Grambles Crossroads (House Building Thread)

[grambles423]

Just re-read through the thread again........

5% down was a figure by the bank. Not myself. My goal is AT LEAST 10% and ultimately 15-20% if I could spit it. Hence the priority up front savings from getting rid of the car (Or selling the parts). With selling the car...I could easily have 5% just within the transaction alone (This including selling of parts). From there, we could slow down on the student loan and pull about equal amount from both savings and end up with 20% by Winter. (All pending the math)

Its doable, certainly.

 

[lilfleck]

...I'm moving out of NJ. It's stupid expensive here. I wish I could just take my friends and family with me

 

[Slec]

After taking a bath (mentioned in my previous post) my wife and i decided to look around and find something that allowed us a solid quality of life. We bought the smallest house in the best neighborhood we could find and put 10% down. We could have put 20% down, but the PMI was next to nothing per month and we preferred to have that money in the bank for emergencies (where it still sits).

We made sure it was workable but tight on my salary (as she was finishing up her PhD and teaching positions are crazy competitive at the moment) that way what she made could pay off student loans, upgrades to the house, and fun money. For us, it was the best choice, we got to take a great vacation to Europe but mostly we were able to 'just live' and have since had a baby. Finances are the biggest strain on any relationship. My wife is now having trouble in the job market, but we aren't panicking because we made some decent decisions 3 years ago.

Long story short: consider everything in how much you want to pay for a house. If you like going out to dinner, consider that. Tinkering with Cars? put it on the list. both of you will have to make a few sacrifices, but as long as the style of life fits, everything else is doable.

 

[ToMMyGuN]

Just re-read through the thread again........

5% down was a figure by the bank. Not myself. My goal is AT LEAST 10% and ultimately 15-20% if I could spit it. Hence the priority up front savings from getting rid of the car (Or selling the parts). With selling the car...I could easily have 5% just within the transaction alone (This including selling of parts). From there, we could slow down on the student loan and pull about equal amount from both savings and end up with 20% by Winter. (All pending the math)

Its doable, certainly.

If you can swing it, do it. PMI is like throwing money away. For some people who's only way into a house is with less than 20% down PMI is just part of the payment, bit if you have the means to avoid it, it's a no-brainer

Sent via tapatalk

 

[grambles423]

I'm really itching to get home and pull up my OCD excel sheet of my finances to really hammer these numbers out.

 

[Rotaryknight]

I got stuck with a PMI. Another reason I want to refinance. BUT at the time I had a little over 10% to put down after putting some aside as a cushion for other expenses. It was one of those bite the bullet things for me. But if you can avoid it with you and your wife's income it would be best.

Sometimes you just do what you need to do at the time. In order for me to get the house I got a loan with a PMI...it sucks but I don't regret having my place. HAHA got me my woman so I guess it was worth it.

 

[TheCastle]

My opinion and I'm just reflecting what others have already said.... Is the few grand that you can recoup from selling parts and selling your car shouldn't be a factor in your house decision. If you are that marginal that you need $3000 for car parts to make the house work for you. I'd suggest you save some more.

Life is a journey and its important that you do the things in life that you enjoy. I own a house, and mod my GTI. They can both work if you set the right budget and goals. I wouldn't want to be house poor and not enjoy my car hobby. I've been house poor and its not a lot of fun.

Also how old are you and what place are you in your career? Will you be making significantly more money in the future?

 

[grambles423]

Also how old are you and what place are you in your career? Will you be making significantly more money in the future?

I'm 24 (25 Next month). Been working as an Automotive Engineer for 3 years in August. I dont have much of a ceiling here at Honda. I also make OT beyond 40hours a week. I normally pull anywhere from 46-52 hours a week so my income is often a fluctuation but my budgeted expenses are all based upon my base pay +/- 1%-2%.

Substantial increase?....probably not. I'm sure I'll hit 6 figures eventually ....maybe a little further into it, but that's up to my determination and drive. Benefits, job stability, passion, and dream all outweigh any sort of amount I make here. Honda is a wonderful and amazing place to work for and a way of life. I could NOT say the same about Mercedes when I worked there for a few months.

Even during college I was overly motivated and focused. I finished my full Mechanical Engineering degree with a Cooperative Education Minor (1 year Mercedes Exp) in the matter of 4 years and 3 months and a job shortly after.

I fully believe in hard work paying off and this is just another example. I'm willing to give up my GTI for a house. But in the grand scheme of things...this step is only to make my cash flow convenient for us. Money will eventually come.

I dont know.........I'm sure this decision will come to me taking a poop tonight or something

 

[mattley crue1]

I'm 24 (25 Next month). Been working as an Automotive Engineer for 3 years in August. I dont have much of a ceiling here at Honda. I also make OT beyond 40hours a week. I normally pull anywhere from 46-52 hours a week so my income is often a fluctuation but my budgeted expenses are all based upon my base pay +/- 1%-2%.

Substantial increase?....probably not. I'm sure I'll hit 6 figures eventually ....maybe a little further into it, but that's up to my determination and drive. Benefits, job stability, passion, and dream all outweigh any sort of amount I make here. Honda is a wonderful and amazing place to work for and a way of life. I could NOT say the same about Mercedes when I worked there for a few months.

Even during college I was overly motivated and focused. I finished my full Mechanical Engineering degree with a Cooperative Education Minor (1 year Mercedes Exp) in the matter of 4 years and 3 months and a job shortly after.

I fully believe in hard work paying off and this is just another example. I'm willing to give up my GTI for a house. But in the grand scheme of things...this step is only to make my cash flow convenient for us. Money will eventually come.

I dont know.........I'm sure this decision will come to me taking a poop tonight or something

ah pooping... time for reflection and decision making!:w00t:

 

[grambles423]

For the person that asked........Wife and I have been together for 7 years on the 21st and happily married for 2.5years.

 

[SayaGTI]

As per your original post, I vote option 1.

House>car bro.

 

[McQueen77]

wow Grambles you are only 24?! dude.. you have plenty of time. i would just rent and save money for a couple of more years at which point the market will, in theory, be more stable and keep the GTI or do option 2. you're not even officially mid 20s dude. so much time.

 

[2013R]

#1. You can buy another car with your first years house tax refund.

 

[grambles423]

Just to show people how meticulous I am with my money. The is only but one chart out of 5 I have on my Expense sheet. (Values have been removed)

This is within the last 2.5years (Havent added 2013 yet). I have archives dating back to my junior year in high school.

 

[ToMMyGuN]

#1. You can buy another car with your first years house tax refund.

? How much of a house are you planning on getting?

Sent via tapatalk