- 3 years ago
- Wedding: June 2014
Merry Christmas to those who celebrate! 🙂
My FI and I have been house hunting for a couple of months. We looked at a house on Sunday, had his dad and his contractor look at it on Monday (yesterday), and decided we want to buy it later that day. We sat down with the realtor, crunched some numbers, and agreed to have the inspection done next week.
I am having major anxiety over this now because I just feel so UNSURE about the whole house hunting thing. Let me explain a bit more (sorry, this may get long winded). My FI and I are both 30, have never owned a house yet, just been renting for the past 4 years. We are currently renting an apartment from his aunt and uncle for $500/month TOTAL which to us, is a total steal. However, this apartment comes at a cost — there is a mold issue in the bathroom that has not been fixed because they do not have the money to fix it. I recently discovered that the floor boards in the bathroom are rotting under the tile. SOOO.. we are obviously concerned about our safety in this apartment. In addition, I am in an accelerated nursing program full-time right now, I graduate in March and then will have to pass boards and start the job search… so we have been living off of one income since last April when I started school. This limits our mortgage approval to just my FI’s income. I will also have some major debt once out of school ($100,000 in school loans from undergrad and now this nursing program) so we do not want to get in over our heads with a huge mortgage and be house poor.
If you are still reading, I thank you. 🙂 Anyway, the issue is this: we have looked at a lot of houses in our desired area and price range. We do not LOVE any of these houses completely. A lot of them are old and need a lot of work, which we are not interested in doing (due to available time/money). So many people say you should wait to buy your dream home but we cannot afford our dream home at this point in our lives. The houses in our area that we would consider our dream home sell for around $500,000 – NOT happening at this point in our lives.
The house we are considering buying is newly rehabbed, new water heater, new roof, new hardwood floors. It is in the area we desire and is really cute inside – but is quite small (1100 sq feet, 3 bedrooms but one bedroom is so small I don’t think it can be used for a bedroom). My question is, is it ever okay to just settle for something like this for the next 5 years, something you don’t LOVE and can’t fit grown kids in? But that makes sense at this point in our lives? We plan on having a baby in the next couple years and this house would be fine for that, I just can’t see us having grown children in this house.
Unfortunately we have looked in lower-priced areas where we could afford a larger house and just don’t want to buy there due to very high taxes.
At what point do you just accept that your dream home isn’t a reality right now and just pull the trigger on something that you can make a home for the next 5 years or so? The house is in a bustling area where home prices have gone up considerably in the past 5 years.
I should also mention that the person selling the house to us is someone that we know and he told us if we want it, he will not even list it so we won’t have any competition or chance of someone else out-bidding us. This makes the house even more appealing. We will be having an appraisal done to make sure we are paying what the house is actually worth.
I just don’t want us to rush the home buying process and have regrets later on. I hope this makes sense to someone! Thank you!