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amother
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 Sun, Sep 29 2024, 8:20 pm
We’re trying hard not to look back with regret at not buying five years about before pricing blew through the roof. Back then, we thought we were being smart and frugal with being happy with our small home and jumping to buy so early on. Well, now we’re looking a prices that have doubled paired with mortgage rates that have doubled. Yippee.
I’m wondering if anyone who has bought in the past year or two can give any advice on buying a house. Is there anything to do to ease things up? Secret to a lower mortgage? Something I don’t know about down payments? Or is it just impossible until I somehow increase my income to $300k?
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mommy2b1
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Sun, Sep 29 2024, 11:06 pm
Did you look into any first time home buyers programs in your state/city? LRRC had a wealth of knowledge in NJ.
You can get down payment assistance, grant $$ and a lower interest rate.
Would you buy a serious fixer upper? 🎶You can fix a fixer up up with a little bit of love 🎶
We bought a real dump. My husband was in Lowe’s every morning at 6am meeting our team of Hispanics and bH it looks beautiful. We made peace with the fact that some things are far from perfect but we’re willing to rough because it was the only way we could buy.
The market is brutal! Hatzlacha rabah!
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amother
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Sun, Sep 29 2024, 11:10 pm
| amother OP wrote: | We’re trying hard not to look back with regret at not buying five years about before pricing blew through the roof. Back then, we thought we were being smart and frugal with being happy with our small home and jumping to buy so early on. Well, now we’re looking a prices that have doubled paired with mortgage rates that have doubled. Yippee.
I’m wondering if anyone who has bought in the past year or two can give any advice on buying a house. Is there anything to do to ease things up? Secret to a lower mortgage? Something I don’t know about down payments? Or is it just impossible until I somehow increase my income to $300k? |
In the exact same situation as you. Teeny tiny house that we have definitely outgrown. 2 bedrooms and 4 kids…I’m so so mad at myself but there’s nothing we can do about it now. Can’t go back in time. I was waiting for our income to increase. So stupid of me.
We are so stuck here.
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amother
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Sun, Sep 29 2024, 11:11 pm
| amother Raspberry wrote: | In the exact same situation as you. Teeny tiny house that we have definitely outgrown. 2 bedrooms and 4 kids…I’m so so mad at myself but there’s nothing we can do about it now. Can’t go back in time. I was waiting for our income to increase. So stupid of me.
We are so stuck here. |
So it would have been better to buy a big house you couldn't afford?
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mommy2b1
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Sun, Sep 29 2024, 11:13 pm
At risk of sounding stupid, being that prices have shot up, can’t you get a decent amount for your starter home and put that towards a larger down payment?
I hear why most are priced out because of high interest rates but would think you are still slightly better off being that you own
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amother
Silver
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Sun, Sep 29 2024, 11:19 pm
| mommy2b1 wrote: | At risk of sounding stupid, being that prices have shot up, can’t you get a decent amount for your starter home and put that towards a larger down payment?
I hear why most are priced out because of high interest rates but would think you are still slightly better off being that you own |
Maybe she’s renting.
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amother
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Sun, Sep 29 2024, 11:21 pm
We are in same situation. Even have nice down payment. But with 1.5 million prices it doesn’t help.
Small homes didn’t increase as much.
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amother
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Sun, Sep 29 2024, 11:46 pm
| mommy2b1 wrote: | At risk of sounding stupid, being that prices have shot up, can’t you get a decent amount for your starter home and put that towards a larger down payment?
I hear why most are priced out because of high interest rates but would think you are still slightly better off being that you own |
Yes, we hope to sell our home for a down payment, but like others said, it won’t turn that much of a profit and we’ll still have to pay 5-10k on monthly mortgage 🙈
I’m open to a fixer upper but even those are $800kplus in the neighborhoods I’m looking at… and f the answer is try another neighborhood, I’m not ready to sacrifice on having any from neighbors just yet…
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amother
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Sun, Sep 29 2024, 11:48 pm
| amother Coral wrote: | | So it would have been better to buy a big house you couldn't afford? |
Not that poster but we would have been tight then… now we’re looking at pretty much beyond our paychecks. Seems impossible.
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amother
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Sun, Sep 29 2024, 11:53 pm
| amother Coral wrote: | | So it would have been better to buy a big house you couldn't afford? |
We would have been able to just barely afford it but yes it would have been waaaaaaay better. I’m talking about $2,000 monthly mortgage vs $4,000+ that it would be now. We could have swung the $2,000- just would have been tight.
Now with mortgage/loan rates + housing prices we aren’t able to move or add on.
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amother
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Sun, Sep 29 2024, 11:55 pm
| amother OP wrote: | | Not that poster but we would have been tight then… now we’re looking at pretty much beyond our paychecks. Seems impossible. |
Exactly!
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amother
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Mon, Sep 30 2024, 12:29 am
What may make sense is to take a line of equity and add on an addition.
We’ve discussed that. But in our situation the exact location isn’t working for me.
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amother
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Mon, Sep 30 2024, 11:17 am
| amother Plum wrote: | What may make sense is to take a line of equity and add on an addition.
We’ve discussed that. But in our situation the exact location isn’t working for me. |
Right… at this point our location is more problematic than the house. We could work it out in this small space but the environment isn’t suited to our family anymore. Of course, I can move to another tiny home somewhere else… but maybe I’m spoiled. Like if I have to move, I may as well go to a bigger space as well. Not looking for a mansion but four bedrooms at least…
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amother
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Mon, Sep 30 2024, 11:21 am
| amother Raspberry wrote: | We would have been able to just barely afford it but yes it would have been waaaaaaay better. I’m talking about $2,000 monthly mortgage vs $4,000+ that it would be now. We could have swung the $2,000- just would have been tight.
Now with mortgage/loan rates + housing prices we aren’t able to move or add on. |
That would have been risky you would have had no guarantee and emergency wouldn't happen and you wouldn't be able to pay the bills. Obviously looking back it's easy to say you should have done that but when you made the decision its was tje smart responsible thing to do.
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amother
Lightcoral
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Mon, Sep 30 2024, 11:26 am
| amother Coral wrote: | | That would have been risky you would have had no guarantee and emergency wouldn't happen and you wouldn't be able to pay the bills. Obviously looking back it's easy to say you should have done that but when you made the decision its was tje smart responsible thing to do. |
I disagree. We were in a tiny home and bad location. We bought 4 years ago. We just just made it and were extremely extremely tight. We still have debt from that time, but we’re not scared of debt. We now have a home in an AMAZING location that is now worth almost 3x the price we paid for it. Yes we have some debt, but we’re paying it off. It’s not the worst thing in the world. Yes we’re tight, but at least we have our home. I can’t stop thanking Hashem
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amother
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Mon, Sep 30 2024, 11:28 am
| amother Lightcoral wrote: | | I disagree. We were in a tiny home and bad location. We bought 4 years ago. We just just made it and were extremely extremely tight. We still have debt from that time, but we’re not scared of debt. We now have a home in an AMAZING location that is now worth almost 3x the price we paid for it. Yes we have some debt, but we’re paying it off. It’s not the worst thing in the world. Yes we’re tight, but at least we have our home. I can’t stop thanking Hashem |
You are lucky it all worked out. It doesn't work that way for everyone who pays well above their means. You also obviously had a plan of paying off your debt or someone to fall back on. If someone is already in debt and struggling it's kind of foolish to go further into debt with no plan or nobody to fall back on.
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amother
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Mon, Sep 30 2024, 11:35 am
| amother OP wrote: | | Right… at this point our location is more problematic than the house. We could work it out in this small space but the environment isn’t suited to our family anymore. Of course, I can move to another tiny home somewhere else… but maybe I’m spoiled. Like if I have to move, I may as well go to a bigger space as well. Not looking for a mansion but four bedrooms at least… |
I could have written this post
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Chayalle
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Mon, Sep 30 2024, 11:43 am
| amother OP wrote: | Yes, we hope to sell our home for a down payment, but like others said, it won’t turn that much of a profit and we’ll still have to pay 5-10k on monthly mortgage 🙈
I’m open to a fixer upper but even those are $800kplus in the neighborhoods I’m looking at… and f the answer is try another neighborhood, I’m not ready to sacrifice on having any from neighbors just yet… |
Buy further out and rent it out for the time being until you have frum neighbors there.
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amother
Begonia
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Mon, Sep 30 2024, 1:47 pm
we bought a year ago...
my landlord was selling and we needed to move
the issue was there was nothing to rent in my area
so we ended up buying, interest rate 6.125 and the house was ALOT- 660 for a small house
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amother
Chicory
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Mon, Sep 30 2024, 3:26 pm
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It takes a lot of real bitachon, telling myself over and over and over that the reason we didnt buy before COVID is cuz Hashem didnt want us to, NOTHING to do with us...
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