Author Topic: looking for advice  (Read 1074 times)

soczab

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looking for advice
« on: April 25, 2015, 03:31:34 PM »
So, i'm looking for some advice.  New job, and they are offering me 12,000 'grant' (forgiven if i live in the house for five years which im planning.  They forgive 20% every year) if I buy a house in the area.   Significant considering houses arent that expensive here.

I've found a house that seems like a good deal.  Its in an area that has been rising higher than the city average regularly every year, but hasnt yet become expensive (120,000).  This particular house has a new furnace roof and driveway within the last five years and seems to be upkept pretty well.  New detached garage. I've done the math, and the mortgage, taxes, and insurance combine would be about 200 less a month then to rent.  And utilities not that much more expensive than renting (150 combined gas and electric). The house is smallish (1,150 sq ft) but that works fine for me cause im just a single guy.  So theres clearly on paper very very good financial reason to go for the house.  And of course I would have it inspectd.

The mortgage would be for 95k.

My concern is... never having lived in a house before, I worry about two things.  One,  I'm just NOT a handy guy.  I've never had to really be.  And im open to trying to learn in good MMM form.... but i guess since its such an unknown for me I worry.  And you always hear these horror stories of like things going wrong in the house, and suddenly expenses start mounting in unplanned ways...

and that combined with the fact that I would just have such a large proportion of my resources/wealth tied up in the house.. makes me nervous a bit.  Like if something goes wrong, its not easy to pick up and move (as opposed to renting).

Mostly I think its just the sheer unknown of it.  I grew up a big city kid in apartments, and i've barely been *INSIDE* houses let alone owned one.  Normally I would wait a year to kinda maybe slowly transition (maybe rent a house and see what skills I can get?) but if I wait I lose out on what seems this amazing deal with the 12k.

I know that ultimately this will just be a personal decision based on comfort level etc.  But I'm curious if anyone has found themselves in similar situations?  I would definitely welcome some input or reflections from those more experienced with house ownership than I!

math-ya

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Re: looking for advice
« Reply #1 on: April 25, 2015, 03:47:43 PM »
i would say find a duplex, or multi family, if you could still get that free 12k. but you have to learn sometime, so better now than 5 years from now. houses seem complicated, but they are not. internet can explain how to fix most stuff, and if not, hire a professional. you'll get a home inspection before you buy any house, so you know youre not buying a total turd