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It is absolutely normal to have cold feet no matter how much you love the house, in fact, I felt the same way when after a month of tough negotiations, the seller came down to our price and I just had to say yes-I dragged my feet for a whole day, because it was such a huge decision, thinking exactly the same things, finally I just had to stop it, say "enough" and go with it-I think the key was that we were able to put a nice downpayment and definitely did not buy house that would not allow us to have any savings, that is, I probably could have afforded to pay 1.5 times more than what I paid for it, but as Warren Buffet said-the key to being financially independent is living below your means. I think it was the best decision we made and yes, we had to adjust some of our habits such as cutting on going out which honestly, was not too hard, I would rather have meals in my beautiful kitchen and dining room. So, calm down, think positive and go for it!
Don't over think the purchase; you need a place to live, you want to own it and you've found a good fit. Chances are this is the beginning of a great chapter in your lives, even with the as of yet unknown twists and turns. But remember this, worst case scenario is that it doesn't work out and you sell it and move on to whatever is next.
As for the following two posts, don't pay them much attention - very few people can relate to their perspective.
Quote:
Originally Posted by 85dumbo
OP, sounds like you don't keep an emergency fund, because if you had a sufficient one, you would not have to worry about those things. Don't buy a house you can't afford.
I think I speak for the majority when I say that very few people are afforded the luxury of buying a home on Long Island and having a reasonable reserve fund stashed away. Usually most people are looking under sofa cushions for extra coins to try and make ends meet that first week/month/year.
Quote:
Originally Posted by Zytos
Cash flow matters too though. If you have the income to pay the mortgage and all of your other bills, and also save a few K a month, you'll be fine.
Save a few thousand dollars a month? On what plane of existence can most people afford to own a home on Long Island while also packing away that kind of cash? You're talking about those in the $150k plus annual income bracket and that's not representative of the masses.
All normal feelings, OP. We bought our house late last year and we were nervous. After looking for 6 months, we were very happy to have found a place. We don't have to answer to anyone and don't have to worry about whether we can grill or have a pet. (Which we have both of now)
Within the first two months, we ran into one problem. The hose on the kitchen faucet was jammed and all the water was spewing out of it. I essentially had no faucet to make Thanksgiving dishes. So, after Thanksgiving was done, we went to Lowes and got ourselves a new faucet and installed it ourselves. We felt proud to do our first DIY project.
You'll eventually take pride in having a home, a yard, a place to call your own. I personally can't wait to do more projects around the house when the time comes. I have read that the first 2 years in the home are hard, simply because of the added expenses (oil has been the biggest one for us), but eventually, it'll be worth it to own rather than rent for us.
Enjoy your new home and all those nerves will eventually calm down.
OP, ignore my original advice. Listen to NYC2RDU.
Go ahead and overspend on that house, you are entitled to it... because afterall like all the kids like to say... YOLO.
OP, ignore my original advice. Listen to NYC2RDU.
Go ahead and overspend on that house, you are entitled to it... because afterall like all the kids like to say... YOLO.
How presumptuous can a person be? Where in any of the original post did you get that he was overspending? Now, of course I can make a compelling argument that anyone buying a house on Long Island is overspending, but that's probably another thread altogether.
I bought my first house on Long Island for $164k when my total annual compensation was $125k and I was also freaking out. It's a perfectly normal reaction, don't blow him up for it.
Just keep your finances in order and have room to save a few as the years go on. You will be fine.
In the beginning the payment & debt # looks massive. As the years go on, its a little less daunting but you will have other new expenditures to contend with.
I remember my first Manhattan apartment mortgage of 1 grand a month was such a large figure. Seemingly now, I sneeze out a grand here & there every other week.
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lol what that's not normal on LI??
