Being a grown-up is hard :(

[next_to_normal]

I've been getting more serious about the whole condo-buying thing this week. I started the process of getting approved for a mortgage and have been talking to a realtor. And I can feel it already starting to stress me out.

I think the trouble is that I feel pressured to buy something, no matter what it is or how much I like it (or don't). Because of course I can't afford the place I really want - something that's not closet-sized, walking distance to the Metro, in a nice neighborhood - which is not really that much to ask except that everything in this area is absurdly expensive. (There are condos that cost more than my parents' four-bedroom HOUSE.) But at the same time, I know that mortgage rates are really low and the market is already starting to recover and so now is the time to buy and I don't want to miss the opportunity. And then I've got my mother saying, "You're just throwing your money away on rent!" and I need to build equity and whatever.

But, you know, buying a condo is kind of a big commitment. I'd have to expect to live there for at least five years, and I don't want to be stuck living somewhere I'm not happy just to build equity. But it seems like I'm supposed to just buy something, anything, and suck it up until I can afford to buy something nicer.

Anyway. I feel like I have a lot of things to write about - the end of Lost season 2, Side Jobs, a couple movies I've seen - so I'll try to get to those sometime soon. If I can just tear myself away from browsing condo sites... (I keep checking the same sites, hoping for an open house to pop up that's in my price range, even though I know that nothing is going to have changed since the last time I checked. Yay for neuroses, right?)

Comments

[goldenusagi]

But it seems like I'm supposed to just buy something, anything, and suck it up until I can afford to buy something nicer.

I know nothing of these things (let me show you how I fail at being grownup), but I thought you were supposed to rent until you could afford to buy something nicer?

[next_to_normal]

Well, the idea is, if you're renting, then you're paying rent every month and not getting anything in the long run. If I buy a condo, I'd still be making payments every month, but at the end of it, I'll have something to sell, so I'll get something back for all the money I've spent.

It'd be different if I were living at home and could save up to buy a place while I didn't have a lot of expenses. Then it'd be worth waiting until I could afford something nicer. But unless I get a new job and/or a big pay increase, what I can afford isn't going to change, so I might as well put the money I'm spending toward a place I'll get to keep.

The other part of it is, like I mentioned, the market. Because the housing market collapsed, it's really the best time to be a first-time buyer, because mortgage rates are low and there aren't enough buyers so most places are selling cheap. (Of course, "cheap" is relative.) Now's the time to buy in order to take advantage of that. If I wait a few more years, I will likely end up paying even more for a less nice place.

Hey

[(Anonymous)]

Good luck, kiddo - be happy.
eds

Re: Hey

[next_to_normal]

Thanks. I'm trying...

[elynittria]

Obsessively checking the listings can be a good thing. When I was buying my house, I spent a lot of time online, and there are times when new listings pop up and one has to move fast.

I was really lucky in getting my current house, because it was listed as a condo, although it's actually a single-family cape. (The "condo" designation was because it shared a garage wall with the house next door.) The price was actually reasonable, given the ridiculous housing market at the time (circa 2005).

Good luck with your search!

[next_to_normal]

Thanks! It's a little depressing that this is probably the best housing market to buy in, and I still can't afford anything. :(

[elynittria]

I didn't think I could afford anything, either, and I spent a lot of time feeling really depressed while I was house-hunting. However, a little help with the down payment from my father and a 30-year mortgage at a reasonable rate made it possible. When I bought the house, the mortgage payment was only slightly higher than what I had been paying in rent. And it was a huge relief to get away from my jerk of a landlord!

[next_to_normal]

And it was a huge relief to get away from my jerk of a landlord!

Heh, I have the opposite problem, because I LOVE my apartment (if I could buy this place, I would seriously consider it), so I don't have much incentive to move. I keep thinking that if I'm going to move, it should be to someplace BETTER, and if I can't find someplace I love, I might as well just stay here. But my mom's all, "Interest rates! Buyer's market! Equity!"

[deird1]

(What is a condo, anyway?)

*is ignorant*

[next_to_normal]

A condo is basically an apartment that you own. You're still in a single unit in a larger building, but instead of paying rent, you pay condo fees that go toward building maintenance and such. And then you also have a mortgage and pay property taxes, just like if you'd bought a house.

[mcmegan]

Condos always make me think of old people in Florida. But that shouldn't discourage you!

My cousin who just got married is just living in an apartment with her husband for now. He apparently wants to buy a house, but she feels that's too much commitment. We thought that was funny, coming from a girl who just got married.

But yeah, at least 2 friends of mine have recently bought houses, so they won't be throwing rent away and the tax credit and such. But I would not want to be stuck here for years.

My current living situation is renting a room from a married couple who are friends of mine. I'm kind of sick of it since my room is super tiny, and it seems like they don't want anything of mine to be outside my room. I want to move, but moving is a pain, and I have to do a summer internship, so I don't know where I'm going for that.

[next_to_normal]

Hey, I could always get a two-bedroom condo, if you want to rent a room from me! Of course, that'd be kind of a crazy commute to Salisbury...

He apparently wants to buy a house, but she feels that's too much commitment.

LOL! I do kind of understand it, though - even if she doesn't mind getting married, committing to live in one place long enough to make a profit is a bit of a risk. What if you don't like it? Or you lose your job and can't afford the mortgage payments? Or you get a new job that requires you to move?