Home Ownership Is Calling My Name?
One of the thing that I am indeed saving up for is to purchase a place to call my own eventually, as most of us are and most of us did. Just today, the condo unit right across from my rental is doing an open house. Out of curiosity I stepped in to check it out. What I saw is a completely remodeled unit with new carpet, crowned ceiling, granite kitchen-top with extended length *drool*, custom-built cabinets *drool*, and also a renovated bathroom with granite top that matches the kitchen *DROOL*.
Just from looking at all those, I am extremely tempted to jump on the ship. However, my gut feeling tells me this is not the time yet for me, and I AM going to listen because the place is a small 1 bed room condo. Despite great location, I imagine the reselling will be difficult. I could rent it out later but another reason for me saying “not the time yet” is that I will stretch myself out too thin if I do buy now. On a side note, this arises a bit of jealousy inside me toward my similar-aged peers who are receiving help from their family. However, I am already doing my best and am moving along pretty well, so that feeling is quickly subdued :)
Besides stretching my finance too thin by buying now, there is also the market factor that tells me to be patient. First, the mortgage crisis will probably top out in the next or 2 years, so the housing price COULD adjust to my advantage. Second, there is still chance for the Fed to cut rate further after this initial cut, which can affect the mortage loan rate. We will just have to wait and see.
I will just keep chugging along like I do for awhile.