In my effort to analyze all my options in regard to moving in with my boyfriend in the future, I contacted a couple of realtors. I wanted to see how upside-down I am in my house.
It was not pretty, but still better than many people, given that I bought at the lower end of the Market.
Houses comparable to mine are selling around $67,000-$70,000. I owe $83, 318 after five and a half years. I definitely bought at the height of the housing market in summer 2005. While I regret overpaying for my small home ($92,000), I also was one of the people who probably wouldn’t qualify for a mortgage in today’s financial climate and owning my own home was everything to me at the time. Look to your left to see why I wouldn’t get a mortgage today! My credit is decent, although it has fallen over the last five years. This is due solely to the credit card companies decreasing my limits and thereby reducing the ratio of debt and available credit. I have never been late on a payment nor defaulted on a debt. The only good financial thing I learned from my parental unit.
If I decide to jump ship and combine households it is going to cost me, big time. I could rent the house until the market recovers. However, that is risky and frankly I don’t like the idea of being a landlord and having someone else live in a home that I own. My options seem limited at this time, I can only hope for a rebound in the future if I go to sell the house. I have all the risk in this venture and am not sure I like it.
I think there is something to be said about finding a significant other earlier in life when you both have nothing and can build it together. On the other hand, I like that I took care of myself for so long (20 years) and I can do it again. Now I am ready to try the going through life together thing! If only I could unload the house, I’ll try the market in the Fall, if I can’t get what I am willing to accept, then I’ll try again the following Spring.
Wish me luck!