I'm considering buying a home but I'll be honest, I'm scared to death. I can't make myself pull the trigger.

 

I currently throw $530 dollars a month down the drain in rent. That bothers me.

 

The situation with the economy makes me a little gun shy. Although I feel my job is safe, you never know. I also realize that right now is a great time to buy a home with the $8000 dollar tax credit, decent interest rates and low prices.

 

The unknown or hidden costs of owning a home scare me. I think about all the things I don't have to do now that I would have to do with a home. I'd need a lawn mower and I'd need to take account for property taxes and home owners insurance and much, much more. If something breaks, it's on me, no land lord to call and have it fixed or replaced.

 

Help me out guys. I need some advice.

I'm in the same boat, but I want to buy a home asap, if I can find the right one. But that's the trick I suppose.

I'm in the same boat, but I want to buy a home asap, if I can find the right one. But that's the trick I suppose.

 

Same here. I'm getting married in October and I have a good job. It seems like the right time but I'm having trouble making a decision.

 

I desperately want a garage :lol:

Taxes you can escrow into your payment. Homeowners isn't terribly bad if you combine with car insurance. I believe the biggest thing is having funds on hand incase something does break. Your roof goes, you have a pipe break in the front yard. If your in a situation where you have 5-10K on hand for a rainy day it's probably not a bad idea to buy right now. Assuming your job is safe.

And you can escrow your homeowners insurance in with your mortgage payment too. I'd sit down, and figure out what I could comfortably afford, and then go for it. It's a great time to buy if you know you have some job stability. When you do find the right place, find a good inspector, and have the place thoroughly inspected. Although the thought of shelling out another $400 to $600 sounds bad, it can save you thousands.

The tax credit runs out on April 30th. If you are going to go for it, now is the time. Plus it is a buyers market.

If you can't find a house that you can get at .70 cents on the dollar or you can't afford to put down 20% of the home value don't do it IMO. 5-8 years ago it was crazy to rent. Now it makes more sense IMO. My wife and I own a house that she got 7 or 8 years ago. We owe $3,500 less than the house would appraise for and we've done a lot of work on it in the last 2 years. Take a look at exactly how much you pay on a $130,000 30 year loan. "Equity" is the wrong word for what you build in the value of a home.

The tax credit runs out on April 30th. If you are going to go for it, now is the time. Plus it is a buyers market.

 

There's no reason to believe it won't get extended again.

The tax credit runs out on April 30th. If you are going to go for it, now is the time. Plus it is a buyers market.

 

It is definately a buyers market. Get out there and start looking!

 

One of the most important things you can do if you find a house you like is to get it inspected, and make sure a home inspection is part of the contract. It will cost a couple hundred dollars but worth every penny. He/she will thoroughly examine the house looking for damage or problems that the average person wouldnt/couldnt think of. You dont want to have to buy a roof, a new furnace, or repair termite damage right off the bat. A house ispector can save you thousands of dollars or get you out of a deal that involves a house that you dont want to repair.

 

Costs, other than taxes and insurance would be cleaning, painting and repairing a home prior to moving in. There are usually new furniture and appliance needs and the cost of moving itself.

 

Buying a house is a very scary, especially the first time. Knowledge is power and the computer age can help. Find a neighborhood you like, research the prices of homes in that neighborhood, and it will give you an idea of what you should bid. Dont be afraid to underbid in this day and age, some sellers are far more flexible than they used to be.

 

Lastly, unless you have little ones on the way, I would start small in a good neighborhood. Yes, it would be awesome to have that great kitchen, jacuzzi bath, hot tub, or finished basement. Few people stay in the first house they buy for life. A smaller house, in a comfortable price that you can take good care of is a far better investment than a larger money pit in a bad neighborhood.

 

Good luck! It can be frightening, but it is a fun adventure!

The tax credit runs out on April 30th. If you are going to go for it, now is the time. Plus it is a buyers market.

 

I thought it was through June?

I just purchased my first home a few months ago. I am glad I made the investment.

 

Do not worry MBWC41, you will get the finances straightened out and you will not notice any money missing. You just cut back a little here and a little there, maybe eliminate going out to eat 3 or 4 times a month, and that money is recouped.

I just purchased my first home a few months ago. I am glad I made the investment.

 

Do not worry MBWC41, you will get the finances straightened out and you will not notice any money missing. You just cut back a little here and a little there, maybe eliminate going out to eat 3 or 4 times a month, and that money is recouped.

 

Very true. There is a "natural adjustment" that occurs throughtout your life when circumstances change.

There's no reason to believe it won't get extended again.

 

I want to know the answer to this as well. Given the economy is still at baby steps toward a recovery I also think its extended and gone in 2011.

You are crazy not to buy a house right now. For the $530 a month you are currently spending you can get a very nice home. I remember my dad was worried that I could not afford my first house and when I showed him my house payment was less than an apartment he bought into the idea. Worse case is that you buy a condo instead? Less risk of something major going wrong and even if your payment remains the same as what you are paying you get the equity built up!

I'm currently in the process of purchasing my first home too. I agree with the others in saying that it is a scary step, especially since I'm going at it by myself. I already have the pre-approval and a realtor. Now the hard part: finding the perfect house in my (limited) price range.

 

I'm looking to buy in Northern Campbell Co. and am attempting to stay under 85K. Let me know if you know of any houses that I should check out!