I blew 90% of my savings on my place.

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K

kamikaze27

Senior member
Jan 2, 2007
283
0
0
I just bought an apartment in the CBD as part live/invest. Quite expensive for me nearly $400k (which I forked out $40k dep, but its drained me out so much so that I'm now riding a scooter to work).

Did I budget wrong? I spent 90% of my savings on the house deposit, and 10% leftover for unforseen. But now I dont have a car, and I used to own 3 (I love my rides), and now I'm 33.

I have a better place than all my colleagues, but they have slick rides.

Am I "living?"

Sometimes when it rains, I take the sub back or hitch a ride. To buy or not to buy.
I dont even open YACT's anymore.
<sigh>
 
J

JS80

Lifer
Oct 24, 2005
26,271
7
81
not quite blowing it...more like transferring it from one form of assets into another.
 
IronWing

IronWing

No Lifer
Jul 20, 2001
73,433
35,051
136
There is something to be said for living in a doublewide and owning a nice ride. Long term you may get richer with the better house but that doesn't mean you'll be happier.
 
K

KillerCharlie

Diamond Member
Aug 21, 2005
3,691
68
91
If APARTMENTS (condos) are that expensive here by the time I'm ready to buy, I'm moving to the midwest.
 
S Freud

S Freud

Diamond Member
Apr 25, 2005
4,755
1
81
You always have a place to live now(provided you keep up on the bills).

I would be happier with a house then a nice car, plus you can save for another car. Also think of all the money you're saving on not having a car.:D
 
redgtxdi

redgtxdi

Diamond Member
Jun 23, 2004
5,464
8
81
Originally posted by: DaWhim
shouldn't you consult with ATOT before you make your decision?
Click to expand...

LOL!! Classic! :laugh:


Don't sweat it. Just do what you can to live under your means, stay the course and you'll climb back up before long.
 
JulesMaximus

JulesMaximus

No Lifer
Jul 3, 2003
74,590
986
126
Originally posted by: S Freud
You always have a place to live now(provided you keep up on the bills).

I would be happier with a house then a nice car, plus you can save for another car. Also think of all the money you're saving on not having a car.:D
Click to expand...

Same here. I see all these people I work with who live out in the sticks and fight an hour or more each way to work every day and shake my head. It's better to live close enough to work that you can take mass transit or ride a motorcycle or bike in to work IMO. Makes for a much better quality of life.

Oh, and when gas prices shoot up you can just chuckle to yourself at all the people bitching about high gas prices, their gas guzzling suv and their long commute.
 
her209

her209

No Lifer
Oct 11, 2000
56,336
11
0
Originally posted by: MrDudeMan
i certainly wouldnt have wasted that much on a down payment.
Click to expand...
Personally, $40k on a $400k place is low. Isn't 20% of the purchase price consider a standard down payment amount?
 
E

everman

Lifer
Nov 5, 2002
11,288
1
0
Property generally appreciates in value, unless something terrible happens to the neighborhood. Cars always depreciate rapidly, unless it's some kind of collector's item. I'd say you made the right choice. Just save for a cheap used car and increase your savings.
 
D

Dacalo

Diamond Member
Mar 31, 2000
8,778
4
76
Originally posted by: kamikaze27
I just bought an apartment in the CBD as part live/invest. Quite expensive for me nearly $400k (which I forked out $40k dep, but its drained me out so much so that I'm now riding a scooter to work).

Did I budget wrong? I spent 90% of my savings on the house deposit, and 10% leftover for unforseen. But now I dont have a car, and I used to own 3 (I love my rides), and now I'm 33.

I have a better place than all my colleagues, but they have slick rides.

Am I "living?"

Sometimes when it rains, I take the sub back or hitch a ride. To buy or not to buy.
I dont even open YACT's anymore.
<sigh>
Click to expand...

It's all right bud, all you did was debit long-term assets and credited cash.
 
JulesMaximus

JulesMaximus

No Lifer
Jul 3, 2003
74,590
986
126
Originally posted by: her209
Originally posted by: MrDudeMan
i certainly wouldnt have wasted that much on a down payment.
Click to expand...
Personally, $40k on a $400k place is low. Isn't 20% of the purchase price consider a standard down payment amount?
Click to expand...

Actually, that's 10%. 10% is standard but there are many people who've been buying homes by taking out a loan for 80% of the purchase price and doing a second for the remaining 20%. So basically it's 100% financed. Personally, I think it's rather reckless of the lenders and I wouldn't be surprised if it comes back to bite them in the ass.

I put 20% down on my home when I bought it.
 
F

FP

Diamond Member
Feb 24, 2005
4,568
0
0
Originally posted by: her209
Originally posted by: MrDudeMan
i certainly wouldnt have wasted that much on a down payment.
Click to expand...
Personally, $40k on a $400k place is low. Isn't 20% of the purchase price consider a standard down payment amount?
Click to expand...

Not with the fancy loans they have out there now.

Op - You should really be socking a ton of money away for the next 3 years. If my math correct you wouldn't make it 6 months if you were laid off right now.

I personally would have made a smaller down payment and invested the difference but some people call me crazy.

Congrats on the new place. Home Depot with soon become your best friend.
 
N

nutxo

Diamond Member
May 20, 2001
6,830
511
126
Originally posted by: kamikaze27
I just bought an apartment in the CBD as part live/invest. Quite expensive for me nearly $400k (which I forked out $40k dep, but its drained me out so much so that I'm now riding a scooter to work).

Did I budget wrong? I spent 90% of my savings on the house deposit, and 10% leftover for unforseen. But now I dont have a car, and I used to own 3 (I love my rides), and now I'm 33.

I have a better place than all my colleagues, but they have slick rides.

Am I "living?"

Sometimes when it rains, I take the sub back or hitch a ride. To buy or not to buy.
I dont even open YACT's anymore.
<sigh>
Click to expand...

Good thing you bought right now before the real estate crash when values go down or you would have lost a bundle.. oh, wait....

 
S Freud

S Freud

Diamond Member
Apr 25, 2005
4,755
1
81
Nutxo, could you tell me when this is going to happen so I know the exact time to by a house?

kthnx
 
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