Jay Posted March 13, 2013 Report Share Posted March 13, 2013 Interest rates are ridiculously low right now! I bought in 2011 and thought I got a good deal at 4.25%, then a friend of mine is buying now and getting 3.5%! I work for a foreclosure law firm and see some interest rates above 10%...can't understand who would pay that! If I had the cash I would have waited to save for a bigger downpayment, but I was paying so much in rent it was impossible. I had to use the leftover cash from my student loans to pay for the dp. i'm more than ready to buy! we're just saving money so we can make a larger downpayment. Quote Link to comment Share on other sites More sharing options...
Jay Posted March 13, 2013 Report Share Posted March 13, 2013 Yeah I can see why you would be hesitant! Seriously! We bought a 4 year old SUV with 65,000 miles, and within a year we had to rebuild part of the engine, rebuild the transmission and replace some other pretty expensive parts. I think we spent over $4,000 on repairs in the first 24 months. We got a puppy, and she needed $2500 surgery within the first 6 weeks! Even the places we rent always seem to end up with major problems. We've had flooding, warping, water main breaks, sump pump failures...we are just bad luck! Quote Link to comment Share on other sites More sharing options...
LittleLuka Posted March 13, 2013 Report Share Posted March 13, 2013 Interest rates are ridiculously low right now! I bought in 2011 and thought I got a good deal at 4.25%, then a friend of mine is buying now and getting 3.5%! I work for a foreclosure law firm and see some interest rates above 10%...can't understand who would pay that! If I had the cash I would have waited to save for a bigger downpayment, but I was paying so much in rent it was impossible. I had to use the leftover cash from my student loans to pay for the dp. well our rent is at a cheap $800.00 per month which isn't bad considering. it just drives me crazy that we could be paying possibly less to own! Quote Link to comment Share on other sites More sharing options...
Jay Posted March 13, 2013 Report Share Posted March 13, 2013 Well, when I did the figures it seemed much better than what it actually is. The only up side here is that I own. My rent was about $1,200, which included water, trash, and basic cable. My mortgage is $860 per month, my HOA fee is $110, water is between $90 and $100, and basic cable is about $35, so that works out to be about $1,100 a month. Not to mention my gas/electric bill is almost $100 more, so that brings me back up to $1,200, which is what I was paying in rent. Quote Link to comment Share on other sites More sharing options...
LittleLuka Posted March 13, 2013 Report Share Posted March 13, 2013 Well, when I did the figures it seemed much better than what it actually is. The only up side here is that I own. My rent was about $1,200, which included water, trash, and basic cable. My mortgage is $860 per month, my HOA fee is $110, water is between $90 and $100, and basic cable is about $35, so that works out to be about $1,100 a month. Not to mention my gas/electric bill is almost $100 more, so that brings me back up to $1,200, which is what I was paying in rent. well luckily i'm already renting a house so i don't expect utilities to go up that much. Not sure if the neighborhoods we're looking in have a HOA. but houses are going for next to nothing here right now and our cost of living isn't high at all. lol Quote Link to comment Share on other sites More sharing options...
Jay Posted March 13, 2013 Report Share Posted March 13, 2013 Lucky! This area is pretty expensive. Everyone thinks that Indiana is cheap, which it is in most of the state. But we are considered part of the Chicago metro area, so it is more expensive that the rest of Indiana. For what I got here I would be able to get double the house just 2 hours east of me! And I'll never buy a house again that has a HOA. They are a pain in the a$$ well luckily i'm already renting a house so i don't expect utilities to go up that much. Not sure if the neighborhoods we're looking in have a HOA. but houses are going for next to nothing here right now and our cost of living isn't high at all. lol Quote Link to comment Share on other sites More sharing options...
Chula Posted March 13, 2013 Author Report Share Posted March 13, 2013 My current rent is $1060, plus about $30 for water, $15 for trash/sewer and between $100-$150 for electric. Plus I have a very expensive cable/internet package, which runs me about $200 a month. So all told, I'm close to $1500 per month. Once we are in a house, I expect the electric/gas bill to go up because there are more windows (vs a townhouse) for heating/cooling. But I'm hoping to switch to satellite which will save us a bunch on the cable package. Quote Link to comment Share on other sites More sharing options...
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