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Should we buy a house?
My fiancé and I are hoping to buy a house sometime soon. We have been together 5 years and lived together for 3. We currently rent a house and pay $925 in rent, plus around $250 in utilities/cable. We also both have stable jobs and earn around $70,000/year together. Our lease is up at the end of august and we would like to buy a house by then, the only problem is that we will not have enough for a down payment by then. We are working on saving, but im
afraid we won't be approved for a mortgage without a downpayment. Are there any other options or should we continue renting for another year?
3 Answers
- Brian DLv 58 years ago
Well this is a perfect question for me, My wife and I have been with each other as teens I'm now 35 years old and we have been with each other for 20 years married for 4. In the time we wasted renting we could be done paying for our house. So I would say yes why because you are giving some else money a you will never own a place renting it. The only thing is you will have to fix whatever breaks. So some advice for you both when or if you buy a house don't spend over what you can afford don't worry what everyone else has and for sure have the house inspected it is better to spend money and find out what is wrong then buy the house and be stuck to fix it. If the two of you are living well with what it cost you to rent try to keep in mind you will have to pay land taxes, little more on the utility side of things so try to stay with-in the same range of your total cost now because you don't want to be house poor. Set aside money for repairs because a new roof will cost you 8000.00 +/- or a new heating system you just never know. Lastly DO NOT TOUCH YOUR MORTGAGE don't borrow don't pay off other bills with it and don't take it over a long period of time aim for 18 years if you can. Good Luck and happy house hunting
- Ralph TLv 78 years ago
With the housing market going up and down,it might be better to rent a little longer or consider an owner financing option.
The seller and you agree to terms and he carries your mortgage,it is best to know if the house is mortgage free or not in foreclosure first.
Be sure to use a good real estate lawyer to handle the contract.
If you elect to buy,go for a 30 yr. mortgage,the payments are lower,but you can make monthly principal payments in addition to your regular mortgage payment with a seperate encvlosed check and note the extra principal payment in the memo.
You will cut the 30 yr. loan down to a 15 yr. loan and save a lot of interest.
Be sure to have the loan agreement state that and that the loan is not transferable without your consent.
You can have a clause added stating that if any payment is refused,the loan becomes paid in full.
This keeps the mortgage where you want it and if any payment you make is refused,the loan is fulfiled and can't be collected on any more.
- 8 years ago
Rent for another year and keep saving for a downpayment. Buying a house isn't a no-brainer investment anymore anyway.
