Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
It's all liquidated into a loan from my bank. It was at 27% from the CC company, now at 9.4%. Still not great, but better than where I was.
I agree, I would like to have the loan completely paid off. It's just we fell in love with this house, and I know there are PLENTY more out there and will be in the future.
Translation: I know it's an irrational and impulse purchase. Should I do it anyway?
I sure don't see buying a home as an irrational impulse purchase. LOL
The thing to do is ask a few questions.
1. How long do you plan on living in the home?
2. Will the home meet your needs for the long term?
People are always going to wonder if they can take the plunge. It is a risk. My wife and I were scared when we did it. Plenty of coworkers were scared when they did it. Lots of friends were scared when they did it. I say if you are ready, take the plunge. You can find a way to make it work. We all did. My thoughts are for long term though. My wife and I do not plan on selling our home ever if we can help it. Our goal now is in paying it off. If we had been planing on moving in five years I would not have bought a home. We plan on staying for many more years. Just think about it, if you plan on staying and 10 years goes by, chances are you will be happy that you bought your home, prices will more than likely be higher in 10 years. I say look down to the future at least 10 years out and see where you think you will be.
Step 1: Pay off your debt.
Step 2: Don't incur new debt.
Step 3: Save up at least 4-6 months of expenses that you *only* use for emergencies.
Step 4: Save up for a down payment for your house.
Step 5: Purchase a house that has a payment of ~25-30% of your take home pay.
Step 6: Repeat Step 2 over and over forever.
This advice sums it up well. The OP is not in a position to buy a house right now.
If you have that credit card debt, I would pour every cent u have into paying it off, and never get into it again. Other than that, you can afford house.
I wouldn't feel comfortable. Know that as soon as you buy you will have to replace something, all the time. Its expensive. I have a new condo, and just for maintenance, I feel like someone is coming in every other week. My moms house, which was remodeled to new, shes always doing something, something always malfunctions needs fixing. Whether its the dryer, washer leaks or whatever. Couple weeks ago there was a leak in the downstairs bathroom, 5k and finishing on her own. Theres always something, and 500 for two people just dosent seem to make it feasible
I wouldn't feel comfortable. Know that as soon as you buy you will have to replace something, all the time. Its expensive. I have a new condo, and just for maintenance, I feel like someone is coming in every other week. My moms house, which was remodeled to new, shes always doing something, something always malfunctions needs fixing. Whether its the dryer, washer leaks or whatever. Couple weeks ago there was a leak in the downstairs bathroom, 5k and finishing on her own. Theres always something, and 500 for two people just dosent seem to make it feasible
This. In the year and a half that I've lived in my place, I have had to fix two leaks, one of which was so bad, I had to have a carpenter in to remove flooring and remove and replace subflooring. And I just had to replace the HVAC. Who knows what will be next.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
