We have saved up a lot of money in hopes of buying a house out of foreclosure (with cash). If we did this we would save $750/month and have a yard for our dogs. It will cost 2k to make the house livable.
If we didn't buy the house, I could pay off 3k in credit cards.. take all of my dogs to the vet (they're almost due).. take a vacation to Egypt.. and most of all.. I need a car!! I have been car less for 6 months. I also need to see an optometrist soon for more contacts.
What would you do?
2007-09-02 12:16:00 · 12 answers · asked by PlasticTrees 2 in Business & Finance ➔ Renting & Real Estate
My fiance has a car, but with just 1 it has made things more difficult.
2007-09-02 12:17:02 · update #1
This house is being sold at 1/2 of market value.
2007-09-02 12:19:27 · update #2
Redhead: my dogs are in great health. How did you get the idea I was not taking care of them? I am taking care of 2 rescues and my own 3. All will need yearly check ups in November ($100 per dog).
2007-09-02 12:31:58 · update #3
Pay off your credit cards... that's debt with a high interest. By all means either get rid of your dogs or take proper care of them. Then get your eyes fixed before you buy a car (you need to see to drive). And then you can see Egypt better.
Or buy the house like you want to and find some justification for the rest.
2007-09-02 12:29:24 · answer #1 · answered by wildeyedredhead 5 · 0⤊ 3⤋
Hi Plastic,
If what you say is true about saving $750 in monthly outlay of cash and the home is only half of market value, It's safe to say go for the house. Being able to save $750 a month , you'll pay off the cards, maintain you pets and your eyesight in no time at all. Probably less than a year! As far as getting a car, I would maybe look at finding something cheap for a while. Doesn't have to be a beauty, just needs to get you from point A to point B. With all that said, buying a house at half the market value, a little sweat equity will go a long way. Looking down the road a year or two or three, you stand to make a VERY nice profit on this home. Then time to upgrade or get into a comparable home for a low mortgage!!
Anyways...here's my disclaimer: I'm not a financial/real estate expert. Consult someone who is. However my opinion is to really think about doing the house deal!!!
Good Luck to you!
2007-09-03 08:29:00 · answer #2 · answered by Spaghetti freddy 1 · 0⤊ 0⤋
Pay down the credit cards, take care of health needs, animals and save the money you would have spent on the vacation. This will help your credit score, give you some time to save money, get the car (if you really need it) and then focus on buying a house.
You will find another house at a good price. You will need more money than you think you will when you buy the house. There are always other expenses for which you didn't plan -- lawn care, trash cans, routine repairs and maintenance, misc tools and on and on. You will become very familiar with hardware stores, Home Depot type stores and so on.
Get rid of your expensive credit card debt!
2007-09-02 12:40:42 · answer #3 · answered by Othniel 6 · 1⤊ 0⤋
buy the house you will save 750 dollars right?, and plus you would be able to use that 750 dollars you save per month to take your dogs to the vet, and go to the eye doctor.
this is what i would do
buy house, get your glasses, cheaper for now do this after you buy the house
then take two dogs to the vet each month, till you pay the vet then refinance your house, *consolidate those credit card bills into your mortgage.
buy the house
its the wisest decision, you pay no more rent, and if you feel u need some income rent a room our of your house to a college student, u make money in the process
you will do well
good luck
2007-09-02 13:55:17 · answer #4 · answered by . 3 · 0⤊ 0⤋
If the money you have now was saved to purchase a house, then purchase a house.
Should you opt for Plan B (vet, vacation, car contacts), the money will disappear very quickly and it will be missed.
If you buy the house now, and put the money that you saved (did you say $750) aside each month, then you should still be able to function. I would consider buying glasses and waiting to get contacts until you are fully settled in your house. Put your wants in order of necessity: car, vet, credit cards, vacation. And divide what you're saving now, giving the most amount of money to the most important thing on your list.
You should be fine within a couple of months and I think you will be happier with this decision.
2007-09-02 12:39:28 · answer #5 · answered by Anonymous · 1⤊ 0⤋
If the $100 vet visit and your contacts are part of the either, or the house, I don't think you can afford that house. You should be able to afford those items either way.
If its a choice between the house or the trip, car, and credit card debt, go for the house --provided it really is half price. You may have slash your budget or get a second job to pay off the credit cards, but you should still work on paying those off.
2007-09-02 12:43:07 · answer #6 · answered by bdancer222 7 · 0⤊ 0⤋
Buy the house. It's a buyer's market. It's unlikely that you'll come upon that good of a deal again anytime soon.
Everything else can be paid off with your $750/month savings. I don't know what you're worried about.
2007-09-02 13:58:39 · answer #7 · answered by life is good 6 · 0⤊ 0⤋
This is too personal to put out there for strangers to answer. There is no right or wrong answer, only opinions. You know all the facts. Sit down with your significant other and look at your options. The answer is there before you of what would be best for YOU. I have no idea what that would be but your analysis of what the things you need right now needs to be seriously looked at (except for the Egypt trip - while nice if you need animals to go to the vet and you to the eye dr. that is much more impt than a trip, even though travelling is nice). Houses come and go but if you need a car more to get to a job to make the money, then... there is my opinion....
2007-09-02 12:23:04 · answer #8 · answered by dianaparisian 4 · 3⤊ 2⤋
Pay off the cards, will increase your credit rating giving you a better inters rate when you do buy, skip the vacation put the money in the bank. Look at long term goals not short term pleasures.
2007-09-02 12:27:14 · answer #9 · answered by Pengy 7 · 1⤊ 1⤋
This is a no-brainer. Pay off debt and NEVER get into credit card debt. Their rates are terrible. Hold off going to Egypt until you can afford it. If you can't afford things you shouldn't buy them in the first place.
2007-09-02 12:25:53 · answer #10 · answered by rod85 6 · 1⤊ 1⤋