I do, and I don’t. I keep thinking about it, we got pre-approved… we almost submitted an offer and than I chickened out.
I do want a house, with a yard (even a tiny one), with trees seen from the window, a driveway of my own to park anytime, a WASHING MACHINE at home! (my dream). New York renters will understand what I am talking about.
But if we buy one:
No more month long vacations abroad.
No more ski trips.
No more eating out with friends.
No more nice wine.
No more shopping.
No more family nearby.
Right now we are renting apartments in the same building. They look after our pets when we are gone, I am not alone when my husband is on business trips, we get occasional hot meals, I can always borrow jewelry/shoes/accessories, tripling my wardrobe…
I can have a house, but would have to give up my life as I know it and count every dollar for many many years.
House would become everything – for 30 years! The loss of freedom that comes with such a drastic cut in discretionary income is scary. Right now we could live on one income in the event of a job loss.
I am looking at a beautiful house in a nice town, and I want it. I want to live in it. I am so tempted.
Is it a good investment? I don’t know, considering where real estate is headed.
Will we suddenly become “typical” people, chained to our house, able to only leave for 2 weeks a year? Does this mean the end of youth?
Do I want a house??????
November 28th, 2007 at 10:30 pm
November 28th, 2007 at 10:54 pm 1196290463
How bout this. Start saving up some money for a house right now. When you are ready to settle down, your mortgage payments won't be so high and if you get a 20% down payment you won't need to pay PMI. Set a reasonable savings goal for your future mortgage and enjoy your life!!!
November 28th, 2007 at 11:10 pm 1196291449
We have 20% downpayment help from family.
And, I have a fear that housing prices will eventually start to rise again. (maybe not for a year, but what if).
Are we fools not to take the opportunity?
And we could move closer to DHs commute. He now pays around $1,400 a month for his commute alone (and thats with no car payments - just tolls, gas, insurance for 1 car)
On the other hand, property taxes alone on a 3 bedroom house are over 8K a year.
And I like that house. Yet everything in my original post still applies.
November 28th, 2007 at 11:55 pm 1196294109
I wouldn't buy a house if I had to count every dollar for many decades. That just sucks. We bought because it was cheaper than renting and it made life easier. I don't get the draw if it is such a struggle. Mostly not worth it.
November 29th, 2007 at 02:09 am 1196302196
Are you sure you'd need to get a house that would tie you down so much? Maybe even smaller than you are thinking would be easier to afford and still hang on to some of your present lifestyle---a lifestyle which sounds very appealing, I must say. Maybe you don't need 3 bedrooms for example. You said tiny is okay, and even if you have kids a 2 bedroom might do. Especially if you find a house with a livable attic or basement. In some areas it is not legal to describe any of the rooms as bedrooms if they are in attic or basement, yet some houses have very nice attic or basement rooms.
November 29th, 2007 at 05:39 pm 1196357961
This is a great time to buy as pricees are depressed. But as MM said, this downturn is likely to last at least another year or two, so don't feel like you have to rush out and make a decision. Keep saving for the house; the bigger downpayment you put on it, the lower your monthly mortgage payments will be and the lower your overall, month to month living expenses. I saved for years and put down 45%. I am so glad i did it that way becus my income has sometimes been up, sometimes been down, and i've been able to weather temporarily tight job markets becus my monthly expenses are lower than they otherwise would have been if i just put 10% down.
Sometimes big changes like moving from being a renter to an owner, from apartment to house, is a big step. It's a little scary and anxiety-producing, but that's how it is with many things in life. Going thru life in general, you don't want to be so paralyzed by fear and worry that you never take any risks at all. Sometimes you have to go out on a limb and go for it. Not to say you shouldn't plan as well as possible for taking this step.
November 29th, 2007 at 08:54 pm 1196369688
November 30th, 2007 at 07:02 am 1196406157
December 4th, 2007 at 04:28 pm 1196785725