Saturday, September 22, 2007
What happened? Where did my dreams go?
Mrs. Jed has been talking of trying to buy another house. I can not see it, the vision is gone. Help me out here folks to see the benefits of entering into that fragile commitment once more.
The way I am seeing it at this point buying a house is a foul deal for a wage slave. A man like Jed who barely makes it from pay stub to pay stub. I have to scrimp and use my yearly bonus to have a four thousand dollar used car with a home altered rag top in which I still owe for. Essentially as a low down payment buyer I am renting the house from the bank except all the repairs are mine. If I am barely able to make the rent and the hot water heater kicks the proverbial bucket there is no place for the couple hundred dollars to come from. That does not cover the other inevitabilities like roofs and air handlers. I am seeing the deal as me being food for the machine of amortized interest. The only way I can see buying a house could be feasible would be having over 50% as a down payment. It would be nice if home loans were simple interest loans that had a shorter term like a automobile purchase. At this point and age in my life I am not wanting 360 affordable monthly payments laid out in front of me.
Some folks are owners and some folks are renters...I reckon I am the latter. I will look at it in the most positive of lights and say I am being less materialistic.
If you can think of something positive to home ownership on a low end situation, please comment me some clues.
I am glad my wife has dreams it can't make matters worse.
:: posted by Tennessee Jed, 12:23 AM
If it's your desire to own a house, then start looking for one. Look into no down payment options. Set a budget for your new mortgage. Do all you can to set a plan or vision. If you find a house that fits into your plan, then move on it, if it doesn't then don't make matters worse...stay away.Sweat equity is Jeds greatest asset, use it up. Finally, you are not alone, your friends around you, me included, want you to see your dreams come true. I would work along side you on some Jed shack and turn it into your castle, really I would. js
You should own a home if you can buy one that has an affordable mortgage. Maybe you can own for what you are paying rent. 360 mortgage payments would not be much different than 360 rent payments. You can build equity. Good luck.