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!
When it's the right time & place, you will ABSOLUTELY know it!! Like the heavens will open up and the sun will blindingly gleam thru as a chorus of angels start to sing 'halleluiah'!!
Seriously, when you find a place you really like and have no doubts, you'll will know it and jump on it. That was my experience and I'm still in my condo 30 yrs later. I smile each time I put my key in the door to say 'I really like my place'!
Just bide your time - it will happen.
Thanks. I figured that since I had a few hesitations, it was probably for a reason and best that I didn't pursue it. I'm actually fine that someone else picked it, really. I've seen a few other places that are also affordable that I like, so I'm feeling more optimistic that I'll find something eventually.
Believe me, you missed a bullet. Horizontal cracks always mean foundation issues......
I think the cracks were actually vertical, which from what I've read aren't quite as serious, but there seems to be mixed information regarding if/how these cracks should be fixed so I still feel it's just as well
My quest for finding a house within my budget that I actually like continues to be unsuccessful. Hard when you have family and friends who are building new houses or adding large swimming pools to their yards, etc. There is no way to keep up with them. Whether I work 8 or 20 hours, I will not be successful
My quest for finding a house within my budget that I actually like continues to be unsuccessful. Hard when you have family and friends who are building new houses or adding large swimming pools to their yards, etc. There is no way to keep up with them. Whether I work 8 or 20 hours, I will not be successful
It's not good to compare yourself to others. It is not a competition. You don't know their finances, wages, debt etc. But if you were working an hourly job at least if you were working 16 plus hour shifts you'd be getting paid and OT at that and then you'd be able to build up your savings to get your dream home. A lot of places are giving out bonuses on top of the hourly wage. A person could really make a mint if motivated for OT at the right place.
Specializes in Community Health, Med/Surg, ICU Stepdown.
I met an older man who has done quite well in the real estate market (owns 6 properties here in the Bay Area). I told him I was impressed, and he said "My properties are nice but not as fun as my grandkids. And, you can't take money and houses to the cemetery when it's your time!" That helped me care less about every being able to buy a house here. We need to enjoy the people in our lives, enjoy nature, and don't work too much!
My quest for finding a house within my budget that I actually like continues to be unsuccessful. Hard when you have family and friends who are building new houses or adding large swimming pools to their yards, etc. There is no way to keep up with them. Whether I work 8 or 20 hours, I will not be successful
If your housing market is anything like the rest of the country, now is NOT the time to buy. You will overpay. There is a high demand and low inventory. Hunker down and wait, save your money. I own homes in three different states and the market is crazy in all of them.
Just a couple of hours ago, I received another unsolicited offer on my phone. I can ignore the mailings, as many as three in one day, but the intrusions on my phone number cause mental anguish. Previous experience tells me that anyone who brings their "offers" to me, is just another parasite trying to make bank on my stupidity. The market is crazy everywhere, but I don't have leeway to keep making the same mistakes when it comes to keeping a roof over my head. Don't be in a hurry to sign on the dotted line.
Just found out one of my nursing colleagues who has a house worth nearly $600,000 is now selling it. Maybe I'm wrong, but wondering if they were in over their head when they bought the house.
Just found out one of my nursing colleagues who has a house worth nearly $600,000 is now selling it. Maybe I'm wrong, but wondering if they were in over their head when they bought the house.
Who knows, but it is easy to get in over your head if you are not knowledgeable about personal finance. I watched several coworkers get conned into subprime adjustable rate mortgages when we were at record lows at that time and then struggle to keep up with the rising interest rates. One person eventually succeeded in getting a mortgage modification thru President Obama's HARP program but the lender didn't make it easy. Another coworker was saved by a family member working at a bank that was able to get her into a decent fixed rate community home loan. I saw another coworker swindled thru her retirement savings trying to keep up with a 20% Deutsche Bank mortgage, when fixed rates were around 5%. She lost her home and all her money. It was very sad. I heard about it after the fact so I couldn't offer any advice.
Be cautious, skeptical of mortgage brokers promising you the moon. They are known to get special hidden kickbacks, YSP yield spread premium, to promote certain lenders that will actually cost you a higher interest rate and or add junk add on fees at the end to increase their profit. Stick with a local credit union and you should get a fair, decent mortgage. Many credit unions and banks have free first time home buyer classes and guidance with lower fees. Credit unions will have stricter lending criteria but that will keep you from overbuying. Plus there are a lot of books out there to help guide first time home buyers thru the process. Here are a few from Amazon. Remember to buy via smile.amazon.com then you can select a charity to get a percentage of the proceeds every time you buy.
Nolo's Essential Guide to Buying Your First Home by Ilona Bray J.D.
Home Buying Kit For Dummies by Eric Tyson
100 Questions Every First-Time Home Buyer Should Ask, Fourth Edition: With Answers from Top Brokers from Around the Country by Ilyce R. Glink
So ironically while interest rates are less than 3% historical lows, there is a shortage of homes for sale so people are in frenzied bidding wars, sometimes paying tens of thousands over asking price. You don't way to overbuy as it appears we are in a housing bubble and then if and when it implodes you will find yourself underwater on a mortgage that is more than your house is worth. This is what happened in the 2008 recession, but it was fueled by subprime adjustable rate mortgages and people couldn't afford the rising rates and then their loans were more than their houses were worth. "Almost 9 million people lost their jobs and almost 10 million people lost their homes during the 2008 economic crisis" per an article from the LA Times https://www.latimes.com/business/la-fi-financial-crisis-experiences-20180915-htmlstory.html
But you can still prepare about the home buying process so you will be ready when the time is right.
Specializes in Specializes in L/D, newborn, GYN, LTC, Dialysis.
20 hours ago, SilverBells said:
Just found out one of my nursing colleagues who has a house worth nearly $600,000 is now selling it. Maybe I'm wrong, but wondering if they were in over their head when they bought the house.
Maybe but it's not our business. STOP comparing yourself to others, please.
SilverBells, BSN
1,108 Posts
Thanks. I figured that since I had a few hesitations, it was probably for a reason and best that I didn't pursue it. I'm actually fine that someone else picked it, really. I've seen a few other places that are also affordable that I like, so I'm feeling more optimistic that I'll find something eventually.