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taxman
01-04-2005, 06:15 AM
I wanted to know if any of you guys and gals felt like you were not going to make it when you took on this kind of responsibility???? I found myself awake last nite worrying if i bit off more than I can chew. I just wanted to know if anyone else felt like this...Thanks just freaking out in my new house!!!!!!!!!!

BarryMac
01-04-2005, 06:19 AM
Yeap, I remeber that feeling, been in our house 10 years this March, that feeling will subside after the first payemnet or two, then you wont be able to wait to have your first party in YOUR house. Congratulations and Enjoy...
gjb

Bad2DBone
01-04-2005, 06:25 AM
I fell like that right now. :frown: We also moved into a new house in October but they wouldn't let us make any changes if we went on a contingency. So needless to say our other house has yet to sell and we now have 2 house payments. We thought we might for a while and knew we could make it but now it is starting to get frustrating. We did get a full price offer on our old house so that's nice but we will still need to go till next month if everything goes right.
It is the best investment you can make, it will seem like the payments and all the other bills are to much sometimes but you will learn to make it work.
30 years seems like forever though. :jawdrop: Congrats on your new home. :D

lucky
01-04-2005, 06:31 AM
Just Finished With My First Year - Best Feeling There Is .. My First Year Was A Conservative Year - I Was Tight With What Money I Had - And Had To Learn That I Cant Have Everything Now !! So I Have My Garage Plans And Ideas For The House - All The Meanwhile Making Lots Of New Loan Friends - Whom Bug The Hell Out Of You At Night - Dam Spammers .... Lol

Desert Rat
01-04-2005, 06:38 AM
I was really flipping out on my first house... Signed papers for a house that was right at my limit on Saturday and the wife and I got married on Sunday. Talking about not being able to sleep!!! But it was all good!

Jbb
01-04-2005, 06:47 AM
Everone had that feeling in the beginning...come tax time you will enjoy the write off...!....and watching something actually appreciate in value is nice too

shueman
01-04-2005, 06:57 AM
It is the best investment you can make, it will seem like the payments and all the other bills are too much sometimes but you will learn to make it work.
Our rule has been PAY THE HOUSE FIRST...!!! Next, cut up the Cr Cards; if you don't have the cash to buy it, you don't need it...!! :smile:

callbob4homes
01-04-2005, 07:03 AM
congratulations! best investment you will probably ever make. there is a big difference between home ownership and renting, one of which is the tax advantages and another being pride of ownership. Do talk to someone knowledgeable in the financing part. In particular if yoy have a 30 year or even a 15 year loan. Paying something independent of your normal payment and applying it to your principal only really gets those interest payments down. lots of financial options out there anymore, but you have to be motivated to make it work. I am in real estate not mortgage, but some of the interest only loans are getting real popular especially with the way homes are appreciating right now. good luck and keep those payments current :clover:

Mrs.Racer277
01-04-2005, 07:51 AM
I know the feeling just took on 2 house payments in Dec. Merry Christmas. I still can not sleep some nights. :rollside: :rollside:

Dave C
01-04-2005, 08:59 AM
Don't worry about... Once your in... its really, really hard for them to throw you out! :wink:
Once you get in the groove you will look back and laugh.

OMEGA_BUBBLE_JET
01-04-2005, 09:22 AM
as soon as you can start overpaying. you would be really surprised what an extra $100 a month going straight to principal will do. the sooner the better. it takes discipline but it will pay off later BIG TIME. we have been in our house for 3 years now and it was the best move we ever made. I force myself to overpay that note every month. it isn't easy but after I had the bank run an amoritization(sp) it made sense real quick. congrats on the new house :) new is the only way to for me. we got a 10yr warrantee on the slab 5 yr on heating and cooling 20yr pro-rated on roof, 50 yr on hardi-plank siding and the house is very effecient.
Omega

THOR
01-04-2005, 09:26 AM
What do you mean 'felt' like. I still feel that way. :cool:

MsDrmr
01-04-2005, 09:48 AM
Congrats on the big commitment. It is scary at first, but it is worth it..post some pics for us.

mbrown2
01-04-2005, 09:54 AM
It will get easier...and within a year, you will have money to do all the fun things you used to do...it just forces you to budget more appropriately and compare necessities versus luxuries...good luck.

riverbound
01-04-2005, 10:38 AM
I remember feeling the same way when we bought our house and My mom told me to buy the most house you could afford because you will groe into your payments. At the time I thought she was crazy, but now I understand what she meant. You will get used to the payments and the stress will go away. especially as you watch the value go up and up. Congratulations on your new purchase.

Tow Guy
01-04-2005, 11:06 AM
Congrats On The House Purchase!!!!!
Just Dont Make A Boat Purchase Where The Payment Is Twice The House And You'll Do Fine.....Never Never If At All Possible Refinance And Take Equity Out!!!!!
Good Luck!!

dirty old man
01-04-2005, 12:14 PM
even knowing you bought at the markets highest point, don't panic if you see a little slippage for a year or so. RE will always be a good investment and your equity will grow for years.

Red Eye
01-04-2005, 02:21 PM
Once you get used the pymts and know exactly what you need financially each month you'll be fine. I'm assuming you were renting before and now you're investing. Best decision that any renter can make. Now you're making money instead of throwing it away. Congrats on the new place.

totenhosen
01-04-2005, 02:27 PM
Make sure you adjust your taxable exemptions so that you get some of that money in your paycheck instead of having to wait until next year for a huge tax refund.

Roxysnow
01-04-2005, 02:33 PM
Congrats on the new home! When is the Hot Boat welcoming Party!!!! It's scary buying the 1st home and the 1st year is always the worst and the best! Unexpected problems that cost big, taxes going up (remember supplemental taxes 1st year), new bills, yard work, etc......but it's all worth it to say it's yours! Good Luck!

Rock-A-Bye-Baby
01-04-2005, 02:50 PM
Congrats!!! It will be the best money you ever spent. You can do what you want to whatever your want. You will never lose money on real estate if you hold on long enough.

AZKC
01-04-2005, 02:54 PM
Our rule has been PAY THE HOUSE FIRST...!!! Next, cut up the Cr Cards; if you don't have the cash to buy it, you don't need it...!! :smile:
Wish you'd a told me this sooner :hammerhea :cool: :D

mirvin
01-04-2005, 04:11 PM
Yeah, it's pretty scary the first time around. You'll be very happy soon enough. Congrats!
mirvin :D

ROZ
01-04-2005, 04:32 PM
Kinda funny... I was feeling the same way when we bought our house. My dad told me he felt the same way 40 years ago when they bought their first house. He told me he lay awake hoping he'd made the right decision and wondered how he manage to pay the 180.00 per month mortgage :D
The nerves will give ya diahrea for a couple months, then you'll be regular again :D
Happy Homeownership! :D

Dribble
01-04-2005, 05:46 PM
Closed escrow on my first new house on November 1,1986. Brand new house on a bare 2 acre lot. We had $9.00 in the bank the day after escrow closed. Needless to say, that house was best $116,000.00 I ever spent. You'll be fine.

NashvilleBound
01-04-2005, 05:49 PM
Yeap, I remeber that feeling, been in our house 10 years this March, that feeling will subside after the first payemnet or two, then you wont be able to wait to have your first party in YOUR house. Congratulations and Enjoy...
gjb
you can make payments on a house???

Tinkerer
01-04-2005, 07:41 PM
I understand what you are going through -
I am in the process of buying a new house right now.
The only contingency to the contract was getting written permission to build a 30 X 40 out building on the property.
WELL - I just came from the planning board meeting and it passed.
So now all I have to do is sign on the dotted line.
The house I own now is for sale but not sold yet.
Good thing I have GOOD credit.
OH and I am going up in value by almost 100% when all is done.
SCARED SHITLESS
But as others have said after a few months the worry should pass.

voodoomedman
01-04-2005, 08:27 PM
Only you know your financial situation and if you really bit off more than you can chew. Assuming that you are in a steady job and manage your money ok then you will be fine. It is the best investment you could ever make. We bought our first house in 2001 in preparation for marriage. It was tough at first. We had to fight the bank and jump through hoops to get it. I told them it was my house and I am moving in come June so do whatever it takes to get me in there cuz I will. now 3 and a half years later the payments are easy and we just bought a vacation house at the zoo. Everything will work out just fine. This may sound corny but it works for me. Bring your lunch to work everyday. All my coworkers make fun of me but then they all can't believe how I have two houses a truck and boat and ... and they live in an apartment or with parents. I could give you many tips but basically prioritize your spending sums it all up and you will be just fine.
Congrats on your new place. Don't let it be worrysome. It is exciting and a lifes dream for most people in this world. Count your blessings, Thank God, enjoy it and don't screw it up.

upsman105
01-04-2005, 09:18 PM
You have nothing to wrorry about, a bank would never bury you in debt. :D