Post # 1
So my whole life I’ve been a planner. Like deep, semi-emotionally involved planning. I was looking for houses/condos at 18 (when I couldn’t afford it lol) and bought my first condo at 22 – which I live in now with FI and roommates. We have this ideal location where we’d like to buy a house in a couple years after we’re both working full time, etc and I regularly check listing sites like zillow and trulia to torture myself. A few days ago, a new listing popped up that is the MOST PERFECT house for us. And it would be in/lower than our budget (if it was listed in two years or so). I’ve contacted the realtor to see if the sellers would be interested in doing a lease-purchase agreement (a rent to own) but I doubt that’ll happen because it’s priced pretty aggressively to sell.
If we could buy it (might be able to convince my dad to cosign with me, FX haha), I work for the federal government so I would be able to get a mortgage through the Navy Federal Credit Union with little to no down payment. If this were to happen, FI and I would refinance in a few years so that the mortgage would be in my and FI’s name instead of mine and my dad’s. We would get roommates to offset the cost of mortgage/rent.
Why do I do this to myself? I’m 99.9% positive that nothing is going to come from this (though I’m still waiting to hear back from the realtor, I couldn’t not ask ya know?) but I get myself all worked up and spend crazy amounts of time researching how to make this happen. I do this relatively often – like once every few months, mostly when it comes to real estate or grad school haha. I’m pretty sure that this is some kind of OCD.
Just needed a little frustration vent. Anyone have any advice or do something similar?
Post # 2
- Wedding: September 2014 - Dallas, TX
FutureMrsJohnson_: I know this seems like the perfect house now, but I promise there will be other great houses when you can afford it and don’t have to stress yourself out! You should not buy a house if you even have to think about asking your dad to cosign for you. I know it’s hard when you see the right thing at the wrong time, and I’ve made the mistake of jumping too early and regretting it. Wait for the right time 🙂
Post # 3
kimmo416: Thank you 🙂 I know that I tend to stress myself out over this stuff, even thinking about moving and getting roommates for a new house was stressing me out and it’s not even going to happen! Ugh. You’re right though, that when we are ready there will be another perfect house. I think I also do this because I thought I’d be in a different (more financially able) place in my life at this age, and buying a house is such a huge dream of ours. I seriously need to just stop looking until we are actually ready. Sometimes I stop for a couple months, but then I get sucked back in!
Post # 4
- Wedding: September 2014 - Dallas, TX
FutureMrsJohnson_: I do know how you feel. I’m 26 and FI and I probably won’t buy a house until we’re 30 because he won’t be done with hs PhD until then. It’s really stressful and overwhelming to think about not having a house until we’re that old, but I’m just trying to take it one day at a time and remember the perks of not being a home owner.
Post # 5
- Wedding: November 2014 - 11/15/14-Vineyard
If you have a place to live now (and you do) and you are about to be married (as you have a FI), and you can’t afford it on your own (you said you would need a cosigner and roommates)…3 huge points…why the hell are you even thinking about it? lol
Wait, do not even contemplate this. I know there are points in our lives, where we all want bigger and better but think about everything else going on right now. Wouldn’t you want to wait for a while, get married and then You and FI TOGETHER find a place. The townhouse is yours. Wait until after you are married and have him help select your new house together. Not you finding it and you doing the legwork. You are suppose to be a couple. That means making HUGE life decisions TOGETHER. I see nothing but bad things coming from this if you move forward. Good things come to those who wait.
Post # 6
I totally get it! My husband had applied for a residency in my hometown and we had decided that if he got in we would buy a house there and I would move once I could get a job. So we started looking in our preffered neighborhoods and found some really awesome houses. it was very exciting and I was all excited about moving back to my hometown. And then he didn’t get the residency. I was really bummed. And zillow keeps sending me these houses – I have to delete them right away or I get all cuaght up in looking at houses again! So I say try to just not look at houses until you’re more in a position to buy! Easier said than done, I know. But there will be houses avilable when you’re ready!
Post # 7
DH and I do this all the time. A few months ago we were looking at houses just for fun and found a house that seemed perfect for us. Our mortgage would be higher, but manageable. The only problem was our house is no where near ready to sell and we definitely can’t afford 2 houses. Witha baby on the way and no time to get our house fixed up, we decided to stop looking at houses and let that one go. It really was the responsible thing to do.
Post # 8
Oh man you have the same disease I do. Zillow-itis. My ex-finance did something similiar to what you are describing. It was back before the crash and everyone thought they were getting rich on real estate. He had his parents cosign for a huge, old fixer upper. Then rented out THREE bedrooms to roomies and then remodeled the basement to live in. Let me tell, it is one thing to have roomates in a rental, but it is a different ball of wax, when it is in YOUR house. Ugggh, I strongly urge you to wait.
I also bought a townhome before the bubble burst. It was an absurd loan and required my mom to cosign. It turned out ok and I finally just sold it, but it has been a source of anxiety to me this whole time. Please, please wait until you can EASILY get into your home and don’t force it when you are really ready : )