Terrified of buying a house

amother

Today at 11:59 am

We currently live in a tiny apartment which we have outgrown and it’s time to think about moving but I am absolutely terrified of the commitment and mortgages and legalities it comes with.
I know people do it all the time but I don’t know how. Please explain how one sleeps calmly knowing todays insane everyday prices but a mortgage due by hook it by crook.

amother

Aster

Today at 12:03 pm

Buying a house is an investment. Instead of paying rent you own it more each year. You try to buy a house within your means so the mortgage doesn't choke you. Make sure the house suits your needs. The alternative is buying an apartment that you can see yourself living in a while. My sister in law did that. Cheaper but possibly less long term.

amother

Glitter

Today at 12:07 pm

Rent made me way more nervous. It was money in the toilet and I was living at the landlord’s whim and could be thrown out whenever. My house value goes up every year. I can sell and make a profit should I need to. It is so valuable to own property. If the money works on paper you don’t have to panic.

amother

Foxglove

Today at 1:03 pm

I felt the same way. Bought 5 years ago. Value has jumped tremendously. Im paying monthly now way way less than any rental of the same size. The menuchas hanefesh is tremendous; I know of two people who are currently being sent by their landlords. They can't afford to rent anything else now...

amother

Moccasin

Today at 1:43 pm

Buying a house is an investment. It will give you stability while renting won't. Prices only get worse each yr.if it's the process that bothers you just jump in and do what you gotta do.if you are looking at houses in the frum market that you honestly to not have the money or a plan to pay for. Then stop and decide if you value yours and your husband's mental health. Purchasing multi million dollar homes is not meant for most even if living in frum society makes us think so. If you can't afford it please find a ln alternative living option that fits in your budget. Your children don't need to experience a young father I'll with heart failure or worse cv because of bills. Or being in foreclosure and removed by the Marshalls

amother

Brickred

Today at 2:01 pm

Umm miracles and credit card debt and I’m entirely serious. I did have to switch professions and work more hours to accommodate.

Originally when we went in to it we had a steady source of additional income and while we were in contract it fell apart. My husband works much longer hours than he used to as well, and it’s extremely hard.

I do think that you need to have some sort of plan. Like can you take an additional job? Can your husband? But it is possible to swing it month by month with a lot of stress

wrkngmomof2

Today at 2:18 pm

I understand it’s very very scary. I will give you a picture of what may happen if you give into your fears and dont buy.
My parents never bought a house. They lived in the same apartment for 30+ years. Then, the landlord decided to sell and evicted them. They had nowhere to go. At an age when they should have been relaxing a bit and looking forward to retiring they suddenly were at a loss. My father deteriorated after that and I believe the emotional burden took a toll on him. Unfortunately my father was niftar and left my mother with nothing at all. She gets an insignificant SS check monthly and lives off of that, but my siblings and I take care of her living arrangements.
I’m not saying that you need to buy or someone will die, just giving you a perspective of thinking long term.
It may be very tough but in my opinion it’s the smart, responsible thing to do.
Hatzlocha with whatever decision you make.