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Man do I know that feeling well, just bought my house last July. Congratulations (and condolences)!
Thanks! Thankfully I got the home inspection during due diligence. Besides some minor soffit damage not a lot of issues so it’ll be move-in ready.
First year is scary for sure. After 1 year you’ll be comfortable again
Yeah problem is I was living at home with my parents and so I haven’t had to pay rent. It’ll take me some time to get used to knowing I have regular monthly payments. Not only that, but the first several months will be sporadic with the spending due to buying furniture and appliances. So hard to say what my monthly expenses will be like going forward. It will be tight given how high the monthly payment is.
I did look at my previous spending and it was mostly just eating out, activities with friends, and buying some things here and there.
When I bought my house in 2016, all the cash I had left after down payment was $150 bucks
I wasn’t quite that poor afterwards or up by $500K but my townhouse selling for $365K after buying for $250K and owing like $180K was nice.
You can buy a house 😵
I’m grateful to be able to live at home with my parents and save up. And I’m only 25
Congratulations, I'm 24 and it looks like my life is a mess🤣
That will probably be the best money you have ever spent, congrats!
Pro
Thank you!
you now own the door knob. lol
Sending my downpayment check after the sale of my house after 15 years was brutal.
I just added solar. The check wasn't as big, but also feeling a little cash poor.
Pro
Do you pay an electricity utility bill for going solar? How much are the costs? I’m guessing you have high upfront fixed costs for installation but after that your variable monthly costs will be lower compared to the standard electricity bill?
In any case, you must survive. You can either pay rent and squander your money or own your house, which will appreciate in value over time.
Pro
It’s exactly how I’m thinking about it. I’m just anxious about the expenses because it’s going to be very tight for me. I may work a side gig on weekends. Do you have any recommendations?
Just paid cash for my house but equity doesn't keep the lights on!