Tighter budget worth it to own your home instead of renting?

[kyparrish]

Making the leap from renting to buying a home. Monthly payment going up means less "fun" money. Instead of eating out 2 or 3 nights a week, it will be 1 or 0. Will be buying less crap (but we've got all of the stuff we need for new house, furniture, electronics, etc.).

Moving slightly closer to wife's work so she'll use less gas. Company pays for my gas, so I don't care about my usage.

Just trying to not feel as down about having less discretionary spending money.

It's worth it right? Especially when I'll be turning 25 in September? What wait any longer? Guess we'll know as of 7pm tomorrow night when our first offer expires.

 

[imported_Mike]

I can't stand renting, I can't wait to own my first house.

 

[HamburgerBoy]

Two to three nights a week? I'd say two to three times a year is plenty.

 

[PhoenixOrion]

owning a home is a great milestone. small sacrifices to get what you want, heck yea.

do you really consider eating out less to be a sacrifice though? I consider flogging, diggin ditches or burning animals as sacrifices.

 

[kyparrish]

Originally posted by: PhoenixOrion
owning a home is a great milestone. small sacrifices to get what you want, heck yea.

do you really consider eating out less to be a sacrifice though? I consider flogging, diggin ditches or burning animals as sacrifices.

Okay so we're lazy and don't like to cook.

I for one welcome my new wife-who-cooks-more Overlord.

 

[DaveSimmons]

Sounds like you aren't investing in anything now (besides 401ks?), so buying a house is one way to force yourselves to save more.

 

[kyparrish]

obligatory link to listing so people in CA and FL can hate themselves more

edit: It's a multiple offer situation (nothing over list though), but still if anybody steals this home my wife will kill you.

 

[Sluggo]

What ever happened with the realtor deal?

Did the other thread get updateD?

 

[PhoenixOrion]

Originally posted by: kyparrish
obligatory link to listing so people in CA and FL can hate themselves more

edit: It's a multiple offer situation (nothing over list though), but still if anybody steals this home my wife will kill you.

goodluck! hope you get it.

.....i'll be expecting a housewarming party invitation.

1 car garage?!?

 

[kyparrish]

Originally posted by: Sluggo
What ever happened with the realtor deal?

Did the other thread get updateD?

Sorry Sluggo, never updated other thread. Never had to deal with dual-agency. Basically, a buyers agent contacted us, was very upfront and honest, and we chose her to represent us throughout the process. The first home we looked at (the one where I had contacted the seller without an agent representing me) was awful, looked at a few more within a few days, saw this one tonight and stayed late with the Realtor drawing up an offer.

This is the lowest priced home (but still nice) in a very nice large community with great location. So, we're trying to follow the cardinal rules. The mid-$100k market in Charlotte is really getting hot, so we wanted to act. I run house calls for a living, and am familiar with the whole city, and have lived near this area before, it's great.

 

[kyparrish]

Originally posted by: PhoenixOrion

Originally posted by: kyparrish
obligatory link to listing so people in CA and FL can hate themselves more

edit: It's a multiple offer situation (nothing over list though), but still if anybody steals this home my wife will kill you.

goodluck! hope you get it.

.....i'll be expecting a housewarming party invitation.

1 car garage?!?

For being able to buy into a better community, get a better piece of land with no neighbors behind it, and save about $10k, I'm okay with a 1 car garage. Starter home, remember?

 

[DaveSimmons]

Looks nice, if it were here in the Seattle area it would be priced at $400K.

Which is one reason why I still rent, and send my money off to my brokerage account instead.

 

[jagec]

Originally posted by: kyparrish

Originally posted by: PhoenixOrion

Originally posted by: kyparrish
obligatory link to listing so people in CA and FL can hate themselves more

edit: It's a multiple offer situation (nothing over list though), but still if anybody steals this home my wife will kill you.

goodluck! hope you get it.

.....i'll be expecting a housewarming party invitation.

1 car garage?!?

For being able to buy into a better community, get a better piece of land with no neighbors behind it, and save about $10k, I'm okay with a 1 car garage. Starter home, remember?

TOTALLY worth it IMHO. You could practically work at McDonald's and own a home with those prices...

 

[astrocase]

Wow, that house costs a downpayment in California. *sigh*

 

[thedarkwolf]

Owning is cheaper then renting here. My house payment is only $370 a month. Renting my house would be $500-$600 a month.

 

[Ronstang]

You guess how I feel. I bought a home in the city I was going to graduate school in rather than spend less and rent a shiathole. I had to have a house, I have too much crap.

 

[Eeezee]

Originally posted by: kyparrish

Originally posted by: PhoenixOrion

Originally posted by: kyparrish
obligatory link to listing so people in CA and FL can hate themselves more

edit: It's a multiple offer situation (nothing over list though), but still if anybody steals this home my wife will kill you.

goodluck! hope you get it.

.....i'll be expecting a housewarming party invitation.

1 car garage?!?

For being able to buy into a better community, get a better piece of land with no neighbors behind it, and save about $10k, I'm okay with a 1 car garage. Starter home, remember?

Damn, that sounds pretty slick for a starter home! Congrats

Eating out 1 night a week is MORE than enough. You should be cooking as often as possible. Think of it this way: The less you eat out, the more you'll want to eat in because your cooking skills have gotten that much better.

 

[gooseman]

Owning your own home is SO TOTALLY worth it.
I was 42 when my wife and I bought our first home. First time I ever really felt like an adult.

 

[Excelsior]

:thumbsup: For a fellow Charlottean.

 

[BoomerD]

Yes, your monthly payment may go up, but usually, at the end of the year, you get most of the difference back in a fat tax refund...Don't be afraid to hire a good accountant/CPA to do your taxes if you don;t already use one. A good one will save you much more than their fees.

 

[FoBoT]

unless you are highly disciplined, tight budgets are bad
tight budgets are like medicine, they are good for you, but nobody enjoys them

 

[FrustratedUser]

Originally posted by: kyparrish
Making the leap from renting to buying a home. Monthly payment going up means less "fun" money. Instead of eating out 2 or 3 nights a week, it will be 1 or 0. Will be buying less crap (but we've got all of the stuff we need for new house, furniture, electronics, etc.).

Moving slightly closer to wife's work so she'll use less gas. Company pays for my gas, so I don't care about my usage.

Just trying to not feel as down about having less discretionary spending money.

It's worth it right? Especially when I'll be turning 25 in September? What wait any longer? Guess we'll know as of 7pm tomorrow night when our first offer expires.

I just made the leap. Payments on the house will take 50% of my income after tax ---> a lot less $$$ to buy toys but I think it will be cool.

 

[spacejamz]

but we've got all of the stuff we need for new house, furniture, electronics, etc.

you will be surprised at what other stuff you will need for the house...

lawn equipment (weedeater, mower, hoses, lawn tools, etc) and a ladder are some stuff I remember off the top of my head that we had to buy when we moved to our 1st house...

we were on a first name basis with 1/2 of the check out staff at the home depot down the street within 3 months of moving in ...

good luck to ya!!

 

[puffff]

Originally posted by: FrustratedUser

Originally posted by: kyparrish
Making the leap from renting to buying a home. Monthly payment going up means less "fun" money. Instead of eating out 2 or 3 nights a week, it will be 1 or 0. Will be buying less crap (but we've got all of the stuff we need for new house, furniture, electronics, etc.).

Moving slightly closer to wife's work so she'll use less gas. Company pays for my gas, so I don't care about my usage.

Just trying to not feel as down about having less discretionary spending money.

It's worth it right? Especially when I'll be turning 25 in September? What wait any longer? Guess we'll know as of 7pm tomorrow night when our first offer expires.

I just made the leap. Payments on the house will take 50% of my income after tax ---> a lot less $$$ to buy toys but I think it will be cool.

Yup. Payments will be 75% of mine, but I think it's worth it.

 

[LegendKiller]

I'd check around first to see if your area is overvalued. While that price tag may seem cheap, it might actually be much more than the market will support in the next 3-5 years.