I think my “Buying a home with debt?” post hit a nerve with a lot of people, but through the comments I got a lot of different perspectives and it’s honestly made me reevaluate my own stance on buying a home.
At any point, when it’s cheaper to own than to rent, then for sure I think owning a home should be a number one priority. Unfortunately, that wouldn’t be the case for us. Factoring in property taxes and a mortgage plus the increase in cost for utilities, I know we can expect to pay about 30-40% more than we do now for rent. That’s not taking into account actually having a savings account in case anything in the house breaks down, which we would be responsible for.
I was absolutely shocked that these couples could afford their home and take the risk of purchasing when they still had what is, in my opinion, a huge debt load. But I also agree that you can’t put your life in hold to pay off student loan debt. Dave Ramsey, I am not!
In the end, I have no idea what these couples’ financials really are. Personally, I like to believe that everyone except Eric and I has really big trust funds that they don’t tell us about and that’s the only reason why everyone else always seems to be doing better than us…but you know, whatever helps you sleep at night ; )
What the blog comments did help me see–and this is what is so great about having a blog–is perhaps changing my perspective a bit on the whole home buying situation. Since we do plan to be home owners one day, perhaps it is not as important to pay down every last penny of my student debt as it is to in fact save for a down payment and take advantage of the low financing rates.
I did say that I wasn’t sure if we would be completely out of debt before we bought a home and maybe my obsession with financial security would hold us back in this case.
All I know for sure is that we can definitely not buy a home before Eric gets his full-time firefighter job. That is the only requirement we really need because two stable incomes is practically a necessity in our situation. After he gets hired, we can reevaluate our five-year buying a home plan.
I still always feel like there is never enough money to go around. Why can’t I just have my debt paid off and have a fatty down payment too and be able to travel and go on vacation when I want? Is that just too much to ask for?
Do you ever feel like there just isn’t enough money to go around? Just me?