Kinda a weird question, but thats where Im at. I got a pretty good job, but have only been there for about 3 months and its going well. Im not
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09-10-2011, 09:32 PM | #1 (permalink) |
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Buy a GTR or a House?
Kinda a weird question, but thats where Im at. I got a pretty good job, but have only been there for about 3 months and its going well. Im not in love with it, but pay is good, sooo.....
The house is a foreclosure with a few unknowns. But its dirt cheap at $126k. Pretty large, 4 bedroom, 2.5 bath that needs a little cosmetic work. Some new flooring and paint and things of that nature. So, I love cars and have always wanted that serious premier sports car, but realize that at my age, 27, perhaps I should be thinking of the future. But man the present is too fun to think far ahead. So, what would you do? |
09-10-2011, 09:36 PM | #2 (permalink) |
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If you've only had your job for 3 months I wouldn't buy anything right now.
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09-10-2011, 09:37 PM | #3 (permalink) |
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Buy the house. People keep calling it a down market for houses. I say houses are on the best sale in years. When the market rebounds you will sell it for a nice profit plus recoup money you would have thrown away to a landlord.
As nice as a GTR is you wont ever sell it for a profit.
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09-10-2011, 09:59 PM | #6 (permalink) |
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09-10-2011, 10:02 PM | #7 (permalink) |
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That's the best advice by far! There are huge inventories on the market for distressed houses that won't go away this year or next for that matter at least till the job market improves; there would always be a GTR available when the time is right. I would build at least a year of emergency funds before thinking about buying anything, especially this early into your new job. You wouldn't want any bad surprise in the event of unforeseen job loss (not wishing this on you at all but good to plan for it)
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09-10-2011, 10:11 PM | #9 (permalink) |
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This cant be a serious question. As said, considering you have only been working for 3 months I would hold off on both. Give yourself some time to get job security, you never know if you're going to be laid off since you're the new guy and be stuck in huge payments on what you buy. Keep working, save up money so you have a cushion and buy a house. Houses hold more value than a car and in the long run you could actually make profit if you choose to sell it.
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09-10-2011, 10:44 PM | #11 (permalink) | |
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Also planning to buy a GT-R after a couple years on the job and after having settled into the house |
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09-10-2011, 10:48 PM | #12 (permalink) | |
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6 months is the minimum recommended safety net, but in this environment 12 months gives you more of a buffer. In your case, just focus on saving for a down payment since your parents have the other expenses covered.
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09-10-2011, 10:53 PM | #13 (permalink) | |
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09-10-2011, 10:56 PM | #14 (permalink) | |
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09-10-2011, 10:59 PM | #15 (permalink) |
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Yeah that's the plan for me at least. My family was actually trying to buy a house last summer, but the loan was rejected a month before we were supposed to move in. This was a brand new house that we saw get built throughout the whole process. The reason we didn't get the loan was because the combined salary was too low. The loan we get in the future would have me and both my parents on it. They have the credit history and with my added salary we should be ok.
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