In the comments to an earlier post, one of my readers suggested a selloff of my diecast collection, then I'd have money for the down payment on a house, and the jetski I wanted.
First off, the jetski.
That's no longer an issue, as your humble PartsGuy this week found and purchased a Tigershark Barracuda. I figured I'd need a cosigner, but nope, they had no problems writing a check for it. W00t!!
Now it just needs to warm up so I can hit the water and have some fun. Can't wait.
As to the house issue, I HAVE been giving this a TON of consideration as of late. I'm doing fairly well in my job, I'm putting away bucks every month, etc. One of, if not the main sticking points is: Do I REALLY want to spend the rest of my life here?
The town I live in DOES have its problems, but that's ANY town, city, etc. The winters suck, but I usually have enough other things that can be done inside, so I'm not cooped up going berserk. Well, mostly, anyway. Most of my family is here, as in my nieces and 2 of my 3 nephews, and the thought of being far away from them is not one I like.
Another argument for it is that I'm paying $X for rent now, why not apply that amount to something that I'D own, and would be building equity in?
I'm about 1/2way convinced as it sits. I have a friend who lives in a small town 20 or so miles south of here, and EVERY time I go there, I just sit, inhale the fresh, pine scented air, and wonder why in God's green earth do I live in the city?
Quite an interesting problem, yes? I'm not too sure of the solution at this point. If I were to decide to up and leave, I have to find a way to weasel out of my lease, and then boogie, most likely losing my security deposit. OR, if the place I was living in was mine, then I could rent it out for enough to make the mortgage payments, OR sell outright and take whatever equity I'd earned and split. I'm also losing out on the tax advantages of owning a home as well as not being able to modify the dwelling to my liking. Plus, I'd have a garage of my very own to store my toys in!
Hmm. I shall have to consult with my advisors before I make a decision.
As ever, time will tell.
I will keep you posted.
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2 comments:
Keep saving for the house....when you get about 2 to 3 monthes from the lease running out go to the bank and see what you can get preapproved for....then contact a realator (sp) and tell them what you want and what price range and where....if within 3 monthes nothing pops out...just keep saving....and dont forget my 2% helpers fee..LOL
Truly, that is the way to go, should you decide to buy a house. I'd add that when you're pre-approved, only spend 80% of that amount on a house. Otherwise your mortgage payment will be so large you won't have anything left over to pay for repairs and other necessities. Plus, if there's a hiccup in the economy and your wage goes down, you'll be able to recover.
You may also want to take out a 30-year mortgage and pay it off in 15 years. This generally shaves 3 years off the 15-year payments due paying more principle than interest, and again, provides wiggle room if the economy takes a down turn, or the seals go out in your PWC and the lower end has to be rebuilt. (Owning a boat is like throwing money into a hole in the water.)
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