Should I buy a place if my gf doesn't like it?

[ironpony]

14 minutes ago, basil67 said:

Or, she may choose to not move in with you. 

I feel like you didn't think this through before buying....

I liked the place to a degree but I had only two hours to make the decision before I buy since it was only on the market for less than a day, and people keep telling me that places will be unfordable for me in the next few months so I feel like I had to make a decision on the clock.  But I was also advised that I could also sell it in the future again should by some miracle, the housing prices go down.

I know two bedrooms accomodate a family, but you think that for family accomodations that a good amount of families would have two cars.

[basil67]

1 hour ago, ironpony said:

I liked the place to a degree but I had only two hours to make the decision before I buy since it was only on the market for less than a day, and people keep telling me that places will be unfordable for me in the next few months so I feel like I had to make a decision on the clock.  But I was also advised that I could also sell it in the future again should by some miracle, the housing prices go down.

So you didn't think it through.   What does your girlfriend say about the parking situation?  Have you actually verified that there's only one power outlet outside?

You also mentioned that you can't afford a new car now that you've bought this house.  Thing is, f you can't afford a new car, does this mean that you also can't afford any significant house repairs which may be needed?   Do you have enough money for utilities and municipal fees?

And if housing prices go down, your own place will also go down in value...so you won't be any better off

[ironpony]

It's been verified.  I kept looking for a place that had more than one beforehand but could not find one for my price range. 

That's a good point about my own place going down in value.  Well I guess if I want to buy a better place down the road, I will just break even hopefully, if me and my gf combine our finances?  But as for not having money for other things that may come up in the future, was I just not suppose to get a place at all, or should I just accept the hand I was dealt, like I've been trying to?

My gf says with the parking situation we will just have to trade our cars on and off and hope they start the days where they are not plugged in.

I guess another option would have been to not play the hand at all, but then I am just stuck in limbo for the rest of my life without ever moving forward?

Edited June 21 by ironpony

[basil67]

9 minutes ago, ironpony said:

It's been verified.  I kept looking for a place that had more than one beforehand but could not find one for my price range. 

That's a good point about my own place going down in value.  Well I guess if I want to buy a better place down the road, I will just break even hopefully, if me and my gf combine our finances?  But as for not having money for other things that may come up in the future, was I just not suppose to get a place at all, or should I just accept the hand I was dealt, like I've been trying to?

My gf says with the parking situation we will just have to trade our cars on and off and hope they start the days where they are not plugged in.

I guess another option would have been to not play the hand at all, but then I am just stuck in limbo for the rest of my life without ever moving forward?

I want to be happy for you, but you've put yourself in a very high risk situation.   Many of us advised you that most people wait until they are married and then combine finances and savings to buy a nice house.   And many of us advised you to make sure that you still have enough funds left to be able to afford repairs and a replacement car if need be.  

Is your mortgage interest rate fixed or variable?  If it's fixed, how long is it fixed for?

[Gaeta]

6 hours ago, ironpony said:

My gf says with the parking situation we will just have to trade our cars on and off and hope they start the days where they are not plugged in.

You said there are no outlet outside,  now you talk like 1 car can be plugged. Which is it?

The car situation is nothing. You wanted a condo downtown that's downtown life! People park in the streets. 

Stop doubting yourself, now is time to be in solution mode. Don't make it complicated, keep your cars, each go to work with your car, the car(s) that are not plugged in get to have a battery warmer. Winter is only in another 6 months!

[ironpony]

7 hours ago, Gaeta said:

You said there are no outlet outside,  now you talk like 1 car can be plugged. Which is it?

The car situation is nothing. You wanted a condo downtown that's downtown life! People park in the streets. 

Stop doubting yourself, now is time to be in solution mode. Don't make it complicated, keep your cars, each go to work with your car, the car(s) that are not plugged in get to have a battery warmer. Winter is only in another 6 months!

I didn't really want a condo downtown but it's all I could afford.  My gf is in college right now but once she makes more money, then maybe I can sell this place, and we can go in on a better place with our finances combined.  I can use a battery warmer, yes.

[ironpony]

14 hours ago, basil67 said:

I want to be happy for you, but you've put yourself in a very high risk situation.   Many of us advised you that most people wait until they are married and then combine finances and savings to buy a nice house.   And many of us advised you to make sure that you still have enough funds left to be able to afford repairs and a replacement car if need be.  

Is your mortgage interest rate fixed or variable?  If it's fixed, how long is it fixed for?

Fixed.  Its for two years, why?  I didn't have to take out a big mortgage since this place was much cheaper.

I verified it.  She thinks it's ok and we can just work around it hopefully.

Edited June 21 by ironpony

[BaileyB]

Ironpony, talk to your lawyer and your real estate agent. When you buy a home, there is a mandatory waiting period before the sale is final. The buyer can withdraw their offer for any reason - I know this because it happened to me once when I sold my condo… the buyer had seven days to withdraw their offer. It’s meant to protect people from making impulsive decisions - it gives you a chance to rethink the offer to be sure that it’s. good decision for you. 

Not saying that you should withdraw your offer - you should educate yourself, because it may be possible… just wanted you to be aware.

[Els]

16 hours ago, ironpony said:

I liked the place to a degree but I had only two hours to make the decision before I buy since it was only on the market for less than a day, and people keep telling me that places will be unfordable for me in the next few months so I feel like I had to make a decision on the clock.  But I was also advised that I could also sell it in the future again should by some miracle, the housing prices go down.

I mean, I'm not going to flog a dead horse, but you posted here for a reason and virtually everyone told you that rushing such a huge decision isn't a great idea. Still, depending on the laws of your jurisdiction, there may not be anything that can be done about it at this stage.

Quote

 I know two bedrooms accomodate a family, but you think that for family accomodations that a good amount of families would have two cars.

If the place is as cheap as you say it is, then the comfort and convenience of residents will hardly be a priority, since its main selling point is the price. Also, families who have to buy such places generally wouldn't be able to afford two cars anyway.

[ironpony]

45 minutes ago, Els said:

I mean, I'm not going to flog a dead horse, but you posted here for a reason and virtually everyone told you that rushing such a huge decision isn't a great idea. Still, depending on the laws of your jurisdiction, there may not be anything that can be done about it at this stage.

If the place is as cheap as you say it is, then the comfort and convenience of residents will hardly be a priority, since its main selling point is the price. Also, families who have to buy such places generally wouldn't be able to afford two cars anyway.

That makes sense.  It's just every place I looked at was only on the market for a day so that barely gives me much time to think about it.

 

But as far as impulsive decisions go, every other place with more than one parking spot is our if my price range, so was the decision impulsive if any better place is out of my price range?

Edited June 21 by ironpony

[ironpony]

1 hour ago, BaileyB said:

Ironpony, talk to your lawyer and your real estate agent. When you buy a home, there is a mandatory waiting period before the sale is final. The buyer can withdraw their offer for any reason - I know this because it happened to me once when I sold my condo… the buyer had seven days to withdraw their offer. It’s meant to protect people from making impulsive decisions - it gives you a chance to rethink the offer to be sure that it’s. good decision for you. 

Not saying that you should withdraw your offer - you should educate yourself, because it may be possible… just wanted you to be aware.

Oh ok thanks.  What am I to talk to the lawyer about though if I'm not going to withdraw?

But I was also told by people that it's normal to have a starter home first and then get a better place later once finances are combined if that's true?

 

Edited June 21 by ironpony

[Gaeta]

14 minutes ago, ironpony said:

But I was also told by people that it's normal to have a starter home first and then get a better place later once finances are combined if that's true?

 

It seems you have a lot of advise from friends and family but everyone knowing you ignores the fact you have an unreliable old car, you can't afford home maintenance, you have a gf still in school. It's like they're all blind of your circumstances.

You bought a condo downtown and none of you work downtown, both of you have cars, your gf is sensitive to noise. I don't see the logic.

[basil67]

2 hours ago, ironpony said:

Fixed.  Its for two years, why?  I didn't have to take out a big mortgage since this place was much cheaper.

I asked about interest rates because I wondered how much risk there is of rising interest rates.

And yes, I know you didn't have to take out a big mortgage, but the fact remains that you don't have spare money for a car if you need it or, by the sounds of it, unexpected house repairs. This is a very perilous situation you've gotten yourself into

[ironpony]

1 hour ago, basil67 said:

I asked about interest rates because I wondered how much risk there is of rising interest rates.

And yes, I know you didn't have to take out a big mortgage, but the fact remains that you don't have spare money for a car if you need it or, by the sounds of it, unexpected house repairs. This is a very perilous situation you've gotten yourself into

That's true but every other place I've looked at for months has been more money so if I had gotten another place it would have been even more of a risk since I would be paying more in the mortgage wouldn't it? Because then I would be paying a higher mortgage plus possible repairs if need be?

[basil67]

1 minute ago, ironpony said:

That's true but every other place I've looked at for months has been more money so if I had gotten another place it would have been even more of a risk since I would be paying more in the mortgage wouldn't it? Because then I would be paying a higher mortgage plus possible repairs if need be?

My argument is that you've already over committed yourself because you're in a situation where if your car dies, you can't afford a new one...and by the same token, you won't be able to afford house repairs.   The fact that you might miss out on a house if you don't get in now is not a good argument for putting yourself in a risky financial situation.   If things go really bad financially, you may find yourself with no car or even having to sell the house

The fact that you could have put yourself in an even worse situation by spending more money isn't relevant to your current situation.

[ironpony]

1 hour ago, basil67 said:

My argument is that you've already over committed yourself because you're in a situation where if your car dies, you can't afford a new one...and by the same token, you won't be able to afford house repairs.   The fact that you might miss out on a house if you don't get in now is not a good argument for putting yourself in a risky financial situation.   If things go really bad financially, you may find yourself with no car or even having to sell the house

The fact that you could have put yourself in an even worse situation by spending more money isn't relevant to your current situation.

But what was the alternative though, not get my own place at all?

[basil67]

1 hour ago, ironpony said:

But what was the alternative though, not get my own place at all?

We've been through this!   The alternative is to keep saving.  Or to buy jointly with a partner when you marry.   Assuming you're both working, buying together increases both the down payment and the amount you can borrow

 

Edited June 22 by basil67

[Gaeta]

2 hours ago, ironpony said:

But what was the alternative though, not get my own place at all?

Absolutely. Not everybody has the mean to buy a property and they go on with happy lives.

In canads 65% of people own property. Out of that 40% are babyboomers. That means only 25% of people under 60 yo own property. That's a lot of people who don't buy.

When are you moving in?

[ironpony]

14 hours ago, basil67 said:

We've been through this!   The alternative is to keep saving.  Or to buy jointly with a partner when you marry.   Assuming you're both working, buying together increases both the down payment and the amount you can borrow

 

But I am almost 40 and I didn't want to keep living with my parents beyond my forties unless that's unreasonable? 

But I was also told that home prices are getting bigger and saving won't do any good for the future so I have to buy now since it will be too expensive to even save for if that's true.

[ironpony]

14 hours ago, Gaeta said:

Absolutely. Not everybody has the mean to buy a property and they go on with happy lives.

In canads 65% of people own property. Out of that 40% are babyboomers. That means only 25% of people under 60 yo own property. That's a lot of people who don't buy.

When are you moving in?

Moving in in about a month, why?

[Gaeta]

17 minutes ago, ironpony said:

But I was also told that home prices are getting bigger and saving won't do any good for the future so I have to buy now since it will be too expensive to even save for if that's true.

Who tells you that?

[Gaeta]

17 minutes ago, ironpony said:

But I am almost 40 and I didn't want to keep living with my parents beyond my forties unless that's unreasonable? 

With your earning you move to an apartment. Not everybody can afford a property. 

[ironpony]

2 hours ago, Gaeta said:

With your earning you move to an apartment. Not everybody can afford a property. 

That's true I was just advised to get a property because the prices are so bad right now that I won't be able to get one later, plus I can get some equity out of it later unlike renting if that's a good point.

Family and friends were telling me that.

Edited June 22 by ironpony

[basil67]

4 hours ago, ironpony said:

But I am almost 40 and I didn't want to keep living with my parents beyond my forties unless that's unreasonable? 

But I was also told that home prices are getting bigger and saving won't do any good for the future so I have to buy now since it will be too expensive to even save for if that's true.

So the people who keep advising you to get into the property market.....what do they say about you being in a situation where you can't afford a new car if need be?  Or can't afford house repairs?

 

[Els]

On 6/22/2024 at 7:05 AM, ironpony said:

That makes sense.  It's just every place I looked at was only on the market for a day so that barely gives me much time to think about it.

 

But as far as impulsive decisions go, every other place with more than one parking spot is our if my price range, so was the decision impulsive if any better place is out of my price range?

Yes, it's impulsive because most people in your situation would just wait a few years until their gf graduates and they are married, and buy a better house together with 2 incomes instead of 1. Almost nobody in this day and age buys a property on 1 income unless they are in the top 10% of wage earners or have inherited a lot of money.  But yes, I know "friends and family told you" that you apparently need a house of your own in case you break up etc etc... and like I said we've discussed that topic extremely thoroughly by now, so there's no point going through it again.

If this purchase goes through, I really hope you have a really, really solid budget plan to save up enough for a new car or for house repairs, because you are going to need it. I don't think you can afford to make any fun purchases for the foreseeable future.