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Putting in an offer tonight.. Are the jitters normal?
We have found the perfect home in the perfect area! However...
Its at the top of our budget and the monthly payment (PIMI +HOA+ Homeowners insurance) will be about 28% of our current take home pay. This does not include our utilities, which shouldn't be too much more than we pay now. The only debt I have is student loans and a car payment. Also we don't have any children and don't plan to for at least another 5-6 years.
Again, this home is perfect and hubby is very happy about it (he usually doesn't get too excited about things like this, and is normally my voice of reason when it comes to big purchases)... however I'm still having reservations about the fact that the payment will be SO MUCH MORE than what we currently are paying in rent. (We currently pay about 14% of take home.) I keep telling myself that this extra money going into a mortgage is an investment well spent, much more than if I were to continue to rent at 14% take home pay and "pocket" the other 10%.
Are my jitters normal? Can you please offer some words of advice/wisdom for or against what we are about to jump into? Is 28% too high?
Re: Putting in an offer tonight.. Are the jitters normal?
I have purchased 2 houses and put in a bunch of offers with another this Tuesday and I still get the jitters when I do it.
And with both my houses the second we closed I got the feeling I made the biggest mistake ever. Each time I was wrong, it worked out just how I thought it would before putting in my offer.
It's very common.
You are not alone
This is one of the most major purchases, one of the biggest decisions of your life. I think it is more crazy NOT to be worried.
I don't think 28% is too high if you have a comfortable emergency fund in place and are saving for retirement at the same time.
Yes, I already take out 8% and put it in 401K every paycheck... and we do have an efund. Thanks for the support.
Our house building adventure (UPDATED 8/20/12)
Wedding Planning Bio
Our wedding blogged! (Click Brad & Briana on the right side)
Dh and I just bought our first home and I was very nervous, he said that he wasn't as nervous as I was.
We are in the same vote were out rent was only $700 a month (for a bachelor suite, as we were trying to save $$), and our mortgage is just over double that.
But we were able to save about $2000 a month before we bought our place so we figured that we would be more then fine.
*sigh of relief*! I'm so glad to hear I'm not the only one.
We still have yet to hear whether or not the builder is accepting our offer. (not sure I mentioned it, but its a new build, inventory home)
Anyone have any recommendations for a good budgeting spreadsheet? It was mentioned above and I could probably use something like that. Sad to say that I work in the accounting industry... yet when it comes to my own budgets I am always putting it off.
I would love to have a nice spreadsheet- and will FOR SURE begin to use one once we close on the house.