# Buying a house



## ku1980rose (Sep 7, 2010)

Hi ladies! I'm currently separating from my husband. I've been posting in the Separation and Divorce forum. Today I found a cute house that would be just perfect for me, and the price is right. My dad is going to come down and look through it with me. 

But, now, I am so nervous about this step. Buying or renting, I'm very nervous about it. Can I really do this on my own? Or is it just the nerves of looking at such a big purchase? I've never owned my own home before. That's a big step for a soon to be single young woman.


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## Gaia (Apr 27, 2012)

Well .. it depends on what your goals for the future are. Do you plan on staying in this home or will you eventually want to move somewhere else later on?


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## BMonkey13 (Jun 20, 2012)

I don't know about the rest of it, but can you do it on your own? Heck yes!!! I guess I have always been like the "man" in my marriage haha.... But I bought our house, take care of it and the bills. You can totally do it and you'll feel great. It's a good feeling to take care of yourself and I think you'll feel very proud of your accomplishments


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## Mrs.K (Apr 12, 2012)

Almost everyone gets nervous with such a big purchase. I know we were both terrified while going through the whole process. 

Do you have any plans of eventually meeting someone new and perhaps starting a family? If so I would really think about if it will work for you in the long term because this is an awful market to try and sell in.


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## ku1980rose (Sep 7, 2010)

Yes, I hope someday to meet someone and have a family. But, I've also always dreamed of having my own home. I can do it. I can afford it. I have help from my parents if needed, too.


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## ocotillo (Oct 17, 2011)

ku1980rose said:


> Hi ladies! I'm currently separating from my husband. I've been posting in the Separation and Divorce forum. Today I found a cute house that would be just perfect for me, and the price is right. My dad is going to come down and look through it with me.
> 
> But, now, I am so nervous about this step. Buying or renting, I'm very nervous about it. Can I really do this on my own? Or is it just the nerves of looking at such a big purchase? I've never owned my own home before. That's a big step for a soon to be single young woman.


In most parts of the U.S. it is a buyer's market right now because real estate prices are depressed.


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## Gaia (Apr 27, 2012)

Heck.. if you can afford it.. I'd go for it.. thats for sure... but that's just me.


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## Beelzebub (Jun 26, 2012)

in some area renting and buying payment almost the same, if you have a secure job then better buying if you are looking for a single house in a nice area. or rent if you are looking for a town house or small apartment.


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## heartsbeating (May 2, 2011)

ku1980rose said:


> Hi ladies! I'm currently separating from my husband. I've been posting in the Separation and Divorce forum. Today I found a cute house that would be just perfect for me, and the price is right. My dad is going to come down and look through it with me.
> 
> But, now, I am so nervous about this step. Buying or renting, I'm very nervous about it. Can I really do this on my own? Or is it just the nerves of looking at such a big purchase? I've never owned my own home before. That's a big step for a soon to be single young woman.


Hello! It's great that you have the support of your dad to help you with this. And yes, you can do this as a single young woman. How exciting for you!

As for buying vs renting and the property market, it depends where you are located as for which is the wiser choice. While some might consider buying a home as their base for where they will remain for so many years, we have always thought of the potential resale value. My mind goes to thinking if it has unique features, what the location is like - the neighborhood itself as well as (being inner city) if it's close to public transport, schools, a strip, and the trend in property prices for the location etc. While these things are important to us too, and we choose places based on the lay-out and feel and what suits our needs, we always consider how it's likely to sell later. Obviously that is dictated by the market too, but still.... it's been beneficial to us thinking this way, rather than purely emotional. It does depend on your goals though. It is all very exciting!

We have paid for professional building inspections before purchasing. The report is helpful to know for market value and for you to be aware of what you are actually buying - including structural concerns (or potential concerns). This has helped us with negotiating price and allowed us to budget for renovations.

Let us know how it goes! Best wishes.


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## ku1980rose (Sep 7, 2010)

Beelzebub said:


> in some area renting and buying payment almost the same, if you have a secure job then better buying if you are looking for a single house in a nice area. or rent if you are looking for a town house or small apartment.


that's how I feel. I'd rather buy than throw my money away on rent and my payments are going to be low enough. And I can re sell in the future. This how can be improved inside (new cabinets, updated kitchen, flooring), but is great for now. But, I could def add to it and sell it for more in the future I would hope.

I rented before marriage and it's frustrating when it's not your own. I want to have my dog there, too.


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## tennisstar (Dec 19, 2011)

Just one thing to keep in mind. Make sure the home value is going to rise. I hated paying rent too, but the home I bought has lost about 35k in value. I now have to rent it out, as that's all I can do. I owe more than it is worth. Now I'm locked into a situation that I cannot get out of without defaulting my mortgage. And the area is going down and breakins are happening. I thought buying was a good financial move, but it wasn't for me.
_Posted via Mobile Device_


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## SimplyAmorous (Nov 25, 2009)

ku1980rose said:


> Yes, I hope someday to meet someone and have a family. But, I've also always dreamed of having my own home. I can do it. I can afford it. I have help from my parents if needed, too.


My thoughts are ...if you know this is where you want to stay until you meet another ....at least..you will be content there... you are excited about it, if you can afford the monthy payments, the Taxes, a little left over for when things go wrong - you enjoy the neighborhood... why not! If any of those things are a concern, renting may be better though. Just to not be "stuck" and feel like "why did I do this".... You can always sell down the line too, but you don't want to loose money doing that - so figure this all out too. 

We bought a house that we didn't like at all ....but we had a method to our madness...(weighed all the pros & cons, prayed about it )..... the payments would have been less than paying RENT, we knew we could sell it for what we were paying .....we looked at it as a stepping stone knowing this was not where we wanted to be forever....... while giving us time to save more for our dream house...it was a GOOD option, so we took it... I don't regret buying that house, we worked on it and sold it for $13,000 more 2 yrs later.


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## FirstYearDown (Sep 15, 2011)

Real estate is overvalued by 25% where I live. The government has tightened mortgage rules for the second time in one year, because too many people are buying homes that they cannot afford and all they think about is the down payment-buying a home involves so many other expenses such as taxes, closing costs, inspections etc.

The other issue is that unlike renting where the landlord is responsible for all repairs, owning a home means you have to pay out of pocket when anything goes wrong. _It is best to have a large emergency fund for when the roof needs to be repaired or the washer and dryer has to be replaced. _We just had some water damage to the hardwood floor here and I am not paying a cent to fix it! :smthumbup:

If we were not living in this expensive city, where 500 sq ft condos start at 400,000 we would buy. However, we can afford a much nicer place renting. A condo or house for rent here is priced at 1500-1800. Buying that same condo would add up to monthly expenses of 2200+ per month. Good luck selling a condo in this city because the market is flooded with them. 

Someone on this forum told me that I was not "successful" yet because I don't own half an acre of land like he does. :rofl: Idiots like that make me laugh because they don't know that only very rich people own that much land where we live. They have a very limited worldview and can't see past their own noses. Unless you live in a major city, you don't know anything about how much more expensive buying a home is in an urban area.


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## piggyoink (Apr 10, 2012)

FirstYearDown said:


> Real estate is overvalued by 25% where I live. The government has tightened mortgage rules for the second time in one year, because too many people are buying homes that they cannot afford and all they think about is the down payment-buying a home involves so many other expenses such as taxes, closing costs, inspections etc.
> 
> The other issue is that unlike renting where the landlord is responsible for all repairs, owning a home means you have to pay out of pocket when anything goes wrong. _It is best to have a large emergency fund for when the roof needs to be repaired or the washer and dryer has to be replaced. _We just had some water damage to the hardwood floor here and I am not paying a cent to fix it! :smthumbup:
> 
> ...


You live in New York State?


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## tennisstar (Dec 19, 2011)

FirstYearDown said:


> Real estate is overvalued by 25% where I live. The government has tightened mortgage rules for the second time in one year, because too many people are buying homes that they cannot afford and all they think about is the down payment-buying a home involves so many other expenses such as taxes, closing costs, inspections etc.
> 
> The other issue is that unlike renting where the landlord is responsible for all repairs, owning a home means you have to pay out of pocket when anything goes wrong. _It is best to have a large emergency fund for when the roof needs to be repaired or the washer and dryer has to be replaced. _We just had some water damage to the hardwood floor here and I am not paying a cent to fix it! :smthumbup:
> 
> ...


_Posted via Mobile Device_


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## piggyoink (Apr 10, 2012)

Renting is throwing money away. If you're in the US, you can writeoff your interest against your income tax, and in Canada, whatever profit you make when you sell a house is tax free.


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## tennisstar (Dec 19, 2011)

Not all urban areas are that expensive. I live in one of the largest cities in the country. I live in over 2000 sq ft single family home, very nice, on golf course. Nice established neighborhood. Paid 153,000 for it. Not sure where the OP lives, but it might or might not be high cost for her. However, I agree that owning home is more than the mortgage.
_Posted via Mobile Device_


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## lola_b (Aug 28, 2009)

If you can afford it, buy! That's what I did  I'm 26 and had been separated from my stbxh for over a year. I also had help from family, which I am extremely grateful for.

I'm not sure where you live, but if you're not divorced yet, make sure your stbx signs over his rights to the place you buy.

I'm soooooooooooooooooooo glad I bought  1000000000000 times better than renting AND cheaper!

Best of luck to you!


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## FirstYearDown (Sep 15, 2011)

tennisstar said:


> Not all urban areas are that expensive. I live in one of the largest cities in the country. I live in over 2000 sq ft single family home, very nice, on golf course. Nice established neighborhood. Paid 153,000 for it. Not sure where the OP lives, but it might or might not be high cost for her. However, I agree that owning home is more than the mortgage.
> _Posted via Mobile Device_


Yeah, that could NEVER happen where I live. That same house in the city where I reside would be at least $400,000.


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## piggyoink (Apr 10, 2012)

tennisstar said:


> Not all urban areas are that expensive. I live in one of the largest cities in the country. I live in over 2000 sq ft single family home, very nice, on golf course. Nice established neighborhood. Paid 153,000 for it. Not sure where the OP lives, but it might or might not be high cost for her. However, I agree that owning home is more than the mortgage.
> _Posted via Mobile Device_


Yes, and furthermore, citizens are the owners of their property just like they think they do. The bank doesn't want to own anything and if you work with them, they'll work with you.

Renting is throwing money away. People who rent are still paying for taxes and maintenance. Very few people who rent are disiplined enough to invest their savings.


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## FirstYearDown (Sep 15, 2011)

:lol::lol::lol:

Hours of operation have *nothing *to do with the bank's bottom line. :rofl::rofl: Is it impossible for any business to be duplicitous?

I'm going to go out on a limb and say that you don't live in Canada. 

It is not fair for me to argue with those who are not capable of expressing themselves clearly. Kind of like trying to steal candy from an infant. Enjoy your ignorance and inanity.


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## sisters359 (Apr 9, 2009)

The anxiety you feel is normal-I just went through a ton of it, buying a car. But, remember that anxiety is simply related to worrying about the unknowns--if you have done your research and buying makes sense for you, then go for it.

Buying does not make financial sense for everyone; it really depends on your age, lifestyle, earnings, etc. There are articles online comparing buying vs. renting, so look for some to round out the picture for yourself. You do not have to read every one of them; most if not all will repeat the same basic information. But read a few and you may come across something you did not consider, which could help you in the process.

I'm looking for a house right now, too, but chances of finding something are pretty slim. Anything truly affordable gets snapped up right away, so I need to get pre-approved and be ready to make an offer on a property right away if I like it. This would be my 3rd home purchase but the first as a single mom, so that does make it a bit more difficult. I'm also in a position where I don't have to buy, either, but would love to move just to get of the house my ex kind of spoiled for me. 

I would consider buying a bigger-than-I-need house and taking a roommate, too, to help with costs--the rent I could charge would more than offset any additional mortgage costs. Definitely another thing to think about!

But yes, home ownership is expensive, and the constant upkeep is time as well as money consuming. It is worth it, though, to be able to do what you (like have a dog) and garden, stuff like that--if those kinds of things are important to you. I can see a time when renting will appeal to me more, but that is at least 10-20 years in the future. 

Good luck!


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## norajane (Feb 7, 2012)

There's a special feeling that comes with owning your own home. I bought my first place at 29 (a condo in a 6 unit building) and never regretted it.

Try out a mortgage calculator online and make sure you know how much you can afford, realistically, including property taxes and insurance. Other mortgage calculators will help you figure out how much of a loan you are likely to get based on your specific income, savings, debts and expenses. 

Factor in home maintenance! Especially if this house is older, you will need to pay close attention when your inspector goes through and tells you when you'll likely need to replace the roof, the furnace, the water heater, etc. Pay attention to the age of the wiring - older homes are not set up to deal with all the electrical stuff we have these days and often don't have nearly enough outlets in each room or enough amps to support significant electric loads (meaning you'll blow the fuse a lot). Plumbing and sewer are also big things that can need attention.

Are you or your dad handy? If not, you'll probably need a handyman on-call, because there's always something that needs tweaking or fixing (windows, small leaks, foundation cracks, rotting board on a porch or deck, etc.). 

And make sure you factor in the utility bills! Some homes are not well insulated and maybe have older windows, so your heating and air conditioning costs can be through the roof. Depending on your location, water can also be shockingly expensive. 

Be informed about what specifically you'd be getting into, but don't hesitate if it seems ok. You will love owning your home!


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## kag123 (Feb 6, 2012)

I would go for it, personally. You will be making an investment in your own future. The amount of independence you will gain will be liberating. I quite enjoy challenges and learning new things, personally. You might really enjoy toiling away on the house, fixing it up. We've owned our home for six months and getting my hands dirty (like replacing the toilet, putting new insulation in the attic, building a garden) makes me feel good.

I would consult a good mortgage lender or an attorney if you are using one for your divorce just to make sure you are not going to be complicated by your marriage, since I assume that your divorce is not finalized. Make sure he has no claim to the house or your assets if you buy before divorcing.
_Posted via Mobile Device_


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## piggyoink (Apr 10, 2012)

FirstYearDown said:


> :lol::lol::lol:
> 
> Enjoy your ignorance and inanity.


What you say is what you are


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