(Closed) BIG decision and need some guidance – To buy or not to buy? *time sensitive*

posted 4 years ago in Home
Post # 2
Member
546 posts
Busy bee
  • Wedding: May 2015

I’m confused… if you signed an agreement of sale, and there are no major issues with that property, you should buy that property. I’m also confused about how a home that’s 10,000 more would deplete your savings (the difference in down payment would be really small). What’s your savings situation right now? You really shouldn’t buy a home without a decent amount in savings (beyond what goes to a down payment/closing costs). As you noted, owning a home is a lot more expensive than renting (or staying with family). 

Post # 3
Member
6864 posts
Busy Beekeeper

If you can afford to move now, wedding savings and all, it seems the real question is whether or not your Fiance is ready and willing to move out of his parents’ basement, not if the model is a good deal.

Post # 4
Member
1401 posts
Bumble bee
  • Wedding: August 2015

dances123:  Because the property they agreed to buy originally has not yet been built, my guess is there has been no transfer of funds (at least that’s how it works in my state). You only pay your down payment/closing costs once the unit is ready for transfer. 

From OP’s comments, it looks like that wouldn’t happen for another two years, so it may deplete their savings now, where as the condo purchase in two years would allow for saving until then.

OP, you asked we would do… I’d probably jump at the chance to purchase the furnished model — partially because I can’t imagine being happy living with my in-laws. ๐Ÿ™‚

Sounds like your Fiance isn’t 100% ready for the commitment of homeownership/living outside the city and is thinking he’ll be ready in two years (Although you say he’ll want to move right back). Are you sure he really wants to go at all? 

Post # 5
Member
322 posts
Helper bee
  • Wedding: April 2015

tattiibee:  my concern about moving now wondering if that will make you “house poor”? what are you paying in rent now? even if your monthly mortgage is reasonable it sounds like it will still be an  increase in what you are paying now + plus paying more for gas for the longer commute each month. Plus saving for a wedding/honeymoon… That is a lot of $$. 

the furnished aspect IS appealing. It might be worth it for you to try and figure out how much that is actually worth ($3,000, $5000, $10,000?). Also think about the cost if you decide to remodel down the road. If I were you and I were trying to talk to my Darling Husband I would need actual numbers to show him. 

I do feel you, we rent a 500sq ft “house” – and I want to buy a house so bad. I day dream about 2 bathrooms, actual counter space so maybe we’ll be able to fit a microwave in the kitchen one day ๐Ÿ˜‰ But Darling Husband is right, we are able to save a lot right now and it has been really helpful. 

Post # 6
Member
756 posts
Busy bee
  • Wedding: June 2015

You need to leave 1 tub in the house for resale/children.

eta: I thought you wanted to take both out, my mistake! I would not be living with my in laws for two years regardless of what you do for this place.  

I might pass on it though because 2+ years of constant construction outside my door would be too much for me.

  • This reply was modified 4 years, 6 months ago by  Kelani23.
Post # 7
Member
2020 posts
Buzzing bee
  • Wedding: July 2016

 

tattiibee:  I’d want to jump… bad! But the extra savings and getting to have things custom and your style might be better. Lower payments because you’ll have more to put towards it up front. The rational part of me says stick it out because it might cause a bigger rift between you and your partner and the savings would be helpful to keep from stressing when you finally get to buying and moving.

The topic ‘BIG decision and need some guidance – To buy or not to buy? *time sensitive*’ is closed to new replies.

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