Buying A Home
**FIRST TIME MOM**
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Money Woes...
Does the idea of the huge amount of money you have to put down at closing make anyone else sick to their stomachs?
We got $10k in closing cost help from the sellers but even with that we still have to put down a little less than $20k. (I think it?s less than $20k but our good faith estimate keeps changing and frankly I don't understand all of this, luckily my hubby does).
We have the money but its not going to leave us with that much more to do some of the upgrades we wanted it. We want to keep a nice cushion in case *god forbid* something happen.
I think the whole process is scary. I keep thinking of what if we lose our jobs and can't make the payments? What if this, what if that... This is normal right?
**FIRST TIME MOM**
Re: Money Woes...
Yes, it's normal, but it's easier to swallow if you have a healthy emergency fund left after closing. By healthy, I mean 3-6 months or more worth of expenses.
Do you? Because that's the answer to "what if ______?"
You'd be naive if you didn't worry about "what if". Most people recommend six months living expenses as an emergency fund (in the interest of full disclosure, H and I keep three, so we're no paragon of financial security). Even if you have six months, there are no guarantees in life.
I assume when you sat down and decided to buy a house you did some soul searching to determine if you were ready. If you felt good about it then, you're probably ready. We had to take out $50K for our dp and closing and seeing that much money leave your account is SCARY.
When I got worried, I pulled out my budget spreadsheet. It was comforting to see that we'd still have money left over every month after putting it into EVERYTHING we needed including savings and retirement.
We have the emergency funds (about 3 months worth) but I think just the shock of the huge drop in our bank accounts is whats making me nervous.
Agreed. It's very scary to see the drop in the bank account. I does make me a little sick to my stomach when I think about it as well.
Our house building adventure (UPDATED 8/20/12)
Wedding Planning Bio
Our wedding blogged! (Click Brad & Briana on the right side)
Escrow and closing combined, we'll be out about $120k! We're prepared, have plenty for furnishings, paint and our e-fund. Yet it's still painful to see that money out of our accounts! I keep reminding myself that this is exactly what we've been saving for these past few years. This is the whole point!
this. personally yes, I always have buyers remorse and it tends to stick around for a few weeks. Good Luck!
This is us exactly. We're looking at a six figure down payment. The thought is nauseating until I tell myself that the whole reason we have so much saved (in addition to our e-find) is to buy the house!
I think it's totally normal to feel that way, but once you move in and have your house, you'll be thankful you did it.