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Trying to buy a house...

Okay so my husband and I found the house of our dreams. Nothing too big and not to small. It's 79,000. We need to come up with $1000 to move in, and then our mortgage would be 500 a month. We live in an apartment now and are paying 550. My parents think that we are being stupid if we don't ask for their opinion. They think we should wait a year to save our money. The thing is, we have 2 kids (14 months and 1 month) and we want them to have a safe home to live in, we also have a dog (border collie) and he has no place to run. This house has a back yard. We have a 6 month lease at the apartments we are at, so its not like we would be moving right away. We are currently working on still saving the 1000. My problem is, my parents are getting all mad because they think we are rushing it and actually tell me everyday that we cant do it. That it would be too much money. It's not their lives...its ours. How can I get them off my back?

 
Becca1189

Asked by Becca1189 at 11:26 AM on Oct. 5, 2010 in Home & Garden

Level 14 (1,561 Credits)
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Answers (10)
  • That's a tough spot. Having just come off a very bad experience with homeownership, I can't say I recommend it, but your case sounds alot better than mine was. We way overpaid for a place that is now worth 1/4 of the cost, but this was back in 2008. The market is so low right now, I doubt overpaying is even possible. That sounds like a very good deal. If they dont' like it, they don't have to come visit you. It is not their decision, however, be aware that if it doesn't work out, you may have to her about it forever. They say with homeownership, you should always add 30% of the mortgage for monthly costs like water, trash, etc. Owning one is not cheap in the least and if you are struggling to pay rent, you will struggle even more w/ a house. Good luck and live your life the way you want!
    danielp

    Answer by danielp at 11:30 AM on Oct. 5, 2010

  • That's hard to say...without knowing you or your parents, I can't really say who I would "side" with on this. If your parents are just controlling and overly worried about things, then you'll just have to thank them for their input and do what you think is best. However, sometimes moms and dads really do know best, especially in a situation that they're on the OUTSIDE of. So if you trust your parents judgment, then I would definitely delve further into the issue with them to gain perspective on why waiting may actually be the best thing for you.
    Good luck with whatever you decide :)
    vicesix

    Answer by vicesix at 11:31 AM on Oct. 5, 2010

  • It may be that your parents are worried about you because they've already been through this process. Even if you can get into a house with only $1,000 (that's crazy low), you're going to need a lot of extra money for all sorts of expenses. Owning a home comes with a lot more costs than just the mortgage. If you've already worked through all the extra costs, then maybe explain that to your parents. If you haven't thought about all the extra costs, then you need to look into that and work out how you're going to cover it. GL!

    TweenAndTwinMom

    Answer by TweenAndTwinMom at 11:34 AM on Oct. 5, 2010

  • Does the $500 mortgage include P&I? Insurance? Real estate taxes? What about closing costs? Have you really thought it completely through from a financial perspective? I personally would not buy a house unless I had at least 10% for a down payment and a cushion for the unexpected things which are bound to come up. Call me old school but that method has always worked for me.
    Anonymous

    Answer by Anonymous at 1:01 PM on Oct. 5, 2010

  • On this - listen to your parents. Sorry but $1000 to get in to a $79,000 house, not realistic unless it isn't a true mortgage situation. 10% is what they ask for a down payment for those with iffy credit and that's $7900. The 5% - great credit down payment - is $3950. And that doesn't include your closing costs. I'd also be very, very cautious about this lender.
    twinsplus2more

    Answer by twinsplus2more at 1:43 PM on Oct. 5, 2010

  • Write down every penny you need to buy this house and how you will pay for it every month and go over all the figures a second time. This is one of the best times ever to buy a house but you need to know every expense and budget for it. Read the fine print of every document and understand the mortgage document thoroughly. Make sure your payments don't go up in a few years etc. Do you have others you can ask an opinion from? I wish you all the best, but want you to be super careful. Tell your parents you have done all your homework and you might want to show them on paper how you can afford this. Good luck!!
    elizabr

    Answer by elizabr at 5:45 PM on Oct. 5, 2010

  • Yeah i would be careful with that the numbers don't add up
    Inheritingkids

    Answer by Inheritingkids at 6:44 PM on Oct. 5, 2010

  • Anon has a good point. Also, don't try to break your lease, that will cost you even more and score against your credit.
    tasches

    Answer by tasches at 7:17 PM on Oct. 5, 2010

  • That to me sounds like the rent to own places around here..technically its not a real mortgage so you can leave whenever no penalty..and the homes are about what you would pay in rent anyway..but if you fix something or fix the place to upgrade the value..you dont get that money back out of it if you move out! you dont get to sell it until you own it out right!!! Its kind of a crooked loop hole...and when i did the math the house wouldve cost like 178,000 bucks...and it was probably worth 60,000....Gotta read the fine print and find out the whole story...its it a rent to own, is it a "real" mgt...does it include taxes and insurance....if you get all these answers and they are the "right" answers than go for it...but i have learned so many hard times..if it sounds to good to be true IT IS!
    sweetstkissez22

    Answer by sweetstkissez22 at 7:45 PM on Oct. 5, 2010

  • gl
    mekarevell

    Answer by mekarevell at 1:03 AM on Oct. 6, 2010

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