Mi casa es su casa
Buying a home. Thats what the wif and I have been looking into all over the Portland area, though primarily in the west side. In Santa Monica, we paid from about 800-1000 a month depending on the year, for rent. Up here, its 640. Nice savings there, plus a decent amount savings on car insurance too. We also both got raises when moving up here..so you'd think we would be saving a bundle. But it hasnt worked out that way yet...
So we have been looking at homes. But..putting down about 10% on a 270k home..when it is all said and done..comes to about 1700 a month or so in fees. Now, I havent any idea as of yet how much we can write off, and will be getting back from Uncle Sam. And we havent even made any bids, nor have we met any mortgage brokers..etc. We have only spoken with a couple on the phone. But somehow..I see us going broke and losing our house in about 18 months or so, if we do this. I suppose we will have a better idea if when we put pen to paper..but its very daunting...and this is on a $270,000 home..let alone something thats 400k or 500k etc.
So this house..when we do get it..will be owned by some broker and bank..and itll only take 30 years to own. Only. And then you end up paying some ridiculuous amount in interest. Somewhere around 200k in interest. Yes, 200k. CRAZY. This whole house thing..seems like some crazy rip-off. Why cant homes be 100k like back in the late 70s?
New career paths to choose:
I am too old to pitch for the Dodgers, and I got no game..so the Lakers are out too.
I cannot golf well.
No money in ski racing.
My tennis game is lacking.
I cannot play any instruments to be a rock star, and I cannot sing.
Not too many super wealthy artists.
I have no idea if I can be an actor. Some have said yes, some laugh.
Guess Ill be what I am now..a poor, friendly, semi-intelligent, semi-talented bloke who will struggle to buy a house from a lender.
Never have the words "mi casa es su casa" meant so much to me.
3 Comments:
look into a house in the 160-190k range. There's A LOT at that price on the Westside. You can have a house payment of $900-1200 and will probably be able to build up 10-15k of equity in 3 years...which you can use on a downpayment for a 270k house and get the mortgage payments back down to a grand a month.
Or you could keep whining...and see where that gets ya?
Hi Josh. Thanks for your comment on my blog. Funny stuff.
I think mortgages are horrendous. They actually are French for "death pledge". I'm sure most people never pay off their mortgage. They pay until they die.
I don't get it, when people say they buy a house...they don't really. The bank or broker buys the house and you pay them for the pleasure of living in it and paying the taxes and paying for the upkeep.
My goal is to build my house with as little money and need for a loan as possible. Getting the money together is the hard part.
I can so relate. I moved here from San Diego a year ago & got a raise too. Don't worry about the 30 year thing. Nobody lives in their house for 30 years anymore. You just live there until you've made enough money on it & sell it for profit. Then you buy something bigger. Welcome to the lovely game of real estate! Trust me, it's totally scary at first. But once you've been through the process it's really worth it.
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