1st time home buyer: Am I expecting too much?

posted 3 years ago in Home
Post # 3
Member
16 posts
Newbee
  • Wedding: June 2014

we just bought a house.  a couple things i think of reading your post…

 

1. buying a house is a big commitment, i personally would not want to just buy one and not 100% love it.  I personally would wait until my FI and I could put more money towards the house so we can get what we truly want.

 

2. Just a fact in general, you have a plan of when you are having a kid but there is no gurantee you will get pregnant right away.  I dont mean that in a bad way, just not everyone gets pregnant right away and really you could have a lot more time than u think and wouldnt it suck if you settled and then you ended up having more time than you thought and could have gotten more house.

 

 ETA: About the low ball offer, here is what i learned in our experience… 1. usually doesnt work, and 2. if a house has been on the market for a year, there is a reason and what we learned was the people were not willing to budge when the house wasnt worth what they were asking… our realtor told us not even to try a lot of the times, he says its usually never a good situation.

 

Post # 4
Member
494 posts
Helper bee
  • Wedding: September 2014

I am not sure what it’s like there but here we tend to buy “first time buyer” houses that you like but know you will move on from eventually. Moving house shouldn’t be an issue and here it’s pretty hard to get a foot on the ladder (we could have had 10% deposit but we gave 20%). We adore our house but bought it knowing full well it’s too small for children and all my junk! Lol but good luck either way! 🙂 x

Post # 5
Member
258 posts
Helper bee
  • Wedding: April 2014

I feel your frustration, FI and I (within the last 6 months) just moved into our first home. It was such a pain in the butt to find something that was not only in our price range, but also something we liked. Personally, I would say cosmetic things can be fixed. Wood panels (which my dad’s house has) can be painted white (or any color) and make the room look brand new and updated. Flooring can be replaced, appliances can eventually be replaced.. etc. To me it’s the location and layout of the home, because those are the things that cannot be changed.

When I was looking for ours, I wanted a newer home, in a good area, open floor plan, updated kitchen, huge backyard and a pool.. yada yada yada. What I learned very quickly was that I wasn’t getting all that for my price range (lower 100’s). I eventually found the house we’re in (built in the 70’s) and I had to compromise on a few things. We had (notice past tense lol) cedar panneling on some of the walls, the bathroom have those colored tiles (which will be updated within the next year), among other things, but the lot size and location I couldn’t beat! It’s in a older, established neighborhood, that’s safe and in a good school zone. I pulled out the cedar panneling myself, I painted the walls, even the tilescould be painted if we can’t afford to pull them out and couldn’t stand the color for right now, but I can’t pick up and move a whole house to a better location.

Every person is different, but if it came down to it. I’d pick the fixer upper in a good location over the updated beauty in the “hood” (as you called it) anyday! Hope I helped.. at least a little 😉

Post # 8
Member
4483 posts
Honey bee
  • Wedding: April 2015

Maybe. If your budget and your expectations don’t match, then, yes, there is a problem. I’m kind of in the same boat, but reversed. FI has the down payment, the lack of student debt, the much better income, etc. so he will be buying our future home. We would love the home you’ve just described-a 3 br, 2 ba townhome in a nice neighborhood. Sadly, that is nowhere near our budget. We’re looking at 2 br, 1.5 ba condos in a safe but less than ideal location. Not really what we want, but we can’t afford our “forever home” right now.

ETA: if 3 bedrooms is your priority, you may have to compromise somewhere else.

 

Post # 9
Member
724 posts
Busy bee

To be clear, $3k in debt isn’t going to disappear if you don’t pay it. His credit score may recover, but I’m not sure what you mean by being “against” paying.

Post # 10
Member
7410 posts
Busy Beekeeper

@shaka:  This exactly. If the debt isn’t paid it doesn’t disappear. In fact it gets worse. My husband has a court case against someone who didn’t pay an invoice right now and we are now at the stage where by order of the court a sherrif office employee will go in and retrieve goods to the value of the debt plus costs from his home since he still wont pay.

The guys original debt was $8K but with costs we will end up with $12.5K after the sherriffs office auctions the goods. It is even more satifying knowing that the guys pride and joy vintage car is going to be taken.

Post # 11
Member
258 posts
Helper bee
  • Wedding: April 2014

@brunetteinlove:  lol no problem! I watch HGTV and get annoyed at the people on there too, but it’s soooo different when you, yourself are in the situation. It’s hard not to get caught up in the cosmetics.. at least for me cause, I’m a very visually oriented person haha 🙂

Post # 12
Member
52 posts
Worker bee

OP, be careful. It doesn’t sound to me like either of these places are right for you. Stay where you are, save money, and wait it out until you can get a joint mortgage or have enough saved to get you in the right home. As you know, babies are expensive and so are homes! The house sounds like it needs a ton of work and may have serious hidden issues you don’t know about yet. Condo fees go up and have special assessments (and if there are many evictions, you may find more of the financial burden falls to you). This should be a happy and exciting time in your life, not one that stresses you out because you’re trying to do too much before you are financially prepared.

Post # 13
Member
16 posts
Newbee
  • Wedding: June 2014

@brunetteinlove:  we are about 20 min for me and 25ish for him.  honestly we are not in a school district we would want to send our kids to BUT we also don’t plan to have kids for a couple more years and then it will be 6ish years by the time we need to worry about school district and then we feel we will find a specific school OR move then… But that will give us close to 10 years in the house we just bought… BUT I LovE the house we bought so id like to stay longer.  We shall see.

Another thing… Houses come on the market everyday and this is not a big time for houses to come on the market… Spring and summer is cuz they can make the houses and yards look the best. We searched for 2 months and put offers on 2 houses till we found ours… We put an offer on it the second day it was on the market, I could not imagine getting one of the other houses over this one.  Just be patient. 

this is our baby… Hard to believe but got it for less than 100k, and I bet ohio is similar to indiana, just gotta be patient

 

Post # 14
Member
1822 posts
Buzzing bee
  • Wedding: May 2013 - Pavilion overlooking golf course scenery, reception at banquet hall

“I am not sure about the school district but from the looks of the kids getting off the bus, it was not good.” – I am curious what you mean by this?

If I were in your situation I would wait. It is of course possible/acceptable to raise a baby in an apartment while you save up. And when you start looking again weigh the location, layout, and schools well before something easily fixable like wood paneling. If you watch HGTV then watch episodes of Property Brothers for ideas how to update outdated features. You don’t have to go full-scale house flip, but walls/floors are easy enough and make up like 80% of the house.

Post # 15
Member
1768 posts
Buzzing bee
  • Wedding: June 2014

@aggie2010:  my thoughts exactly (especially re: the kids thing – I don’t know how kids can look like it’d be a bad school – I went to a school in an area where the average income was very low, so most of my classmates looked very poor. However, it was a great school with good test scores, etc).

 

OP, if I were you, I’d wait to get a house. There’s no harm/shame in living in an apartment for a few more years.

 

Also, like PP mentioned – debt doesn’t just “go away” after seven years. Issues on your credit go away, but not debts – ie, if he was sent to collections, then it was paid off, seven years after it was paid it would fall off. The creditors aren’t just going to go “welp, it’s been a while! Guess we’re SOL!” and wipe the debt off his credit score.

Post # 16
Member
6884 posts
Busy Beekeeper
  • Wedding: March 2014 - A castle!

@brunetteinlove:  Unfortunately, it sounds to me like you would be better off waiting. For a house to be worthwhile, you’ll want to put at least 5 years of equity in it. If you’ve got champagne tastes on a box wine budget, I would just continue to rent and save up a bit longer until you either have 1) a sizeable down payment that will qualify you for a bigger purchase or 2) your FI’s credit issues clear up. Believe me, you do not want to purchase a fixer-upper in a bad area when you don’t intend on staying there a long time. You will sink more money into maintanance and repairs, and might end up coming out in the red when you need to sell.

Leave a comment


Sent weekly. You may unsubscribe at any time.

Find Amazing Vendors