I wish I could say that I am sitting on a pile of down payment and waiting to pounce at the exact right moment. I am not. I only just recently started putting money together for it. I am in my early 30's. Why so late? Well, life happened. The areas that I will be living in, I can't see myself being able to buy a house for less than 350K. I only have about 10K saved up. Realistically, I won't be able to buy a house for 2 years if I diligently saved anything I can . Even if BF gets on board and contributes, it will take us about 2 years to be able to put a decent down payment. Do you think I would have missed an opportunity by then? I am having a mini panic attack. I would appreciate your thoughts on this topic. Thanks.
When to buy house
December 9th, 2008 at 03:43 pm
December 9th, 2008 at 03:49 pm 1228837773
December 9th, 2008 at 03:55 pm 1228838157
I'm also in the market for a house; I could buy for cash right now, but I'm continuing to sit on the sidelines. Personally, I think prices are going to continue to come down. If I find a screaming bargain, I'm ready to jump on it. But until I find that deal or prices come down more, I'm waiting. I should add that I don't have a crystal ball, and real estate markets are very local, so I could be wrong.
Continue to familiarize yourself with your local market. But before you actually set foot in an open house, have a firm chat with yourself and remind yourself that you are NOT ready to buy right now. Never allow yourself to "fall in love" with a house.
Best thing you can do is save, save, save. Don't deny yourself your basic needs, but each time you are thinking of spending money on something that is really just a want, ask yourself if that thing is more important to you than your goal of someday owning your own house. Keep your eye on the prize.
December 9th, 2008 at 03:57 pm 1228838256
I would also caution you on purchasing a house with a boyfriend. If the relationship ends, you could face a difficult time with what to do with the house.
I have made my dumbest money moves when I have felt pressured to act. Also, there are always distressed sellers out there because of job lose, death, divorce, etc.
Good luck and proceed on your time frame not on anyone elses.
December 9th, 2008 at 04:48 pm 1228841337
You're doing great to get moving on saving up your down payment. I've found that once I have a goal, opportunities open up to achieve that goal. You may find that as well.
December 9th, 2008 at 07:09 pm 1228849782
December 9th, 2008 at 08:00 pm 1228852826
December 9th, 2008 at 08:16 pm 1228853796