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So,why do people say owning a home builds wealth?
That renting is a waste of money? 1500 x 120 months= $180,000 that's a lot of money to never see again!.
Why do people tell me I'm giving the goverment more money by not owning a home?
LOL.
What people are those?
People who want to sell you houses?
With your income you should be able to afford buying a home, but you say your current expenses are inflexible.
And you break just about all of Suze's rules as far as I can tell. (Haven't watched in a while, but assuming the mantra is still the same. She abhored car leases.) You can't pick and choose which are convenient for you. Call into her show. Give it a try.
As your neighbor living in NYC, with some of the most expensive insurance rates in the country, I think your insurance is quite high. And I'm pretty sure we're no-fault here as well.
They will want to see your entire financial picture. My husband and I have credit scores of 800, had enough money to put down more than 50% of the purchase price (we only put down 30%) and have no credit card debt whatsoever and we still had to produce mounds of paperwork in order to be deemed "worthy" enough for a mortgage. It was a PITA and they scrutinized every minor thing even if it was only $8.
You need to save up some more money again. You need an emergency fund. Your car payment is incredibly high and your food budget could be knocked down another couple of hundred bucks. What are you going to do when you get hit with that tax bill that Jersey is so famous for when it comes to owning your own home?
I would be terrified to try to purchase a house with no money around in case something happens.
0% down, no reserves, looking at low-end housing, etc. is not a great way to build wealth. The downsides greatly outweigh any potential upside.
Yeah, but you have to factor in all the costs of owning a home. Unless your rent is substantially more than your future interest payments, property tax, HO insurance, maintenance/upkeep, and depreciation on major components, then the risk is too high.
Deductions are only a percentage (say, 25%) of what you're paying out. So if you spent $4,000 in interest and $2,000 in property tax (just making #'s up), you get back $1,500 on your taxes. But guess what - you still just spent $6,000 that you'll never see again! So you "lost" $4,500 on that deal.
Furthermore, the standard deduction is around $6,000 for filing single. So you haven't actually seen any benefit yet compared to currently. You'd only see an improvement on your interest and property tax that goes over 6K.
Also, instead of paying for two cars just in case one breaks - would it be more cost effective to just use a rental car on those days? How many days a year is your primary car out of commission? Having a backup car w/ insanely high insurance just seems odd.
Not one person I know in Nj pays HOH fees.
Property taxes on the home I'm looking at is 4800 per year.
If I stay in Newark,average property tax is $7500.
As far as the food bill,actual food bill is 600. 200 is on toiletries and detergent.
I can't cut anymore,I'm already shopping at Aldi's. Can't get cheaper than that.
As far as rental cars,I don't have the time to look for them. I am already working 65 + hrs a week.
They seem to never have any around here anyway.
Rental cars price. $40 per day.
Plus,I already said I don't trust mechanics. I got my breaks fixed last week,yet my car is overheating?
That's why I don't like going to mechanics. Bring the car in for something,something else breaks. My car was out 3 days so far this year.
My car starting overheating at 9:10pm. Where was I supposed to find a rental car at the time?
So I'm working,yet I know people who get food stamps who were able to buy homes.
They can afford it,because they still are in their homes.
So if they can,why can't I?
Anyone see how silly this is?
Now,I'm not saying I'm entitled to a house,I'm just saying,this isn't what I dreamed of when I was a little girl growing up poor.
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