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The great debate

Posted by on Jun. 21, 2013 at 10:08 AM
  • 4 Replies
Hello all..
I will try to keep this short. My eh and I have been together for almost 6 years. B4 we got together, we both had some financially crappy hints happen to is( hurricanes destroyed homes and businesses, divorce, and much more) so it has needless to say started us off not exactly on the right foot financially speaking. As it continues, life happens. I got pregnant and had to take a maternity leave, which put us down to one income for a while. I just recently lost my job too, btw. DH has found a way...we have found a house that we qualify for. It with all of the bills will be lower than what we are paying now for in rent. We have managed to come up w/ the required down payment. Are we stupid for buying this house in our current financial situation? We have no extra money, no backup, no credit card for emergency, no real reason to do this. Cam says we are still not being financially responsible and we are crazy.... What do you think?
by on Jun. 21, 2013 at 10:08 AM
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Replies (1-4):
Dynamitestep
by New Member on Jun. 21, 2013 at 10:09 AM
It was the fam not cam who think we are crazy.
baconbits
by Bronze Member on Jun. 21, 2013 at 11:38 AM

 Sit down and do ALL the math. If the costs of everything is the same then go for it. Just don't forget that everything includes repairs to the house, taxes, insurance, etc. You have to be able to put money back so if the hot water tank dies you can replace it. You'll no longer be able to call the Landlord. You also have to think about lawn mowers, hoses, landscaping, etc. All this is stuff that people don't take into account when buying a house. Then there's the cost of painting that ugly room. Not only do you have to buy the paint which isn't bad by itself but perhaps spackling to fill holes, primer, brushes, rollers, paint pans, etc.

I love owning my own home but I also know it's expensive

stormcris
by Member on Jun. 23, 2013 at 1:49 AM
1 mom liked this

You are going into a better financial situation according to what I am reading. It seems you may be making the most sound financial decision. Just make sure the house is sound and has no foundation or other major issues.

FindersKeepers
by Bronze Member on Jun. 27, 2013 at 12:23 AM

Owning a house is EXPENSIVE.... Having to make repairs, insurance, Mortgage Insurance, yard tools, window coverings, appliances.   

The most important thing is to buy a house when it is financially the right time. This means you should have a cash down payment + a cushion, be able to buy the appliances you need when you move in and a decent savings so that if something goes wrong you wouldn't miss a mortgage payment.  

It doesn't sound like you have any of these things in place.   It would be smarter to work on your debt and savings, then buy a house once you are in a better spot.  I know it is hard to wait, but patience will set you up for better long term success.

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