new post »
see more posts »
We are considering buying a home at 320,000. mortgage maintenance and student loans 3,000/ mo. we each take home 4,000/ mo. (after taxes). IF one of us stops working, that one being me when we have a second child (in a year or so) we will be living on the edge. Bad idea to buy, right?
10 replies [ Reply | Watch | Options ]DO NOT DO IT. you need a whole lot more to not only pay the mortgage, but also all of the expenses that might come up when owning a home and keeping it in shape. what if there's a leak or a few months after buying, you find out the you need to replace the electrical or the entire heating system? what if you suddenly have medical expenses (that just happened to me) and have all of your money tied up somehow. this is not a time to put you in the situation of having to look for credit to cover every day expenses. you'd bein over your head and making the mistake that millions of homeowners have made and are paying for right now. keep renting, pay off debt and stock up on cash savings! gl!
[ Reply | Options ]op: I would not have anything left over after I made the down payment!!!! and I feel like I have nothing now, just throwing 1,550.00/ mo in a rent down the tubes. It causes me frustration, a sense of faliure!!! we both work hard, have saved 60,000.00, make 80,000/ yr and cannot afford to buy ANYTHING! This is a good deal but still it is too much money!!!! I want find a home, build a home with my family!!!! I have lived my life by the principles of work hard, get ahead... and it doesnt weem to work.
[ Reply | Options ]I know you are discouraged but believe me, home ownership is not the only sign of success in life. YOu have a great dh and a child and are diligently working toward a goal; that's true success. You just have to say a little more. Don't care too much what others think of you because, in reality, they seldom do think of you. You are almost there but being out of debt means that you can decide what kind of life you want. IF you quit after buying a home, I guarantee that you will resort to credit cards or home equity loans and you will be miserable and mired in debt. I was 40 when I bought my first home and it cost 225K. It's small but we're debt free and happy.
[ Reply | Options ]-
ur words are the combined words of mom and dh. my mom b/c she is older and knows what matters in life reminds me that we are a more than decently happy, healthy family my dh reminds me we can make and save and one day a home will come. I'll keep saving and working. I won't give up but I am concerned b/c this is not the experience of my parents, who made less combined income and were able to provide more for us. AND I WANT to fullfill my sense of duty to my daughter and do more than my parents did for me. I read that it doesnt work out these days to be more and more for each new generation. I guess I will have to work 3x or 4x as hard to make up for the economic circumstances we are all in.
[ Reply | Options ]
-
This is me too. Added to the frustration is that I moved to the wrong state and area of the state and I'm not even interested in buying here. I need a city-like suburb that is walkable and those are pricey. A town with decent schools is pricey too. We should have bought earlier--although we didn't have many chances to do so. I'm rooting for you.
[ Reply | Options ]
UrbanBaby Asks...
When I ride in a taxi cab with my DC I:
- Use a carseat
- Buckle him/her in his/her own seat
- Hold him/her on my lap
- I'd never ride in a taxi with my DC, it's much too dangerous!
Already voted? View Results
Boards Help
Abbreviations
More Boards Help
Site Feedback Thank you for your feedback about the new site. We are paying close attention to your comments and we will incorporate them as we make improvements to the site. Please continue to report problems and offer feedback on the Site Feedback Board and visit our Site Talk blog for answers to some of your questions and updates on specific issues.
More Boards Help
Site Feedback Thank you for your feedback about the new site. We are paying close attention to your comments and we will incorporate them as we make improvements to the site. Please continue to report problems and offer feedback on the Site Feedback Board and visit our Site Talk blog for answers to some of your questions and updates on specific issues.
Flashback
