Is it a bad idea for me to buy a house? - Social Anxiety Forum
 
Thread Tools
post #1 of 5 (permalink) Old 12-21-2019, 07:58 PM Thread Starter
SAS Member
 
shyguy07's Avatar
 
Join Date: Mar 2015
Location: United States
Gender: Male
Posts: 1,711

Is it a bad idea for me to buy a house?


I've wanted to for a long time, but the prices kept going up and I felt like I couldn't afford it. But lately I've been running the numbers since the interest rates are really low right now. So I wanted to see what it would be. Dave Ramsey recommends your mortgage payment, property tax and insurance to be 25% of your monthly income, after taxes or less. I looked and I see houses sometimes I like for about $140,000. And when I ran the numbers on that with taxes and insurance it comes to just a bit over 25% of my monthly income. Plus I usually make a bit more but I didn't count it since it comes in bonuses that can vary. When I subtracted everything I could think of out of my monthly income I'd still have about $600-700 a month after food, gas, utilities, mortgage and insurance, car payment, cell phone, etc.

I'm not sure though, since I'm always worried how I'd afford it if I lost my job and had to take a part time one. Plus I hate change and I've always lived with my parents so the idea of being somewhere else, taking a different route to work, plus being alone so much seems a bit daunting to me.

What bothers me is if the prices keep going up and then the interest rate, then I might never afford it. And I'd really like the space of having my own place. Not so much the maintenance though and those expenses.

I've been at my job 6 years this spring. Plus I do have good credit last I checked which was last December.

It's funny because I think about this almost every weekend. But on Sunday night/Monday I'm glad I don't have a mortgage. lol

Underneath the cold November sky, I wait for you... As the pages of my life roll by, I wait for you... I'm so desperate just to see your face, meet me in this broken place...

Be a little brave for a little bit of time.
shyguy07 is offline  
Sponsored Links
Advertisement
 
post #2 of 5 (permalink) Old 12-21-2019, 08:24 PM
(J)joke(pj)partjoke(s)sar
 
Rebootplease's Avatar
 
Join Date: Dec 2017
Posts: 1,213
I think that interest rates will go down even more. And if we end up going into a economic slump I'm thinking housing prices will go down too. I'm not a real estate expert, but my opinion is that house prices are inflated.

Quote:
Originally Posted by shyguy07 View Post
I've wanted to for a long time, but the prices kept going up and I felt like I couldn't afford it. But lately I've been running the numbers since the interest rates are really low right now. So I wanted to see what it would be. Dave Ramsey recommends your mortgage payment, property tax and insurance to be 25% of your monthly income, after taxes or less. I looked and I see houses sometimes I like for about $140,000. And when I ran the numbers on that with taxes and insurance it comes to just a bit over 25% of my monthly income. Plus I usually make a bit more but I didn't count it since it comes in bonuses that can vary. When I subtracted everything I could think of out of my monthly income I'd still have about $600-700 a month after food, gas, utilities, mortgage and insurance, car payment, cell phone, etc.

I'm not sure though, since I'm always worried how I'd afford it if I lost my job and had to take a part time one. Plus I hate change and I've always lived with my parents so the idea of being somewhere else, taking a different route to work, plus being alone so much seems a bit daunting to me.

What bothers me is if the prices keep going up and then the interest rate, then I might never afford it. And I'd really like the space of having my own place. Not so much the maintenance though and those expenses.

I've been at my job 6 years this spring. Plus I do have good credit last I checked which was last December.

It's funny because I think about this almost every weekend. But on Sunday night/Monday I'm glad I don't have a mortgage. lol
Rebootplease is offline  
post #3 of 5 (permalink) Old 12-21-2019, 08:57 PM Thread Starter
SAS Member
 
shyguy07's Avatar
 
Join Date: Mar 2015
Location: United States
Gender: Male
Posts: 1,711
Quote:
Originally Posted by Rebootplease View Post
I think that interest rates will go down even more. And if we end up going into a economic slump I'm thinking housing prices will go down too. I'm not a real estate expert, but my opinion is that house prices are inflated.
I don't know about the interest rate, but I agree the prices seem inflated. Here they are almost as bad or worse as they were before the crash, in 2008. I didn't mention it, but it makes me want to wait and see if they come down. I'd hate to buy a house now and then they drop 1/3 to 1/2 later. Although I don't really see it dropping as much as they did back then. Some people were even predicting a price drop in 2020, while now others are saying it's still going to stay high for at least a year or two.


It's definitely a sellers market right now here, too much competition and not much out there for sale really.

Underneath the cold November sky, I wait for you... As the pages of my life roll by, I wait for you... I'm so desperate just to see your face, meet me in this broken place...

Be a little brave for a little bit of time.
shyguy07 is offline  
post #4 of 5 (permalink) Old 12-21-2019, 09:29 PM
SAS Member
 
Join Date: Mar 2017
Location: Rainforest <-> Tundra
Gender: Female
Posts: 747
My Mood: Brooding
$140,000 for a house??! Holy crap. Even if you need to put in $30k worth of repairs, definitely buy it! That is dirt cheap. How many bedrooms and bathrooms does it have?
leaf in the wind is online now  
post #5 of 5 (permalink) Old 12-22-2019, 01:33 AM
SAS Member
 
komorikun's Avatar
 
Join Date: Jan 2009
Language: 英語と日本語
Gender: Female
Posts: 27,499
Yeah, $140,000 is super duper cheap.
komorikun is offline  
Reply

Thread Tools
Show Printable Version Show Printable Version
Email this Page Email this Page



Posting Rules  
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

 
For the best viewing experience please update your browser to Google Chrome