I have yet to put an offer on the home. I really want this home and feel as if this is the home for me. The issue I am having is the asking price and what I can actually afford. The sellers want $238K. Initially, I posted I was going to offer $199,950. Well, I have had a change of heart in regards to the amount I actually want to offer. Having spent the last two days plugging numbers and plugging numbers again and again, I decided against my initial offer amount. Offering $200K would leave me with a monthly payment of approximately $1500 a month (most likely more than this). That is nearly $300+ more than what I want to spend per month. I want a life outside of having a home. Meaning I do not want to be 'house poor'. To some folk $1500 is not a lot of money to spend on a mortgage. But it is all relative people. For starters, I am doing this solo. Secondly, I would like to continue to save money every month. I know that with a home comes extra financial responsibilities. Unexpected maintenance occurs. **SIGH** I really want this home. I really want this home.
I have decided to tell my sis/realtor I want to offer $183,500. **YIKES!!!** Yep, I am going as low as I possibly can. The home is in a really nice neighborhood and the properties are well kept. The sellers may tell me to go fly a kite. The sellers may be anxious to get rid of the properties. Luck could be on my side. I have been told by several financial 'gurus' to put my home search on hold for 4-6 months because by then, I will be able to get any home I want because the market will be greater for home buyers. I am confused!!
What would you guys do? Would you wait the market out? Would you risk letting 'theee' home sit around and possibly get snatched up by another buyer? I am at my wits end. Stay tuned for updates people...
Tuesday, October 23, 2007
Update on theee house...
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2 comments:
Girl I had the same dilemma and felt the same way. I have a daughter. "House poor" is not in my vocab. No way...can't even consider it. I decided to wait until I paid off all my debt. That would free up more money and I could possibly get one or two raises in that time. I am going wait another year or until my credit cards are paid off. Then I will access my situation again. Talk to someone who is knowledgeable about buying and maintaining a house and see what they say. There is more to it then just purchasing a home. Maintenance, property taxes, mortgage insurance, homeowner's insurances, HOA fees.....all that added on top of the mortgage. That mess can add up big time.
Dimp's you aint never lied girl!!! I have witnessed several of my friends go thru difficult times financially when an unexpected housing expense occured. I am taking my time with this entire process because this is a huge investment.
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