Last Sunday, we looked at 6 houses that are for sale. After we were done I wanted to throw up. I was so stressed. You see we have started the process of possibly buying a home. We have never done this before.
We are taking advantage of the VA loan that my Husband qualifies for. Good news is that there is no money down. The bad news is we found out that there is a considerable amount of money we have to come up with such as earnest money, closing costs, inspection costs, etc.
Yeah, we don't have that. We haven't saved anything because we live pay check to pay check. We made the decision that I would give up working and stay home to raise the kids. I feel strongly about this because I would basically be working for daycare anyway and it would not be worth it.
I can see why both parents work because unless one of them makes a whole lot of money they would need both incomes to get by.
I am scared and stressed right now. I don't know if this is a good idea. We have just recently got our financial side in order. We have paid off debt and our living comfortable right now. I don't know if I want to throw ourselves into debt and not be able to afford clothes and such. We have three growing kids. One a girl that has no clothes from hand me downs.
UGH, what to do. Tonight Hubby and I are sitting down and discussing if we can really do this now or should we wait. I know that the market is awesome right now for buyers but I don't know if it is worth it for us.
Like I said my stomache is killing me right now.
8 comments:
We went through the same thing 2 years ago. Both my husband and I HAVE to work, although I'm on maternity leave now until September. What we did was live on his salary and every cent from my paychecks was saved to afford the house. I know your situation is a little different with having to get care for your children. Do you have any relatives/close friends that could babysit for a small fee?
B.
That is one of our problems. We don't have any family close to babysit.
Do it. Take a deep breath and do it.
Your rent is paying someone else's mortgage. I bet if you added up all the rent you've ever paid, that would make you throw up.
Hubby and I lived together for several years before we bought a house. What made us buy? When we added up the rent we'd already paid, it was $44,000!
So, swallow your heart and jump in. You don't want to be paying off a house when you're in your eighties. Do it now. Any expenses you have for the house later down the road will be for your house, not someone else's.
Think about it, Crystal. It would be yours, all yours. House debt is good debt. And everybody has it; you're not alone.
It is scary and sickening, isn't it? I wish you and your husband luck as you make this decision.
I think the hardest part about buying a house or even a car is getting into it. You'll adapt to your new budget, it's just scary at first.
Ohhhh, I have not been brave enough to take that plunge yet. Good luck ... you'll make the right decision!
That is stressful, but what eatmisery said is right on. Think of a mortgage as paying yourself down the road. You'll eventually own a house and can sell it and get all your equity back if you want or need to. Plus, your financial situation will improve dramatically in a few years when all 3 of your kids are in school and you can work again. It won't be this hard forever!
Would you have to stay in the city? If not, check to see if you qualify for a Rural Development loan...
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