Cross this goal off?

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    • #274099

      Hey Ya’ll!
      I am fairly new here and have a question….Is it impractical to save to buy a house on a minimal income?

    • #422704

      No. We had a member (Sorry I do not remember who it was) That saved and built there home on practly nothing. It took a lot of will power ,creatividy, and doing without.

      I do believe it is posable. The big question is do you think you have the willpower it will take?

    • #422706

      Well, I know I have the willpower I just really don’t know how to go about it. Do I pay off all my debts and then start saving for my house? It kills me to pay rent, i hate the fact that i’m paying and paying and will never own the darned thing….

      i have minimal debt, under 10k total. I just don’t. know.

      what. to. do.

    • #422710

      If it was me, I would check with the bank first. Depending on the amount of income and amount of expenses you might not be able to afford much in a house. Depending on your market area it might not be the greatest investment at this time. The bank could probably help answer your question such as how much you could afford and how much of a down payment you would need.

    • #422711

      I know what I prequal for. The question is, do I become debt free while paying rent or become debt free after buying a home.

    • #422713

      I can only tell you what i done.
      I am not a bank/nor a finacial advisor.
      You do what you think you can do,this is all in your hands.

      Okay so, we bought our home and we had debt.(alot)
      But now after 5 years…we have reduce our debt down to 1 credit card, and no car payments!!! Which is very exciting for us, no my cars are not brand new and yes…this is going to be our next BIG purchase(still looking for a awsome deal!)

      As for our home when we bought it at that time…it was cheaper to buy then rent.
      So, for us heck yeah!!! we took the house payment over the rent was cheaper!!(no brainer for us!)

      Today i am very pleased we did it that way. I’m not gunna sit here and tell you it was easy…with the debt we had! It was hard.

      But it worked out, lower house payments, meant only one thing…for us…playing catch-up on that debt!!!
      And that is what we did!!

      It’s get much better every day,i have learned so much for this site as well…i have to rave about this site. We have slashed our grocery bill and now even have saved(yes saved) money to go on vacation!!And for us after 9years we are finally going to flordia(we want to see the ocean like nobody’s

      you on the other hand have to think this about it(long and hard).
      does buying a home favor in your court?
      can you afford all the debt and house payments??
      that is totally up to you.

      and whatever the outcome,i wish you well.
      just really…really think about it,
      write everything you have extra money to throw at your debt with a house payment?
      yes… throwing money at rent seems silly, but sometimes it is the only option.
      i know many..many people in there 50’s that still rent cause the house payment will leave then strapped! And being a smart budgeter(if that is even a you have to do what is right with your income,debt etc.
      even if it means to stay a renter.

      like i said..the ball is in your court.only you will know what the decision will be.
      keep us posted on your venture.
      good luck in everything you do.:)

    • #422734

      Dear Penny,
      Only you know the answer to your question. What is it that you are comfortable with? Remember a mortgage is only part of homeownership.

      There is garbage removal, gas, electric, taxes, sewer, water, lawn upkeep, overall house upkeep and homeowner association dues( in some areas) etc. and they all cost money. The monthly payment may be lower than rent, but is the overall monthly cost within your budget?

      The good news is that under “The American Recovery and Reinvestment Act of 2009” (everyone should look at this to see if they are entitled to any of the money…you would be surprised) they are giving $8,000 tax credit to First-time homebuyers for houses bought between 1-1-09 to 11-30-09. A First-time homebuyer is someone who has not owned a home in 3 years. This is a good deal.

      Whatever you do, don’t let the turkeys get you down!!!! And have a GOOD home inspection before you sign on the line. We are all here for you.

      Let us know how it goes.

      Smiles, Darcie

    • #422746

      Well there are pros and cons to owning your own home. I agree with you on the renting part. It’s something that you will never own.

      But on the other hand if you buy a home, there are alot of things that you do have to put money out for. Like what Darcie was saying. We own ours, but it’s owner financing.

      This could be another option to look into. The reason that we are doing it this way is because we don’t have to go through a bank with our bad credit. We do put out money on more than just the house payment.

      For example, our a/c unit went out, so now we have to put money out to get a new one. So just way out your options and see what is best for you and your income.

    • #422787

      Hi ya’ll, reading through this thread I noticed my last post sounded a bit snippy. I in no way meant to come across as rude, I’m sorry if I offended anyone.

      On another note, it’s to the point that I’m getting stress headaches because yes, I can save money and stretch a dollar until it cries but I am a bit confused as to where to put the savings. I thought about it today, a lot, it’s become a new obsession of mine, this house business. I think I need to pay off the small debts I do have and then focus on getting a home…

      For one reason, I am in a ten month lease, I am through 1 month so I have 9 months left, and to be honest, at this rate it looks like I’m going to be single. I’ll probably end up getting a one bedroom by myself when this lease is up if there aren’t some serious changes in him :-/

    • #422832

      Hugs Penny! Just relax and take your time. The advice which has been given is very sound.

      However, as everyone is pointing out; the decision is yours. It makes sense to pay off the small debts. This is known as debt snow ball and continue to pay off the larger ones.

      In the mean time, you need to have cash reserves for emergencies which tend to visit occasionally. Once you have your finances in order, the decision making process will be easier. I tend to tell myself that if I continue to behave, tomorrow will be a better day.

      Hope you will have a good day.

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