as far as my kids are concerned!
=)
Elsewhere,
If I were you I would consider other financing options. For instance, an interest only loan will cut the mortgage payment almost in half. Sure, you are not paying down the principle but if you job situation is only temporary then you can refi when it's better. Also if you keep it 2 years and sell you get to keep any profit on your appreciation tax free. I would do this before I begin renting.
(((Else)))
I'm so sorry. I know how hard it is to let go once you've "dreamed". Stinks. But I'd rather play it safe than sorry. I'm sure you could find a pretty cool place for just a little less.
Hugs,
Andi
I wondered what happened with the house when you mentioned in the secret santa thread about things for your apartment...
sorry it feel through.. but my guess is, maybe in the end it will work out to your benefit.. maybe you'll find a better deal on a different place more in your new budget..
here to keeping our fingers cross for you!!
Hey Else,
I'm sorry to hear that you can't get your house. I think you should go with your intuition. Whatever it's telling you. Follow it. It would be great to buy that house, yes. But it isn't fun being a slave to a house either. There are always other expenses involved. The furnace breaks, roof work, washer, dryers, need fixing.Etc etc. It's not just about buying the house. There's alot of hidden costs involved. I would agree that 33% isn't the worst senario. A realistic budget always helps. Realistic that is. If you drink. Budget booze etc. If you can't give up those extras then don't buy the house. It definately takes sacrifices. Your social life suffers, because your broke. Don't worry, you're time will come. I know it's hard to hear but it will. Take care my friend. Have you considered what Scully mentioned or maybe a house with a basement suite. It pays half the mortgage sometimes. Just a thought. I hope it helps. Smile okay Chris
I wondered what happened with the house when you mentioned in the secret santa thread about things for your apartment...
Damn, good catch... I didn't even notice that myself!
Buy the house! Scared money doesn't make money!!! Seriously though, depending on where you live, you should be able to make good money if you bite the bullet and buy the house. Is it possible to rent it out? Can you live poor for two years and sell it then (no capital gain taxes then?) I bought more house than I thought I could afford just over a year ago and now it's worth almost $200,000 more. The easiest money you will ever make...
