Re: To buy or not to buy
Really, it's a question you must answer yourself. But consider the following:
- Does it make financial sense to move? Remember, there is more to the cost than just the mortgage: there are moving costs, insurance, taxes, utilities, and even travel to work that all contribute to your total monthly cost of living. And don't forget repairs and upkeep of your current house!
- Cost aside, do the negatives of your current neighborhood outweigh the positives? To answer this question, consider only your current neighborhood, not your future neighborhood.
- Would a move result in a significantly better quality of life? This is where you compare your current neighborhood and house to where you would move to, and also the houses themselves.
You need to look at this very objectively, leaving emotion out of it. That "cute" house that you've fallen in love with could be a money pit, and your enamoration is clouding your judgment of it. Appearances can be deceiving, and emotion leads to mistakes.
If the differences are minimal, then it's probably not worth making the move. But if even one of those three questions reveals a significant difference, it can sway the vote toward -- or away from -- moving.
When looking at a mortgage, don't be so concerned with the monthly payment. Look at the term (length) of the loan, and consider when you want to be debt-free. If you can't get a monthly payment you can afford in a term you can live with, you can't afford the house! Remember, terms of a loan are negotiable. You should be able to get one for any length of time you want, though "standard" are 15-, 20-, and 30-year. Were I in your situation, I'd be looking for a 15-year fixed rate mortgage.
Last edited by Fencepost; 12-01-2014 at 02:27 PM.
The "Senior Member" designation under my name doesn't mean I know a lot, it just means I talk a lot.I've been a DIYer since I was 12 (thanks, Dad!). I have read several books on various home improvement topics. I do not have any current code books I can refer to. I was an apprentice plumber for two years.