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.
And now, single mother of 3, tell me why do you want to buy a house at all???
I doubt you will get a nice house in good neighborhood for homes 63,000 to 90,000 in your "Nj"
Besides that, try to look at the whole picture - factor other expenses like taxes + HOA fee + home insurance + utilities + possible $$ for repairs related to your new house - AC, roof, whatever... In case something will brake you will be responsible for fixing it or paying for new.
I am not saying you shouldn't buy the house, I am saying you need to consider all expenses and maybe wait for year or so so you can save something on downpayment and closing...
I witnessed people using gov. programs and getting houses with no money down and they all ended up loosing their houses sooner or later... they had nothing to lose opposite to people who put anything down... They were like "I don't have money now, but I think it make more sense to live in my own house" and then boom, home insurance and taxes hit them hard
I know this is off topic,but why did you have to add"single mom of three,tell me why do you want to buy a house at all?"
That's bothers me. Its like you think single moms shouldnt own a home,or somehow single moms don't need a home.
It would be the same reason everyone else buys a home?
You used single mom of 3 to try to degrade me?
I know this is off topic,but why did you have to add"single mom of three,tell me why do you want to buy a house at all?"
That's bothers me. Its like you think single moms shouldnt own a home,or somehow single moms don't need a home.
It would be the same reason everyone else buys a home?
You used single mom of 3 to try to degrade me?
I think EngGirl was just refering to the obvious fact that being a single mom of 3 only adds to your financial problems. You seem to take things out of context a lot, as shown when you mention some advices by Suze Orman that would not apply to your situation.
Also, you are disregarding many important expenses when you try to estimate your costs of home ownership. For example, posters have asked how much would be your HO insurance (homeowner's insurance), but you never addressed that. Insurance is mandatory for home loans and it can be costly, specially if you are in an area designated by FEMA as a flood area (in that case, you would need flood insurance in addittion to regular homeowner's insurance). Did you research that?
Last edited by nooneishere; 02-20-2013 at 06:26 AM..
I know this is off topic,but why did you have to add"single mom of three,tell me why do you want to buy a house at all?"
That's bothers me. Its like you think single moms shouldnt own a home,or somehow single moms don't need a home.
It would be the same reason everyone else buys a home?
You used single mom of 3 to try to degrade me?
Because you was the one who said that you are a single mom of three. I don't care why you are single and why you have 3 kids, really. I just don't get the way you think. You are not considering a lot of things. And go ahead and buy your dream 63K house, at least try! I hope we will not see you here in the near future compaining about expenses.
Have you read the descriptions listed? I just spend a few minutes doing just that. Price point of 75k and under. "kitchen gutted", "caution mold in lower level", "sold as is condition", "fixer upper", etc.
And many will not mention lots of the issues online.
As I suspected, many of these homes have underground oil tanks. There can be contamination issues to deal with that are very expensive, and the heating bills could run you several hundred dollars per month in winter. Ask people in the NJ forum what they're spending on oil, the size of their home, and if they have energy efficient windows. Also inquire about home insurance rates.
Just because something is an average cost in NJ, like $800 per month for groceries, doesn't mean you can afford spending that much, or that you need to spend that much. 1) Buy produce and vegetables in season. 2) Don't buy processed or convenience foods. 3) Don't buy bottled water, get a water filter system. 4) Buy in bulk, shop sales, and/or use coupons. (Spend some time in the Economics forum, Frugal Living section)
You're actually paying a very low percentage of your income on rent compared to most people. It's your other expenses that are an issue.
There are some beautiful homes in the 150k range that you should be able to afford, and are in excellent condition.
When your pipes burst or heater dies, your landlord is responsible. He or she will also likely spend significantly less to fix those issues, due to discounts for repeat business and frankly being more knowledgeable than you.
Funny,I make the most out of my siblings,yet everyone else owns a home.
My sister and her hubby have 6 kids,and make 48,000 a year. They get food stamps,but were able to buy a 87,000 trailer home. They live in Nc. Had $7000 in savings. Credit scores 670. She tells me everything.
Other one in Union,with 1 kid,single,affords a home that's 180,000. Monthly mortgage and taxes $1600.
Because you was the one who said that you are a single mom of three. I don't care why you are single and why you have 3 kids, really. I just don't get the way you think. You are not considering a lot of things. And go ahead and buy your dream 63K house, at least try! I hope we will not see you here in the near future compaining about expenses.
There is no difference between a married couple making 100,000 and my situation.
Have you read the descriptions listed? I just spend a few minutes doing just that. Price point of 75k and under. "kitchen gutted", "caution mold in lower level", "sold as is condition", "fixer upper", etc.
And many will not mention lots of the issues online.
As I suspected, many of these homes have underground oil tanks. There can be contamination issues to deal with that are very expensive, and the heating bills could run you several hundred dollars per month in winter. Ask people in the NJ forum what they're spending on oil, the size of their home, and if they have energy efficient windows. Also inquire about home insurance rates.
^ This. Please read this.
Quote:
Originally Posted by jerseygal4u
Funny,I make the most out of my siblings,yet everyone else owns a home.
It doesn't matter what everyone else is doing - you only need to be concerned with if what you're considering is good for you. In the case of these $63K homes, there are tons of red flags. I would try to rebudget your expenses, save up some money for a year or two, and then look to buy something in the 100-150K range. With a 100K income this should be doable.
There is no difference between a married couple making 100,000 and my situation.
Yes there is. A married couple each earning $50K has the option of setting their budget to live on one salary to increase the odds of financial stability. You don't have that option, and you're also not taking advantage of the options you do have.
It doesn't matter what everyone else is doing - you only need to be concerned with if what you're considering is good for you. In the case of these $63K homes, there are tons of red flags. I would try to rebudget your expenses, save up some money for a year or two, and then look to buy something in the 100-150K range. With a 100K income this should be doable.
It's only doable with time. This is something that OP doesn't seem to get. It's not how much you are making. It's about what you currently have and she currently has no asset and she has some debt that she need to take care of.
What she need to get across is "how do I go about saving?" for the next 12-24 months (take buying a house instead of rent as a way to save out of her mind). It's not going to happen.
There is no difference between a married couple making 100,000 and my situation.
You should buy a house than
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.
