Husband, 3 y/o daughter, and I are in a rented condo right now - have been for a year. We pay $1295/mo for 2bd2ba.
We're on the 2nd floor which has proved stressful because our downstairs neighbor complains about the noise my kid makes (I don't let her run around like an elephant). I've had it out with her a couple times over the noise we make vs the noise she makes (she likes to throw loud, raucous parties, late at night during the week and then comes up and bangs on my door for calling the cops to shut her up and screams at me for letting my kid be a kid during normal daytime hours). Anyway, living above her is stressful.
We have 4200$ in savings, would like to save for a 300k home (homes in our area are expensive and 300k is on the lower end of the spectrum). I make 45k before taxes, he makes 35k before. I pay ~2200 in bills a month, he pays ~1200. I feel like I never have enough money to put away into savings because after all the bills are paid I have ~200/250 left and always inevitably spend $100 - 120 on groceries for 2 weeks and the rest of it, I guess goes to gas and therapy (which is 45$/session).
We are expecting a new baby come mid-July. Our lease is up June 30. We can extend the lease another year, we can extend the lease 9 months (but this is only if we decide to really go for home ownership come November), or, we can move to another condo or townhome and rent. For a $300k home we would need 10,500 (so 6,300 by November or $700/mo. That is impossible. Wholly impossible). I can't live in this fricking condo any longer, and even March 2016 seems like an unbearably long time.
Let me rant about the condo: one part of it smells like cat piss (we don't currently own, nor have we ever owned a cat - was from prior, prior tenants). The carpet is old as flip and the owners refuse to replace unless they sell - and they ain't selling. There is years of caked onto the floor crud alongside the refrigerator that was there when we moved in. There is a white catch all type thing under the old washing machine that has years of caked on detergent on it. The flooring in the kitchen is peeling under the sink. The windows leak so much so that we get condensation on them and mildew will grow on the plastic. The bathroom linoleum is screwed up in front of the shower (we could probably fix that). This place was built in 1996 - the only positive is I love our deck (that I can't sweep because stuff will fall through the cracks and land on my mean downstairs neighbor's deck), we also had the ac fully replaced this past summer, and the oven was also replaced.
Now, you're probably asking why we settled on a place like this. I was discharged from Chap 7 BK in November 2013. My husband returned to the US with a green card (finally) after having been out of the US to wait out the immigration process since June 2011. It was this place or another place where the owner asked the agent to ask us why my husband was "returning" to the US with a green card. I had lived in my mom's home for 30 years at the time and didn't want to love there a day more. We can't do anything until November 2015 b/c of my bankruptcy.
We're looking at FHA but jeez, for a 300k home we'd have to put 10,500 down and the monthly payment would be too much. I think I know the answer to my dilemma but I need to hear it from someone else.
tl;dr husband and I make 80k combined, want to buy 300k home by March 2016 because I hate the place we're in right now and I feel like a failure for being 31 y/o and not owning a home.
Submitted February 04, 2015 at 09:19PM by Astridasteroid http://ift.tt/1uXHSEc personalfinance
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