I am starting to freak out just a little. Remember in a previous post, I said hubby and I are starting the home buying process? Well, I am really starting to freak out about it. It scares me to NO END. I’ve been doing some reading on the internet today (work is slow) and I am just getting more and more freaked out. Perhaps it’s like looking at medical websites when you are sick and determining you have some fatal disese when really you have a pulled muscle. I know these web articles really lay out worse case scenarios, but it still frightens me. And I feel my fear is grounded. We live in Orlando which had a HUGE housing boom over the past few years. It has now quickly downturned, which is why it is a buyer’s market and prices are quite low becuase people are losing thier shirts and walking away from properties. Hubby and I are finally at a point in our lives where we could safely afford a house… right now. I work in the construction business and have survived 6 rounds of layoffs over the past year. It could be my turn tomorrow. Hubby’s job is a little more secure, but he is the new kid on the block there and if things were to happen, he could be the first to go. Of course, that could happen if we were renting too, but we wouldn’t have a mortgage over our heads.
We don’t have the money needed for a 20% down payment which means we need to get the money from somewhere. We have talked to the mortgage company and there is a company we can get down payment assistance from, but it’s only 3%. With an FHA loan, we can use 3% but of course that makes our monthly payment more and that’s not including tax, insurance, any H/O Assoc. fees, etc. His parents have said they would help us but can’t give us a straight answer on how much they would give us. I guess they want to see what the numbers are, but I feel they should just give us a number so we know how much we have to work with. Like if they were to tell us they’d give us $10,000 we would know what what sort of price we should look for (this would be somethign we’d have to pay back to them of course). I feel that if they are waiting, we may find a house we like, and then them tell us they will only give us $5,000 and we’d be screwed with the higher monthly payment. Hubby and I know our limits. We have been pre-approved for a certain price but we know there is no way in hell we could afford the monthly payment on that amount. We are looking at things at least $70-80,000 lower than that - so we are doing some smart things.
I am also terrified of the responsibility. And that probably comes off sounding babyish or whiny, but right now in the apartment, if something is broken someone else is responsible NOT ONLY for the monetary part of fixing it but also the TIME AND EFFORT of fixing it. Hubby and I both work outside the house 40-50 hours a week plus we have 2 kids. Our time at home is precious. I’ll admit that there are times we don’t do the laundry, or vacuum, or clean the bathrooms, or anything else that needs to be done (excpet the kitchen - that HAS to be done!!) In fact, he complains when we have a weekend day where we only do chores. What is he going to do when we get into a house and now something has to be fixed… or we have to do yardwork (that is a weekly thing in FL most of the year). I want to rest and play as much as the next person, but I know we will have less of that if we buy a house. What if the roof collapses in the next hurricane — or worse, a TREE comes through our roof?! That is a worst case scenario, I know. But what about when the a/c breaks or somethign like that. Who is responsible? We are.
Yes, there are advantages to owning a home, I know. I need a yard for my kids, but we can rent a house and get a yard. Ugh..
Like I said… FREAKING OUT!!!