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Remind me why we're doing this, again?
Just a little venty vent about renting. So, we're saving up for a big down payment for a house and will pay the rest of it off asap, but the fact that I am cash-flowing tuition is severely hampering that right now. Last night, our closet bar came out of the wall and sent everything crashing to the floor, and maintenance just showed up for a bathtub problem I reported d@mn near two weeks ago. They don't have the stuff to fix the closet right now, and when I asked if they'd be back later today, they said they highly doubted it. I hate being at the mercy of maintenance people. Our place is quiet, thank goodness, but it's old, cheaply built, and has poor appliances.
I swear, it's times like these when I'm practically half tempted to try to buy a house with no down payment. Well, not really, but GEEZ. I think I just need an attitude adjustment. I'm sure Mr. Ramsey would be happy to provide me with that...
Re: Remind me why we're doing this, again?
Hang in there! It's tough now, but you're doing the best thing for your family in the long run. This is just short term.
I can completely relate. I'm so ready to move... but we're saving for a big down payment too. Buying on a 30 year with like 3% down sounds so tempting right now.
Oh my goodness, doesn't it? We musn't, though. ARGH. Living like no one else so later we can live like no one else...this is the crummy part, here.
Oh god, don't tell me that.
But really though, we have not NEARLY enough savings in general (like to buy appliances for our pretend new house) for it to not be terribly risky. Plus, I'm not sure where we'll end up after I graduate.
We're tossing this back and forth right now...let me know if you have the spreadsheet handy.
You would have to send me your AGI as well as your monthly rent. When deciding between renting or owning people usually forget about the *wonderful* tax benefits of owning a home - the tax benefits more than make up for it in the long run especially when interest rates are so low.
This is why Dave Ramsey p!sses me off - he neglects to show people the ENTIRE financial picture!!!
Ah, but sending you AGI and rent would just be depressing. DH is in PA school, and my income as a teacher is sad...but we'll have a great household income in 18 months! Tax benefits are not that applicable to us due to my low teacher's income and DH's student status. I may still PM you to get your input, if that's okay.
Soooo....mortgage rates are super low! 4.375%...and you can deduct part of that on your taxes.
A few years ago, my money market account was earning more than that. Over the long term, you could buy a house now with a low mortgage rate/low dp and end up better than if you waited, put 20% down, etc. It's a good goal but it might not be the best when rates are so low.
I have a house for sale! It was built in 2008 and it is very well taken care of. Close to the highway (but not too close) so it is easy and fast to get anywhere. Really great schools. I would even throw in appliances if that meant selling it.
Oh, new roof, garage door, gutters, window screens, and A/C from the May hail storm.
Tax benefits are applicable to anyone that pays taxes - and my guess is that even on your "sad" teacher salary you are paying taxes!!
Regardless, if you do just have one income right now it is probably best to wait unless you plan to buy a house only with your income in the future (I don't think that makes sense so for example: We bought our current house with only my income included in our mortgage calculation rather than including both my husband's and my income).
That's a good point. And I really think we'd take this into serious consideration if we had more than 1K in an emergency fund, but we just don't. Yet, anyway. Your house sounds amazing though, seriously. I bet you'll sell it before too much longer.