We had the “talk”
-By your Staff Writer for the Property Network, Matt Giles
Yup we had the “talk” and man was it embarrassing. My finances are a mess. My bookkeeping is even worse. Apparently stacking my un-opened bank statements for the last 3 years was enough to put my fiancé over the edge.
She wanted to know how come I don’t open the bank statements and I was thinking why would I??? No news is good news and besides it’s not like they send me money in a bank statement. Than somewhere around the August of 09’ statement she opened there was a check from the bank because they messed up and owed me money. A whopping 8 whole dollars and best of all the check expired as of March 1st. Whoops.
I see her point of when buying a house every little bit counts, especially what little bit I am contributing because of my start up of my new freelancing writing career. Who would have thought starting a business during the recession wouldn’t bring in money hand over fist??? In my defense I started my business a month before the market crash so I really had no idea what was coming, but still those excuses only get me so far.
It is soooooo important when buying a house with someone to just lay all your finances out on the table. No matter how painful or embarrassing it is. I went from good money to making what I made in high school working at a pancake house, so it was definitely embarrassing. Knowing what your income is and what your expenses are will help you figure out what you can afford when it comes to buying a house.
We figured out we were looking in a price range almost $50,000 higher than what we should have been. We still have a lot of options in our price range, but when you figure on something way more than what you actually have it kind of breaks your heart when reality smacks you in the face.
I’m just glad we didn’t fall in love with any of the houses we looked at in that price range. We only had lust. But even at that the lust was for a place that was even higher than our original price we thought we could afford. My fiancé was a little crushed when that place sold before we even had chance to get our stuff together.
As they say in the business “whatever will be, will be.” Just be prepared for whatever it is. And start getting prepared by sorting through all of your finances and get everything in order. Remember we are in a “prove it” mortgage world. Whatever you say you made last year you better be able to prove it to them when they ask.
-Matt Giles, Staff Writer for the Property Network, Freelance writer for hire. For more info visit www.mdgcopywriting.com