(Closed) Buying a home now OR waiting??? ADVICE

posted 5 years ago in Home
Post # 3
834 posts
Busy bee
  • Wedding: July 2013 - The front lawn of our church

@Kimber_bee:  I think you should go ahead and look for a house in the not so great neighborhood. You’re still young, and you can use this time to save money for the house you really want. Just make sure that you are saving and preparing yoursleves financially to move in the next 5 years or so. Don’t wind up stuck there because you didn’t plan ahead. Then you really will regret buying that house. 

Post # 4
10366 posts
Sugar Beekeeper
  • Wedding: September 2010

I think you should look at the types of repairs that need to be done on the homes that are in disrepair and the $$$ you’ll need on hand to get that done. New roof? $10-20k. New electric? You’ll have to re-drywall the whole house = $$. New kitchens can easily cost $15-20k. A bathroom remodel is easily $5-15k depending on what needs to be done with plumbing and fixtures. Remodeling isn’t always cheaper – since you guys are new to the game, make sure you do your homework. Even remodeling one kitchen will put your downpayment in the range of the homes you’d rather have. Why not wait 1-2 years and buy then?

Post # 5
1342 posts
Bumble bee
  • Wedding: December 2012

@Kimber_bee:  What do YOU want and what does your husband want?  I think taking your Mother-In-Law out of the equation will help you guys decide!!

Post # 6
1311 posts
Bumble bee

@crayfish:  I completely agree – repairs add up!  Don’t be in a rush to buy if you’re not completely ready though.  Although to be honest, if pressed to choose, I’d pick the better neighbourhood – real estate’s all about location.  It will have much better resale value too. 

Post # 7
8444 posts
Bumble Beekeeper
  • Wedding: April 2013

@ChicFoodist:  +1, location was definitely the biggest factor for us.

Post # 10
1649 posts
Bumble bee
  • Wedding: November 2015

@crayfish:  +1

@Kimber_bee:  I agree that you should look carefully at the types of repairs that need to be done. If it’s just cosmetic stuff or things you want to change that aren’t your style, then that’s fine. You can always do that stuff down the road when you have more money.

If it’s something that is a safety hazard or that has the potential to seriously damage your home (like electric work or a new roof) then you may want to think twice about it because that can cost a huge amount of money.

And you also want to seriously want to consider the crime rate as well. It may not be too bad right now, but that might not always be the case. And if you decide to sell in the future that could wind up being an issue with potential buyers.

One important thing you haven’t mentioned: do you have a down payment available to put towards the more expensive houses? If so, do you have an additional financial buffer on top of that? If you do then maybe you’d want to consider one of those houses instead.

My SO and I just went through this over the summer. He was pre-approved for around 300-350K. We wound up spending a little less than 200K on a condo that was in good condition, but wasn’t updated (only about 10 years old though). Honestly, it was a good choice for us. His mortgage payments are very manageable and the HOA fees are relatively low (pretty much maintenance and landscaping only). If you don’t want to wait and don’t want to spend a lot, then that’s something you could also consider.

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