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What to do???

post #1 of 20
1/13/10 at 2:38am
Thread Starter 
This has been irking me for some weeks now... So the obvious answer must lie with the SF minds.

Background:

I'm just out of college, no debt and have been working at my new banking job for about 6 months. Its pretty bad, I pretty much hate it. To the point that I continuously think about quitting. It pays decent but I'm trying to get ahead and grab a house. I've been pre-qualified for an ok-ish mortgage in the SD area.

If I jump into a mortgage I have got to keep the job (or try and find another??), but I get the first time home buyer 8k and get into a market that has already hit the bottom here in SD and will no doubt turn.

My question is should I continue the home purchase pursuit even if I really really hate my current job? Or should I wait it out til I find a better job? Its tough right now cause the timing of the market is soo good and the extra tax credit still sits as a carrot...

Is it worth suffering through a job I truly hate for the potential of getting myself into a home? A home that will strap me down short term, but open things (maybe) long term?

Also, promotion at the current job is possible in the relative future.

Thanks guys.
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post #2 of 20
1/13/10 at 2:43am
I'm still a year from graduating, but to me the answer seems simple. If you HATE your job, you need to get out of there. I'm not saying get up and quit, but you need to assess your options, look for other jobs, and get out of there asap and do something you enjoy. Unless you have a family to house, don't worry so much about owning a house. It'll come with time. Your happiness should be worth much more than $8k, so don't settle with your job/career.
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post #3 of 20
1/13/10 at 3:36am
And what do you think will happen to home prices next year after the tax credit is gone and interest rates are rising? Sure, if you're absolutely sure you're going to stay in the area for a long time, or if you can rent the house out for a profit it might not be a bad idea. However, owning/maintaining a house can take up a LOT more time and money than you might realize. After my father passed away, most of the responsibility for yard work and repairs fell onto my shoulders, and needless to say I am quite enjoying renting an apartment right now. Also, there is the rather large sum of money you would need to come up with should you decide to sell the house, and again, I wouldn't count on increasing values to take care of this.
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post #4 of 20
1/13/10 at 10:16am
The question is: do you hate this job (company youre at) or the career path you've chosen? If the latter, I wouldn't buy a house as it sounds like you are going to have to start from scratch.
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post #5 of 20
1/13/10 at 11:18am
Given your concerns about your job, if it were me, I'd prefer to keep my options open and commitments limited.
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post #6 of 20
1/13/10 at 11:25am
Quote:
Originally Posted by JayJay View Post
Given your concerns about your job, if it were me, I'd prefer to keep my options open and commitments limited.

+1

You will regret the years you spent toiling in a job you were forced to keep a lot more than you will regret not buying a house. Sometimes I think we over-idealize homeownership in the U.S. There are worse situations to be in than young and largely urestricted; being stuck in a job you hate just so you can afford a house is one of those situations.
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post #7 of 20
1/13/10 at 12:52pm
^ Agreed.
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post #8 of 20
1/13/10 at 1:08pm
Quote:
Originally Posted by MrG View Post
+1

You will regret the years you spent toiling in a job you were forced to keep a lot more than you will regret not buying a house. Sometimes I think we over-idealize homeownership in the U.S. There are worse situations to be in than young and largely urestricted; being stuck in a job you hate just so you can afford a house is one of those situations.

+1. buying a home is just tightening the chains in this case.
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post #9 of 20
1/13/10 at 2:16pm
Thread Starter 
Damn. That was one-sided.
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post #10 of 20
1/13/10 at 2:25pm
The $8000 of free, don't-have-to-pay-it-back tax rebate is a pretty difficult thing to leave on the table. You can't sell the property or not live in it for 3 years (have to pay back the rebate if you do). I'd take a hard look at how much that $8000 will alleviate your job suckage.
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post #11 of 20
1/13/10 at 2:27pm
Thread Starter 
Quote:
Originally Posted by millionaire75 View Post
The question is: do you hate this job (company youre at) or the career path you've chosen? If the latter, I wouldn't buy a house as it sounds like you are going to have to start from scratch.

I hate the job. The company I'm at is good and reputable. As for career path I haven't seen enough of it to know if i've chosen wrong. I do know that I sit in good standing with the current company and if I play the corporate game properly I could move up quickly... I do know that a house will limit my ability to move around if promotion came up.
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post #12 of 20
1/13/10 at 2:27pm
Are you qualified/able to do anything other than banking with your education?

Does your ideal job have anything to do with your educational/training background?
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post #13 of 20
1/13/10 at 2:31pm
Don't dig yourself deeper in a career shithole. No house and re-assess where you want to be...
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post #14 of 20
1/13/10 at 2:32pm
Thread Starter 
Quote:
Originally Posted by Dakota rube View Post
The $8000 of free, don't-have-to-pay-it-back tax rebate is a pretty difficult thing to leave on the table. You can't sell the property or not live in it for 3 years (have to pay back the rebate if you do).

I'd take a hard look at how much that $8000 will alleviate your job suckage.

Yea, a friend of mine just got his yesterday. 8k checks are big motivators when in hand.
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post #15 of 20
1/13/10 at 2:32pm
I'm about a year from graduating, and I might hate my job as well. My thoughts are, I'm going to limit myself to as few commitments as possible until I find a job I can live with. Maybe not love, but not hate either.

Until that point, it's going to be no new cars, no mortgage, no debt in general. A long-term girlfriend (if we stay together that long) will be my only real 'commitment', and even kids will have to wait until a point of financial security.

In your position, I would be afraid of this happening: You buy the house, then your car dies and you need a new car, then you have a financial emergency that digs you deeper into the hole, etc.

You could easily end up like most the people I see everyday: working jobs they hate to buy stuff they don't need (to paraphrase Carlin).

Will you be able to go back to school with that mortgage payment eating into your earnings, or would it be better to get a small apartment or room in a house, and save money & time for the eventual career re-evaluation?
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