(Closed) BUYING VS RENTING now vs 5-10 years away.

posted 6 years ago in Home
Post # 17
Member
920 posts
Busy bee
  • Wedding: June 2015

since you’re not hard pressed for a place to live right now, you could be very proactive in your home search!!

many realtors can put you on a MLS email service, where it emails you daily with new listings or updated listings that match the search criteria you set. that can help you find the best home at the best price.

also, with many foreclosures and some low down payment financing options, you might be able to get a home easier than you’d think. however, i do see what you’re saying about not having a steady income history. i would suggest just going to a bank and getting pre-approved for a mortgage and see what someone would lend you and your SO.

i am not a financial expert, and sorry if some of these tips don’t apply in australia!

Post # 19
Member
2425 posts
Buzzing bee
  • Wedding: May 2012

Sounds like you two need to come to a compromise. As someone who is married and living with parents temporarily to save for a house, I do think that is a very smart plan and something that is important. But I also think a timeline is important too, not just an indefinite period of time. For us, the current timeline is to live with the family for 1 year and that should save us enough for a good sized downpayment. If it’s still going well and we haven’t found a house we love in our price range, a year from now we will re-examine and see if we will stay longer. 

So I think you guys need to come up with some sort of timeline in general. For example, staying with his mom until you are married and finish school at least is probably a good start, see how much money you can save up by then. But I wouldn’t want to start my marriage planning to live with the in-laws for 5+ years and you have good reason to want your own space!

Post # 21
Member
999 posts
Busy bee
  • Wedding: March 2012

Honestly…If you have the money, now is the best time to buy a home, home prices are all time low and lowest interest rates.

It took us 3 months to close on our home and lived temporarily with my mother in law. My husband loved it, he was in heaven, he was such a mama’s boy. I swear he would be okay to live with mom and wife forever. Maybe it’s a mama’s boy thing.

I say talk to your hubby. Did you guys even try searching, checking your options? Is waiting 5 years really the best thing to do? OR is an assumption?

Post # 22
Member
999 posts
Busy bee
  • Wedding: March 2012

Go to the bank to see how much you can qualify? What information is needed? What house options fall in your lap. Investigate, doesn’t hurt. Whats the worse than happen? Wait 5 more years to try again.

Post # 24
Member
2948 posts
Sugar bee
  • Wedding: February 1998

@BabyBrain:  I think you have your mind set and nothing we say is going to change it, you clearly want to rent. Which sound like it’s your best option now. You just need to convince him. Goodluck 

Post # 27
Member
244 posts
Helper bee
  • Wedding: May 2012

@BabyBrain:  From my personal experience I would say your sanity is worth more. 2.5 years is a long time & if your current living situation is putting a strain on your relationship then I would say it’s time to move.

Maybe there’s a compromise you can make. Like can you nanny to make extra money to help offset the cost of rent? Is your Fiance handy? My husband makes extra money buying lawnmowers and generators on CL and fixinging them up and turning them for a profit. It’s a great way to make a little cash and if your city has an awesome CL scene there is a lot of profit to be made. I find furniture on there for free all the time fix it up a little bit with some paint and then sell for like $100 easy.

There are creative ways you can make renting your own place work all while still saving.

Post # 28
Member
984 posts
Busy bee
  • Wedding: June 2015

Here in the UK, new property developments set up shared ownership schemes where you take out a mortgage for 50% of the property value, and pay rent on the other half. You have all the same rights as an owner (pets, decoration, changes to the house) but it’s cheaper.

Do they do anything like that where you are?

Post # 29
Member
2948 posts
Sugar bee
  • Wedding: February 1998

Goodluck and just remember good things come to those who wait.

 

Joining the gym was a great idea. Work off all your frustrations because that’s exactly what I do:))))

 

Post # 31
Member
920 posts
Busy bee
  • Wedding: June 2015

@BabyBrain:  

 

well i am glad you have done all your research!! i am currently in the opposite boat- spent all our money on a house and now we don’t have money saved for an engagement ring or wedding…. i don’t know which situation would be more frustrating! lol.

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