I'm a little slow today. I just switched to Sanka. So...have a heart?

Monday, April 24, 2006

I like having plans.

I've kept myself very busy lately. I'm about to get busier. I think I'm going to buy myself a condo. Maybe not quite yet... I need another 10K before I can really get something decent on the beach, and even there, decent means parking, maybe a dishwasher, and something more than 400 square feet.

But, as my mother so comfortingly told me, "YOU ARE GOING TO PAY SO MUCH IN TAXES, YOU HAD BETTER GET YOURSELF A MORTGAGE!"

To which I should have responded: Can you cough up another 14 Grand, so I can make a ten percent downpayment on a $340,000 unit on the Beach?

How I would pay for said unit, I'm not really sure. I don't know how much a monthly payment would be on a $306,000 mortgage. I'm guessing it would be rather high. Add in condo maintenance fees, and taxes... Between that, and my Mercedes payments, and the fact that over the last three days I've spent SEVENTY DOLLARS IN GAS,

I don't really think buying something at this point in time is what we call "possible."

I'd like to buy something though, but I'd also like to have a financially stable boyfriend who could, oh, I don't know, enter into it in a joint-tenancy and then we could share the payments and downpayments, and taxes, and I wouldn't be paying every goddamn cent I had into some condo.

There are things on the beach for the low 200's. Even those, I believe, would probably be too expensive for me, monthly-payment wise, and maintenance fees-wise.

I wonder how much my raise will be this year. Hopefully... a lot.

Oh, but okay. If I don't buy a place, which I think I just managed to successfully talk myself out of doing, I am STILL going to move to the beach and rent something. But...
Ugh.

I don't WANT to pay someone else's mortgage! That SUCKS. Right now, because I live in the place we own, my parents are going to give me the money I've paid them in rent, when we sell this place. That's nice, because it means that I've already socked away about a chunk of change, between voluntary and forced savings.

Still. Before I can get a 10% downpayment for somewhere I'd actually live, I still need another fourteen grand. That ain't chump change. Worse, still, is the fact that I really do want to move. And I'm getting my place for a STEAL right now. I guess I could suck it up and live somewhere not fabulous on the beach, for the sake of living on the beach. But that place would be less fabulous, more expensive, and the money wouldn't be coming back to me.

This related to plans somehow...

But I'm not sure how.

And now I have to go grocery shopping. So I'm tired of this post.

4 Comments:

Anonymous Anonymous said...

what happened to moving to maryland? and, whatever came out of that federal bar situation? is that over?

7:42 PM

 
Blogger Laura said...

You most certainly could afford a $300,000 mortgage. The payments will sound a little high, but you get to deduct mortgage interest, so it works out.

I, on the other hand, will never be able to afford to buy out here. One bedroom condos in the city start at $600,000. Ugh. Throwing my money away in rent...

9:43 PM

 
Blogger Rootietoot said...

Owning beats renting for sure. Now is a good time to buy, as interest rates are lowish. Idle figuring in my head says a mortage on $300,000 would be be $2000/mo or so..I think. OUrs is $175,000 and the payments run $800 plus taxes (also low, here in East Bumfart, Georgia) I have no idea what lawyers make in Miami, but financial consultants have told us you should keep house payments under 1/2 your monthly income.

Real estate amazes me. We have always lived in low-price areas. Our first house cost us $30,000, and it was 1500 sq ft on 2 acres. And that was just 15 years ago.

Could you get a place in a neighborhood that's low-cost now but being upgraded? Would you be willing to fix a place up or do you need a new place? Fixing up is a huge way to improve finances. Our last house we bought for $100,000 and sold it for twice that because we'd put in hardwood floors and a gourmet kitchen.

but then, the idea of spending $300G on any place makes me hyperventilate.

5:22 AM

 
Blogger Laura said...

Sorry, I just did the math. Do you mean to say that you have $20,000 in the bank? That's amazing. Good for you, you little saver.

Oh, and payments on a $300,000 mortgage are going to be in the range of $1,700 - $2,000 a month (just for the mortgage, which doesn't include property taxes or condo fees). You get to deduct mortgage interest on your taxes and the way a mortgage works, your payments are almost all interest in the beginning, so your tax benefit is best up front and declines over time. You can calculate your tax savings by multiplying your effective tax rate (take your total taxes last year over your income) by the amount of mortgage interest you pay. If you want to calculate a hypothetical mortgage, you can go to www.bankrate.com. That will tell you how much of each hypothetical payment is hypothetical interest.

1:35 PM

 

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