buying a home

iVillage Member
Registered: 09-05-2003
buying a home
7
Mon, 07-19-2004 - 3:04pm
Im not sure if im making the right decision. I am a single mom of a 3 yr old who works and goes to school. I want a home so bad. I put a offer in on this house and im going to be broke. I will have like 200 left at the end of the month after everything is paid for. SHould i do it
Avatar for cl_beckty
iVillage Member
Registered: 03-20-2003
In reply to: honeyap
Mon, 07-19-2004 - 4:01pm

That sounds VERY tight.


Does that mean you've already budgeted in


Car repairs
Clothing for you and Kids
Daycare/babysitting expenses
School Supplies
Occasional Entertainment
Unexpected Medical


????

Becky

Becky

 

 

Avatar for cl_tcranky1
iVillage Member
Registered: 03-19-2003
In reply to: honeyap
Mon, 07-19-2004 - 4:49pm

Ack!

iVillage Member
Registered: 03-26-2003
In reply to: honeyap
Mon, 07-19-2004 - 8:02pm
Is changing your mind a possibility now that you've made the bid? I think there's nothing better than having your own home and the interest rates are as good as they're going to get in our lifetime. If those extra two hundred are AFTER property taxes, fire insurance, etc., etc., I think it's great. If it's not, look at the thread about taking in a roommate. Put your child in your room for a year and rent out the spare bedroom.
iVillage Member
Registered: 06-28-2004
In reply to: honeyap
Mon, 07-19-2004 - 8:47pm
I would seriously think about what everyone else has posted.

However, just listen to me. Do you have several thousand put aside for emergencies?

I was in a car accident 2 years ago, not my fault. I haven't worked since. Although I had a disability policy...they fought it and I didn't get paid until 18 months after the accident. I'm still waiting for the insurance company to settle....

Something else to consider...

Car repairs are expensive. I found out today that my 2 yr old van needs front and rear brakes, my rotors turned, and a new air filter housing because I had been using a "cheap" service for oil changes...and they broke the housing...saying that it was broken when I brought it in. Yeah right. All told...this is going to run me about $800.00 OUCH!!!

The idea of a roomate sounds good...but I just wanted you to be aware that there are emergencies that crop up out of nowhere, besides the ones that you think about...and they are not always cheap...



iVillage Member
Registered: 03-26-2004
In reply to: honeyap
Mon, 07-19-2004 - 9:35pm
$200 is not a lot - that is only $45-50 per week. You say you are going to school - how soon will you finish? will school help you make more money? Is there any way you can pick up something part time for more cash - like babysitting, house cleainng, petsitting or acquiring a room mate? Do you have family to help? Is there anything that can get cut from the budget? Did you figure in the tax savings from paying interest?

Lots of questions to help you evaluate.....

No matter how tight you try to make the budget, there are always emergencies. And a new home brings new expenses (besides the want to decorate) like changing locks, landscaping tools and supplies, window coverings (if you don't have them), all sorts of supplies like light bulbs, batteries, caulk, bug spray, tools, stuff like that.

There are ways to cut and be frugal and a home is a good investment. Good luck with your decision!!

iVillage Member
Registered: 12-19-2002
In reply to: honeyap
Tue, 07-20-2004 - 10:17am
Hi honey, I agree with the others...make sure you can afford it.
iVillage Member
Registered: 03-27-2003
In reply to: honeyap
Tue, 07-20-2004 - 9:42pm
YES! I am a single mom to a 3 year old as well and I own my home thank god! It is a buyers market and this is the time - in a few years you can make a profit! Try to get a home warrantee as that will help if there are any repairs to be made that you don't know about. I was lucky with my home. Right now buying is great and selling is hard. But that will change. Remember that instead of throwing $$$ to a landloard you are building credit and equity which can help in the future is you should lose a job or need cash for some other reason.

GO FOR IT! Everyone is broke after they buy a house. I had to borrow $20 from my morgage agent! LMAO

Laura