patrick.net

Wait, how old is your kid now? 3?

If I was 63 and had a 3 year old, I'd be focusing on making sure that the kid's future was secured. Once you get to that age, you never know if you'll live another 3 years or another 30.

My father had a child when he was almost 50, and then fell ill with COPD. Raising a young child when you can't work and need assistance is difficult.

Hell, I'm not even 30 yet and I'm worried about making sure that my kids will be OK when I'm gone.

Not three yet... The good thing about his future is when I die the life insurance will more than take care of my family. Worried is kind of a useless emotion. I try never to worry but just act upon things you may be concerned about....mainly a roof over his head,food on the plate.......clothes on this back and secure some kind of an education for him now, which is done.

Now I am trying to purchase some kind of home and be mortgage free, so my wife and child do not have to worry about being booted from their home.

You should be loving your kid and family, houses will take care its self. The best thing you can do, is not buy on emotion. I almost did several times in the last year. Held out and the right place came along.
Keep saving, and spend your time and disposable income on making everyone not even worry or think for one minute, on what if and when.

If you can afford a cash buy, I would do that. Title insurance, and first year of homeowner insurance are a MUST in this case though. If you find something bad wrong with the house, it'll be harder to wriggle out or get concessions if it's fully paid for.

I am long over buying on emotion........lol...nothing too emotional about a house.........I worked on one for 12 years and made it beautiful.........can part with it in a minute..........but it took two years.

Whether the housing market goes up or down, owning a home outright is the most predictable (as far as financial outlook is concerned) place to be. You'll need to protect yourself against tragedy - long term care or some other type of insurance is probably on the table. From your other posts you already have this in place. Making decisions based on emotions only makes sense on the right emotions - such as love and compassion for your family coupled with a sound and long term financial plan to fulfill your families' needs.

Kudos on being a real man for thinking of others before yourself.

JohnAlexander says

to be. You’ll need to protect yourself against tragedy - long term care or some other type of insurance is probably on the table. From your other posts you alrea

Yeah, what are you the strong silent type?

I don't give a damn how much money you have in the bank, this market is 90% percent emotion.
With Sellers and Buyers emoting on opposite ends of the scale.

JA, start with a basic rent/buy computation. What % of the value of the house you live in (or one that is similar) is your annual gross rent? If it's below 5%, you needn't worry about renting in the short term. Time is on your side.