(Closed) Home buying help/ opinions needed please!

posted 4 years ago in Home
Post # 2
Member
944 posts
Busy bee
  • Wedding: November 2012

In this situation I would sacrifice some of your wants and settle for a place that meets your basic requirements to be comfortable. Stay there a few years, hopefully build equity and save as much as you can to go towards some more of what you want forever. 

Post # 4
Member
452 posts
Helper bee

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@skplue  if I’m buying, I’d wait a year or two for something I could be in longer term. However, I do not know what is going on in your current situation or how tolerable that is!

Post # 5
Member
881 posts
Busy bee
  • Wedding: September 2016

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@skplue  I would buy what you can afford now, as long as there is some room to grow into it. (i.e. I wouldn’t buy a one bedroom apartment if you plan to have children) Keep in mind that even if you got pregnant tomorrow babies stay small for a long time, so you can easily live in a smaller two bedroom apartment with a child. 

Post # 8
Member
1412 posts
Bumble bee

If you’re in the US- remember that if you sell in less than 2 years the ‘profit’ (if you make one) from selling can be taxed. 

Typically if you’re looking to purchase something for the short-term, look at something newer- because there’s less of a chance you’ll need to shell out for big improvements, which can hurt your bottom line when you sell. 

If you’re looking at condos/townhomes/apartments, remember to factor in the HOA fee!

Post # 9
Member
2598 posts
Sugar bee
  • Wedding: October 2010

I think that your situation warrants buying; however, I never advise purchasing something that you absolutely can’t stand. You don’t know what interest rates will be in 1-2 years; you don’t know if both of you will have the same incomes in 1-2 years, so buy with the intent to leave, but don’t make it unbearable to stay. 

However, a good realtor should be able to help direct you. Ask them to tell you what’s more reasonable on your budget–a starter home/condo or a more substantial longer-term home? Is a condo a good investment or would they advise a home? And if it’s the starter, then explain to them that your intent is to move/sell again within X years, and they may be able to help guide you at least in terms of where the neighborhood trends are and which places make better short-term (versus long-term) investments.

Another thing to consider–and I don’t know whether you are in a position to do this–is to look at multi-family properties because then you have some (or sometimes all) of your mortgage covered, and in some cases, depending on what the property spread looks like, you could even make money (if, for example, you find a front house with a little back unit, you could, as it’s only two of you, live in the less expensive of the two and rent the other). This is NOT the best choice for everyone–you’d have to assess whether you are interested in being landlords, for example, but it is an option. We started this way and it worked out really well for us. 

 

Post # 10
Member
4290 posts
Honey bee
  • Wedding: October 2016

For me it’s always better to have equity rather than renting for two years, it might not be a forever home but it doesn’t have to be. Get something that fits your needs currently and at least you will have an investment before you can search for a forever home 5 years from now..

Post # 13
Member
2598 posts
Sugar bee
  • Wedding: October 2010

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@skplue  Oh that’s funny! I grew up (kind of–ages 1-5, then like, 70/30 mainland/HI) in Honolulu. My mother is from there. 

Yeah real estate out there is tough! But how exciting to be moving towards home ownership. Good luck!

Post # 14
Member
363 posts
Helper bee

My Fiance and I bought a one bedroom condo in April 2013, put down a bit and our mortgage is $350/month. We stayed there until August of 2015 and bought a townhouse that’s 3 times the size. So now we rent it out for over $1000 (location is downtown) and put that money towards our mortgage for our current place. We are thinking of getting another place by next year and renting this out and we will be eligible to purchase a house for quite a bit of money as the rental $ we get and would be getting is still considered income.

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