I guess I'm getting old or at least I feel old. Lately I've been thinking about selling my WRX quite often. If I did, I'd pick up a cheap beater car (2-3k) and slowly save up for a down payment. I would probably end up looking some place outside of the Bay Area cause of this stupid housing bubble.

I think it's not out of the question to save at least 1k per mo (12k/yr) so in 4-5 yrs, I'd have a sizable amount to put towards a house... also, my g/f would have saved up around the same as myself.

Anyone else feel this way ?

 

i do all the time. however, if i was to buy a house right now, it would be in pheonix, arizona. the population of that city is expected to double within the next 10 years. you can get a house that is being freshly built for about 250k - 350k. thats a completly new house (bigger than any of the sunset houses and has a lot space of those in st francis woods) those new houses can be sold as early as 3 months and still make a profit of 20k. a down payment of 20k is good. just rent it out or just flip back in and make some quick profit. 20k is about the price of a wrx. my ex-boss just bought 2 houses and a friend of mine is funding his love for muscle cars from 3 houses in arizona.

 

Do you have good credit? If you do, then you do not need a down payment. My old boss now deals with loans. He got a couple that just got married a nice house for nothing down. And the monthly payments were not that bad. I have been blessed and have a bunch of money that has been saved for me to put as a down payment on a house/condo. If I didn't have that money, I would definitely think about selling my car to help with a down payment. A house is much more important than a car.

 

Last time I checked my credit score was 748.... This was about 2 months ago so I don't think it has changed much.

 

ill join you on that CS !! and id say you move NOW! out here to the valley befor the house prices get out of control and you left living in sonora... haha

woott!!
edgar,

 

Yup move now. Unless you want to buy a relative ****hole in the bay area for half a mill.

20% down payments are almost unheard of in this area.

 

You're not the only one to consider sacrificing a car for a home.

Thread in General posted by someone with similar thoughts of home ownership and his future.

--
0==WW==0
"…axles of evil…" - george w. bush

 

ok if you for some WEIRD reason dont believe you have to act SOON.... my brother bought a awesome 1 story house 3 years ago for 120k thats 2 baths 3 rooms with a spacious lot out here in modesto and now his house is going for 240k!

thats 120k more in 3 YEARS! needles to say he upgraded all his cars and lives almost payment free....

edgar,

 

15k ain't going to mean a difference in the long run. Enjoy your subie.

 

Soundwave... I just did exactly that. Sold my Subie, bought an old ragtop bug for 2.5K, and made an offer (that was subsequently accepted!) on a house in Sacramento.

Best decision I have ever made. Even if this house falls through, it is well worth going for a real investment in property.

Good luck in your quest!

 

I agree, a difference of $15K will make your payment ~ $80-$90 more a month.

Enjoy the car, by the time you buy the house in 4-5 years your car will be paid for and you won't have to deal with a car payment so that extra $80 won't mean much.

EDIT: If you do have to choose between the car and the house definatly go with the house though, it will make you enough money in a year to buy yourself another car in the future

 

Dude, by all means do it. A car only amounts to costs.

A house will appreciate like nobody's business. Especially in california.

I bought my first house in 2000 sold in 2002 for $105k profit after 2 years, tax free.

I bought my current house in 2003 and it has appraised[sp] for +$190k in only one year.

It is, by far, the best investment you can make.

Toys are fun but to cement your future, buy a house. Every dime you put into it will pay you back and then some.

I only wish I had not had the debt that kept me from buying sooner. I could have bought a house in my neighborhood 5 years ago for less than $300k that would be worth over $750k today.

F the bubble, buy as soon as you can.

 

I would keep the Subi, there is no need to sell it.
Why suffer for 5-8 years. The car will be paid off..
It took me about 5 years to buy car after the house.
The bank will look at credit, and your down payment. For a first time buyer you could put down 5% (not including additional fees).
I would first pre-qualify to know your price range, and the loan agents can help you to what else you need to do.
The prices are rising in the Valley,
Not to be rude, but are you sure you want to buy a home with your girlfriend?
I wouldn't recommend it unless you do plan on marring her.

 

Can I get an Amen?

-Chris

 

we would get married 1st, then buy a house together ....