(Closed) Pretty amazing opportunity came along to buy a house..do I jump on it?

posted 7 years ago in Home
Post # 3
Member
1230 posts
Bumble bee
  • Wedding: August 2011

I say do it but I am impulsive like that! 

Post # 4
Member
5668 posts
Bee Keeper

My immediate reaction would be do it.

However, I don’t know what your finances are. If you like the house (enough to stay there for a long time), you crunch the numbers and it works out to be managable, do it. You have to pretend Fiance will never be able to contribute. What if he doesn’t find a job? What if you end up breaking up and his name was never on the mortgage? You could be stuck paying for it by yourself.

Post # 6
Member
1235 posts
Bumble bee
  • Wedding: July 2012

Well if you want this house, then do it. 

But I disagree with you that housing prices will only go up…we are still knee deep in recession and housing prices are likely to remain low at least for the next year or two..so if you feel pressured only because of this, they I wouldnt buy it and would wait until Fiance has a job. 

Post # 7
Member
9824 posts
Buzzing Beekeeper

It’s a great opportunity and you should take it, BUT only if:

You have enough savings to keep you afloat for a few months in the worst case scenario (you get laid off)

You have a game plan in place for what would happen if you had to sustain the house on your own, not even factoring in your fiance. Right now this decision depends solely on you financially.

I’m generally not a fan of going into home ownership with someone before marriage (personally), so you have to be smart about this and in no way depend on your fiance’s possible future job.

Post # 8
Member
4887 posts
Honey bee
  • Wedding: May 2012

I wouldn’t, but I’m a pessimist.  Buying a house can be one of the worst investments and nothing but a giant black hole money pit.  We’re trying to sell a house right now and it’s a nightmare.  The freedom and flexibility of renting is so, so attractive and I wouldn’t buy a house just because its a good opportunity.  It should be something you both are ready for, financially, emotionally, whatever.  Spending 60% of the mortgage on rent right now is not a bad deal at all – especially when you consider how much a house REALLY costs to keep – repairs, lawn stuff, maintenance, insurance, taxes, you name it. 

 

/exit raincloud  😉

 

Post # 9
Member
2463 posts
Buzzing bee
  • Wedding: August 2010

my concern would be if there’s any chance you all would be moving out of your area within the next few years, especially since your fi is out of work–what if he got a job opportunity away from your current city? is he at all looking elsewhere? this was the main reason hubs and i haven’t bought a home together–when we first moved in together i was planning on applying to grad school and potentially moving out of state (which we did) within a couple years so it wasn’t worth it

Post # 11
Member
2018 posts
Buzzing bee
  • Wedding: December 2010

Kristengettingmarried and KatyElle both make really good points. I know this sounds like a really good deal but for me it would be way too scary to buy a house with only one person working and basically NO cushion for emergencies. Really expensive things can and do go wrong all the time. And this is not a decision you should have to make so quickly. Maybe it will work out but if not, there will always be another house. Especially when you are married and both have jobs. I think this is just cutting things too close for comfort.

Post # 12
Member
141 posts
Blushing bee

I agree with the naysayers – sorry!  I would not make a huge decision like this under pressure – you say you only have a few hours, and you weren’t even planning to buy anytime soon.  Also you mentioned the house is tiny… Could that be part of why they’re having trouble selling it?  What if prices don’t go up?  (As we know, that can totally happen!)  Do you want kids?  Is there room for them?  What if you can’t get out of it?  There are SO many people in that predicament.  They can’t afford to sell, they can’t move, they are just stuck in a house they’ve outgrown.

There will be other houses.  I’d pass!

Post # 14
Member
3943 posts
Honey bee

I definetly wouldn’t do it for all the points listed above. Buying a home is a HUGE decision, not one that should be made in a matter of hours. Plus, what happens when you have a couple of kids? If the house is already tiny, it sounds like you don’t have much room to grow.

In this economy who knows what will happen in 5 or 10 years when you want to sell and buy a bigger house.

Post # 15
Member
2410 posts
Buzzing bee
  • Wedding: July 2011

I think it depends on what city you live in to e honest. I understand where the naysayers are coming from, but I can see why it would be an attractive option. If a great deal came up for me in the tri-state area and I was in your situation, I just might have to jump on it myself! Also, 2-bedroom is perfectly fine for a young family in the city.

Post # 16
Member
7431 posts
Busy Beekeeper
  • Wedding: October 2009

Do it!!! I would love to see this house, if you aren’t opposed to posting pics of it

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