I found a fixer-upper well below my max for a mortgage. It’s a 3 bedroom house on 2 acres about an hour from my job. In your opinion, does a cheap mortgage outweight 2 hours of driving per day??
3 Comment(s)
I’m not far outside DC. Every one does it. Been doing it for years.
A really stupid move. When gas prices go back up, you’ll be kicking your own kester at least 2 hrs a day. Hidden costs: gas, increased auto insurance rates (you’ll be driving so many more miles), more wear & tear on vehicle, missing work if you have car problems or bad weather (that can cost you your job!), and a phenomenal amount of your time. It is exhausting, aggravating and expensive to commute that far.
True story: young couple bought house over an hour commute from his job because “it was all they could afford.” Expenses skyrocketed. He could not go into work on short notice and missed many opportunities for additional income & overtime pay. Wear & tear (increased maintenance) on car soared and the car conked out because he delayed maintenance (couldn’t afford). He ended up losing his job and his house. Within 18 months of buying it.
Now, if you love the house and the location so much that every negative is overcome with some positive, then go for it. But you’re gonna have to find something very, very positive to outweigh all this.
I’ve never believed that anyone should determine where they live because of where they work. Jobs come and go. You should live where it makes you happy.
Also I don’t think a cheap price should be the major determining factor on the house to call home.
How long of a commute do you have now? How do you feel about that in the morning and evening? Do you dread having to drive to and from work? Or is it a non-issue?
You should consider your lifestyle as well. In addition to the 2 hours commute a day, will you enjoy your personal time in this house and the community it is in? Will you be able to do the activities that give you pleasure? Whether it’s film, museum, theater, shopping, visiting friends, etc, will you have time for that or will it be a 2 hour commute for your leisure fun?
As pointed out by other posters, unexpected weather conditions, car trouble, and other variables may really affect your peace of mind. High fuel costs are not necessarily a thing of the past. How will you feel when the cost of gas doubles? Do you have a reliable, efficient vehicle? Is public transportation a viable option?
How about resale of the house? If you decide to sell, do you know there will be a pool of buyers for that area? How much of a fixer-upper is it? Is the value of the finished house reasonable for the demand for the area?
I’m not far outside DC. Every one does it. Been doing it for years.
Sucks sometimes; great on the weekend.
wizjp | May 9, 2009 | Reply
A really stupid move. When gas prices go back up, you’ll be kicking your own kester at least 2 hrs a day. Hidden costs: gas, increased auto insurance rates (you’ll be driving so many more miles), more wear & tear on vehicle, missing work if you have car problems or bad weather (that can cost you your job!), and a phenomenal amount of your time. It is exhausting, aggravating and expensive to commute that far.
True story: young couple bought house over an hour commute from his job because “it was all they could afford.” Expenses skyrocketed. He could not go into work on short notice and missed many opportunities for additional income & overtime pay. Wear & tear (increased maintenance) on car soared and the car conked out because he delayed maintenance (couldn’t afford). He ended up losing his job and his house. Within 18 months of buying it.
Now, if you love the house and the location so much that every negative is overcome with some positive, then go for it. But you’re gonna have to find something very, very positive to outweigh all this.
ibu guru | May 10, 2009 | Reply
I’ve never believed that anyone should determine where they live because of where they work. Jobs come and go. You should live where it makes you happy.
Also I don’t think a cheap price should be the major determining factor on the house to call home.
How long of a commute do you have now? How do you feel about that in the morning and evening? Do you dread having to drive to and from work? Or is it a non-issue?
You should consider your lifestyle as well. In addition to the 2 hours commute a day, will you enjoy your personal time in this house and the community it is in? Will you be able to do the activities that give you pleasure? Whether it’s film, museum, theater, shopping, visiting friends, etc, will you have time for that or will it be a 2 hour commute for your leisure fun?
As pointed out by other posters, unexpected weather conditions, car trouble, and other variables may really affect your peace of mind. High fuel costs are not necessarily a thing of the past. How will you feel when the cost of gas doubles? Do you have a reliable, efficient vehicle? Is public transportation a viable option?
How about resale of the house? If you decide to sell, do you know there will be a pool of buyers for that area? How much of a fixer-upper is it? Is the value of the finished house reasonable for the demand for the area?
Lots of stuff to consider. Good luck
A D | May 12, 2009 | Reply