One of my goals is to eventually be able to purchase a house. Many of my nursing colleagues are purchasing homes that are worth $450,000, $500,000 or even more. Sadly, my budget is about half of that or even less, which means the houses I have to choose from are not appealing. Most of them are small, old, or both.
I am just curious how other nurses manage to purchase decent houses? I've been looking through my income, and I just can't find a way to make it possible to incorporate such a house into my budget. I am salary, so there are no opportunities for overtime.
What are other nurses' experience with buying houses? How did you make it work? Did it require switching jobs? Inquiring minds want to know!
I don't see anything wrong with owning a townhouse or condo. Who cares what other people think. It's better to own a place than pay some else's mortgage. My first place was a cute one bedroom condo. In my opinion, plan ahead and don't be close to retirement paying rent.
I am not sure if this part of your post was directed to me but I said house payments should be no more than 28% of you monthly pre-tax income.
With re: to Dave Ramsey the only thing I have against him is the underlying religiosity of his program. I am one of five kids and while my parents were very successful they did not contribute greatly to our post high school educations. Of the 5 we have 2 lawyers, 1 nurse (me) a high school administrator and 1 teacher. We have all been successful and have no student loan debt - but we all worked our tails off while in school. I had a full time job and was a full time night student. My father was always there with sound financial advice and help with emergencies but he told us when we were young that a parent was responsible for providing, food, shelter, clothing, discipline and love for their children. While I am paying for my son's Community College education it has never been his expectation that his father and I do so. (It just that Covid restrictions in CA make it hard to find a job)
I do not feel that parents should give up a well earned retirement to fund education for their children especially since many of those will rack up huge debts anyway, because they have not been taught fiscal responsibilty, only to have those children ship them off to nursing homes as soon as they get sick and sell of their homes for the cash.
Sorry rant over!
Hppy
I am a big believer in having my kids pay for their own college. One can live off little if the need arises. I paid my way and I am student loan free. (Would be debt free but things happen). It's good for them. I am more than willing to help financially occasionally, but that's it.
Still looking at the housing market. Just the other day, someone had mentioned again about owning a townhouse or even a condo versus trying to buy an entire house. While I am sure they had good intentions, I can't help but think: What could be more damaging to one's self-esteem (when it comes to home ownership) than to be a townhouse or condo owner? As I mentioned, many of my nursing colleagues live in very nice homes...so there has to be a way. Has to be something better, I just have to figure out how to get it.
Now is the not the time to buy a house! You don't want to buy a house before you know you are settled with your work and personal life. You want to buy a house close to wear you work to cut the commute out.
Specializes in RETIRED Cath Lab/Cardiology/Radiology.
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I don't see anything wrong with owning a townhouse or condo. Who cares what other people think. It's better to own a place than pay some else's mortgage. My first place was a cute one bedroom condo. In my opinion, plan ahead and don't be close to retirement paying rent.
I think it would depend on your nest egg whether or not you want to be a renter or not. People that have a secure steady income after retirement might want to rent. Germans don't like being in debt and most are renters instead of home owners, but they have a good safety net there and a strong economy. There certainly can be reasons to rent, like mobility, one payment rather than a mortgage, condo association fees and upkeep, etc. Sometimes I think my home is a money pit and miss the days of renting.
However, one thing to consider is that part of your nest egg can be your home. Something I really didn't consider until talking to my financial advisor about my future. He said that if and when I might need an ALF or nursing care selling my home would be a significant help as is part of my long-term after retirement plan.
Certainly whether one has a home vs. a condo or townhome has nothing to do with self-esteem and aren't better than anyone else.
My mom was a nurse exec of many years, lived in a condo due to the benefits that the association offered-it was very exclusive, no one looked down their nose at her abode. She retired, got a boyfriend, moved in with him, sold the condo with a huge bidding war to get into this place. Most condos in her area-and mine, too, truthfully-are very private communities. Me thinks you make many excuses...
Specializes in OR, Nursing Professional Development.
10 hours ago, SilverBells said:
What could be more damaging to one's self-esteem (when it comes to home ownership) than to be a townhouse or condo owner?
I own a townhouse. It is in no way damaging my self-esteem. I'm perfectly happy with the size, wouldn't mind if the HOA disbanded. The main difference between you and I is that I focus on my own, internal happiness while you appear to be focused on appearances. I think you need to realize that appearances can be deceiving.
Specializes in Specializes in L/D, newborn, GYN, LTC, Dialysis.
14 hours ago, SilverBells said:
Still looking at the housing market. Just the other day, someone had mentioned again about owning a townhouse or even a condo versus trying to buy an entire house. While I am sure they had good intentions, I can't help but think: What could be more damaging to one's self-esteem (when it comes to home ownership) than to be a townhouse or condo owner? As I mentioned, many of my nursing colleagues live in very nice homes...so there has to be a way. Has to be something better, I just have to figure out how to get it.
Are you kidding? What an insult to those who own such dwellings. And by the way, townhomes and condos are very nice places in many cases. You are incorrigible. I give up.
Still looking at the housing market. Just the other day, someone had mentioned again about owning a townhouse or even a condo versus trying to buy an entire house. While I am sure they had good intentions, I can't help but think: What could be more damaging to one's self-esteem (when it comes to home ownership) than to be a townhouse or condo owner? As I mentioned, many of my nursing colleagues live in very nice homes...so there has to be a way. Has to be something better, I just have to figure out how to get it.
As iterated before, you do not know your colleagues’ financial status and spending habits, nor do you know their full financial history. Many homeowners start their homeowner journey with buying something within their budget—apartments, condos, and townhouses are common with first time home buyers. If you chose to look on with envy with the woe is me attitude, then that’s your prerogative. If you think that owning anything but a nice house like your colleagues is damaging to your self esteem, then that’s also something you chose for yourself.
Also, what a way to look down on a large group of people.
What could be more damaging to one's self-esteem (when it comes to home ownership) than to be a townhouse or condo owner?
You are sounding like someone looking for a reaction, any reaction, positive or negative. I don't understand why you would say something like this otherwise. Good luck to you.
Specializes in mental health / psychiatic nursing.
15 hours ago, SilverBells said:
Still looking at the housing market. Just the other day, someone had mentioned again about owning a townhouse or even a condo versus trying to buy an entire house. While I am sure they had good intentions, I can't help but think: What could be more damaging to one's self-esteem (when it comes to home ownership) than to be a townhouse or condo owner? As I mentioned, many of my nursing colleagues live in very nice homes...so there has to be a way. Has to be something better, I just have to figure out how to get it.
Not sure why a townhouse or a condo would be "damaging" to one's self-esteem? One of my good friends is an areospace engineer (aka someone who earns 6 figures and has for years) and owns a townhome- it's quite nice and more than enough space for 1 person (he's intermittently had roommates to cover his mortgage cost and when he is bored with living by himself) - and will often host out of town friends because he has space for guests. His plan is to eventually move into something else down the road but will likely retain ownership of the townhome and rent it out since it's in a neighborhood where people are often looking for rentals. He's saving money for a down payment on a dream home, has a good commute to work, AND is looking at potential for rental income down the road... not sure how this is a terrible thing?
Likewise in nursing school my spouse and I rented a condo - many of the other building occupants were doctors. While many could likely afford something else - a lot of them had bought into this building specifically because it was nice/quiet building AND in easy (walk/bike/bus) commute to the hospital.
Maybe try taking a look at some condos and townhomes before you rule them out completely? There are a wide range of price points, styles, and sizes of places with in these sorts of homes and some can be *very* nice.
C.Love, MSN, NP
48 Posts
I don't see anything wrong with owning a townhouse or condo. Who cares what other people think. It's better to own a place than pay some else's mortgage. My first place was a cute one bedroom condo. In my opinion, plan ahead and don't be close to retirement paying rent.