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KartveliT
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Member since 1/08 8363 total posts
Name:
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would you buy a house if it meant NOT having anything left in the bank?
I spoke to a good friend of mine last night. Her and her DH have been looking for a house for a while, they have a 2year old. Last night she told me they made an offer on a condo/coop in NJ and if they get it it is going to require spending ALL the money they have in the bank. They would get the tax credit this year or next year , but in the meantime she said they'll have maybe 1000-2000 in the bank left..
I was very surprised to hear this. I told her that I would be afraid of not having any money in the bank especially in this economy.
What are your thoughts about this? just curious.
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Posted 2/12/09 9:08 AM  |
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neener1211
:-)
Member since 4/07 22952 total posts
Name:
J
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Re: would you buy a house if it meant NOT having anything left in the bank?
We were going to do that for our house, but decided to do a seller's concession. SOOOO glad we did that, we really needed that extra money in the bank to fix things up and have a cushion.
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| Posted 2/12/09 9:11 AM |
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kristinel
Steinbeck
Member since 5/08 1224 total posts
Name:
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Re: would you buy a house if it meant NOT having anything left in the bank?
I'd advise her to keep saving until they can afford the home while having some money left in the bank. As a home owner you'd be surprised what you'll end up spending on maintenance costs.
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| Posted 2/12/09 9:16 AM |
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1stimemom
Love my boys
Member since 2/08 8766 total posts
Name:
Mrs Dee
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Re: would you buy a house if it meant NOT having anything left in the bank?
NO WAY would I do that in this economy. Not a smart move, IMO.
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| Posted 2/12/09 9:17 AM |
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skew
LIF Adult
Member since 5/05 6794 total posts
Name:
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Re: would you buy a house if it meant NOT having anything left in the bank?
NO WAY. especially not with a child.
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| Posted 2/12/09 9:22 AM |
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KartveliT
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Member since 1/08 8363 total posts
Name:
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Re: would you buy a house if it meant NOT having anything left in the bank?
Posted by 1stimemom
NO WAY would I do that in this economy. Not a smart move, IMO.
That's exactly what I said to her. But like many first time buyers they are relying too much on a tax credit(even if they get it next year) and I think that's a big mistake most people will be making this year. I mean my Dh and I are looking for a house too and we are glad we'll be getting the tax credit and it will help a lot, but we want to have something in the bank other than the credit we'll get.
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| Posted 2/12/09 9:22 AM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: would you buy a house if it meant NOT having anything left in the bank?
We bought and left very little but much more than that. Glad we did. We needed at least a few thousand right off the bat.
It was ok, but I would have liked even more left over.
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| Posted 2/12/09 9:26 AM |
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Kara
Now Zagat Rated!
Member since 3/07 13217 total posts
Name:
They call me "Tater Salad"
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Re: would you buy a house if it meant NOT having anything left in the bank?
No way.
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| Posted 2/12/09 9:39 AM |
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mtnmama
Member since 5/06 4794 total posts
Name:
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Re: would you buy a house if it meant NOT having anything left in the bank?
I couldn't do it. I NEED a safety cushion. I remember when we made our downpayment on the house and our savings was cut in half and I was SO nervous. I couldn't imagine not having ANY savings. But I am a play it safe kind of girl.
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| Posted 2/12/09 10:03 AM |
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carlowlou
loving my babies!
Member since 4/08 4594 total posts
Name:
Jen
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Re: would you buy a house if it meant NOT having anything left in the bank?
I personally would not. Especially in this economy you never know what can happen with jobs etc...Plus even if the house is in perfect condition, you still need money for lots of little things that can really add up.
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| Posted 2/12/09 10:13 AM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: would you buy a house if it meant NOT having anything left in the bank?
Posted by dediko
What are your thoughts about this? just curious.
Foolish.
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| Posted 2/12/09 10:16 AM |
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belladi
LIF Adult
Member since 9/06 1011 total posts
Name:
diana
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Re: would you buy a house if it meant NOT having anything left in the bank?
I wouldnt buy a pair of shoes if I had nothing io the bank.. Its a huge gamble
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| Posted 2/12/09 10:20 AM |
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lullabella
LIF Adult
Member since 5/05 2246 total posts
Name:
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Re: would you buy a house if it meant NOT having anything left in the bank?
Never and especially not in this economy.
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| Posted 2/12/09 10:21 AM |
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sj-girl
Happy Family of 4
Member since 5/08 5654 total posts
Name:
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Re: would you buy a house if it meant NOT having anything left in the bank?
We bought our house a bout 2 years ago, when we left the settlement table we had a little less then $3000.00 in our acct.
We have since then rebuilt our savings
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| Posted 2/12/09 10:26 AM |
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CrankyPants
I'm cranky
Member since 7/06 18178 total posts
Name:
Mama Cranky
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Re: would you buy a house if it meant NOT having anything left in the bank?
I would not do this nor would I recommend it, however I do not think it is that uncommon.
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| Posted 2/12/09 10:29 AM |
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MrsFlatbread
Skinny jeans are in my future
Member since 6/06 10258 total posts
Name:
Baby Momma
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Re: would you buy a house if it meant NOT having anything left in the bank?
never...ever...
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| Posted 2/12/09 10:36 AM |
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Goobster
:)
Member since 5/07 27557 total posts
Name:
:)
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Re: would you buy a house if it meant NOT having anything left in the bank?
Posted by skew
NO WAY. especially not with a child.
ITA
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| Posted 2/12/09 10:41 AM |
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TheLorax
LOVE
Member since 2/06 5581 total posts
Name:
Suzanne / SuzBride
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Re: would you buy a house if it meant NOT having anything left in the bank?
No way. Houses are money traps, something could need to be fixed/replaced at any time. Plus a safety net is always good for other unexpected expenses - medical, car problems, lost job etc.
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| Posted 2/12/09 11:20 AM |
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SuzyQ
Mama to 3!?!?!?
Member since 7/06 8069 total posts
Name:
Susan
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Re: would you buy a house if it meant NOT having anything left in the bank?
Posted by Goobster
Posted by skew
NO WAY. especially not with a child.
ITA
I agree also. I would be a nervous wreck all the time, worried that something major might need repair or that some other major expense might come up, or that DH would lose his job. We have at least 6 months expenses is accessible savings.
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| Posted 2/12/09 11:25 AM |
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Kelly9904
Mommy to 2 amazing little boys
Member since 5/05 9306 total posts
Name:
Kelly
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Re: would you buy a house if it meant NOT having anything left in the bank?
Posted by 1stimemom
NO WAY would I do that in this economy. Not a smart move, IMO.
I totally agree!
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| Posted 2/12/09 12:43 PM |
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SpiceGirl
Dream big
Member since 1/06 2486 total posts
Name:
j
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Re: would you buy a house if it meant NOT having anything left in the bank?
No way. We had a pretty good cushion and it still didn't feel like enough. You'd be surpirsed how fast you go through $$$ in a house. Even houses that at "move in" condition.
Something ALWAYS comes up, so you must be prepared.
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| Posted 2/12/09 12:50 PM |
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Re: would you buy a house if it meant NOT having anything left in the bank?
Never. I would much rather wait 2-3 years and build up more savings rather than worry to the penny if we will be able to live on what we have left after buying a house.
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| Posted 2/12/09 1:20 PM |
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Smileyd17
kids
Member since 5/05 20997 total posts
Name:
Mommy
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Re: would you buy a house if it meant NOT having anything left in the bank?
Nope
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| Posted 2/12/09 1:25 PM |
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dgirl
LIF Adult
Member since 5/07 1079 total posts
Name:
Danielle
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Re: would you buy a house if it meant NOT having anything left in the bank?
Our house was brand new when we moved in and we had made sure that we budgeted for everything we might need, landscaping, housekeeper, elec, propane, etc and we still had unexpected expenses that came up.
I was glad we had a good amount in savings after all was said and done.
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| Posted 2/12/09 1:27 PM |
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KartveliT
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Member since 1/08 8363 total posts
Name:
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Re: would you buy a house if it meant NOT having anything left in the bank?
So I just found out it's a co-op(wasn't sure if it was a condo or coop) they made an offer on and their offer was excepted So I guess they are going go through with it 
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| Posted 2/12/09 1:36 PM |
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