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to get your dream house? As in, if it were out of your price range, but you knew you would never ever want to leave how would you manage? Would you even try?
 

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It doesn't really hurt to try <img alt="" class="inlineimg" src="http://www.mothering.com/discussions/images/smilies/orngbiggrin.gif" style="border:0px solid;" title="orange big grin"><br><br>
You can start talking to mortgage companies and ask them for advice on increasing your borrowing power, no?<br><br>
And talk to the sellers and see how flexible they are--would they be willing to do an owner financed sale instead of conventional mortgage?<br>
Would they be willing to rent to own?<br><br>
Got pics? <img alt="" class="inlineimg" src="http://www.mothering.com/discussions/images/smilies/orngbiggrin.gif" style="border:0px solid;" title="orange big grin"><img alt="" class="inlineimg" src="http://www.mothering.com/discussions/images/smilies/orngbiggrin.gif" style="border:0px solid;" title="orange big grin">
 

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We got our dream house-even though it was under agreement! So I say go for it!!<br><br>
We couldn't negotiate money wise but what we did was<br><br>
1) be super nice to the owners. So many perspective buyers are rude w/o even realizing it. Don't make negative remarks about the house, the lawn, the decor if they are there. Be complimentary and make sure to thank them for letting you see their home.<br><br>
2) be willing to give on some things. For example our house had a huge barn on the property that was in need of MAJOR repairs. We agreed to take the barn in "as is" condition.<br><br>
3) negotiate the results of the home inspection. We agreed not to contest anything under $500. For example an outlet in the kitchen wasn't grounded, the chimney needed to be re-pointed. These were under the $500 so we agreed to repair those things ourselves. Anything over $500 could either be done by reducing the home price or be repaired by the owners.<br><br>
4) work with the agents (if you are using one) to see if you can reduce the amount of commission they are charging. We wanted the home, the owners wanted to sell so each agent kicked in a thousand dollars of their commission to get the deal done.<br><br>
5) be as flexible as you can with the closing date<br><br>
Because we were flexible on so many things the owners opted not to go forward with the current bidders and work with us even though they ended up w/ less money. The current bidders were being very demanding and later on we learned they had really insulted the owners that had put so much into the home. So they refused to meet the demands, the bidders played hardball and then lost the house. They later came back and offered more than the asking price but the owners refused and went with us!
 

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It's really complicated. We would have no issue buying it if we chose (we have a conservator), but the monthly payments are scaring me. We own a business and are not making all our bills right now. Things should look up, but what if they don't? I'd feel irresponsible not thinking about that-ya know?<br><br>
We are VERY flexible with everything. We can't afford to put any money into it right now, but it doesn't need any. I just have concerns about spreading ourselves too thin and not meeting obligations.<br><br>
OTOH, it's a gorgeous and wonderfully safe neighborhood, and this is the first house we've seen where we can say that. Others have been nice houses in okay or nice neighborhoods-this is an amazing house in a fantastic neighborhood. We just never imagined we could even begin to think about living in a place like that. TO give you an idea, the mortgage (with taxes and insurace) would be about $150 more than we are paying now to rent...but our rent goes up $100 in two months. So really it's a $50 a month difference we are talking about. It's really daunting since we are so behind on bills.<br><br>
I love all the wall colors-wouldn't change them. IT was built exactly when I'd want a house to be built (1938-great craftmanship), has 3 large bedrooms, two PERFECT baths that I adore (thirties style black and white tile with cool updates) a great fireplace (a must for us) large formal dining room, great 3 season porch with marble floors, hardwood throughout...it is literally move in ready. Spotless. I have 3 kids 4 and under so that is huge. The basement can be finished very easily too-another bonus.<br><br>
I have pics, but no idea how to link to them!<br><br>
On the one hand I feel like we should take the leap, that if we have faith we'll be able to meet it no problem. On hte other it just feels crazy. Any advice?
 

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We found our dream home, but it was way out of our price range. It would have taken a lot of sacrifice including both of us working two jobs each. It was the house of all of my dreams- an ancient farmhouse with lots of land and privacy! But it wasn't worth the sacrifice my children would have made. I hope it comes available later when the kids are grown.
 

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funny you should post this...i just posted my dream house/land a few minutes ago! i have no idea how i would manage getting that one. way way out of price range...maybe it would be possible to sell/rent out some land since it does have 30 acres. (to other like-minded folks...have our own little community)
 

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We bought our dream house - well our dream yard anyway. Almost 3 acres, 55 foot covered rear porch - facing south with pond view, 3/4 acre fish pond, stream in the back. And only 7 miles to DH's job. I planted 15 fruit trees.<br><br>
The problem with the dream yard. The house is too big (3000+ sq feet, 4 br up, one br in the basement.) When we first moved in, we misplaced things lots. We still do. <img alt="" class="inlineimg" src="/img/vbsmilies/smilies/dizzy.gif" style="border:0px solid;" title="Dizzy">: Our heating costs could be reduced with a full window replacement - but there are 20 + windows, so we just can't do it. There is a lot of environmental guilt here, having 3 people in a 5 br house. The house cleaning time required is pretty huge, with a house this big. And more house = more objects = more clutter. I am now coming to realize that! <img alt="" class="inlineimg" src="/img/vbsmilies/smilies/dizzy.gif" style="border:0px solid;" title="Dizzy">:<br><br>
We have considered a lot subdivision, and building a smaller place with passive solar. That could happen in the future. OR, we could end up relocating. DH's career could move him at any time.<br><br>
The moral: look for a small house with a big yard, or vice versa.
 

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Ooh! I say do it do it do it! If you don't you will really regret it - and really $50 more a month is so little money! (And I speak from living broke. Like, the whole family of 4 living below poverty, can't pay our bills on time, B R O K E.) But $50 is so easy to make, I know you could do it. Donate plasma twice and you've made <i>more</i> than that (if the going rate for plasma is anything like around here, anyway). Seriously, there are always ways to make/save a little extra money! <img alt="" class="inlineimg" src="http://www.mothering.com/discussions/images/smilies/lol.gif" style="border:0px solid;" title="lol"><span style="font-size:300%;"><br><span style="color:#FF0000;"><i><span style="text-decoration:underline;"><b>DO IT!!</b></span></i></span></span><br><br><br>
Serendipity
 

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Well, my dream house is a good $500K more than my current house, so I'm not holding my breath!<img alt="" class="inlineimg" src="http://www.mothering.com/discussions/images/smilies/lol.gif" style="border:0px solid;" title="lol"><br><br>
One thing I will say is that you cannot count on the house not needing repairs, no matter how good it looks. Things go wrong, and you have to be able to fix them.
 

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Personally, I would never stretch myself or my family over a home. There are too many homes out there to choose from and I'd much rather not put financial stress on my family when I can help it.<br><br>
A dream home is not a dream home if you end up losing it because you can't afford it. It becomes a nightmare then.<br><br>
Truly, my dream home is the one I can pay cash for. We are working our way up to our dream home. The one we live in we got a great deal on, affordable payments, and when we sell it we should walk away with cash equivilent (sp?) to the original price we paid for it. Our next house we get we are looking for another deal and hope to turn it around in a few years, walk away with more cash and keep on doing the same until we have enough to buy "the" dream home without having to do any financing.
 

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go for it.<br>
we are just doing this.we are in attorney review as i write<img alt="" class="inlineimg" src="/img/vbsmilies/smilies/dizzy.gif" style="border:0px solid;" title="Dizzy">:<br>
i really love this house,we were the first to see it,we offered full price(in this market<img alt="" class="inlineimg" src="/img/vbsmilies/smilies/dizzy.gif" style="border:0px solid;" title="Dizzy">: and this was our absolute max we had) by noon it had two other bids over asking and since them it has had three more.<br>
first i went over there before showing started,bumped into the son of the owner,i was very polite,next we took all the kids to view itand the son was there again so they saw that we were a family looking for a home not a flip house.(this house does need updates but i'm okay living witha 50's kitchen and bath until we can afford it) anyway they wanted to go with us but one of the offers was over 25k over asking and they needed to money as the parents were going into assisted living and this was going to pay for it.so we said we couldn't match it but we scrounged up an extra 15 and they went with us.<br>
it's going to be t-i-g-h-t for few years but updated this house will be worthso so much more and i think that is why it got such crazy offers in this market<br>
i think it helped enormously that we met the owners son and they saw our family and that we are flexible with everything.<br>
attorney review ends on monday night so please keep your fingers crossed that someone doesn't come in with a super crazy offer that they just can't refuse<img alt="" class="inlineimg" src="/img/vbsmilies/smilies/praying.gif" style="border:0px solid;" title="praying">:<br><br>
so go for it,somehow you'll make it work
 

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I'm not going to say either way, but I did want to mention that there are more costs associated with owning over renting, besides just what you pay extra in the mortgage. You will need to get homeowners insurance (which is about $40/month for us), and any utilities, etc, that are covered in your rental you'll need to take those into account as well. Not trying to be discouraging, but just wanted you to have all the numbers to play with. <img alt="" class="inlineimg" src="http://www.mothering.com/discussions/images/smilies/smile.gif" style="border:0px solid;" title="smile">
 

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I was going to say that if it is only $50 more than rent, go for it! But LittleOne03 has a great comment too - you have to add insurance, maintenance, yard upkeep, etc.<br><br>
If you need information or help on getting a loan, please PM me. My dh is a loan officer, and he will help educate people or get them the information they need, even if they aren't going to be able to do the loan through him <img alt="" class="inlineimg" src="http://www.mothering.com/discussions/images/smilies/thumb.gif" style="border:0px solid;" title="thumbs up">
 

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Discussion Starter #14
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<div>Originally Posted by <strong>LittleOne03</strong> <a href="/community/forum/post/7906194"><img alt="View Post" class="inlineimg" src="/community/img/forum/go_quote.gif" style="border:0px solid;"></a></div>
<div style="font-style:italic;">I'm not going to say either way, but I did want to mention that there are more costs associated with owning over renting, besides just what you pay extra in the mortgage. You will need to get homeowners insurance (which is about $40/month for us), and any utilities, etc, that are covered in your rental you'll need to take those into account as well. Not trying to be discouraging, but just wanted you to have all the numbers to play with. <img alt="" class="inlineimg" src="http://www.mothering.com/discussions/images/smilies/smile.gif" style="border:0px solid;" title="smile"></div>
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I already added those in. We are paying $1100 to rent plus utilities which happened to be around $650 monthly this winter due to inefficient windows and the heating not working quite right. It goes to $1200 in June. THe mortgage on this place would be in the $950 range, plus $150 in taxes plus $50 insurance. It comes with a one year warranty, so anything busts and it costs us a flat $55 to have it replaced or fixed.
 

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Discussion Starter #15
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<div>Originally Posted by <strong>klg47</strong> <a href="/community/forum/post/7906495"><img alt="View Post" class="inlineimg" src="/community/img/forum/go_quote.gif" style="border:0px solid;"></a></div>
<div style="font-style:italic;">I was going to say that if it is only $50 more than rent, go for it! But LittleOne03 has a great comment too - you have to add insurance, maintenance, yard upkeep, etc.<br><br>
If you need information or help on getting a loan, please PM me. My dh is a loan officer, and he will help educate people or get them the information they need, even if they aren't going to be able to do the loan through him <img alt="" class="inlineimg" src="http://www.mothering.com/discussions/images/smilies/thumb.gif" style="border:0px solid;" title="thumbs up"></div>
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THanks, I just might!
 

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Discussion Starter #16
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<div>Originally Posted by <strong>minimunklemama</strong> <a href="/community/forum/post/7906046"><img alt="View Post" class="inlineimg" src="/community/img/forum/go_quote.gif" style="border:0px solid;"></a></div>
<div style="font-style:italic;">go for it.<br>
we are just doing this.we are in attorney review as i write<img alt="" class="inlineimg" src="/img/vbsmilies/smilies/dizzy.gif" style="border:0px solid;" title="Dizzy">:<br>
i really love this house,we were the first to see it,we offered full price(in this market<img alt="" class="inlineimg" src="/img/vbsmilies/smilies/dizzy.gif" style="border:0px solid;" title="Dizzy">: and this was our absolute max we had) by noon it had two other bids over asking and since them it has had three more.<br>
first i went over there before showing started,bumped into the son of the owner,i was very polite,next we took all the kids to view itand the son was there again so they saw that we were a family looking for a home not a flip house.(this house does need updates but i'm okay living witha 50's kitchen and bath until we can afford it) anyway they wanted to go with us but one of the offers was over 25k over asking and they needed to money as the parents were going into assisted living and this was going to pay for it.so we said we couldn't match it but we scrounged up an extra 15 and they went with us.<br>
it's going to be t-i-g-h-t for few years but updated this house will be worthso so much more and i think that is why it got such crazy offers in this market<br>
i think it helped enormously that we met the owners son and they saw our family and that we are flexible with everything.<br>
attorney review ends on monday night so please keep your fingers crossed that someone doesn't come in with a super crazy offer that they just can't refuse<img alt="" class="inlineimg" src="/img/vbsmilies/smilies/praying.gif" style="border:0px solid;" title="praying">:<br><br>
so go for it,somehow you'll make it work</div>
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Good luck for you!
 

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Discussion Starter #17
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<div>Originally Posted by <strong>EFmom</strong> <a href="/community/forum/post/7905798"><img alt="View Post" class="inlineimg" src="/community/img/forum/go_quote.gif" style="border:0px solid;"></a></div>
<div style="font-style:italic;">Well, my dream house is a good $500K more than my current house, so I'm not holding my breath!<img alt="" class="inlineimg" src="http://www.mothering.com/discussions/images/smilies/lol.gif" style="border:0px solid;" title="lol"><br><br>
One thing I will say is that you cannot count on the house not needing repairs, no matter how good it looks. Things go wrong, and you have to be able to fix them.</div>
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This is why I love the warranty. I think I've looked at it from all angles. The rentals around here are really the same cost, it is just a bigger responsibility to own, you know? I get nervous spending money when grocery shopping....this is huge!
 

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<div>Originally Posted by <strong>firefaery</strong> <a href="/community/forum/post/7903767"><img alt="View Post" class="inlineimg" src="/community/img/forum/go_quote.gif" style="border:0px solid;"></a></div>
<div style="font-style:italic;">to get your dream house? As in, if it were out of your price range, but you knew you would never ever want to leave how would you manage? Would you even try?</div>
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I wouldn't do it. Being house poor really stinks and it just isn't worth it.
 

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Read that warranty -- all of the fine print. We were thinking of purchasing one on our home because our AC is very, very old.<br><br>
My sister is a real estate agent and recommended a couple of good companies. When I got the info and read the warranties both of them had a clause in there that said basically that they could decide not to cover something and if they chose not to cover it they would refund all of our payments. So, if I'm paying them $250 for the 1 year warranty and my AC quits and will cost $7,000 to replace they can simply send me back my $250 and be done with it.<br><br>
Just be cautious.
 

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Discussion Starter #20
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<div class="smallfont" style="margin-bottom:2px;">Quote:</div>
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<div>Originally Posted by <strong>Cheshire</strong> <a href="/community/forum/post/7907568"><img alt="View Post" class="inlineimg" src="/community/img/forum/go_quote.gif" style="border:0px solid;"></a></div>
<div style="font-style:italic;">Read that warranty -- all of the fine print. We were thinking of purchasing one on our home because our AC is very, very old.<br><br>
My sister is a real estate agent and recommended a couple of good companies. When I got the info and read the warranties both of them had a clause in there that said basically that they could decide not to cover something and if they chose not to cover it they would refund all of our payments. So, if I'm paying them $250 for the 1 year warranty and my AC quits and will cost $7,000 to replace they can simply send me back my $250 and be done with it.<br><br>
Just be cautious.</div>
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GREAT to know. I will read it, however I'm not paying for it, the seller is so that takes a bit of the sting out, right?
 
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