# I was going to ask if it's wise to buy my own house but realized my heart has already decided yes.



## Blaze Duskdreamer (Dec 4, 2014)

Owning my own house instead of renting has been a life-long dream of mine and the village I live in has a local bank that is sound and has been in business run by the same family for 90 years so I have no qualms there.  I moved to an apartment here last February and have fallen in love with this village which has a lot to offer and close at hand and mostly small businesses that support each other in the community and most of them are older than I am.  This bank offers a mortgage to first-time homeowners provided they buy in the village, which I wanted anyway so win-win.  We are in a buyers market here and while I'll only be eligible for $100,000 this is more than doable.  My credit score is high enough, down payment and much else is included in the mortgage which will wind up being slightly lower than my current rent which is apt to go up when the lease is up -- rents are up; home prices are down.

I do have some fears, however.  Maintenance will be on me and I'm disabled.  I will have to hire people basically for anything that needs doing as well as hiring a yard service to mow and shovel (unless I find a local kid who's eager to do it for a few bucks).  So I have some fears regarding that.  I also do housework in spurts, a few minutes a day due to having to stop after 10 or 15 minutes because of chronic pain.  In a four-room apartment, it works and keeps the place clean as I am not messy by any stretch of the imagination.  I may have to hire a housekeeper at additional expense.

I am mobility impaired (rolling walker, power chair if I have to go more than a couple of blocks), in chronic pain and with IBS.  I also have heart valve problems and an aortic aneurysm though it is not large enough to kill me and hasn't grown since it was discoverd a few years ago.  If I buy, I'm going to also have to buy insurance to pay off the mortgage should I die so I can leave the home to my grandson.

Logically, I sometimes think I should abandon the notion.  I have to wait two months for a loan to clear from my bank statements due to some pain in the neck NY state laws (can't borrow the closing costs, bank includes about half of them in the mortgage but I have to have the cash for the balance) but my meeting with the bank was pretty much as long as my credit rating stays good, I will be pre-approved.  But in other ways, I kind of need this for me.  First, I've rented all my adult life and hate it, home ownership represents freedom in so many ways.  I'm aware it creates new problems but it erases landlord's rules (I'm not willing to buy a house in a HOA) and always sweating out how much are they going to raise the rent this year as the end of the lease approaches not to mention not to have to share walls, floors and ceilings with other people.  But I've also sacrificed literally everything for first my daughter and now not quite everything for my grandson and I kind of need this for me.  No dreams I have ever had have come true and I kind of need for this one to.  Also, it will be lower than renting and while property taxes may go up, a mortgage wouldn't.  I have two pensions -- Social Security and a pension from the state as I am a former state employee -- and should be able to manage.

Thoughts?  Feedback?  Advice?


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## rkunsaw (Dec 4, 2014)

I find it strange for someone on a senior forum talking about buying a first home. I bought my first home when I was 26 and have never paid rent. Most people in our age group have their houses paid for or a least many years of equity built up.

I hate to spoil your dream but I think the dream of home ownership has passed you by. In your situation as you describe it I believe renting is probably the best option.


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## SeaBreeze (Dec 4, 2014)

I can understand wanting to follow that dream Blaze, it seems like you've very aware of the possible drawbacks involved.  If it would not put you in a financial bind at all, including any help you may have to hire out for, home insurance, utilities and all the other expenses that come with it, then I would probably take the chance, after all, you only live once.  You just have to be sure you don't end up homeless or bankrupt in your old age, due to biting off more than you can chew financially.

Will your daughter be living near you, in case you need assistance with anything?  If something happened and you had a short stay in the hospital, would she be close enough to tend to the house?  Do you have adequate savings to use in an emergency type of situation that may mandate money access?  

If the house you're thinking of is small, it might be very doable.  Ranch style is best, that's what I have, no stairs except to the basement.  Is your daughter willing to help out physically and financially if need be in the future?  

If you're financially secure enough to do it, and have thought out all the possibilities of what could happen healthwise, then I would say go for it. Unfortunately, all these big decisions really revolve around money.  I try to always think with my head, but sometimes you have to listen to your heart too.  Good luck whatever you decide.


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## oldman (Dec 5, 2014)

Finding a kid these days to do anything for a few bucks is make-believe. I am sure there are exceptions, but through my experiences of trying this, I have come away with not having much luck. I am with rkunsaw on this one. Perhaps buying a condo may be more suitable, if you are determined to be a home owner. That way, the maintenance of the grounds and the outside of the building is on the association. You may be better off checking this out.


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## Blaze Duskdreamer (Dec 5, 2014)

rkunsaw said:


> I find it strange for someone on a senior forum talking about buying a first home. I bought my first home when I was 26 and have never paid rent. Most people in our age group have their houses paid for or a least many years of equity built up.
> 
> I hate to spoil your dream but I think the dream of home ownership has passed you by. In your situation as you describe it I believe renting is probably the best option.



I admit it's unusual but the opportunity to buy just wasn't there in my younger years, especially when I was raising a daughter alone.  It just now that I can even consider the possibility.



SeaBreeze said:


> I can understand wanting to follow that dream Blaze, it seems like you've very aware of the possible drawbacks involved.  If it would not put you in a financial bind at all, including any help you may have to hire out for, home insurance, utilities and all the other expenses that come with it, then I would probably take the chance, after all, you only live once.  You just have to be sure you don't end up homeless or bankrupt in your old age, due to biting off more than you can chew financially.
> 
> Will your daughter be living near you, in case you need assistance with anything?  If something happened and you had a short stay in the hospital, would she be close enough to tend to the house?  Do you have adequate savings to use in an emergency type of situation that may mandate money access?
> 
> ...



Daughter is near-by and I will be covering the bases of what happens in case this or that happens.  My search is narrowed not just by our village but by things as how accessible it is.  I will also be taking out insurance, of course, both homeowners and life insurance so the mortgage can be paid off if I pass.  It is because I am financially able to that I'm even considering it.  It pretty much is this is the time to do and pretty much now or never.



oldman said:


> Finding a kid these days to do anything for a few bucks is make-believe. I am sure there are exceptions, but through my experiences of trying this, I have come away with not having much luck. I am with rkunsaw on this one. Perhaps buying a condo may be more suitable, if you are determined to be a home owner. That way, the maintenance of the grounds and the outside of the building is on the association. You may be better off checking this out.



I know.  I expect to have to hire a lawn service.  Pfft, on condo.  I might as well stay in my present very nice actually apartment as move to condo.  Only advantage I see to a condo is mortgage instead of rent and it doesn't go up but I'm betting the maintenance fees sure do.  You still share walls, floors, ceilings and live by their rules.  I'm willing to consider a condo but doubt I'd be interested enough to move.


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## rkunsaw (Dec 6, 2014)

I hope it works out well for you. Keep us informed.


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## Blaze Duskdreamer (Dec 6, 2014)

rkunsaw said:


> I hope it works out well for you. Keep us informed.



Thank you.  Will do.  Won't be for a couple of months before I start looking.  Have already met with bank and I have to put a couple of ducks in a row first.


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## ronaldj (Dec 6, 2014)

I hate renting but like was said not sure if don't know if buying is good idea....house are a lot of work....well ours is....even paid for with taxes and upkeep it's almost like renting


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## Lon (Dec 6, 2014)

Given the information that you have shared with us I think your long term best interests are better served by your continuing to rent.


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## charlotta (Dec 9, 2014)

I am with you.  If you want to own your own home, do so.  In the end, it is about the same in cost as renting, only you own this and the mtge can't go up.  You want to leave something for your grandson, do it.  Hire a neighbor kid to cut your grass.  Reach out in your neighborhood.  Getting to know the people in your area will be a big benefit.  Is that a Jr. college or trade school near you?  That is a good resource of students that are always in need of some money.  Is there a single
mom who needs someone to look after her son/daughter after school?  You might could do a swap.  For looking after her child, she might do some deep cleaning every week or so.  Local church is a very good place to start. Whatever you do, put yourself out there with a smile and a peppermint.


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## Blaze Duskdreamer (Dec 20, 2014)

charlotta said:


> I am with you.  If you want to own your own home, do so.  In the end, it is about the same in cost as renting, only you own this and the mtge can't go up.  You want to leave something for your grandson, do it.  Hire a neighbor kid to cut your grass.  Reach out in your neighborhood.  Getting to know the people in your area will be a big benefit.  Is that a Jr. college or trade school near you?  That is a good resource of students that are always in need of some money.  Is there a single
> mom who needs someone to look after her son/daughter after school?  You might could do a swap.  For looking after her child, she might do some deep cleaning every week or so.  Local church is a very good place to start. Whatever you do, put yourself out there with a smile and a peppermint.



I'm going to take all those suggestions to heart. One reason I love this town is everyone's very friendly.  Yes, there is a community college near by...  I'll manage.  It's going to be February before I can get the pre-approval but I am going forward with it.  I need this.  Yes, the arguments against upkeep are good but, you know, I am also no longer up to the nomad life style renting inflicts either.  I need something settled down and I'll pass on assisted living.


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