Post # 1
BACK STORY: Fi and put in an offer for a house last week. Needless to say, she will not budge on her asking price and now we do not know what to do. We looked at more houses yesterday, and cannot find anything! We don’t know what to do, and with 4 months til the wedding I am reallllllly starting to worry.
We live 3 hours away from eachother, and I really wanted to have a place settled before I look for jobs and get down there. So, how many bee’s rent? And where? I somehow validate renting in a large city more “ok” than in a small town (where I will be moving).
any kind words will be helpful. At this point, we are fighting more about what we will do, than enjoying the last few months being engaged.
Post # 3
we leased an apartment about 2 months before the wedding. FI lives there now and i have been gradually moving my stuff in there and will be move in the week before the wedding. Personally we decided to focus on the wedding first and then take our time to search for a house afterwards especially with all the DIYs we took upon ourselves..
Post # 4
we are going to rent. i’m going thru a bankruptcy right now and FH just started a few months back at his job….so basically that means, i’ve got crappy credit and he doesnt have enough steady job history in order for us to purchase……thats our situation though….
the way i see it, buying a home is a very big step…..something that shouldn’t be rushed into and shouldn’t be influenced by time constraints…..we are going to rent because it will give us the time to build our credit and history while searching for a property to purchase…..if i were you, i’d look into renting and then yous can enjoy living together before searching for your permanent home to settle in….plus it will be less stressful!! nothing wrong with renting 🙂
Post # 5
We rent. We’d like to buy, but want to make sure we can put down a sizeable down payment first, so we save now. Hopefully in the next few years!
Post # 6
we rent a one bedroom apartment. we hope to afford a house at least two years after the wedding (right now we are saving so much for the wedding, we can’t even think about a house).
If this is meant to be a very temporary thing, try to find a place that will let you rent month to month… and during this time, you can also be saving up more money for a larger down payment when you find THE house.
Post # 7
We’ve been renting for many years now, in a suburb outside of NYC. (so we’re not really in the city). At first we were renting because we weren’t sure when/if we wanted to settle down. Now we are saving up for a down payment and hope to purchase something in about 2 years.
Could you rent a place for a year while you save up more for a future home?
Post # 8
That sounds really stressful I’m sorry to hear that.
FI and I are renters. We live in a small Northern Ontario city and buying a house is not on our radar just yet, although I completely understand the frustration of renting. FI every now and then has a mini freak out about the fact that nearly all our friends are in their own houses and we are renting. We have had a bit of an unusual few years though moving back and forth across the Atlantic so we are just a bit behind everyone else.
You two should not be stressing so much about this right now. If you cannot find a house you love you should not buy a house just yet. Renting is a perfectly fine option and you could end up in a great apartment in a really quiet building just like we did. You should NOT sink money into a house you do not love. Do NOT rush this decision or it will bring you stress and heartache for years to come.
Rent, continue saving money for your house and take your time. Such a large decision should not be made in an environment of stress and anger and rush.
Talk with your FI be open and honest with him. Absolutely nothing wrong with renting.
Post # 9
We’ve been renting for over 6 years. We live in NYC, where buying is a very expensive process which involves an incredibly large down payment.
I see no problem with renting until you get the house that suits your lifestyle and budget.
Post # 10
We rent a two-bedroom townhouse in the suburbs of Northern Virginia. There are plenty of apartments for rent in our area, but we chose to rent from a house owner because it was more affordable and more space. We’ve talked about buying a house this summer, or next summer once we get married, but realistically we can’t afford the downpayment right now. Also we like the convenience of renting – not paying for repairs and not being ‘commited’ to a location. If you can’t find your dream house yet, I think there are very few downsides to renting while you keep looking. The most important thing is that you’ll be living together and starting your lives together.
Post # 11
We rent for a couple reasons. One, we are looking to relocate to the Northeast (where I’m from) and have a clause in our lease that says we can get out of it if we move out of state. Second, we’re not in a position to buy right now after just paying for the wedding. Even if we move soon and feel comfortable putting down roots, we’ll probably need to save up some money for a down payment.
Post # 12
We rent! The housing market in our area is ridiculously overpriced (still) and we’re saving for a big (10-20%) down payment when we do get one. So, it’ll be some time. We have a tiny 1BR but the location is amazing and the small size ensures we get outside once in a while 🙂
I would love to have a house now, but seeing friends’ experiences with buying houses and condos before the crash was very sobering.
Post # 13
thanks ladies. I think what makes it so hard is we could rent a house here for about 700/800 month (if we can EVEN find one) . Saving would be hard to do when we actually would be spending MORE a month on renting. houses go for under 100k here, so hard to validate renting.
I just want to start a family in the next 2 years, and really have some fear about starting one in a place that is not “ours”. I am in a hurry to catch up with all my friends, I guess. Ugh- I really just want to cry about the whole thing.
Post # 14
We’ve been renting ever since college and are currently in a 2 year lease, but I imagine we might not be ready to buy in 2 years. We live in one of the most expensive areas (Northern Virginia) in terms of house prices. Our rent is insanely high and houses in our neighborhood (they are small!) are going for upwards of $450K. It’s ridiculous.
Thats actually one of the reasons we moved into a SFH…because we thought it would feel more like home as opposed to an apartment or townhouse, and it does. We don’t have any friends in the area who are even thinking about buying yet – and it’s not like we are that young. Most of our friends are btwn 25-28 and have been out of college for several years. It’s definitely disheartening, but I know one day we will get there!
Post # 15
@chittychittybanebane: I know the feeling–but don’t stress. Babies don’t know whether their house is rented or owned or whatever. Generally it’s better to get a house when you have a sizable down payment. That’s what would make those lower monthly mortgage payments–then factor in closing costs, etc. and you wouldn’t be saving that much $$$ over renting.
The good thing about renting is you can up and move as soon as you’re ready to buy a house! You can take your time looking for the perfect place. Good luck! I know it’s hard.
Post # 16
thanks again- I’m starting to research if there are any rental properties out that way. We will see. I just wish I could enjoy this summer, without the constant stress of worrying. :-/