Ok, we are looking at getting a house. I found one that is a great deal. It's the exact same house we live in now (we are renting) and we would be paying about 450 less a month! The only thing I am not sure about is the yard. I haven't seen it yet but the lot look small and that would kinda suck because we like to spend a lot of time running around outside with our toddler. Not to mention we have a Siberian husky and a Shiba that needs the extra space.
But still! That's a huge amount of money! My husband thinks we need more space, I think we just need to get rid of more junk! If we get this house we may not have the space that he really wants, but we would be able to replace our vehicles a lot sooner. Mine is 11 years old and is having some minor issues, his is 8 years old. Both are approaching 100,000 miles.
So what would you do? Spend more for a better house or save the money?
Robin, Yup sure did. I worked in a loan department for several years, so I am pretty good about estimating those things. :)
I don't know...last year he was talking about how happy he would be if we could buy the house we are in now. We were trying to get the house across the street (again exact same house) because we wanted to keep our neighbors, whom we really like. That didn't work out. (shortsale needed termite repair, and they refused to fix it so we walked). This new house is just a street over.
We started looking to get a new house to save more and pay off some debt. I think he has gotten a bit starry eyed, because yes we can afford it, but it won't help us pay off the debt we wanted to.
TF...um well, buying a house and paying 450 dollars a month less that could be going to pay off debt is kinda what I was looking at.
Getting rid of junk and replacing vehicles isn't going to make the yard get better. I'd keep looking. Good luck!
I can't imagine not living in a house so I would vote for the house. Funny thing is when you own it changes how you look at things, kind of hard to explain.
You can always walk the dog, and the toddler. :p I remember this clever lady in our subdivision. She walked her dog with two leaches, one for her, one for her son. Kept them both in line.
So one vote here for buying. :)
a great deal for a house you like in a neighborhood you love is not to be sneezed at. there are very few *perfect* houses so you just have to decide what your priorities are. if a big yard is a must, then keep looking. but if you have somewhere nearby to walk the dogs, or fencing your little yard to make it do-able even if it's on the small side will work for you, then go for it.
in lieu of big red flags, especially when buying will save you money, buying is better than renting.
khairete
S.
You say you can afford it yet you have debt to pay off? I'd say no, do not justify affording it when you currently have debt. I would get out of the debt you currently have before biting off more obligations. There will be more homes later on down the road. Be smart financially and think logically, not emotionally.
The house may be a great deal, however, the yard is not suitable for your toddler and 2 large dogs. Are you willing to get those dogs out on a leash at least twice daily for the exercise they need?
Home ownership is expensive... What happens when you need repairs? If repairs are put off they get bigger and more expensive the longer you wait. Some repairs require immediate attention and $$. Are you ready for the surprise expenses that WILL happen.
Good luck
Just remember that NO HOUSE IS PERFECT!!
There will always be something you don't like about it even in this market. You and your husband need to each make a list of your pros and cons and then rate them from 1 to 10.
Once you look at a few homes compare your list and go with the highest rating combined from both lists. If you don't think there will be enough room then after a year or so you will feel cramped.
We downsized and I miss having a big yard and storage space.
When you figured $450 less/month-did you remember to include escrows of property tax and hazard insurance? If so-spend the money for a better house-it's difficult to argue that building equity in your home is not like saving.
A house is a huge investment. I would not spend any more on owning a home if I was unsure about it. There are things in a house that you can fix, but you can't really give it more yard.
I think you should keep looking - here is the thing you BOTH have to be happy or one will hold the choice over the other's head one way or another. This is a big deal - not agreeing on a rental (temporary living) is not a big deal, but a house purchase HUGE deal compromise and "team happiness" is important.
We like a nice sized yard, too. That is definitely important to us when we make housing decisions. If you need more space, then I wouldn't settle. And just remember that even though you may be paying less in rent/mortgage if you purchase, you'll be paying property taxes, PMI if you don't put enough down on the loan, home insurance and maintenance/repair costs. Oh, and association dues if you live in an association. It all adds up. So figure out how much of a tax break you'll receive from owning a home vs. the extra costs of owning vs. renting. Good luck!
I think that if you like the house go take a look at it... if it is near a park that wasily solves the yard problem... Also check it out after school is out for the day, are there a lot kids playing outside?
THen check with your husband find out what his concerns are regarding space, does he a plan in mind for the future (more kids need more space ec.). Also make sure he understands your worries about the car... with a toddler you need one that is reliable.
Good luck!
Maybe just keep looking, I say that because of the two dogs you have. Or, is there a park really close by that you could walk to, to give your dogs the exercise they need?
A house is a much longer purchase than a car. If you can afford what you want, get it. If not, make secrifices.
Keep looking though. When we boguht we looked at some really old and small houses on the market for the same price as the house we have now, which we built brand new that has more than enough room for our family of 5, plus a pretty big yard. Find a realtor who will take you around, have your list of MUST HAVE'S and WON'T DEAL WITH's and have fun :).
