Most of you know that I've been living with my mom for the past couple of years. I was in an apartment for around four years before that, and decided I was tired of throwing my money away on rent and would live with her for a while to save money and buy a house. Obviously, the saving money part hasn't happened quite as fast as I would have liked it to. About the time I moved out of my apartment I needed another car. I had my Altima (aka Peggy) for ten years and the time had come to put her to rest. Of course, that meant a car payment. While the payment is reasonable, it still takes a chunk out of my paycheck. I pay my mom rent- not because she asked me to but because I want to. Add student loans to that, a storage payment, church contribution, and a few other expenses and it makes for not a whole lot left over. Bottom line- I can't buy a house this very moment, but I'm working really hard to pay off a couple things within the next few months, and then want to get serious about some house shopping!
While I'm sooo excited about the prospect of being a homeowner, I'm quite terrified. I know this is a great time to buy a house and I feel confident I could get a really good deal. I'm just nervous that I not only need to pay off some bills now, but I need to establish a big savings in case something goes wrong once I buy. What if the roof starts leaking? The air conditioner goes out? It's overwhelming to think of all the things you have to be prepared for when living in a place that is your sole responsibility.
I guess the purpose of this post is to pole all you homeowners out there....How prepared can you truly be??? Do I just stop analyzing every moment, bite the bullet, and do it? Should I ever feel 100% prepared? Are my nerves to be expected? I'm S-C-A-R-E-D! I'm doing this on my own. There won't be a supplemental income as of now and it's all up to me.
I know you probably could care less about my currect financial status, but I truly am seeking your advice. I know for sure I won't be seriously looking to buy until at least six or eight months. After that, I guess it depends on what you tell me. No pressure or anything... :)
6 comments:
Amy, I'm totally with you on the new homeowner fear. Nick and I currently rent a house, but we'll be buying in the next year or so. Scary stuff! (Plus, why don't they teach us in college how to do this stuff--so complex!)
I would definitely recommend having a good "chunk of change" available in savings for those things that inevitably go wrong. You'll more than likely need a sizable chunk whenever you actually close on your house (like around $1000 or so) so count on that. I think that goes to pay the lawyers (??)
But you are right, stuff does happen and you want to be prepared. It seemed like one thing after another when we first moved in.
But I'm excited for you! That is so awesome. In fact, there are some pretty awesome homes in my neighborhood that would be perfect for you :)
WAIT until you pay off some bills and save up some money. In the three years we have lived here we have had to pay to fix the AC and the garage door! And this is almost a brand new house!
OK, we've always bought "used" houses and I think that helps. They have the kinks worked out of them. That being said, God has totally provided when needed. For instance, Jason stepped through the ceiling of our first house the FIRST NIGHT WE WERE THERE. We had NO money left from all the moving and buying, etc, but he was able to fix it with a friend's help. Or maybe himself? I can't remember..
But we've always been able to swing it.
One stat I heard was that it costs 40% more than your mortgage to own a home. That takes in costs like a lawnmower, utilities, upkeep, unexpected things to break, etc.
You will be a great homeowner! It will all work out just fine when the timing is right!
thanks for the advice, everyone. i need to be in constant prayer about this. it's such a huge decision. maybe i should buy at the end of december, get the $8000 in tax refund, and let that go straight into savings for emergencies! haha!
I don't know you but I got to your blog from Jesse (and old friend). I owned a home for 5 years, and then sold it to relocate. I didn't have tons for a downpayment, or tons of savings for repairs. I was able to buy just what I could afford, and it wasn't a new house, or in the best area, but I was proud of it and it was mine. A year or two later, it became a burden. If you're single, it's hard to do yard work, etc. Maintenance gets the best of you, and it can take up a lot of time to properly maintain a home/yard. I can truly say that by the last few years I owned it, the house actually OWNED me. You will never be 100% ready. But, I would recommend holding off until you find exactly what you want, in an area that you think will have good resale value, and don't get so excited that you compromise, because you will regret it in the end. I loved my house. But it was a HUGE relief to have sold it. Patience pays off. (the same is true for men, if that matters.)
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