January 16, 2008
Posted by trinity32244
We are stretching ourselves to get into this house that has almost $95,000 in equity but we are worried because we are stretching ourselves so thin to get into it. My logic is to suffer through a year or two and reap the benefits from there on after but is $250 in extras at the end of the month to risky? I have options for side jobs to get us out of a jam if need be on occasion but worried about the marital strain being so tight on money for 2 years.
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January 17, 2008
Posted by Jr2inla
( 1 rating )
That seems extremely tight - I purchased a new home in Nov 06. Month 2 we had a plumbing blowout that cost $3,800 that could not be pinned on the prior owner for various reasons. A good section of the front yard needed to be excavated to repair - heavy equipment etc...not something to be handled on our own or by friends. We were prepared for this type of situation - but that's what you take on when you decide to become a homeowner. If we only had a few hundred left over after bills, we could not have repaired and it would have been a disaster.
Second - if you're that tight on income to expenses, and you have a variable/adjustable rate in your mortgage(s), you could be in for a steep climb in mortgage payments if interest rates fluctuate - if you're unable to pay, default on the loan, foreforeclosure and/or bankruptcy.
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March 07, 2008
Posted by itsjoe67
( 1 rating )
Too many factors - especially with the housing market the way it is. However, quick answer... Use your options now and bring in extra money now. Before you need to due to a "Jam" Your marriage will benefit not only from less financial stress, but you will have more options when it comes to spending quality time together.
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March 11, 2008
Posted by inthemoney
( 1 rating )
It's great to find a good deal.
To make these kinds of decisions, you must put in considerations several things:
1. Discuss with one another and make absolutely sure that both of you agree to make things work if this doesn't pan out
2. the unexpected life events that may creep up such as, loss of job, disability, death, a disaster, etc...
3. think about your risk tolerance
Have you work out with a planner on looking at your assets, liabilities, cash flow, NET income?
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