Should I or shouldn't I? (loan, house, utilities)

[Nightowls]

Sooo...I have an accepted offer for a house and have a loan lined up for it but subtracting mortgage, car cost, food, pet supplies would leave me with 300 for utilities (electric for a small house, water, internet) and anything else for the month. I'm bouncing between "idiotic to even think of it" and "first years would be rough but I should be able to make it".... X_X

[hotkarl]

Do it.
I did. And got by.

[markjames68]

You can always eat Ramen noodles but if your house appreciates you’ll be better off in the long run.

Learn to do any fixes yourself...the only risk is if something big breaks and you don’t have any reserves to address it.

[hotkarl]

One of the reasons I got by. I was very handy and could fix pretty much everything myself.
And if I couldn't, I learned how to and did it. Very rewarding feeling. Pride.
Of course I made some mistakes and sometimes things really sucked but it was worth it in the end.

[zulu400]

Do you have a reserve that you are starting off with ?

I mean after closing and everything if you have say $20k in the bank and then you are dealing with $300 leftovers / month, it might be doable. But if you do not have any reserve, its too risky imo.

Note: There will always be 1-2 things you forgot to account for. So the $300 is actually $100.... not being pessimist, but practical, you are cutting it too close.

[Spanky25]

You can ALWAYS work for extra $$$$
May not be your dream job, but you can always make extra $

[monstermagnet]

Pretty tight. If taxes go up, your escrow goes up and there goes a chunk of that $300. If you need pet supplies, where do you budget for a vet visit if needed? Just saying. $300 evaporates like a fart in a breeze around here.

[85dumbo]

If you do, don't come here whining how expensive it is to live here.

[rocafeller05]

As someone asked what will be in your savings account once you close?

[TomMoser]

No way. You obviously cannot afford it and, frankly, with those kinds of numbers I'm surprised you got approved for the mortgage.