Tell me if I'm nuts

[Biscuitsmom31]

We had a reality check today when our realtor come over to help us decide on an asking price for our home. With the market being down, we are going to have to ask quite a bit less for our home than we had hoped.

So, to get the kind of home we want we will have to use all the money from the sale to have 20% down (to avoid PMI). This will leave us no money for new furniture - which we really need.

However, we could cancel the $7,000 Disney vacation we have planned in August and use that money for new furniture.

Frankly, I'd rather sit on the floor. I must have my trip! What to do...

 

[dreamcometrue]

hey, I'd do the same thing! I booked our Disney cruise in November, and it's almost paid off (only about $1,500 left and it should be paid by April). Most people think it's nuts to let Disney keep our money for so long (we won't cruise until April 2008) but I am absolutely terrified that something will come up and we will have to use it for something else, if I leave it in our savings account! If Disney has it, at least it's safe!

 

[DisneyMommyMichelle]

we would get the furniture and down size the trip.

 

[tiggersmom2]

Have you ever checked out the "dent and scratch" section at high end furniture stores? This is how I got ALL of my furniture and quite frankly it is fabulous. I got a leather sofa, loveseat and chair with ottomen for 1,500. I also got my china cabinet, dining room table and bedroom furniture this way.

Most of my furniture just a had a ding here or there or a piece torn off. Very easy to fix and I wouldn't buy furniture any other way now.

 

[Beth76]

I'd take the trip. You have time to buy furniture.

 

[Pixie Tales]

Take the trip. The furniture can wait. Besides, you'll need a vacation with all the hassle of buying and selling a house..

Best Wishes..

 

[JadenLayne]

Yep take the trip!!!!

Our house has been on the market for about 4 months now. It's really a buyer's market. Our house appraises for over $250,000. Right now we are asking $230,000 but I have a feeling we will end up with about $215,000. We live in one of the best neighborhoods in town and you can look up our street and see 5 other homes for sale. It's really sad. Of course thats because NO ONE in their right mind wants to live here!

 

[bbmommy]

We had a reality check today when our realtor come over to help us decide on an asking price for our home. With the market being down, we are going to have to ask quite a bit less for our home than we had hoped.

So, to get the kind of home we want we will have to use all the money from the sale to have 20% down (to avoid PMI). This will leave us no money for new furniture - which we really need.

However, we could cancel the $7,000 Disney vacation we have planned in August and use that money for new furniture.

Frankly, I'd rather sit on the floor. I must have my trip! What to do...

Who needs furniture! I say go on the trip....you can always use old furniture for a while! At least you would have good memories sitting on the floor rather than sitting on new furniture and saying...sure wish I could have gone to disney...you would hate the furniture!

 

[marybet]

Most of the furniture stores around have 1, 2, sometimes 3 years with no interest. So if you can afford the monthly payments you can get new furniture.

If I had to choose, I would buy furniture and change the vacation.

 

[Rafiki Rafiki Rafiki]

An idea--if you're interested and can afford a higher payment:

Many banks will do a combined first and second mortgage for up to 95% LTV, allowing you to avoid pmi. Your first conventional mortgage is 80%...and the other 10-15% are in a shorter term (10 years) mortgage. You can take that mortgage for as small a percentage as you need to cover the second, making you able to finance your furniture and deduct it from your taxes. You can also pay it off without a prepayment penalty.

 

[Biscuitsmom31]

An idea--if you're interested and can afford a higher payment:

Many banks will do a combined first and second mortgage for up to 95% LTV, allowing you to avoid pmi. Your first conventional mortgage is 80%...and the other 10-15% are in a shorter term (10 years) mortgage. You can take that mortgage for as small a percentage as you need to cover the second, making you able to finance your furniture and deduct it from your taxes. You can also pay it off without a prepayment penalty.

Wow. That's confusing. We are going through our credit union. Maybe they would know something about this.

 

[Biscuitsmom31]

DH and I are surfing around looking at lower priced homes. It appears we can get an older home with just as much space for our big family for a lower price.

It would be nice to have a lower payment and be able to buy furniture - but those new houses with the high ceilings are so beautiful...

We also have to consider that any home we get will need some remodeling to accomodate DH's wheelchair.

 

[janette]

I bought furniture when I moved 5yrs ago and now wish I'd waited a little while. I like the furniture but would do a few things differently now that I've lived in the space. I'd make do with what you have and make furniture purchases when you find the perfect pieces for your house.

 

[Clotho]

Janette voiced just what I was going to say! I think it's important to live in a space a little bit before you know what furniture you really need/want for it. I say go on the trip, get new furniture later.

 

[Tink&SquirtsMom]

I was going to say the same thing. We've lived in our house for about 3 years and have just really furnished it. The things I would have done when we first moved it, are quite different then what we ended up doing now that we have lived in the house and know how we use each area.

Also I second looking into outlets or dented/scratched furniture. I've had my eye on a china hutch (the ONLY one I'd seen that fit the space, matched our dining table, etc... basically the PERFECT piece) for about a year and a half but couldn't bring myself to spend the $2,000+tax (why is it so much easier to send that money to Disney, LOL). I found the exact piece at an outlet last weekend. Perfect condition, except for 2 (out of 8) broken glass panels. It will cost me less then $100, and very little effort, to fix and I got the hutch for $700 total after tax (more then $1300 savings for some broken glass!!).

So, I would go for the vacation.

 

[Poohnatic]

My DH and I were going to wait to buy furniture until we moved into our new home in Florida, but we needed to make the home we were selling in Maryland look better-so we bought our furniture up there.

I love it, but it doesn't quite go with our house. I agree with the others, go on the vacation and wait to buy the furniture. Also, I work for a retailer that sells furniture-we sell off items that are returned without a box for 20% off, even if there's nothing wrong with them. You can get a lot of occasional furniture (coffee tables, consoles, nightstands) from many furniture retailers that way.

Suzanne

 

[KerriSue]

I think I might be a minority here. I would hold off on the high end vacation. I suppose whatever you decide will fit you. Good luck on the decision.

Kerri

 

[shortbun]

I'd ask more for the house for a while unless you've got another one under contract. It's a buyer's market but who knows what might strike a buyer. I've had friends insist on higher prices than the realtor suggested and get it. Then you could have your furniture AND your trip. Why not try it?

 

[poohandwendy]

You are nuts. Just kidding, even without a vacation I would wait after buying a house to fill it with furniture. You just need to get in there and live a while to know exactly what you want and what will fit (color, size).

For example, my brother and SIL bought a new house a year ago. Bought tons of living room furniture right off the bat (some of it before they even moved) because their new living room was massive and they thought they needed tons of furniture to fill it.

Now, they regret it. They don't like the way the furniture fits, they have changed their minds about color scheme, etc. So, they are kind of stuck with it for now.

Wait on the furniture (use what you have now to get through the meantime) and enjoy your trip. That is my advice.

 

[mickeyfan2]

Why not compromise and do a much less than $7K trip to Disney? Maybe do a $2K trip and spend $5K on furniture.