Post # 1
My SO and I are currently renting an apartment (since August 2013). I never wanted to rent, but that was really the only way that we would be able to move in with each other, so we figured we would rent for a few years just to start out. We have been discussing whether we should buy a house sooner rather than later. Here are the options that we have come up with:
1. Buying a “starter” house that we know we probably won’t stay in forever (more like 5-10 years). It could be a really nice house, but probably something like a townhouse or apartment which would be cheaper. We could buy something like this within the next few months to a year, which means not renting for as long.
2. Buying a forever home that is single family but a fixer upper. It would be cheaper, and we could probably still buy within a year, and we could probably get financing for major projects built into the mortgage, but fixing up a home could take a while, and it could be years (and thousands of dollars) before it’s what we really want.
3. Waiting 5-10 years, saving up a ton of money, and just buying our dream home (new construction or newly updated). That would mean wasting a ton of money on rent, but we would never have to move again after that.
What would you bees do, or what decisions have you made about buying a home?
Post # 4
@prahajess: She clearly only sees one option here 😉
Post # 5
@prahajess: I think I Just fixed it! It submitted while I was still writing it!
Post # 6
I hate moving, so I voted for the wait a few years and buy your dream forever home. To me, at my age renting makes sense. I can concentrate on paying off debt and I don’t have to worry about paying for any repairs.
Post # 7
- Wedding: July 2014 - Prague
LOL, it wouldnt’ even let me vote for the one option! 😀
Post # 8
Do you have the abilities to work on a fixer upper? if not be careful renos can add up and sometimes can surpass what you’d spend on turnkey
Post # 9
I would by the single family fixer upper. While projects are a pain in the butt, I feel like that is the way to get the biggest bang for your buck. I am also biased because that is what we did. We didn’t finance the things we needed to fix; we just do them as we have the money, but most of the stuff we need to change are more cosmetic. We just had a few electrical things we needed to do when we moved in, and we will have to do the roof and gutters here in the next year or two.
Post # 10
I’d probably go with #2. I’d say #3, but 10 years is a really long time to keep renting and I don’t think I’d have the patience to wait that long. We bought our first home in 2012 and it is definitely a forever home. I LOVE our house. We had to change and update some things, but it was worth it and now I can’t imagine ever selling it.
Starter homes are great, but I LOATHE moving so I refused to get a starter home. I knew whatever house we bought we’d both have to be happy with staying in forever (unless we have to move or work or some similar circumstance).
Post # 11
@beetee123: I love fixer uppers. My Aunt does fixer uppers. I love old, old houses, they are beautiful. However, renovations can be extremely costly and a lot of the expense seems to fall on things you can’t see, like foundation, electrical, plumbing, having asbestos somewhere in the house, you have to be wary of lead paint, etc. Also, like the apt. I rent now, being early 1800’s, has lathe and plaster walls (which are beginning to crumble) and no insulation at all. Anywhere.
If you can get a fixer upper where all those things have already been updated and the issues are solely cosmetic, that would be your best bet.
Post # 12
@adoc86: Ah, you’re in York! I live in Chester County now, but I grew up in Lancaster. I hate moving as well. I grew up in one house my entire life, so moving into our apartment was the first time I ever moved, and it was terrible! My SO doesn’t see what the big deal is because he moved 4-5 times as a child, but I hated it. I really don’t want to rent for that long either. Our rent is $1,030, but we have an amazing apartment. This would be the place we’d stay until we bought a home, so that would be SO much money just thrown away if we stayed here 5-10 years!
@jadlnc: I love them too. It’s easier than buying the land and then building a brand new home on it (in my opinion). You get to stay in the house while figuring out what you want to do to it. I could definitely manage doing the repairs. I love DIY. I know my SO would help if I asked him, but I’m not 100% if that’s what he wants to do with his free time LOL. If we could find a place that is structurally sound, but just ugly on the inside I think that would be the best!
@onyx81: I think a fixer upper is awesome because you get to see your hard work pay off. You can look at something and remember how horrible it looked before! I just don’t know if SO feels the same 😉
Post # 13
- Wedding: June 2014 - Ontario, Canada ♥ EDD- April 2016
I would go with option #2, because that’s what we did IRL aha. We got a really great home in a nice neighbourhood within our budget because we were willing to go with a house that needed a bit more work. It mainly just needed new flooring, paint, updates in the bathroom and kitchen (everything was original from the early 60’s!). I would never buy a ‘fixer upper’ in the sense that it has structural problems- just cosmetic. We wanted to be able to live in the house while we were doing the updates. Also, we didn’t want to buy a place, get attached to it, and then have to leave in 5 years when we have young children. You can definitely get more for your money when you get a house that needs a bit more work!
Post # 14
Is there much of a renting market where you live? If so and you wouldn’t be adverse to being someone’s landlord I’d consider option one, then instead of selling renting it out when you find your forever home.
Post # 15
- Wedding: August 2013 - Rocky Mountains USA
Fixer uppers are a pain in the ass unless you’re really into home improvement. Do you want to / enjoy doing construction projects with all your free time? It’s one of those things that is great in theory but really not that great in practice, for most of us. You have to really be sure you and your SO are on the same page about how much work you’re going to put into a house, and how much money and time and effort it will cost.
I’d buy the starter home!
Post # 16
I vote for buying a starter home. When you rent, the money is gone forever. When you buy, you are investing. So yes, it might cost the same each months out of your paycheck, but in 10 years when you go to buy your forever home, you sell your starting home and usually at least get back all the money you have been paying to live there for the past 10 years.
There is always up keep fee’s when you own. But, I still think it is worth it to know most if not all of the money will eventually come back to us.