Staying Put Not Buying A House

by Carolyn O. from Columbus, Ohio

Here's why this reader is staying put and NOT buying a house right now. See if you relate to her experience: Hi Kate, I live in an old house, in a transitional neighborhood. My house needs major work in the kitchen and bathroom and the basement's not looking too good, either.

So, selling in a bad real estate market is a challenge for a house in good shape in a great neighborhood, but probably close to impossible for me. Also, I bought the house cheap and have been slowly working on it.

I have been paying on the mortgage for eight years (I refinanced once), so I have a lot of untouched equity in the house. I think that is a good thing to have in the current climate. Further, when I refinanced last time, my payments became less than $300.

I couldn't rent a place for that cheap. Even if I end up having job problems because of the economy, I believe I can find $300 a month to stay out of foreclosure.

Finally, in spite of all its problems, I love this house. It was built in the 1920's and it has unpainted woodwork and two stained glass windows. It's only five miles from where I work and I can walk to a grocery store and a pharmacy. When I was on jury duty, I walked to the courthouse.

Kate Answers: Staying Put Not Buying A House

Hi Carolyn, Certainly the economy of 2008 has presented challenges for anyone selling and buying a house. Thanks for sharing your solution and great attitude.

I hope you'll come back to my website Get Your Best Mortgage Rate again in the future. Of course, all of my information is free.

So remember to bookmark Get Your Best Mortgage Rate to your favorites and visit it often for up-to-date homeowner tips, news and advice.

You can also invite friends to comment on this page or create a page of their own like you did.

Best Wishes,

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