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It was a short daydream, wasn’t it?  Just last week I was talking about house hunting and/or using the equity in our house to get a HELOC loan to possibly make some improvements on our current house. Now I am back to my original thought for at least right now – uh-huh, no way, not gonna happen.  And here’s why:

Self Employment Ain’t All Rainbows and Butterflies

There are a bunch of things that I have learned lately about self employment.  Did you know that banks really do not like the self employed?

Banks

  • Banks want 2 years of tax returns and they need to show the income from the current job.
  • We’ve only been making reasonable money online for about a year so we look bad on paper.
  • It is a red flag to make 30% more from one year to the next.

And if banks don’t make it hard enough, there’s the actual day-to-day financial stuff of working from home jobs to deal with.

Life Finances

  • Income is far from guaranteed.
  • Even if we make enough, thanks to the mortgage issues, we will need to save all of the extra for buying a house in cash or along with a home equity loan.
  • During the bad months, I want to have a hoard of cash and investments to look at to make me feel better.

And even if I got over the weird income stuff, I keep remembering why I thought I’d never buy a house again anyway.

Regular House Hunting Crud

  • Old homes have maintenance issues quicker usually.
  • Newer homes are even further out of the city than we are already.
  • Mr. BFS and I can afford to be really picky now, so even browsing can be a nightmare.
  • We would have to stage, repaint, and fix up our current home for rent or sale.
  • Moving sucks.
  • We really don’t have time right now to look properly or move if we found a dream home.

So good investment or not, I do not think we will be buying our next home in 2012 but maybe I will feel way more secure in 2013. If we do we will be looking into better home warranty plans since we definitely see the value now.  Mr. BFS is okay with waiting too even though he doesn’t have all of the same fears.  He does agree that being able to buy the next home in cash would be awesome.  🙂 We do want to compare the best home security companies next time we get a house since we both agree this would give us more peace of mind even in a nice neighborhood.