Post # 1
My husband and I just found out we can buy a house! This is exciting, but a little financially daunting since we haven’t started a family yet…and I’m already 30. I wouldn’t be so concerned with putting off kids if I were younger, but I feel like if we keep renting, we will never get out of an apartment once the kids come!
Here is the financial breakdown of the issue: We only bring home $2900/month, $850/month goes to student loans (the HUGE problem). We do both have good credit and don’t plan on buying something above our means, we would stay within what we are paying in rent or lower if possible. In our area, houses are more affordable than most areas, which is good. But I feel like it’s a ‘one or the other’ decision. Opinions??
Post # 3
Well, as someone who grew up half her life in an apartment, I see nothing wrong with raising a child in one.
Post # 4
Which do you want more at this stage?
Not sure if I understand why you can’t do both?
Post # 5
- Wedding: July 2014 - saint patricks parish
house then a baby so really both. and I wish you good luck on both.
Post # 6
@gramgeek Just not sure if it would be smart to do both with our income, they are both money suckers!
Post # 7
I’d get a house first. It lends a sense of stability to your life. Also, this is a small consideration, but would you really want to move with a small child if you didn’t have to?
I’d buy a house first, but do it as quickly as is smart.
Post # 8
I chose to stay in our apartment and try for a baby rather then buy a house then try for a baby. It was because evrey fibre in my being was screaming at me to make a baby with my husband. Only you know the right choice for this one I’m afraid. Sadly, baby making sometimes just isn’t a rational choice.
Post # 9
How much is left on the student loan? It may be a good idea to pay that off or down first so you can lower your monthly expenses to have more extra income to afford a house and baby.
Post # 10
@VAwife We will be stuck with the loan for like 13 more years, and we can’t pay more than the $850 per month realistically at the moment, so that expense has to stay put for now 🙁
Post # 11
i don’t understand. Whatever you’re paying in mortgage if you buy a house now, you’re going to be paying for the next 15-30 years. is there some point at which, after buying the house, you expect expenses to go down so that you can then afford a baby? is it the down payment that is the big house expense that you’d have to recover from to feel comfortable having a baby? If you buy first, how long after buying would you feel comfortable having a baby? If you had the baby first, how long after giving birth would you feel comfortable buying a house? Is there some point after having a baby that you expect expenses to go down so that you’d feel comfortable buying, like once it’s out of daycare? How many kids do you want? These are all calculations you and your partner need to sit down and really hash out.
Post # 12
personally, i would buy a house first. babies are a lot of work and i know a lot of parents who chose to wait to buy a house and had a baby first, then never got around to finding a house so they are still renting 3-4 years later. i just hate the idea of renting anyway- it feels like your just throwing away money. at least with a house, you are investing your money.
Post # 13
If you guys can afford a house on that income with such a huge student debt. Then I’d do it. I wish housing was that affordable here 🙁
I personally wouldn’t want to have kids while renting.
Post # 14
I agree with PP’s that this is something that you really need to sit down with hubby and hash out. Go through a budget and take your long term goals into it. Do you have the strong urge to have a baby? If so, I say go for it, there’s no need to put it off. On the other hand, do you want a baby just because you feel like it’s time for one? In which case, there’s a lot more to take into consideration.
That said, if you can buy a place cheaper than you are renting at the moment like you said you might be able to, why wouldn’t you just do both?
Just make sure that you are definitely realistic about your budget and what you can afford.
I live in Australia, so living costs are a lot higher than America, but my Fiance and I are very frugal and we budget every cent. Even then, our general living expenses just for the two of us every month are $3,400.00. By general living, I mean, bills, food and entertainment. That doesn’t take into accout our rent or savings. I know that probably doesn’t seem frugal, but we really do budget for everything, and a lot of that is putting aside money for car maintenance etc, so that we never have to worry about those big expenses when they come up.
Again, I know the US is cheaper than Australia, but I know that with my budget I certainly couldn’t afford a baby or a house on you’re salary. So just be safe, realistic and really budget to what you can afford.
Like I said before though, if you have a really strong urge for a baby, you can’t not have one. I know how that feels.
Post # 15
Use the money you would for baby or house to pay down your loan principle so that your monthly payments are more manageable.
Post # 16
Ideally, we won’t have a child until we’re in a house since I really don’t want to rent with a baby (for many reasons) so I’d vote house then baby. My concern, especially for those who live on smaller salaries, is that once baby comes along, it will be more of a challenge to afford a house. May as well do it now, while you can, than find yourself in a situation a few years down the road where you have your child and would really like to be in a house of your own but you can’t because you can’t afford it. I’m also a bit more traditional, I guess, since I like the idea of marriage –> house –> baby.