Friday, 12 February 2016

Make The Day, or Push The Day?

During my researching and familiarizing myself with the real estate market, one thing I have been keeping an eye on is the financials. 

As in, what is the estimated mortgage payment and what would the required down payment be? While on one hand the mortgage payments seem a bit tight (for someone who hasn’t paid any rent in two years) they are doable. 

What keeps coming up is that the down payments are more than my target of $10,000.00. That figure was based on buying something for $200,000.00 or less. 

The prices I see out there are around or just over $300,000.00. What that means for little old me is that I will need an extra $5000.00 for that down payment. 

I know what will likely happen is a bit of financial trickery, where the financial institution “Gifts” you the small little bit to top you up to the required 5% down (for properties worth less than $500,000.00).

It would be nice to have that total amount in cash rather than rely on this. Then there is the niggling fact of having no furniture and no cash set aside to buy any. 

This leads to me pondering the wisdom of looking to buy now. Should I press on ahead and hope for the best, thinking that now, or rather August will be the most opportune time to buy? Or should I hold off until I have more cash saved up? 

Say, wait a year and look to buy next spring? That, of course would mean yet another year in this limbo that my life seems to be in. Not to mention that would mean yet another winter freezing my butt off in Wanda. 

With that in mind putting things off doesn’t seem appealing. Even if I were to put things off a few months until I saved up my $15,000.00 would put me until the end of November. 

That, of course would mean waiting until spring to buy anything, as nobody sells houses (unless they have to) in the winter . . . (Cause nobody wants to move in the dead of winter).

I will do what I always do, keep plodding forward and solve the problems one by one over the long course of the endeavor. For now that means keep my savings plan on track. 

I will deal with the details of buying and down payments once August has arrived; one thing at a time, one problem at a time. 

It is wise though, to look ahead and see what challenges and problems are coming your way. Who knows, prices may come down enough so I can get what I want for the price I want . . . it is possible.

I just want a place to call home, a piece of land with a workshop, space, peace and quiet and in time perhaps a greenhouse to grow my own food year round (why not).

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