Monday, September 26, 2005
Homebuying: the myth vs the reality
I've been thinking a lot over the weekend about my dream of homeownership. (Dream... nightmare... could be the same thing. :P) Although I'll wait to hear what the lender has to say, I think the reality is that I'm not going to be able to afford to do this right now. Currently I live almost paycheck to paycheck. (Like we get paid on Thursday night and there is $58.00 in my checking account at this moment.) When I look at places that I'm interested in, I notice several things... 1 - My mortgage will be more than I currently pay in rent. 2 - I will also have home owners dues. 3 - And I will now have property tax. One co-op that I like the look of was running 158k (and that's relatively cheap). Using a mortgage calculator I found online the payment would run me $909/mo. On top of that they have HOA dues of about 128 (I assume month) and then property tax running about 100/month. We are now almost $400.00 over what I normally pay in rent. Even with the tax break I would get for the write off of interest, I don't think it's enough. And yes I could move outside of the city, except I don't own a car and as much as I like the bus, if I had to rely on it to get me to work every day I may kill someone. So it seems as though this dream will have to be on hold for a little while at least.
Posted by Joanne at 11:33 AM