Thursday, March 8

Time To Buy A Home?

No, I don't plan to buy a home in the middle of winter! I'm just thinking that maybe I should lock down some goals and work towards them. One of the things that has me thinking this way is the fact that my rent has gone up each and every year.

While there is no suprise in that, I must admit it bothers me to see more and more money going out of my pocket for the same drab little place. Heck, I'm almost paying the same as I would for a mortgage right now. I'd feel a little better if I was building equity in the process.

However, like most people, even though I am frugal, I still do have some financial adjustments to make in order to do this. I do know that the more that can be saved for a downpayment, and the better the credit situation I am in when I apply, the more I'll save over the following years...

Any thoughts? Maybe I should put up a $1 down payment donation button? :)

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5 comments:

Fru-Gal Teri said...

Yes, it's time to buy, interest rates are low and home prices in many locations that have been falling are staring to level out On average I have found that within 3 years your monthly mortgage payment will be about equal to what your current rent is, after that your mortgage payment stays the same, but, the rent keeps going up each year. You also mentioned your apt is dismal, most likely because sensibly you feel why enhance someone elses invetment. When you improve your own home you are raising the equity in your own investment. Once you become a frugal homeowner there are several way to save money on your loan. Good Luck!

Corrin said...

I'm in the same position you are. I do love my downtown apartment, though.

Anonymous said...

I would advise just jumping in. In the past I would save and save for a bigger down payment just to watch the property values go up as well.

Anonymous said...

Dont expect to be living to frugally once u buy a house and move in with your girlfriend and have kids. Might be time to wind up the blog i think. lol

Lawrence said...

Sometimes you have to just take the plunge.