Previous Thread
Next Thread
Print Thread
Page 11 of 11 1 2 9 10 11
Joined: Feb 2015
Posts: 6,826
Likes: 156
G
Ginger1 Offline OP
Member
OP Offline
Member
G
Joined: Feb 2015
Posts: 6,826
Likes: 156
Someone outbid me. No house for Ginger yet again:(
This state is killing me.

Joined: Jan 2003
Posts: 18,913
Likes: 316
K
kml Offline
Member
Offline
Member
K
Joined: Jan 2003
Posts: 18,913
Likes: 316
Take a deep breath. As I've said before, whenever I was shopping for a house, and a deal fell through, I found a better house and was glad I didn't buy the previous one.

That being said - do think about whether you are SURE it's a good time for you to be buying a home. I was reading an article just the other day about how in many states, the math favors renting over buying now. You should look for some of the online calculators that look at that and see if it really makes sense in your area.

Also, other reasons why it may not be a good time for you to buy:
- homeownership involves a lot of unexpected expenses. Even with a good home inspection, a water heater can burst, dishwashers need replacing, roofs develop leaks, plumbing develops leaks, landscaping requires maintenance. You need to have good cash savings to meet these unexpected expenses. If buying is going to stretch your budget, you may not be able to handle these emergencies when they come up.

- homeownership involves a lot of little fix-it hassles. You can do them yourself, but they are time and energy consuming - time and energy you may not want to spend as a busy working single mom. (For instance, a hinge on one of my kitchen cabinets broke. My house is only about 25 years old but this model hinge is not carried in my local hardware stores or Home Despot. The hinges are inset into the door so they have to fit that particular shape. I have to take it off, run around trying to find a match somewhere, then install a new one. Too small a job to farm out but a pain in the neck that I haven't had time to do myself. It will likely consume most of a weekend even though it's a small job.) I definitely sometimes miss the days of just calling the landlord about such stuff.

- the biggest - you don't really know where you are going to be in a few years. You might meet the perfect guy tomorrow, and need to move. So you want to be sure anything you buy would pencil out as a profitable rental, OR be sure that you can make enough sweat equity in it to be able to sell at a profit in the future. (I've done a lot of sweat equity in my houses, you CAN make money on a cosmetic fixer if everything else is sound, but it IS a lot of work, requires good handyman skills, AND good design sense. I've seen a lot of houses where people did crappy work and used dated or weird designs and colors where all that work just decreased the value of the house.)

SO - I'm not saying don't buy, but look carefully at it from all angles. Also consider whether buying some place big enough to have a room mate would be a good idea; the additional income from a renter might tip the financial equation. (After my divorce I bought a four bedroom house - undeniably too big for me. But my mom lives with me and I wanted my three kids to have someplace they could come home to if they needed to. One son lives with me, the other two have lived here on and off. I figure eventually when they all no longer need this, I can either sell it and downsize, OR I could rent those rooms out and make a tidy retirement income - think Golden Girls!).

Joined: Jan 2000
Posts: 28,295
Likes: 112
job Offline
Member
Offline
Member
Joined: Jan 2000
Posts: 28,295
Likes: 112

Last edited by job; 06/16/17 01:40 AM. Reason: Added link to new thread

Sit quietly, the answers will reveal themselves when you least expect them to.
The past is gone, the present is a gift and you need to focus on today, allow the future to reveal itself when it is ready.
Page 11 of 11 1 2 9 10 11

Moderated by  Cadet, DnJ, job, Michele Weiner-Davis 

Link Copied to Clipboard