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!
Home values have soared to incredible heights; it's not likely your coworker paid that much. Here is an example. Take my house in Virginia, purchased in 2006 for $259,000. (Note the year, you'll see where this is going, ouch.) In 2008, the bubble burst. I received a letter in the mail to notify me that my home equity line of credit was closed. (Fine, I had used it to replace the roof, but it was paid off.) Suddenly the $60K that I put down on my house was GONE. Just gone. The house was worth mayyyyyybe $139K, and that was generous. OMG. So what did I do? I joined the Army and moved to Georgia, and that house has been rented continuously since 2011. And I just kept on paying the mortgage. At some point around 2014, I was probably even-steven. In 2016 I think I was finally right-side-up on the mortgage. I thought about selling at that point, but nah. I would have walked away with nothing, and I was bitter over losing that $60K that I put down on the house. So I hung on. COVID happened, the housing market surged, and suddenly this house is worth $280K+. Holy moly, what? So, yeah. The market is crazy.
Specializes in Nurse Leader specializing in Labor & Delivery.
14 hours ago, Pixie.RN said:
Home values have soared to incredible heights; it's not likely your coworker paid that much. Here is an example. Take my house in Virginia, purchased in 2006 for $259,000. (Note the year, you'll see where this is going, ouch.) In 2008, the bubble burst. I received a letter in the mail to notify me that my home equity line of credit was closed. (Fine, I had used it to replace the roof, but it was paid off.) Suddenly the $60K that I put down on my house was GONE. Just gone. The house was worth mayyyyyybe $139K, and that was generous.
In 2007 in AZ my XH and I bought a house for $300k. Two years later it was worth $125k. We said "screw this" and let the bank take it back. Our credit took a hit temporarily. It was the best financial decision I ever made in my life.
Give me a Craftsman built in 1910 with original woodwork, built in buffets and bookshelves, and stained glass windows any day!
I like your style!! My dream home is a century home on a farm...I love the old homes for their character and history. And I like not seeing my neighbors. ?
OP - It's all about priorities. As nurses, we do prioritization all day, right? The patient with difficulty breathing is more of a priority right now than the turkey sandwich request down the hall. Same with houses.
Example: We knew what we could afford (were approved for far more). We didn't want to live worried about making our bills; that was a priority for us. Also priorities were location near family and more land. That dictated our choice. I'll be honest: our house wasn't my first, second, or even third choice. I still don't like quite a few things about it. But I love the location and land. And those were the priorities to us. Regardless of what you make, you'll have to decide what's important to you, what you're willing to sacrifice, and how long you're willing to wait for it. Are you willing to buy and live somewhere cheap, build equity, then sell and get your dream home? Are you willing to drive longer to buy in a slightly cheaper area so you can get the house you want? Are you willing to live really cheaply and save like crazy for a massive down payment that will get you that house you want?
Do you want to leave the salaried position and do hourly? I'll be honest: I was salary in another career, and I put in far more hours then than I do now that I punch a clock. When I calculated how much I made per hour, it angered me, to be honest! So I left.
You have options, and most places are begging for nurses right now. Perhaps you need to look at this from a different angle, you know? Only you can decide, and all the best to you, whatever you choose.
Home values have soared to incredible heights; it's not likely your coworker paid that much.
^^Also this. It is not the market to buy in right now unless you really, really have to. And that's if you even can get a house...in many areas, houses are getting multiple offers (9, 10, 12+) in 24 hours of listing, and bidding wars are happening.
Like Pixie, Klone, and others said, this won't last. It's very reminiscent of 2008.
Our house jumped $40K to $70K (depending on which estimate you use) in the last 6 months. That's insane.
Specializes in Psych, Addictions, SOL (Student of Life).
6 hours ago, Raven Sierra said:
I like your style!! My dream home is a century home on a farm...I love the old homes for their character and history. And I like not seeing my neighbors. ?
OP - It's all about priorities. As nurses, we do prioritization all day, right? The patient with difficulty breathing is more of a priority right now than the turkey sandwich request down the hall. Same with houses.
Example: We knew what we could afford (were approved for far more). We didn't want to live worried about making our bills; that was a priority for us. Also priorities were location near family and more land. That dictated our choice. I'll be honest: our house wasn't my first, second, or even third choice. I still don't like quite a few things about it. But I love the location and land. And those were the priorities to us. Regardless of what you make, you'll have to decide what's important to you, what you're willing to sacrifice, and how long you're willing to wait for it. Are you willing to buy and live somewhere cheap, build equity, then sell and get your dream home? Are you willing to drive longer to buy in a slightly cheaper area so you can get the house you want? Are you willing to live really cheaply and save like crazy for a massive down payment that will get you that house you want?
Do you want to leave the salaried position and do hourly? I'll be honest: I was salary in another career, and I put in far more hours then than I do now that I punch a clock. When I calculated how much I made per hour, it angered me, to be honest! So I left.
You have options, and most places are begging for nurses right now. Perhaps you need to look at this from a different angle, you know? Only you can decide, and all the best to you, whatever you choose.
A broker in WI sent me a flyer on Five Bridges Farm. 80 acres complete horse facility. Buy in and you can build a small house and help me raise Yaks and Scottish highland cattle as well as Gypsy Vanner horses.
I'm not sure whether I should congratulate you or say I'm sorry. Old houses are great except when they aren't.
As long as a house is structurally sound with a good, non leaking roof and no water damage, everything else is easy to fix or replace by any reasonable DIY person. HVAC is a breeze these days, electrics can easily be learnt by anyone and then pay a licensed electrician to do the panel and tie in. Plumbing is totally easy for anyone. Windows, doors,kitchens, bathrooms, tiles, trim all easy, Except for siding, floors and roofing which should be done by professionals.
As long as a house is structurally sound with a good, non leaking roof and no water damage, everything else is easy to fix or replace by any reasonable DIY person. HVAC is a breeze these days, electrics can easily be learnt by anyone and then pay a licensed electrician to do the panel and tie in. Plumbing is totally easy for anyone. Windows, doors,kitchens, bathrooms, tiles, trim all easy, Except for siding, floors and roofing which should be done by professionals.
Considering this is my third old house I have restored I can categorically state that it isn't as easy as you make it sound and I am more than a reasonable DIY person.
Lunah, MSN, RN
14 Articles; 13,773 Posts
Home values have soared to incredible heights; it's not likely your coworker paid that much. Here is an example. Take my house in Virginia, purchased in 2006 for $259,000. (Note the year, you'll see where this is going, ouch.) In 2008, the bubble burst. I received a letter in the mail to notify me that my home equity line of credit was closed. (Fine, I had used it to replace the roof, but it was paid off.) Suddenly the $60K that I put down on my house was GONE. Just gone. The house was worth mayyyyyybe $139K, and that was generous. OMG. So what did I do? I joined the Army and moved to Georgia, and that house has been rented continuously since 2011. And I just kept on paying the mortgage. At some point around 2014, I was probably even-steven. In 2016 I think I was finally right-side-up on the mortgage. I thought about selling at that point, but nah. I would have walked away with nothing, and I was bitter over losing that $60K that I put down on the house. So I hung on. COVID happened, the housing market surged, and suddenly this house is worth $280K+. Holy moly, what? So, yeah. The market is crazy.
Take care, be well.