Wednesday, May 20, 2009

Impulse or thought out?

Today I put in an offer on a house. That may sound impulsive, and I am not sure if I have put enough thought into it or not, but I have been praying about it for a few months.

The house is almost the same size as mine (mine is about 800 square feet, this may be 900.) It has a living room, kitchen, bathroom, and two bedrooms. One is small, like mine is now, one is a bit bigger. Things the house has that mine does not are: small pantry, coat closet, space for full size washer and dryer, and bigger yard. I do think the living room is a bit smaller than mine, but I am not sure. The kitchens are about the same size. It has a crawl space under the house as I do. It also has some storage in the attic, but not as much as I do. And a shed (so do I.) It is bigger though.

I do not own the house I live in now. I can reside here and pay all bills (taxes, etc., there is no mortgage,) until my sister turns 25. At that point she is getting this house.

I do believe God has blessed me to live here as I get to spend lots of time with my boys. I believe above all else that has been the right thing to do.

So I am not sure if buying a house right now (or ever) is a good choice or not. I do want to own a home one day, plus I think this is an investment in my future. It would be nice to retire one day without a mortgage.

I will be putting $ down. And will still have an emergency fund if I move in. I am debt free and do not have any credit cards at all.

I guess I am just playing it all out. Recovering from surgery and not being able to drive gives me alot of time to think.

I would appreciate any opinions. Especially from home owners. Thanks!



Becky said...

Do you currently have to do all repairs and yard work at your current house? If so, then I think you have a pretty good idea of the time investment owning a home is!

That was the hardest part for me when I was single and owned a home. Of course, I didn't have two boys to help out :)

Anita said...

I say GO FOR IT! You have done a lot of thinking about this. If you are going to have to leave your current house eventually, I think it is a good idea to evluate other options as they become available. Because of the economy, interest rates are down and it is a great time to buy a house. (that's the case in Canada...I'm assuming it is the same in the US)

Becky R said...

Hi! In my current house I am responsible for all yard work and repairs.

My boys do help out alot, but they make alot of messes too-lol!

I really feel God is preparing me for home ownership. First time I lived alone I had a roomate, that worked well. Then I had a small apartment, again worked well. Went to a larger apartment, and now to my house. All going well. I do get lots of help from my family, which is a huge blessing.

Yes, the house is a good deal and interest rate is great.


PNPBaby said...

Home ownership is a great investment if its done right and the lending/loan is right for you.

If I understood correctly you said its $500/mo for the next 4 years...then what happens? If its a baloon payment, please be very cautious.

If the loan is do-able for you, the lending is user friendly, the house is in good shape it could be a really good option! Good luck and I'll be praying for your decision!


jackson's mama said...

wow! absolutely go for it!
you are maintaining & paying rent on a house that you will never own! you may spend more monthly on a mortgage, but trust is MUCH more satisfying to write a mortgage check every month, than a rent check! you already take pride in the house you live in...i think it's time for you to take pride in YOUR own home!
plus, that tax credit is amazing! john & i qualified for that last one they put out & received it this year @ tax time! we were able to pay off all the things we did to fix up the house when we moved in, plus buy new windows!
lots of luck & love!

Becky R said...

It would be a private loan for the next 4 years, then I would have to get a bank mortgage. The bank mortgage would be about $1,200 a month. But again that is not for 4 more years.

If I stay in current house I have to move in 4-5 years anyway, at that time rent for a small house in my area will be about $1,800 a month (currently rent is about $1,400-$1,500 for a small house.)

Thanks for the thoughts.

Jeannette said...
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