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Closed on our House YEsterday!

starhead Posted: Jul 18, 2003 07:55 AM+

starhead MEMBER SINCE: 10/02 TOTAL POSTS : 1129 WEDDING DATE: Mar 30, 2003

Posted: Jul 18, 2003 07:55 AM

Closed on our House YEsterday!

We closed on our new house yesterday, but can't move in till next week. Everything went smoothly but now we're both so freaked out because our bank accounts have never been so empty before!!!!
For those of you who own your homes, how did you get through the 'empty' account? We're really going to have to budget now, and neither of us is any good at it. I'm hoping with time we can build our savings again but we never had so much go out at once!

Lisa Rose Posted: Jul 18, 2003 08:01 AM+

Lisa Rose MEMBER SINCE: 2/01 TOTAL POSTS : 7080 WEDDING DATE: Oct 20, 2001

Posted: Jul 18, 2003 08:01 AM

Re: Closed on our House YEsterday!

YAY!! Congratulations!!

LizD Posted: Jul 18, 2003 08:02 AM+

LizD MEMBER SINCE: 7/01 TOTAL POSTS : 4384 WEDDING DATE: Dec 15, 2002

Posted: Jul 18, 2003 08:02 AM

Re: Closed on our House YEsterday!

Congratulations.

It is a little scary at first but don't worry.

Enjoy your new home

Sasha96 Posted: Jul 18, 2003 08:03 AM+

Sasha96 MEMBER SINCE: 6/02 TOTAL POSTS : 3296 WEDDING DATE: Apr 12, 2003

Posted: Jul 18, 2003 08:03 AM

Re: Closed on our House YEsterday!

Congrats! Yeah, the bank accounts do look empty just after closing and for a little bit after that. You'll save up again and the amount in the bank will grow again. Of course, you'll continue to spend money to fix up and furnish the place!

Samanthas Mom Posted: Jul 18, 2003 08:06 AM+

Samanthas Mom MEMBER SINCE: 12/01 TOTAL POSTS : 14106 WEDDING DATE: Aug 25, 2002

Posted: Jul 18, 2003 08:06 AM

Re: Closed on our House YEsterday!

congrats!! now you can come to kirschs when we go
I think we are going to go in august instead of july 24
only b/c stone cold is giving out free ice cream on 7/24 so we might raid that place!

dubliner Posted: Jul 18, 2003 08:10 AM+

dubliner MEMBER SINCE: 8/02 TOTAL POSTS : 4042 WEDDING DATE: May 25, 2002

Posted: Jul 18, 2003 08:10 AM

Re: Closed on our House YEsterday!

Congrats - you'll get over the lack of balance. IF the house doesn't need a lot of repairs you'll be back in the $$$ soon

starhead Posted: Jul 18, 2003 08:15 AM+

starhead MEMBER SINCE: 10/02 TOTAL POSTS : 1129 WEDDING DATE: Mar 30, 2003

Posted: Jul 18, 2003 08:15 AM

Re: Closed on our House YEsterday!

whew! It's good to hear that other people have recovered from this economic downfall. My DH was hyperventilating writing all those checks!!
Now I know the interest you pay on your mortgage is tax deductible or something. Does anybody know how this works? I'm going to be the annoying new homeowner for awhile, asking a million questions!

Niecey Posted: Jul 18, 2003 08:24 AM+

Niecey MEMBER SINCE: 6/01 TOTAL POSTS : 5965 WEDDING DATE: Oct 26, 2002

Posted: Jul 18, 2003 08:24 AM

Re: Closed on our House YEsterday!

congrats - it feels great to be a home-owner -doesn't it...but it is ver overwhelming. I know the day we closed, I was thrilled, then nervvous, sad and confused and angry (when we found out something were presented to us in a devious way!).

As far as the money, DH had a hard time with thet. I keep telling him to remember it is an investment (he is a financial person - so I like to use that type of lingo to make him feel better). After a few days he felt better and after we moved in - you realize how much it is worth it. The first few monsh will be tough financially until you get use to your new budget plus all the new home immediate expenses....but you have a house!!!!!!! So exciting!

AS far as taxes, I am the wrong person to ask but DH the number cruncher he is - already started figuring out our taxes for next year. Since we only have a half year as the deduction - we are still going to get killed next year but after that things better get better!

Good Luck to you!

mlp924 Posted: Jul 18, 2003 08:26 AM+

mlp924 MEMBER SINCE: 5/03 TOTAL POSTS : 6172 WEDDING DATE: Mar 12, 2004

Posted: Jul 18, 2003 08:26 AM

Re: Closed on our House YEsterday!

Congrats! That is wonderful news!

Cira Posted: Jul 18, 2003 08:29 AM+

Cira MEMBER SINCE: 8/01 TOTAL POSTS : 3460 WEDDING DATE: Jun 23, 2002

Posted: Jul 18, 2003 08:29 AM

Re: Closed on our House YEsterday!

Congrats!!! I have to agree with Niecey ... at first I was a bag of emotions ... and that bank account ... ours is still a lot lower than what it was before we made that downpayment. There are a lot of costs associated with owning a house ... especially if the house needs some work and not to mention the furniture. But it is all worth it. You own something and you should be proud. Instead of having all that money sit in a bank, you still have it but it's in the form of a house. And I bet you'll generate a greater return from that investment because of appreciation (depending on the market, of course)!!!
As far as tax deductions ... yes, you can write off the interest you pay on your mortgage and especially the first year ... it's virtually all interest. I could ask Rob more about this if you'd like, but I know we have a few accountants on the board.

Congrats again!!!

JennRenee Posted: Jul 18, 2003 08:41 AM+

JennRenee MEMBER SINCE: 3/01 TOTAL POSTS : 8162 WEDDING DATE: Jul 06, 2001

Posted: Jul 18, 2003 08:41 AM

Re: Closed on our House YEsterday!

Congratulations!!!

starhead Posted: Jul 18, 2003 08:42 AM+

starhead MEMBER SINCE: 10/02 TOTAL POSTS : 1129 WEDDING DATE: Mar 30, 2003

Posted: Jul 18, 2003 08:42 AM

Re: Closed on our House YEsterday!

It is sooo emotional!!! I was freaking out on the final walk through, kind of in a daze during the closing part and then nervous afterwards. It kinda became real to me that we were doing this. It is such a huge responsibility, and I know we'll be okay. DH was a little bit more stressed by the whole thing than I was but he's happy, too.
I try to remind him that now we have an investment and not just money sitting in a bank doing nothing for us and no more throwing money away every month on rent!! I keep brining up the whole tax thing too, b/c I hear it is really great.
Thanks guys for helping me feel a little bit better.

Marnles Posted: Jul 18, 2003 09:24 AM+

Marnles MEMBER SINCE: 5/01 TOTAL POSTS : 4462 WEDDING DATE: Dec 13, 2002

Posted: Jul 18, 2003 09:24 AM

Re: Closed on our House YEsterday!

That is so exciting - Congratulations!

DH and I are still nowhere near what we were before we owned our home in terms of savings...but whenever we fret about it we walk outside and look at the big picture - our home!! It's not like you don't have 'money' - it's just not liquid right now. You made one of the best investments around!!!!

You will get back to where you were eventually. Just cut back on the luxuries for a little while, but not too much where you feel house poor - that isn't fun either! (although I should practice what I preach - I haven't done anything lately because I constantly say - oh, but we need a patio and furniture...