(Closed) Need advice please! (long)

posted 7 years ago in Home
Post # 3
Member
110 posts
Blushing bee
  • Wedding: July 2011

@6598731ssfse3:  With only myself working and going to school part time and Darling Husband going to school full time we made the jump and bought our first house.  Other bills/costs to think about…  Its a good idea to have some “back up” monies in case something needs to be fixed.  Are you handy yourselves or know someone that could help you if things broke or would you have to call some one?  You may also have to pay for water.  Taxes too, which can vary big time depending on the area.  HO insurance (will you need flood insurance?) and this can be combined with your escroll account if you choose to pay your taxes that way or required to (we did an FHA loan for our house so its a requirement).  Do you have the funds for the closing costs and down payment?  When we moved in we had to buy a lot of things too, like curtains (a lot more windows/different sizes than our apartment), a fridge, etc. so just the cost to move in and start getting settled was a consideration for us.  Despite the extra costs and loads more responsibility I love owning our own house.  It feels good that we are putting our money into something that is our own rather than some one elses.

Post # 4
Member
7431 posts
Busy Beekeeper
  • Wedding: October 2009

@ValerieJene1022: she gave you excellent advice. If it were me, I would do research. FInd out how much insurance, property taxes, hoa fees, etc will cost a month. Find out how you guys can get financing for, and what your options are (how much down, interest rates, etc). Also closing costs and such, as Valerie mentioned. I woudl also say that since you are looking at ahouse that is older and may need things replaced, I would have at least a few thousand dollars saved in case you need to replace something right away, or soon after moving in. You can also call your local utility dept and find out what the average monthly energy and water bills have been for the house

Post # 5
Member
110 posts
Blushing bee
  • Wedding: July 2011

Oh something else I forgot to mention…

It may be the perfect house but how’s the neighborhood?  We scoped our house out at different times during the day and on weekdays vs weekends.  If this is a foreclosed house it may be something worth thinking about doing if you are able to.  Also make sure you check out the crime stats for the area.

Post # 6
Member
7173 posts
Busy Beekeeper

If you eventually want a house with a yard – wouldn’t you have to move out of the city?  If that’s the case, then I’d think a commute would be involved at some point (unless you changed jobs to something closer to home).  Are you fixed at your job (meaning – you’d never want to leave)?

A commute is a huge issue for me, so I could not do it.  It would make the dream house not the dream house because of the commute.

Other costs involved with owning a house:  home owners insurance (plus any additional insurance if it’s a high risk area (in california we have additional fire and earthquake insurance – optional), property taxes, heating/cooling costs, (what’s the septic issues?), any trash services issues?, land care costs (maintaining, etc.)… that’s all that’s coming to mind right now.  Make sure you have extra money for other things you may need to do (painting, plumbing, roof, etc.).  

ETA:  at 45 minutes away from family – chances are you won’t see them very often.  My sister lives 30 minutes away and it’s too far (IMO) for a pop-in visit.  I think anything more than a 15 minute drive makes it feel more like a ‘chore’ than a quick ‘pop-in’ type thing.  (At least in my experience.)

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