Comments on: Saying “No!” to $8,000 and why we aren’t buying a house this year http://sensetosave.com/2009/05/04/we-arent-buying-a-house/ Sun, 14 Mar 2010 19:16:20 -0600 http://wordpress.org/?v=2.8.4 hourly 1 By: LIsa http://sensetosave.com/2009/05/04/we-arent-buying-a-house/comment-page-1/#comment-40681 LIsa Wed, 13 May 2009 22:56:48 +0000 http://sensetosave.com/?p=1181#comment-40681 Since I AM old enough to be your Mom I'd like to say "I'm proud of you." The obsession with owning a home has sent too many people [pardon the pun] to the poor house, because they didn't have the maturity to see it the way you do. I can say this honestly, because at 47 I am emerging from a very poor choice in home buying. With a new baby you need SAVINGS and more SAVINGS before you buy. A home really is a "money pit" and you need to be well prepared [as you guys are trying to be]. Good luck in your savings and in your eventual search for a home and a mortgage that's right, not simply available. Since I AM old enough to be your Mom I’d like to say “I’m proud of you.” The obsession with owning a home has sent too many people [pardon the pun] to the poor house, because they didn’t have the maturity to see it the way you do. I can say this honestly, because at 47 I am emerging from a very poor choice in home buying. With a new baby you need SAVINGS and more SAVINGS before you buy. A home really is a “money pit” and you need to be well prepared [as you guys are trying to be]. Good luck in your savings and in your eventual search for a home and a mortgage that’s right, not simply available.

]]> By: Heather http://sensetosave.com/2009/05/04/we-arent-buying-a-house/comment-page-1/#comment-40664 Heather Tue, 12 May 2009 03:15:20 +0000 http://sensetosave.com/?p=1181#comment-40664 Sounds like a good choice! Make sure you check into other options though. I live in IL and if I purchase a home in a rural area (as determined by the USDA.gov website), we can finance 100%, NO downpayment, NO mortgage insurance and a gov't-set interest rate (right around 5% right now). It's a great program. We currently own a home, but are planning to move into a bigger house to accomodate our growing children, and with this program, we can get into a bigger house and have a significantly lower mortgage payment. Good luck with your plans! Oh - and I just read about paying off the car loan - great job!! Sounds like a good choice!

Make sure you check into other options though. I live in IL and if I purchase a home in a rural area (as determined by the USDA.gov website), we can finance 100%, NO downpayment, NO mortgage insurance and a gov’t-set interest rate (right around 5% right now). It’s a great program.

We currently own a home, but are planning to move into a bigger house to accomodate our growing children, and with this program, we can get into a bigger house and have a significantly lower mortgage payment.

Good luck with your plans! Oh – and I just read about paying off the car loan – great job!!

]]> By: kim http://sensetosave.com/2009/05/04/we-arent-buying-a-house/comment-page-1/#comment-40632 kim Mon, 11 May 2009 01:50:27 +0000 http://sensetosave.com/?p=1181#comment-40632 Good for you for realizing it isn't time for you to own a house yet. I bought one a couple of weeks ago (closing in June!) but I won't be getting the 8K because I'm not a first time buyer. Too bad they couldn't come up with an incentive for everyone you know? Good for you for realizing it isn’t time for you to own a house yet. I bought one a couple of weeks ago (closing in June!) but I won’t be getting the 8K because I’m not a first time buyer. Too bad they couldn’t come up with an incentive for everyone you know?

]]> By: Dani http://sensetosave.com/2009/05/04/we-arent-buying-a-house/comment-page-1/#comment-40627 Dani Sun, 10 May 2009 15:21:33 +0000 http://sensetosave.com/?p=1181#comment-40627 Very well thought out and a great decision. I know that when you finally are ready to buy a house, you will be so much happier knowing you did it on your terms and when you were ready! Very well thought out and a great decision. I know that when you finally are ready to buy a house, you will be so much happier knowing you did it on your terms and when you were ready!

]]> By: Coco http://sensetosave.com/2009/05/04/we-arent-buying-a-house/comment-page-1/#comment-40586 Coco Wed, 06 May 2009 03:04:30 +0000 http://sensetosave.com/?p=1181#comment-40586 Good for you, cherie! You can also try the rent vs. buy calculator on the New York Times website. Just google it and it will come up. The calculator will figure all the costs and give you a big pretty graph letting you know when you would break even on owning a home. Your closing costs, maintenance, increased utilities, etc. are figured in for both scenarios. It's an wonderful resource. Good for you for waiting! Good for you, cherie! You can also try the rent vs. buy calculator on the New York Times website. Just google it and it will come up. The calculator will figure all the costs and give you a big pretty graph letting you know when you would break even on owning a home. Your closing costs, maintenance, increased utilities, etc. are figured in for both scenarios. It’s an wonderful resource. Good for you for waiting!

]]> By: linda http://sensetosave.com/2009/05/04/we-arent-buying-a-house/comment-page-1/#comment-40583 linda Tue, 05 May 2009 15:41:09 +0000 http://sensetosave.com/?p=1181#comment-40583 I think you have made a very good decision. I wish more young people made decisions on logic rather than gradifying their wants. Well done. I think you have made a very good decision. I wish more young people made decisions on logic rather than gradifying their wants. Well done.

]]> By: Bethany http://sensetosave.com/2009/05/04/we-arent-buying-a-house/comment-page-1/#comment-40580 Bethany Tue, 05 May 2009 05:52:32 +0000 http://sensetosave.com/?p=1181#comment-40580 I think that's very brave, to admit you're not financially ready! Bad (er, less than stellar) decisions about these kind of things can have serious repercussions, just as our current economic state and anyone who's facing a foreclosure or serious debt can tell you. Owning a home can be a great experience, I'm sure, but it isn't something that should be taken lightly and it isn't a necessity. I'm no where near ready to buy a house myself, so I may be biased, but I do not believe that renting equals throwing your money away. It may not *feel* as good, knowing there is no return on the investment, but an apartment/house/duplex/etc is a home no matter what, so as long as you enjoy living there, what's the problem? As you've pointed out, Kacie, the benefits are many, especially when it comes to maintenance, appliances, etc. You also have the ability to pick up and move a lot faster if there is a change in job or situation. That freedom is certainly appealing to me, at the age of 25. I think that’s very brave, to admit you’re not financially ready! Bad (er, less than stellar) decisions about these kind of things can have serious repercussions, just as our current economic state and anyone who’s facing a foreclosure or serious debt can tell you. Owning a home can be a great experience, I’m sure, but it isn’t something that should be taken lightly and it isn’t a necessity. I’m no where near ready to buy a house myself, so I may be biased, but I do not believe that renting equals throwing your money away. It may not *feel* as good, knowing there is no return on the investment, but an apartment/house/duplex/etc is a home no matter what, so as long as you enjoy living there, what’s the problem? As you’ve pointed out, Kacie, the benefits are many, especially when it comes to maintenance, appliances, etc. You also have the ability to pick up and move a lot faster if there is a change in job or situation. That freedom is certainly appealing to me, at the age of 25.

]]> By: Trixie http://sensetosave.com/2009/05/04/we-arent-buying-a-house/comment-page-1/#comment-40579 Trixie Tue, 05 May 2009 01:45:21 +0000 http://sensetosave.com/?p=1181#comment-40579 Hi Kacie, Have you considered going on "tour" with your housing research experience? I bet there are thousands upon thousands of first time home owners in this country that are facing foreclosure that wish they did the kind of research you did. A rented home is every bit as much of a home as a house you pay a mortgage on. I think it's great you and your husband are waiting until it's a more financially comfortable transition for you. And, who knows in a few years the government might be doling out $15,000 to get you to buy a house! Take Care, Trixie Hi Kacie,

Have you considered going on “tour” with your housing research experience? I bet there are thousands upon thousands of first time home owners in this country that are facing foreclosure that wish they did the kind of research you did.

A rented home is every bit as much of a home as a house you pay a mortgage on. I think it’s great you and your husband are waiting until it’s a more financially comfortable transition for you. And, who knows in a few years the government might be doling out $15,000 to get you to buy a house!

Take Care,

Trixie

]]> By: Kacie http://sensetosave.com/2009/05/04/we-arent-buying-a-house/comment-page-1/#comment-40578 Kacie Tue, 05 May 2009 01:16:58 +0000 http://sensetosave.com/?p=1181#comment-40578 @ Lori -- Absolutely -- my numbers are market-specific and specific to my personal situation. I hope that in my posts, other potential first-time housebuyers can see some of the things they'll need to research as well. It is nice to build equity on your own place instead of paying someone else, but when you look at how much you're paying in property taxes, PMI, homeowners insurance, repairs, and utilities not covered in rent, we'd be paying substantially more money. We hope to be ready to buy a house in about 3 year's time. @ Lori — Absolutely — my numbers are market-specific and specific to my personal situation. I hope that in my posts, other potential first-time housebuyers can see some of the things they’ll need to research as well.

It is nice to build equity on your own place instead of paying someone else, but when you look at how much you’re paying in property taxes, PMI, homeowners insurance, repairs, and utilities not covered in rent, we’d be paying substantially more money.

We hope to be ready to buy a house in about 3 year’s time.

]]> By: Waiting pays off! « Keep it Simple http://sensetosave.com/2009/05/04/we-arent-buying-a-house/comment-page-1/#comment-40577 Waiting pays off! « Keep it Simple Tue, 05 May 2009 00:59:44 +0000 http://sensetosave.com/?p=1181#comment-40577 [...] house. I was so impressed with them and how they approached buying a home in the first place! Click HERE to read her [...] [...] house. I was so impressed with them and how they approached buying a home in the first place! Click HERE to read her [...]

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