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I searched for 3 months now and no chance for a home. If I buy the house, leaving no money left. If I want to rent the car more I travel and leave money for emergencies.

4 Thoughts on Dilemma! I have saved about $ 36,000. Should I buy a house or a new car and a trip to Europe?
  1. Reply
    February 20, 2013 at 6:55 am

    Why dont you open up and IRA or invest some of it say $ 5000. Then go on a little trip to Europe or buy a car.

  2. Reply
    February 20, 2013 at 7:04 am

    i suggest option #2 – investing in property if you haven’t had an opportunity to go through it before is a much expensive option than just simple mortgage.. plus you have to have fun 🙂

  3. Reply
    February 20, 2013 at 7:29 am

    In this economy, you absolutely have to have at least 6 months in emergency expenses (in case you lose your job). I think 12 months is better now, actually. So, take out the money for that first and put it somewhere safe like a savings acct or money market.

    You could use the rest for a down payment on a house, once you find one. Take a break from househunting, and look again in a month or so.

    I am assuming you don’t have any kind of debt, because if you do, I would pay that off prior to buying anything.

  4. Reply
    February 20, 2013 at 7:49 am

    Here is what I would do.
    Put $ 10K into a separate savings or Money Market or IRA Account and do not spend it on a whim. Keep something in savings for a rainy day. Trust me you will be glad to have this asset and a little bit of net worth.

    Then what kind of car are you looking for? Because $ 6000.00 could buy you a nice used car.

    Then just from a personal point of view…. Why Travel to Europe right now? Unless you want to Spend $ 17.00 for a McDonalds Value Meal! The US Dollar will not get you nearly as much as your US Dollar would get you right now if you put $ 20K down on a house.

    That way you have a nice down payment on a house you have something in savings JUST in Case and you have a newer car and have something to show for your hard work. Be Patient you will find the right house… It takes time to find your house… But do not throw your money away in Europe.

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