Author Topic: Full of debts and discouragements.  (Read 2486 times)

June126

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Full of debts and discouragements.
« on: April 30, 2015, 08:27:56 AM »
Hi All,
 
I am 24 yrs old and have brought a new home recently and is now full of debts. My friends and neighbours are very discouraging and now I have started rethinking on what I have done. Any sort of positive feedback would be really helpful. Thanks!

dsmexpat

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Re: Full of debts and discouragements.
« Reply #1 on: April 30, 2015, 08:49:27 AM »
Presumably you had reasons for doing it at the time. You know what those reasons were, we don't. If those reasons are still true then tell yourself that. If they're not then you probably made a mistake.

nereo

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Re: Full of debts and discouragements.
« Reply #2 on: April 30, 2015, 09:16:42 AM »
Hi All,
 
I am 24 yrs old and have brought a new home recently and is now full of debts. My friends and neighbours are very discouraging and now I have started rethinking on what I have done. Any sort of positive feedback would be really helpful. Thanks!
Welcome June. 
A home purchase is a complicated thing.  If you can provide some more details perhaps we could offer you some more tailored advice.  Useful details include the purchase price, mortgage interest rate, what similar units are renting for in the area, size of the home (can it be useful as a rental later, can you take in a renter now?) location (especially with regards to commuting distance and availability to public transit) etc.

Also, do you enjoy the 'challenges' of home ownership?  Can you DIY simple repairs or will you contract everything out?  Do you plan on putting in any 'sweat-equity' to renovate your existing home?  Does it need remodeling, or is everything new (and therefor likely to just depreciate in value)?
Sometimes purchasing a home can be a very good decision. Sometimes it can be a very poor one.

ShoulderThingThatGoesUp

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Re: Full of debts and discouragements.
« Reply #3 on: April 30, 2015, 09:20:51 AM »
Maybe you should do a case study in the Ask a Mustachian forum.

Courtney1154

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Re: Full of debts and discouragements.
« Reply #4 on: April 30, 2015, 09:46:09 AM »
Thumbs up for your first house. I bought my first house when I was 27 and people used to tell me that I was too young to buy a house. And if anyone tells you that, just pretend to be dumb because there is no age limit to buy a home. You can buy it when youíre too young or you can buy when you're too old. It is totally up to you. Of course, I didnít have all the money, but I took a mortgage from home loan in Alberta (Mod note: Link removed) and I earned enough to pay it back without fail. And no one buys a home after all their debts are cleared, because if you wait for that you may never buy a home.
« Last Edit: April 30, 2015, 10:52:47 AM by swick »

mooreprop

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Re: Full of debts and discouragements.
« Reply #5 on: May 01, 2015, 06:39:07 AM »
Do not let other people tell you what makes sense for your life.  Only you can make that decision.  I purchased a house at auction during a housing slump when I was 24 years old.  Others were discussing my purchase and saying that I gave too much money for the house.  I rented that "overpriced" house for enough money to pay the mortgage and positive cash flow enough to make the payments on a second house.  I paid off both with the rents and sold the two houses later for double what I paid for them.  I ignored those people, and used my own judgement.  (Those two houses were the beginning of my real estate investments that now total over $1 million.)

Do you think you made a mistake?  If so, then decide how to best proceed.  This forum can give you advice if you provide specific numbers.  If not, then ignore those people. 

Bicycle_B

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Re: Full of debts and discouragements.
« Reply #6 on: May 03, 2015, 08:14:12 PM »
The other posters have made several good suggestions about the practical side.  So allow me to address the emotional piece (it sounds like you want an emotion-related response).

1 - Overcoming discouraging remarks is a valuable skill.  If others' opinion bothers you and you need their reassurance, this will be a problem forever, until you solve it.  You will pretty much need to solve it to be successful in life anyway.  So this is great strength training for your emotional resilience.

2 - "Full of debts" sounds bad financially.  You still need to act on that.  If you need advice on what to do, follow up the case study idea.  You'll feel better once you act.

3 - Life not always easy.  But you can always benefit from a situation by learning from it.  A lot of situations depend on interpretation.  Develop the skill of making the best of things, emotionally as well as practically.