Homeowner Bees!! What were your fears/concerns about buying/owning a home?

posted 3 years ago in Home
  • poll: Were you worried/scare of taking on a mortgage?
    Yes, I was concerned at first...but it ended up being fine. : (26 votes)
    55 %
    Yes, and we ended up having some problems. : (7 votes)
    15 %
    No, I wasn't worried and have had no problems. : (13 votes)
    28 %
    No, I wasn't worried, but we have had some problems. : (1 votes)
    2 %
    I would never buy a home, so no worries here! : (0 votes)
  • Post # 4
    Member
    6884 posts
    Busy Beekeeper
    • Wedding: March 2014 - A castle!

    We live in the woods and I’m constantly afraid one of the huge trees in our backyard will fall on our house. Also, our roof was replaced about 10 years ago (we bought our house as a flip and it and the windows were the only things that weren’t replaced). I’m worried when we go to sell in 3 years we’ll have to replace the roof and that will eat a huge chunk out of the downpayment on our next house.

    ETA: I wasn’t too worried about the mortgage because I have a contract here that will last up to 8 years. So pretty much guarenteed employment.

     

    Post # 5
    Member
    8282 posts
    Bumble Beekeeper
    • Wedding: July 2012

    Aww. First off, congratulations!!  I didn’t worry too much about money. We had a strict budget and would not go over. We ended up going $22k BELOW our budget! Yippee!

    My husband did get laid off, I’d say about 4 months after we bought the house. But he managed to still pay his share. 

    What I worry about is not wanting to stay here that long. I LOVED house hunting! We saw 80, yes 80 houses. I always wanted my nearest neighbor to be half a mile away from me, so I worry I’ll want something in a more rural area. 

    My husband, on the other hand, says this is our forever home. 

    Post # 6
    Member
    13021 posts
    Honey Beekeeper
    • Wedding: June 2011

    It was definitely a ton of money, but I wasn’t worried.  We just made sure to buy a house within our means.  We put down a little over 20% and still had over 40% in cash savings left over, so at worse, we could still afford payments for a while even if we both lost our jobs, and it was tight, but affordable on one income. 

    Post # 7
    Member
    42538 posts
    Honey Beekeeper
    • Wedding: November 1999

    @bmo88:  For me, it was just the terror of signing my name to a document stating that I owed that amount of money. Eeeeeeeek!

    It all turned out great. I have paid off the mortgage, housing prices have gone up and my place is worth more than 3 times what I paid for it.

    Post # 10
    Member
    759 posts
    Busy bee
    • Wedding: November 2012

    Congrats and best wishes!! You should be fine – it sounds like you purchased a great home within your means. Resist the urge to furnish it/decorate it 100% and you will be ok.  You’ll be surprised how much window treatments and landscaping, etc cost but go slow and live in it for awhile and budget out your big purchases.  I have found that when I rushed decorating that was when I purchased things I regretted. Relax and enjoy it, very exciting time for you. Best wishes!

    Post # 11
    Member
    5432 posts
    Bee Keeper
    • Wedding: June 2014 - Ontario, Canada ♥ EDD- April 2016

    We were a little nervous, because we weren’t used to having so many bills/expenses and never paid serious rent (we only paid $400 a month to live in a condo my parents bought for me while I was in school and didn’t have other bills). Everything has worked out fine and we haven’t had any issues (:

    Post # 13
    Member
    42538 posts
    Honey Beekeeper
    • Wedding: November 1999

    @bmo88:  I forgot to suggest- start living now on your new budget. Put aside the money you will have to spend on your mortgage so it’s not  a big change when you move.

    Post # 15
    Member
    32 posts
    Newbee
    • Wedding: September 2014

    Congratulations on your new home!! It is a very exciting (and of course nerve-wracking) part of life!

    We were very worried when buying our home a year and a half ago. We were in the process of trying to sell our first home (a small fixer upper in not the greatest part of town) and buy our forever home in a nicer neighborhood with our desired school district. We were going to be spending almost double the money in the new location for  the same size house. We saw a couple of nice places but couldn’t do anything until our current house was under contract so we saw a few properties come and go. Once we were under contract – that just opened up other problems on both the buying and selling ends. I could honestly go on and on with our hiccups along the way.

    In the end, we found the perfect house for us in the best location! Though we are spending more money now than we were at our last house, because of the very low interest rates we got,  we are still paying less money on our home than some of my friends are paying the apartments they rent!

    I think it’s a good thing if you are showing signs of nervousness. It means that you are taking the process seriously and responsibily. It looks like you are making sure to stay within your means and you will do your best to take care of your house as well as stay up on your expenses.

    Post # 16
    Member
    10495 posts
    Sugar Beekeeper
    • Wedding: January 2011

    I think it’s normal to feel that way.  Not only am I know on the hook for a huge loan when I’ve never owed money I couldn’t pay back right away, but most of my savings also went to the downpayment.  We’ve been able to afford the extra costs while still saving, and have made some big purchases too.

    We also opened up a LOC (unsecured due to the LTV rules).  Even with it being unsecured, it’s a fairly low interest rate and it gives me some peace of mind that if I had an emergency and needed to pay for it in cash I could go to the bank and get it immediately.

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