Bummed...

So the offer on the condo we loved was accepted earlier this week, but after going through everything tonight we called the broker and told her we had to back out.

We knew it was a little over our original budget and although we would have enough $$ left over for fun every month, there are just so many things we still want to do while we're young that we would not be able to do if we had a big mortgage. We don't want to live to only pay a mortgage right now.

I know we should have figured this out before putting an offer on a condo, but we just fell in love. After doing the numbers on paper, it honestly scared us and made us realize that we just aren't ready for such a huge commitment. We are bummed, but know we did the right thing. It took seeing everything written out and it being so real for us to realize we should wait. Anyone go through something similar in the past (i know most of you have houses already)?

On to apartment hunting...


Here's the condo link: LYNBROOK CONDO
If anyone is looking in the lynbrook area, this is a great condo!!!

Re: Bummed...

Very nice condo...I can see why you liked it. However...you probably could get a house for a similiar price. I understand that you want to do things and not be tied down to a mortgage but I'm sure people will tell you that when you're renting, you're paying someone else's mortgage.
We bought our co-op when we first got married and were still able to do things ( we went on vacation every year ). It's scary when it's all on paper...you think you can't do it. But 4 years later...we sold that co-op and had plenty of money for a house. If we were renting we would have had nothing.
You guys know what's right for you. Good luck with house/condo/co-op hunting...it's a PITA.

Re: Bummed...

aww, i'm sorry it's definitely a very nice place and i can see why you liked it so much... but it's good that you figured out now that it was a little over your head, before regretting it later. i don't know your financial situation but trust me, you'd be amazed at what you can afford when it really comes down to it. when DH and i were going to buy our co-op, we were very scared that we were getting in over our heads, but we made it work. honestly though, it's true - you could afford a house for that price, so if you wait a bit longer you can have a home of your own! or look around - there are tons of condos/co-ops for much cheaper than that. ours is a 2 bedroom 1.5 bath and we paid waaay less than that. best of luck in your search! you will find the perfect place for you and your budget!

Re: Bummed...

you made the right decision

Re: Bummed...

you made a good decision.

Don't worry your home is out there

edited not to offend anyone

Message edited 2/14/2007 1:35:54 PM.

Re: Bummed...

You made the right decision. A year ago DH & I backed out of putting an offer for the very same reason. I still think about that house every once in a while but I don't regret backing out not one bit. The condo is nice but a little $$$ IMO. You can find a small house for that amount with those taxes. The most important thing you are comfortable financially...you would have regretted buying it and then depriving yourself of other things later on. Good Luck for the future house hunt!

Re: Bummed...

I think you made the right decision. DH and I decided when we got engaged that we would invest in a home, but only when we were ready for it. I'd love to live in our own place, but not if it means no vacations, or "little extras", or just living on Oscar Meyer baloney sandwiches for a year. We have to be financially and emotionally ready to make the committment. It sounds like you feel the same way. Good for you!! You'll buy your own place, but when the time is right. Right now, just enjoy being newlyweds.

Good luck!

Re: Bummed...

Sorry that it did not work out but you made a wise choice. You don't want to be in a bid contest just because you love a condo. In the end, you will have to pay for the mortgage.

There will be plenty of other opportunities that both of you love.

Good luck in your search!

Re: Bummed...

I believe that those are very common feelings. DH and I stressed over our decision to buy for a week after the offer was accepted. We crunched the numbers and almost backed-out, but we ultimately decided to go through with it. We figured that if we don't buy now, we will want to buy next year, and by then the prices will go up and we may not find a place we love as much.

It sounds like you made the right decision for you!

Re: Bummed...

I'm sorry it didn't work out for you. I know how you feel. DH and I were going to buy a condo last year. We saw the place several times and even had my Dad there to look at it (he's a Contractor and Home Inspector) but we backed out just before placing an offer. Our guts told us to wait. And honestly, a year later, I am glad that we did. I know it's hard right now, but you will see that you made the right decision.

Re: Bummed...

I'm so sorry, but luckily you've gotta do whats best for you two so you'll find something that is better suited soon.

Re: Bummed...

I think everyone gets scared when they see how much it is going to cost to own a place. Everyone has different priorities - and if yours is to maintain a certain lifestyle that you would not be able to do if you have a morgage, then you made the right decision for you.

For us, we know that it will be difficult in the beginning, but we did not want to keep paying rent and throwing our money away. We know that in the near future both of us will be getting raises, etc, and it will become easier. We know that owning will give us equity and the flexibility to do what we want with a place.

So basically, everyone will have different opinions on the matter, but in the end you do whats right for you.

Good luck.

Re: Bummed...

Sorry Jess, but I think you made the right choice. IT has to be right financially or you & Len will be miserable. Good Luck, I am sure you will find something more affordable soon.

Re: Bummed...

I would have bought a house first before a condo if I could do it over just because condo fees eat up so much and they go up annually almost!

You could get danigirl0's house for that price...I would keep looking. Its still a buyer's market for now and you can offer less than asking. But I think you did the right thing!

Re: Bummed...

dont worry! you did the right thing, there will always be a place to live out there, your only young once!

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Thanks!

You girls are so great. I know we made the right decision and next year we will have more money, less debt, etc and be able to buy something when we are truly ready.

Re: Bummed...

Don't worry, you did the right thing....everything happens for a reason! and next year when your ready, who knows, you could buy a house!

Re: Bummed...

awww that condo looks great, but look on the bright side at all the travel you can do! I had this same thought right before we bought our house. It definitely ties you down (moving isn't as easy, traveling isn't as affordable).

Re: Bummed...

Posted by CaMacho

So the offer on the condo we loved was accepted earlier this week, but after going through everything tonight we called the broker and told her we had to back out.

We knew it was a little over our original budget and although we would have enough $$ left over for fun every month, there are just so many things we still want to do while we're young that we would not be able to do if we had a big mortgage. We don't want to live to only pay a mortgage right now.

I know we should have figured this out before putting an offer on a condo, but we just fell in love. After doing the numbers on paper, it honestly scared us and made us realize that we just aren't ready for such a huge commitment. We are bummed, but know we did the right thing. It took seeing everything written out and it being so real for us to realize we should wait. Anyone go through something similar in the past (i know most of you have houses already)?

On to apartment hunting...


Here's the condo link: LYNBROOK CONDO
If anyone is looking in the lynbrook area, this is a great condo!!!

Re: Bummed...

You made the right decision. I would never want to live just for my home. That is not what life is about.
Buying a home is a big commitment and it is good that you figured out your budget now, before it was too late.
.

Message edited 2/14/2007 2:26:17 PM.

Re: Bummed...

Posted by MrsT

Posted by CaMacho

So the offer on the condo we loved was accepted earlier this week, but after going through everything tonight we called the broker and told her we had to back out.

We knew it was a little over our original budget and although we would have enough $$ left over for fun every month, there are just so many things we still want to do while we're young that we would not be able to do if we had a big mortgage. We don't want to live to only pay a mortgage right now.

I know we should have figured this out before putting an offer on a condo, but we just fell in love. After doing the numbers on paper, it honestly scared us and made us realize that we just aren't ready for such a huge commitment. We are bummed, but know we did the right thing. It took seeing everything written out and it being so real for us to realize we should wait. Anyone go through something similar in the past (i know most of you have houses already)?

On to apartment hunting...


Here's the condo link: LYNBROOK CONDO
If anyone is looking in the lynbrook area, this is a great condo!!!

There is nothing wrong with NOT wanting to be "house poor". Having a nice house is great but living from check to check just to pay the mortgage can put a strain on a marriage.

If paying someone else's mortgage is an issue, maybe look for something cheaper

Re: Bummed...

Aww Jess I am so sorry it did'nt work out for you. But you know what you and DH made the right decision wait a year until you are financially readythere will be another property out there for you that is just as nice.

That is what me and dh are doing we started looking this year but then relized we needed to wait a year with the baby and all. (and beleive me I fell in love with a few properties too) And am I glad we did next year we will have more $$ saved up and ready to purchase something.

Message edited 2/15/2007 11:55:07 AM.

Re: Bummed...

Don't be so bummed...be happy that you realized now what is so important to you...Owning a house or a Condo is not everything...you must first be happy with your life and have no regrets. It sounds like you would have regrets if you did get the Condo and couldn't do the things you want to do. Why don't you look into Co-ops or just rent for awhile...Timing is everything and you will find another Condo or home even better then that one when you are ready...Good Luck and have fun!

Re: Bummed...

You all have such wonderful things to say! It makes me feel so much better about our decision.