Housing dilemna...need advice please

S&D_2005 · April 2010

DH and I have been living with his parents since November. It was a smooth move, and his family and I get along really well. They also love DD, and would do anything for her. DH recently got a job after being laid-off for a few months. We were thinking of moving out soon, and moving into an apartment. However, if we stay with them for a few more months, we may be able to save up enough money to put a pretty good down payment on a home. DH wants to look into foreclosures, as there is a lot of them in our state. So we would be able to get a decent house for a pretty good price. We'd obviously have to put some of our own money into it to fix up whatever damage is in there, and we'd hire an inspector to make sure there aren't any leaks or anything more serious.

If we moved into an apartment right away, it would take a while to save up enough money to buy a home. We really want our privacy back, even though his family is great. Just trying to look at the bigger picture. Would you suck it up and stay there for a few more months and buy a house, or move out right away, and hope to buy a house down the road? WWYD?

sunnyday016 · April 2010

I'd stay put for a few months and save for a house. We're in MI too and I know what you mean about there being so many foreclosures. Good luck.

GRKaters · April 2010

As long as everything is fine between you and the ILs, I'd suck it up for a few more months and save, save, save. But I'd be likely to put a time limit on it, so your "few more months" doesn't turn into a year or more.

JustMarried2005 · April 2010

I would stay for a few more months and buy a house! Even if it was 6 months, you will be so much happier with something that you own versus renting an apartment!

6fsn · April 2010

If a couple of months would mean getting you in a house, I'd suck it up. This will also give your husband some time to settle into his job. I will forewarn you that foreclosures and short sales take a long time to close. So even if you have the money in 3 months, it could be another 4 before you actually get out.

Lucy_Plus_One! · April 2010

I would wait 3 months and then start shopping for a house. If you would have to wait much longer then that, I wouldn't wait. Its hard to live with family.

MrsRenee · April 2010

If you're getting along with his parents fine, then I'd stay and try to get into a house. You might want to look into a short sale too. For what you spend fixing up a foreclosure, it might work out to be the same. Apartment living can be a pain, especially with a toddler. Plus at some point I imagine you'd want to move into a house, so it saves you a move.

ElizC · April 2010

I would suck it up and stay with your ils. Depending where you are in Michigan it is an awesome time to buy if you know you want to stay here for 10+ years. You can also find awesome deals on rental properties as well. We can't commit to staying in Michigan. We are currently renting a very nice townhouse for about half the cost the builders of our complex had originally marketed it for.

GRKaters · April 2010

Oh, and congrats on your H's new job! I'm also in MI and know that's nothing to sneeze at.

t-kam · April 2010

I don't think I'm likely to share the same opinion as most other people. I miss renting. I also am mad that we bought a townhouse (about 1 1/2 yrs ago) and now don't know that if we will ever be able to sell it. Every home in our area that has tried to sell hasn't had any luck and most of our neighborhood has turned into rentals. The values of gone down so much and I am still wondering if they will go down more.

There are benefits to renting. So I guess I would have to consider a few things first.

Are you able to get the first time home buyers credit? (don't even know if that is still going on)

How long would you be able to stay in the home? If you would outgrow it in a few years then it probably isn't going to be worth it for you.

I REALLY wish we had rented a single family home with it's own yard (fenced) that we could stay in for a while until we REALLY knew what we wanted in a home that coudl be more permanent. I also wanted to agree with the other person who mentioned that the foreclosure process can take a VERY long time.

S&D_2005 · April 2010

GRKaters:
Oh, and congrats on your H's new job! I'm also in MI and know that's nothing to sneeze at.

Thank you. Yeah, the auto industry seems to be picking up. As soon as he put his resume on Career Builder, he had 3 to 4 different recruiters call him everyday. A lot of the jobs were for a company in Indiana, but luckily he got one here instead. I'm so happy. Hopefully this means better things for our state.

His new job is another reason we aren't rushing to move out. Its a contract position for now. So we'll see. We just don't want to move out, and then have him get laid off again. That was pretty stressful the first couple of months, but thankfully we've been able to save some money staying with his parents.

S&D_2005 · April 2010

t-kam:
I don't think I'm likely to share the same opinion as most other people. I miss renting. I also am mad that we bought a townhouse (about 1 1/2 yrs ago) and now don't know that if we will ever be able to sell it. Every home in our area that has tried to sell hasn't had any luck and most of our neighborhood has turned into rentals. The values of gone down so much and I am still wondering if they will go down more.

There are benefits to renting. So I guess I would have to consider a few things first.

Are you able to get the first time home buyers credit? (don't even know if that is still going on)

How long would you be able to stay in the home? If you would outgrow it in a few years then it probably isn't going to be worth it for you.

I REALLY wish we had rented a single family home with it's own yard (fenced) that we could stay in for a while until we REALLY knew what we wanted in a home that coudl be more permanent. I also wanted to agree with the other person who mentioned that the foreclosure process can take a VERY long time.

You make a good point. We wouldn't buy a house that we couldn't see staying in for a while. The next house we buy will be THE house. We plan on having more kids, and I dont' want to move around so much after #2 or any future ones come along. Also, I know how bad it is to own a townhouse or condo. DH and I decided long ago that we would never buy one, rent yes...but not buy.

reticent · April 2010

t-kam:
I don't think I'm likely to share the same opinion as most other people. I miss renting. I also am mad that we bought a townhouse (about 1 1/2 yrs ago) and now don't know that if we will ever be able to sell it. Every home in our area that has tried to sell hasn't had any luck and most of our neighborhood has turned into rentals. The values of gone down so much and I am still wondering if they will go down more.

There are benefits to renting. So I guess I would have to consider a few things first.

Are you able to get the first time home buyers credit? (don't even know if that is still going on)

How long would you be able to stay in the home? If you would outgrow it in a few years then it probably isn't going to be worth it for you.

I REALLY wish we had rented a single family home with it's own yard (fenced) that we could stay in for a while until we REALLY knew what we wanted in a home that coudl be more permanent. I also wanted to agree with the other person who mentioned that the foreclosure process can take a VERY long time.

This is me, exactly. We bought when I wasn't totally convinced we needed to, but my husband didn't believe in renting. Now we're stuck with a house that we're not happy with and will probably have to sit on for a long while. I wish we would have waited until we were sure where we wanted to live for a long while, instead of just going with where we were at the time.

I hope whatever choice you make, you're happy with in the end. If it were me, though, either way I'd stay with my ILs a bit longer. Everything is so volatile right now. I'd want to be sure I had a good (better) savings cushion when I moved out, regardless of where I was going. That's the worrier in me though.

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Housing dilemna...need advice please

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