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  #1  
Old May 5, '12, 5:22 pm
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3DOCTORS 3DOCTORS is offline
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Default Long term brainstorming - goal of home ownership against the odds

I should probably start this with a novena to St. Joseph.

That being said, I am looking for ideas on how to make a plan for eventual home ownership despite a small income.

The basics: I'm on Social Security Disability. I might be able to supplement it with a little freelancing - crafts or creative work. I also have some really old student loan debt.

I have a friend who's helping me develop the skills of budgeting for the first time in my life. The friend thinks I'm dreaming about a house on my level of income, though doesn't rule it out if I do find a way to supplement that income.

Right now I'm in an apartment which is nice and I'm grateful for it, but it's small - and I don't want to just rent for the rest of my life. Plus I am a person who needs some room, has a lot of art and other creative supplies (and would like to have the room to make stuff with them - stuff which I could then sell), likes to have pets, struggles with organization, and is just sort of unconventional for an apartment resident. I like my autonomy and the feeling that the place I live is mine.

If there's any way at all that it could be God's will that I can find myself a house that I can maintain - and feel safe in as a single woman, so it can't be in a horrible crime-ridden neighborhood, but it doesn't have to be fancy either.

This goal, I realize, is not going to happen overnight if it happens at all. But any positive, hopeful ideas are welcome, as are prayers. Thanks!
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  #2  
Old May 5, '12, 7:53 pm
1ke 1ke is offline
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Default Re: Long term brainstorming - goal of home ownership against the odds

Well, there are a number of things you could consider:

1) Find an older person in your parish to rent a room or a floor or a garage apartment from at a lower cost than your apartment rent and save the difference. Or move in with family or friends temporarily to save money towards a down payment.

2) Consider buying a duplex and renting out half. I had a friend do that and the rent paid the entire mortgage.

3) Consider a roommate
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  #3  
Old May 5, '12, 10:22 pm
jeannetherese jeannetherese is offline
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Default Re: Long term brainstorming - goal of home ownership against the odds

Getting finances in order and learning to budget is a great place to start. You can look for Tiny homes on the internet to start exploring size, floor plans and pricing options. Some come in a kit form-perhaps therre is an opportunity in your community for a future 'barn raising' get together to build a kit house? Habitat for humanity might be another avenue worth looking into. You might want to consult with an expert on Social Security disability to determine how its policies interface with your dreams of home ownership and the prospect of picking up additional employment. May God bless you!
  #4  
Old May 8, '12, 1:38 pm
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3DOCTORS 3DOCTORS is offline
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Default Re: Long term brainstorming - goal of home ownership against the odds

I hope one of these days to take a home-ownership class that is offered in my community by the Mennonite Housing organization.

By the way, I had thought of attempting to get my student loans forgiven, which sometimes disabled people can; however, upon looking into it, it seems you would have to have a pretty severe disability. Also I heard of a lady - with extreme disabilities - who had the loans forgiven all right, but then owed the IRS because they count forgiven debt as income!

I'd like to be able to set up a payment schedule and pay off the debt honestly anyway; I did have to file a bankruptcy once many years ago and feel bad enough about that. I guess it will just have to unfold over time.

One thing that I can do in the short term is get out of a storage unit which is costing me, ironically, over twice as much as the larger apartment at my complex would, but I didn't qualify "on paper" for the larger one, even though I could've made it work in my budget. If I had it, I wouldn't have shelled out money on storage units. Oh, the irony. Well, one day at a time, I guess, and trusting in the Lord!
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  #5  
Old May 8, '12, 3:28 pm
BobCatholic BobCatholic is offline
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Default local government = risk

Local governments are having revenue losses and will raise property taxes, regardless of your ability to pay them.

Owning a house now is slavery. Property taxes will rise and rise and rise until one day who can actually afford to own a house?
  #6  
Old May 11, '12, 5:00 pm
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3DOCTORS 3DOCTORS is offline
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Default Re: local government = risk

Quote:
Originally Posted by BobCatholic View Post
Local governments are having revenue losses and will raise property taxes, regardless of your ability to pay them.

Owning a house now is slavery. Property taxes will rise and rise and rise until one day who can actually afford to own a house?
I know what you mean, those taxes are a killer. However, I still want a house! When you live in an apartment there are more restrictions on what you can do. (Needless to say, I wouldn't buy a home in a neighborhood that has a homeowner's association that dictates how high your grass has to be or other silly stuff - not that I could probably afford that kind of neighborhood anyway! )
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  #7  
Old May 11, '12, 5:13 pm
BobCatholic BobCatholic is offline
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Default Re: local government = risk

Quote:
Originally Posted by 3DOCTORS View Post
I know what you mean, those taxes are a killer. However, I still want a house! When you live in an apartment there are more restrictions on what you can do. (Needless to say, I wouldn't buy a home in a neighborhood that has a homeowner's association that dictates how high your grass has to be or other silly stuff - not that I could probably afford that kind of neighborhood anyway! )
And when you live in a house you have restrictions on what you can do too.

If you have a Homeowner's association, you'll have some nitpicking nazi telling you you can't have this or have that on your property.

Then add local building codes and zoning codes. All it takes is one nazistic building inspector or zoning inspector to make your life a living hell. And yes, they do write false violation reports, claiming to have inspected your house (inside) while you were at the grocery store shopping (hint: He didn't come in and you obviously didn't let him in)

Then add all the repairs and maintenance you have to do on the house. That costs lots of money.

And what if you got a job offer you can't refuse but you have to move to another part of the country? Can you afford two mortgages? Well? Owning a home can kill your career.

Homeownership is too much of a headache.

I have a house and I'm trying to sell it, with no luck thanks to this depressed economy. I blame it for me being unable to take a job out of state.
 

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