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.
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