(Closed) Should we buy a house?

posted 5 years ago in Home
Post # 3
2622 posts
Sugar bee
  • Wedding: November 1999

I think your lives could change too much in the next couple of years with new jobs. Not to mention, an hour plus commute is a long commute. It gets old really, really quick. Plus there is no guarantee where you will work in 2 years since you know you will be looking for new jobs. 

So, no. I dont think for you two to buy a house is really a great idea. I think having the flexibility to get the best job for you and your careers would trump being confined to a specific area due to a house.

However, I do think you should move. Not sure you can put a price on safety. 

You could try to rent something near where you want to buy to test drive the commute/location. You have more flexibility in renting so look around at different areas for cheaper rent. If you were willing to drive when buying a place, renting a place further out would also be cheaper likely.

Post # 4
2605 posts
Sugar bee
  • Wedding: October 2010

@peasantsong:  Unless you plan to be in the house for a number of years OR you feel really confident you can break even / sell for a profit if you need/want to move in a couple of years, then I wouldn’t buy right now. 

Also remember that even though buying means you pay less per month and get a tax break, you’ll also have to pay a few thousand dollars in closing costs that you may not recoup if you sell after only a few years.  You’re also 100% responsible for paying for any and all repairs and maintenance for the house – if the stove or hot water heater goes out, you have to buy a new one.  If the roof springs a leak, you have to pay to get it fixed.  So, ultimately, buying may be just as expensive as renting.  Maybe not – but these are things you should consider.

Post # 5
7312 posts
Busy Beekeeper
  • Wedding: October 2011 - Bed & Breakfast

You are not sure where you want to look for permanent jobs and settle down, so it makes no sense to buy. If you bought now, you would have to wait 7-10 years to recoup all of the fixed costs of buying (your closing costs, your selling costs, all of the routine home maintenance you will be required to pay for over the years, etc.). Do you really want to be tied to a house for 7-10 years? And make sure that when you look at the cost to own, you are factoring insurance, HOA fees, and property taxes into your monthly payments. A monthly payment is so much more than just the principal and interest on the loan itself.

Post # 7
2685 posts
Sugar bee

It sounds like you really need to move, regardless of whether you buy or rent.  I think you guys should wait until after graduation to buy.  There’s so much that could change between now and when you take new jobs, including where you live.  I also think that you would get a better long-term benefit out of staying flexible and finding the best jobs possible, whether they are inside or outside of your area.

Even if a mortgage costs less per month, do not assume that buying will have less expenses.  Houses have maintenance costs, repairs, and property taxes to deal with.  You may have to pay a monthly or yearly fee to a homeowners’ association.  These are not things you would need to deal with in a rental.

Post # 8
13099 posts
Honey Beekeeper
  • Wedding: July 2010

I agree with the PPs that, with you both graduating in two years and needed to have flexibility for job hunting, being tied into a house probably isn’t the best idea for you right now.

Post # 9
10367 posts
Sugar Beekeeper
  • Wedding: September 2010

I say no to buying.

You don’t have careers established yet. Not having 3+ years in your careers will, at best cost you a lot in higher interest, and at worst get you denied the loan.

Being an hour+ away from work and school is brutal and expensive. Especially if you are driving. I live about an hour away from my work and it is at the top of my tolerance range. ‘

Where do you live in Northern CA that your rent is only $1100/mo and you can buy for cheaper?? That is all kinds of crazy crazy cheap. You can barely rent a room here for $1100/mo, and not in a very good area.

Post # 11
2515 posts
Sugar bee
  • Wedding: December 2011

@peasantsong:  if you were to buy and then had to move away for jobs, could you rent the house out? and if you could, would you and your Darling Husband want to be landlords? that might be a good way to go if you guys are comfortable with that. if you couldn’t/don’t want to rent it out then i would say hold off on buying and just find another rental in a better neighborhood.

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