Why on earth am I so penny-pinching?
July 17, 2007
Well, one reason is articles like this one remind me how much it takes, in one go, to buy a home!
A scary excerpt:
“My mortgage broker wasn’t accepting zero down,” says Alfonso Rey, 32, who in February bought a one-bedroom, one-bath condo in San Francisco ā one of the nation’s most-expensive markets ā for an eye-popping $714,000.
Rey and his wife had been outbid on 16 properties until they offered $62,000 more than the asking price for the condo ā and wrote to the owners, pleading with them to accept their offer so they wouldn’t have to move out of the city.
While I doubt I’d ever go to such lengths just to stay in a particular area, (I sure hope I wouldn’t need to!) buying a home of any sort is still so far off in the horizon that I can’t even make out what shape my castle in the sky takes. Is it a single family home? A duplex? A condo? Who knows! All I know is that it’ll cost an arm and a leg š
The scary part is the fact that they were contemplating buying what I would consider an extremely expensive home with 0 down!
that article hurt my little feelings…
~Matt~ I agree, that sort of decision could put them in a very difficult position if they experience any downturns in their financial status.
Even if it’s nigh-on impossible or I end up not needing it, my goal is to have that 20% down payment saved before I start looking.
~Sistah Ant~ Aw! We have a tough road ahead but we can do this!