Quote:
Originally Posted by gamecock43
Yes, I have 50k in the bank for a house as a result of alot of saving and discipline so that puts me in the range to buy a $250k house, but the payments will be around 1200 month plus taxes and insurance and I dont know what those numbers would be. So I am guestimating I might be paying around 15-1600 month, plus there are unknowns like things breaking, and we have an unsteady income.
On good months its about $2000 month, low months its guarenteed $1400 month, but thats before I get a job, which I will be doing in Sept...so the job would clear us to make the payments easy...but you can see why I am feeling like I want this to be a slow process and not get rushed into anything. I just get nervous about the payments. Theres a couple of 'ifs' going on.
Of course I have not looked with a realtor yet...maybe I will like a house for $150k and our problem will be over..but I have been on realtor.com and I know myself well enough to fall in love with the larger/upgraded house and having the choice between lower monthly payments or a nicer house- I'm going with the nicer house.
I will be on the 'worst justification you ever heard' thread by saying "I know I cant afford the monthly payments but I have the 20% down and I worked hard for a nice house, I just want to be happy with my purchase when I come home at night and I deserve it." LOL.
So I can see myself screwing myself over. Why rush into that scenario?
But the one thing that keeps running in my head to BUY (besides everyone in my ear telling me now is the time to buy) is that this past year I really didnt add much to the house saving fund. Maybe $2000. The economy got tight, and I'm just burned out on the living frugal with nothing to show for it while my friends are living large and pitying me 'for being broke.'
In the past I have 'paid my saving account' several hundred dollars a month. But not this year. I didnt get into debt, but I spent those monthly payments on junk, and if I continue to do that then I SHOULD buy to force myself to make that several hundred dollar payment into my house fund (in the form of a mortgage) rather than waste another year buying junk. Especially since the money market is no longer helping me grow my money much.
I am a complex person. I exhaust myself on this issue.
|
You remind me of my wife. She has trouble making decisions, especially big ones. She gets frustrated and overwhelmed trying to process all the considerations that are part of such a decision, and just kind of grinds to a halt. I think I understand why you use the word exhaustion. Analysis paralysis.
All I can suggest is that you try to be as objective as possible when making the decision. Use a spreadsheet to come up with a budget, and see if you can afford it or not. Look at the numbers only - don't think about what your friends are doing or what they think.
If you don't trust yourself to stick to a budget, or if you fear you'd fall in love with a particular house (one you may not be able to afford), then it probably is best to wait.