hmmm

[floatingleaf]

Several things happened over the past few days. 1) I talked to a loan officer. 2) I discussed my situation with a friend. 3) I confided via email in another friend, who lives across the big pond and has known me for over 20 years - and she promptly wrote me back. And, as a result of all these conversations, I understood the following:

1) My negative feelings associated with the whole 'buy an apartment' project had nothing to do with the practical or financial side of the matter. They had everything to do with, a) my fear of change, b) my fear of stress and responsibility, c) my strong allergic reaction to my mother and her aggressive 'methods of persuasion', so to speak.

2) It IS, indeed, within my means - with very little help from my parents, if any - to take a loan for a one-bedroom apartment (let alone a studio); if I'm lucky, the monthly fees MIGHT even be lower than my current rent.

3) Once I've had some time to mull this over, I'm not so terribly scared and overwhelmed by it any more. Just a little nervous, frankly. Or very nervous, but in a sort of almost-excited way, lol. I STILL would have preferred to do it at my own pace - but I do realize that the housing prices might not oblige by staying ridiculously low for as long as it takes for me to feel 'ready'.

4) If my mother hadn't been the first/only person who tried to talked me into this, my emotional attitude would have been totally different and I probably would have done it by now.:P

4) I know I'm rationalizing to some extent, now that I've pretty much decided to go on with the plan - but I no longer feel like I'm doing this 'just because my mother said so', and it makes all the difference in the world. Funny that. *sarcastic smirk*


That's it for now. Feel free to sigh and shake your head, dear reader, as you see fit.;P

Comments

[crowdaughter.livejournal.com]

Well, good for you that you managed to disentangle this mess and come out with a plan and a positive view of the whole business. An apartment of your own *is* a good thing, as long as you can pay the rates and as long as you won't be in danger to lose it and find yourself in a huge debt situation.

Just make sure you sign a contract that has long-term set paying rates, not flexible ones that could go up and leave you unable to pay them. :(

Me, however? I would be scared shitless in your place. If I should not suddenly win in a lottery and be able to pay it at once, I am unlikely to take the risk and buy a flat. Ever.

[floatingleaf.livejournal.com]

An apartment of your own *is* a good thing, as long as you can pay the rates and as long as you won't be in danger to lose it and find yourself in a huge debt situation.

Yes, it is risky, however you look at it. But it seems I have finally arrived at the conclusion that it is actually LESS risky than moving from one rented place to the next and HOPING I can still afford one after I retire. Once you buy, you can refinance to lower the rates in case of lower income, or even postpone paying them for a time if some financial emergency should occur. If you're renting, however, and your landlord suddenly asks you to pay more than you can afford, you just have to move out. And what if you have nowhere to go?... This is what scares me shitless right now.

Besides, up until last week, I didn't realize the prices were THAT low. My friend told me that someone she knows just bought a TWO-BEDROOM flat for $30,000. I only need one bedroom, and the loan officer said I can easily aim for up to $50,000. And of course I'd rather buy something cheaper if I can - unless it requires extensive renovations or something. Also, if I manage to find somewhere close to public transportation, I might be able to save on fuel and keep my car from falling apart for a few more years -which would be a bonus. Anyway, I will not do this unless all the monthly fees combined stay safely under $600 - which I am told is possible. We shall see. Positive thoughts and/or prayers are greatly appreciated.:D

[romi.livejournal.com]

A two bedroom flat for $30,000! That's good news, yes? Will there be other expenses than the interest for you? For instance, here you don't buy the actual apartment -- you buy the right to live in it. The actual owner of the apartment is an owners' association: that is, yourself and the rest of the people who live in the building/buildings that make up the association. And you pay a fee to that association (i.e. to yourself, in a sense).

What are the interest rates you could get right now?
I'm very curious as my whole life circles around buying a new home right now :D

[floatingleaf.livejournal.com]

Heh. I'm afraid I don't know much about interest rates at this point.:) There are various fees involved, including taxes, assessment (which is some sort of maintenance fee, and can include gas and/or heating, for example) and other stuff - but I was told that, for loans up to $50,000, the monthly total of those fees should not exceed $600. Or not by much, anyway. There is also the downpayment (a single-time fee due upon approval of the loan), which would be less than $2,000, and the closing costs (which could be about the same amount) - but it might be possible to avoid the latter, thanks to some government program sponsoring first-time buyers. Or something. I really have a rather vague idea of the whole business right now - once I see an apartment I like, I will be much more interested in all the deails.:)