JOE: Journal of Ellen

Matters of Home, Cash, Career, Me, and More

October 25, 2012 Home Plans, Savings and Investments , , , ,

Home and Investments: Thoughts about Buying a House and Lot

I really really want to get us our own home by the end of next year or by early half of 2014. A decent home here costs about $40,000 or roughly £30,000… and I’ve yet to save that much.

I intend to buy a house and lot – in cash, and I know most people here would tell me I’m dreaming – and that that is impossible. Well, I hope not. A lot of people have already encouraged me to get a home mortgage but I really don’t want to – not just yet. Why? because the interest rates for the mortgages are just too high for me. Imagine, a $45,000 brand new home would actually costs $60,000 if you’d get a 5-year mortgage plan here. The $15,000 – that’s just too much.

So my plan now is to work and work more so I could save – SAVE! SAVE! much – and my target is to save about $1500 -$2000 a month – with God’s help – so we could purchase a foreclosed real estate property which will reasonably cost a bit less than brand new homes. Another option is to find homeowners who want to sell their homes fast because they’ll be migrating abroad or transferring elsewhere. My plan is to get a home with a big lot area, never mind the current floor area because we can just make home improvements if we can save more after getting the home.

Another option is to buy an empty lot first and then just spend on home construction – but I have yet to explore the actual costs involved in such.

4 to “Home and Investments: Thoughts about Buying a House and Lot”

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