Setting up a budget

I started working on a budget yesterday, and it's already falling apart! I will proceed with completing the rough draft, though, knowing that my budget will be a work in progress.

I took my car by the Honda dealership this morning for an oil change, alignment, tire balance, and rotation if it needs it. It feels good to be proactive about these things, though taking my car in today was reactive too.....George and I are going to Hendersonville this weekend. :-) Looking forward to the trip, but will need to be careful with my spending.

Finances

By the end of this week I hope to have some time to work on a budget and some financial goals toward buying my first home. Somewhere I saw the suggestion that I should:

1) Have $1000 "under the mattress"
2) Have 6 months worth of living expenses saved up
3) Be debt-free

All good things to work toward!

Spring Cleaning

I've been doing some spring cleaning this week, thanks in part to my apartment carpet being cleaned throughout yesterday. I knew of this carpet-cleaning appointment a few days in advance, which gave me a chance to move some stuff around, through some stuff away, dust some, and vacuum some. It made me realize how much more I have to do before I move. I have way too much clutter!

Websites/Budgeting

Just did a google search on "first time home" and found a plethora of sites, a good many of them location-specific. One that jumps out if a Q&A page from HUD. There is also an NC-specific site for HUD homes. At quick glance today, the homes listed for Durham don't really strike my fancy, but it might be work it to check back.

Bankrate's site often has good financial information, and they have a Home Buyer's Guide. It looks like there's some good info there. I clicked on the timetable link, but it starts at 6 months out. I have more time than that, but I can start doing the following:

1) Narrow my territory, and start eliminating cities/neighborhoods.
2) Know my financial situation.
3) Determine how much how I can afford.
4) Think about my budget and select my home around that.


Since I don't HAVE a budget, I can see that I need to work on that.

Designer Showhouse

Saturday, I had a shift at the Designer Showhouse that my Junior League is sponsoring. It was fun and inspiring to see the different rooms redone by local decorators. The room I was a docent in also had a custom closet, which I loved, done by Carolina Closets Plus.

Decisions to ponder

1) Townhouse, condo, or house
2) Location
3) Size
4) Downpayment

What is the difference between a townhouse and a condo anyway? And, if cost is a factor--and it often is-- is it better to get a small home in a nice area, or get a bigger home in a less-than-desirable (for whatever reason) location?

Quest for the end of rent

The search for a new home comes on the heels of 1) my 20th college reunion, and 2) signing up for another year at my current apartment complex. Come next reunion, I want to be a homeowner, and be proud of my abode. And I'm getting tired of paying rent! There are advantages to being in an apartment, especially when it comes to maintenance. There are also disadvantages, such as lack of control when it comes to things like outside appearance and noise.

I am a long way from being able to afford to buy a house, but I've decided to start the process. I've just started a book called The Automatic Millionaire Homeowner: A Powerful Plan to Finish Rich in Real Estate. I've read other books by David Bach, so I'm curious about this one, hope it will help me keep the vision for homeownership.

Will I be able to afford a home in 5 years, by my 25th college reunion? Don't know, but if I don't work toward it, I bet not!