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Newly1
I love my baby boy!
Member since 6/08 2804 total posts
Name:
H
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WWYD in this situation regarding purchasing a home?
i am 100% sure i will not be laid off or lose my job, however....i am SOOO stressed at my job due to very recent changes involving productivity demands, new management, and short staff , that i dont know if i can hold out and stay here for much longer....this past week, i've come home crying several nights in a row
i have no plans of leaving within the year...but if it gets worse or uncontrollable, i may have no choice
(for my own mental health)
Given this situation, would you purchase a first home, knowing that your income is a huge factor in your ability to afford this home? We can ONLY afford the mortgage payment on DH's salary.
we have no kids, and rent for very cheap right now....so if it got to the point where i needed to leave my job i could do it and not need to worry about what my salary would be. If we buy the home...i will have the pressures of having to find a job that will pay me equally as much just to afford our monthly expenses. I may even NEED to stay at the job that i currently HATE (although i used to LOVE) if i can't find a place to match my pay...i am hoping if i wait it out at work things will change, but if the dont....i dont think i could take it
we found THE house, our offer was accepted and the inspection passed. we just didnt sign the contract yet......
DO you think it makes more sense to wait it out and see what happens with my job BEFORE buying? Should we walk away?? who knows what the interest rates will be if we wait and if we will ever afford anything again.....(if we walk away we will wait about a year to see what happens with the job situation)
WWYD???
Message edited 1/27/2009 6:18:53 PM.
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Posted 1/27/09 6:18 PM  |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: WWYD in this situation regarding purchasing a home?
I would either put down less so I had a cushion
or I would walk away at this point until my job was more stable
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| Posted 1/27/09 6:24 PM |
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Newly1
I love my baby boy!
Member since 6/08 2804 total posts
Name:
H
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Re: WWYD in this situation regarding purchasing a home?
Posted by Beth1210
I would either put down less so I had a cushion
or I would walk away at this point until my job was more stable
yeah we really dont want to put down less...we dont want our payment to go any higher then it has to
it stinks b/c i have been working at my job for so long...i can't believe it has gotten to this point, i am so ******!
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| Posted 1/27/09 6:27 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: WWYD in this situation regarding purchasing a home?
if you want- FM me and I can tell you want your payment would be if you put down $10K less- it wont be a huge difference
I need to know the loan amount and the rate
and it will take me 2 minutes to tell you
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| Posted 1/27/09 6:30 PM |
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rkoenke
my little piggys
Member since 3/08 4315 total posts
Name:
rachel
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Re: WWYD in this situation regarding purchasing a home?
i don't know if you are maxing out your budget on this house and if you have to have THIS house. Would a smaller, less inexpensive home work for you? one where maybe DH's salary could pay the mortgage on his own?
Just throwing that out there...
if you are dead-set on this house, then this idea is obviously out.
Good Luck in your decision.
All the best!!
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| Posted 1/27/09 6:41 PM |
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Jackie24
~We Did it~
Member since 7/06 6718 total posts
Name:
Jackie
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Re: WWYD in this situation regarding purchasing a home?
I am kind of in your boat, I love my job, but do not know how long I could do it for, or the kind of hours that I work which leave us very comfortable and affording our bills.
However if I could turn back the clock I would not purchase the home, b/c one day I would like to not work this hard!
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| Posted 1/27/09 6:56 PM |
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MrsD06
LIF Toddler
Member since 9/07 478 total posts
Name:
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Re: WWYD in this situation regarding purchasing a home?
Posted by Newly1
i am 100% sure i will not be laid off or lose my job, however....i am SOOO stressed at my job due to very recent changes involving productivity demands, new management, and short staff , that i dont know if i can hold out and stay here for much longer....this past week, i've come home crying several nights in a row
i have no plans of leaving within the year...but if it gets worse or uncontrollable, i may have no choice
(for my own mental health)
Given this situation, would you purchase a first home, knowing that your income is a huge factor in your ability to afford this home? We can ONLY afford the mortgage payment on DH's salary.
we have no kids, and rent for very cheap right now....so if it got to the point where i needed to leave my job i could do it and not need to worry about what my salary would be. If we buy the home...i will have the pressures of having to find a job that will pay me equally as much just to afford our monthly expenses. I may even NEED to stay at the job that i currently HATE (although i used to LOVE) if i can't find a place to match my pay...i am hoping if i wait it out at work things will change, but if the dont....i dont think i could take it
we found THE house, our offer was accepted and the inspection passed. we just didnt sign the contract yet......
DO you think it makes more sense to wait it out and see what happens with my job BEFORE buying? Should we walk away?? who knows what the interest rates will be if we wait and if we will ever afford anything again.....(if we walk away we will wait about a year to see what happens with the job situation)
WWYD???
oh boy, that's a tough one. I've been in your shoes, job-wise, and that was a difficult enough decision to make without throwing a house purchase in the mix! The one thing I've learned about jobs is that there are no guarantees. I know you said that you hope things will change for the better. You could also leave your current job, find a "perfect" job and then the perfect job could change (new management, duties, etc.). So for me, in this economy, I don't think leaving my job would be an option..there are just too many unknowns. On the other hand, if you think it would be difficult to match your pay in the future (assuming you stick it out and look for something else in the meantime), maybe you should look for a lower priced home where you have a bit more leeway. I guess this didn't help much, did it?!
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| Posted 1/27/09 7:43 PM |
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CoachC
LIF Infant
Member since 8/08 275 total posts
Name:
Kerri
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Re: WWYD in this situation regarding purchasing a home?
Are you me? haha. I'm in the exact same situation and I decided to suck it up and stay at my job for the house. Having this home is my priority right now. After we move, I'll focus on my job and finding something that makes me happy. I, too, come home crying and cannot stand the outrageous expectation we now have, but I'm sucking it up. So many people don't have jobs right now, I try to look at the positive and be greatful...as hard as it is sometimes.
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| Posted 1/27/09 8:06 PM |
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