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I need advice!!

Posted by on Feb. 20, 2010 at 5:29 PM
  • 8 Replies

 

Poll

Question: Do you think I should purchase this home?

Options:

Yes I think you are being logical and smart and will be fine purchasing this home!

No I think its a bad idea!

Other Please explain!


Only group members can vote in this poll.

Total Votes: 12

View Results

When deciding to purchase a house were your payments fitted comfortably into your budget or did you know that things would be tight?

Basically we are interested in upgrading from a small 1 bath, 2 bedroom trailer to a 2 bath, 4 bedroom double wide. Right now our payments are $420 a month fairly comfortably. The price qouted to me for this other house was $700 which was an over estimation but with the downgrades we plan to make we should be able to get the payments down to under $600 a month.

Here is the thing....we really do need this house with baby #3 on the way but I am scared to death to get into something that is too much for us to handle. My Hubby already said he will get rid of all extra's if need be but still the "What ifs" are killing me. I stayed up all night thinking about WHAT IF hubby lost his job and WHAT IF this and WHAT IF that and I am just a worry wart. My biggest concern is that we are getting this house on family property so what if we did have trouble paying it....on the other hand I know that my Hubby would not pay our other pills to be sure to pay the house payment if something aweful happened. Anyway I just need some advice please ladies!!!


www.cafemom.com/group/TTCorPregnant

by on Feb. 20, 2010 at 5:29 PM
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Replies (1-8):
bellaamore
by on Feb. 20, 2010 at 5:32 PM

I think you should stay put for now.  You will want your new baby close to you for a bit, anyway.  Put him/her in your bedroom, and when it is time for their crib/ bassinet to be moved to anothe room, maybe then you can look into something else.  This way you have time to save up some money... Maybe you will have enough to build a new room on, or to move.

 

shoegirl01
by on Feb. 20, 2010 at 5:34 PM

Here is what I think you should do.  Take ONE year to save a sizable amount down payment to lower the payment then purchase it.

People often ask how to get the amount for a down payment.  I know so many people who have done it this way :)

In the year you are saving, only live off ONE income, the rest (what ever you make) goest to savings.  I've known people to get the down payment of $30-100 thousand by saving this way.  That way no worries! 

lilyrose73
by on Feb. 20, 2010 at 5:36 PM

 That's a tough one!  IMO, people buying more house than they could afford is why the housing market is so bad now.  It is really easy to tell yourself that you will cut out extras, but that ends up being more difficult than anticipated.  If this is already causing you stress, I would just stay put.  I try to go by  "if it doesn't feel good in my gut, then it's probably not a good idea"...  Good luck, mama... you'll figure out what is best for you and your family. 

 


 


Champions find a way... Losers find an excuse

2MonstersxMommy
by on Feb. 20, 2010 at 5:37 PM

If you can't afford it, don't buy it. We bought our first home recently, and it had BRAND NEW roof, water heater, heat and air systems, flooring, paint, ceiling fans and light fixtures, and the bathroom was remodeled within the past 6 months--and we still buy home warranty, which is what I recommend to EVERY homeowner!!!

What if's will always be there-but go into it with full knowledge of the home and looking at your budget:) Adding another baby will be expensive, so always overestimate on spending:):)

God Bless

annie2244
by Bronze Member on Feb. 20, 2010 at 6:03 PM

A trailer home is not an investment. It's value decreases over time.

IMO you should save like crazy for a down payment on a regular home (which will increase in value over time) that fits comfortably into your income even if life throws you a couple curves.

My husband and I bought a little bungalow house in a solid neighborhood. It's mortgage was such that our total living expenses were just a tad over one of our incomes. We used the extra to make double and sometimes triple payments every month, and paid it off in 12 years. Since then we've been using the extra to save for retirement and the kids college expenses. We drive very old base model cars, we have simple prepaid cellphones, basic cable, and our house is smaller than many people we know with similar incomes - however, we'll be able to retire at 62, our kids can go to college w/o incurring debt, and we sleep soundly every night.  For us, less is more.

 

bellaamore
by on Feb. 20, 2010 at 6:13 PM

A trailor is aperfectly good option, annie.  Some of us live in them, and they are perfectly fine.. I, in fact, own one.  Mine is acertain make that is made JUST LIKE a house.  The floors are thicker than regular mobile home floors, as are the walls, and the roof is a regular shingle roof.  It does not have mobile home plumbing (it does exist), but house plumbing.

This is why blanket assumptions do not work.  My mobile home, being older than I am, is worth more than my inlaws Jim Walter home that was built ten years ago.  Why? The way it was built.

BTW, I bough tit used, with cash, did very few minor repairs.  Got the bank to look at it and tell me what it was worth and it isn't much less than when it was brand new 23 years ago. :)

LuckieLadie
by on Feb. 20, 2010 at 6:20 PM

That sounds like a pretty good deal to me actually. Yeah the ecomony is scary right now but it's also one of the best times to get a good deal on a new home. I understand the "what ifs" though.

annie2244
by Bronze Member on Feb. 20, 2010 at 6:35 PM

 

Quoting bellaamore:

A trailor is aperfectly good option, annie.  Some of us live in them, and they are perfectly fine.. I, in fact, own one.  Mine is acertain make that is made JUST LIKE a house.  BTW, I bough tit used, with cash, did very few minor repairs.  Got the bank to look at it and tell me what it was worth and it isn't much less than when it was brand new 23 years ago. :)


This is exactly my point. Homes appreciate over time. Trailer homes do not. 23 years and it isn't worth much less than 23 years ago? That's not an investment.  I bought my house 17 years ago and it has appreciated 350%, which is pretty typical for a brick and mortar home in a solid neighborhood that you buy and hold.

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