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Toddlers: 12 - 24 Months
NTR: Househunting
Last year we had to sell our home.
Sequence of events were as follows DH got laid off, a few months later he found another job, I was put on strict bedrest, maternity leave, laid off. With one income for that long we didn't have a choice. We were both devestated. It was our first home but it was also our home.
We moved into a teeny tiny apartment, paid off all of our debt and are finally able to buy a home once again.
We are keeping our budget low so that if one of us ever gets laid off again we are not in that situation. There is nothing on the market. I feel like we have looked at so many homes. With each house I am getting more discouraged. Our lease is up in a few months.
Ugh.
This discussion has been closed.
Re: NTR: Househunting
Try to take emotion out of it- take a tape measure, look past the colors on the walls, think about what you can change. People that looked out our home are shocked at what it looks like now and we haven't even changed the structure.
House hunting sucks though. It's stressful and a major decision involving a lot of money. If you don't feel the time is right, can you extend your lease? Or look for a different rental?
I'm not sure this is what you want to hear, but this is actually a REALLY good time to rent! It's awesome that you guys have been able to turn things around financially in such a short amount of time, but unless you've got 20% down and a 6+ month emergency fund, I wouldnt suggest buying a house anyway.
Especially if there's nothing out there that appeals to you, the last thing you should do is settle. IMO, you should maybe move into a slightly bigger place than what you've got now, continue to save, save, save, and then when you have a decent nest egg and a good down payment, there will probably be more out there that you like.
i totally disagree with EM lol
get out of throwing away money, find a house you can fix up to your liking and make money off of later. even if its not your dream home - something that will you money when the market does a complete flip.
We've actually been thinking about doing this- and this may be what happens if we can't find anything. We definitely will not be extending our lease at this apartment.
I just hate renting when I could have a property with the same monthly payment with owning, you know?
First of all, renting is not throwing away money. It is money putting a roof over your head. Second, the payment may be the same, but the upkeep and utilities are much higher.
PP is right, I assumed you had the downpayment and emergency fund. If you don't have this then don't buy.
ditto this.
even though i disagree about renting. i think buying a house without backup funds is just scary.
I think it's one thing if you have the funds readily available (and I have no idea, maybe the OP does!), but to buy a house that you dont really even like just because you want to own a house isnt usually a good idea- even if you do have the money.
What if you dont have enough money to really fix up the house the way you want it? What if the market takes 10 years to rebound enough to make anything? What if you end up hating the house and instead of just waiting until the end of the lease, you are stuck with it until you can sell?
Plus, I just dont see renting as throwing money away. You're paying for a place to live! And in this financial climate, paying less in rent while putting more in the bank is a very wise move.
Check out this Rent vs Buy calculator from the NY Times. It's very interesting!
I'd buy. They are saying the market is about at its lowest right now. So if you wait, prices will go up. Keep looking. Find something with potential in a great area. What they say about location is really true. Fix it up the best that you can, and then get rid of it when you can turn a profit in a few years. THEN you can buy your dream home.
lol you exaggerated my post. i didnt say "didn't like" and i didnt say to buy a flip house - i just said not your dream home
just one that you could update to your liking. i just think its ridiculous to rent in this market.
and maybe its location - bc rental homes here (and apts that would fit our family of 4) would be as much as mortgage. thats why i see it as a total waste. no one is saving anything (or barely)
I meant that the OP didnt like any houses she was seeing. Sorry, I didnt word that very well! And yes, it does totally depend on the market and region. There are lots of areas that rent and mortgage would end up being very similar and in those areas, buying usually does make more sense then renting. The link I put in my last post is pretty cool. It's fun to figure out at what point renting is more "worth it" or when buying is better.
Not getting into the rent-vs-buy debate...but just a little bit of hope for you (I hope!)...
We started looking for houses in early spring '07. Went under contract on a fixer-upper that was in an "up and coming" neighborhood. Long story short, we were under contract for MONTHS, before finally getting out of it b/c of termites. At that point, we decided to stop looking (yeah right--but not looking as seriously) until we sold our townhouse. Sold it in October '07. Were lucky enough to move into a relative's (empty) house for a few months. Literally spent every weekend going to open houses, every evening looking at houses online, and usually 1 night a week going to see a house with our realtor. I would say we looked at over 100 houses. We'd find ones that DH liked and I didn't, or vice versa, or ones that would be perfect "if...". Finally, in February '08, we found a home we both agreed on, in a great neighborhood, with the space we wanted, etc. Went under contract, and closed on it in April '08.
So, what I'm trying to say, is it WILL happen. We started looking at houses $100k over what we ended up spending. We started looking a year before we found something. We started with an "ideal" in mind, and realized that it wasn't completly possible...but we love our house now. You may have to look at a bunch of houses, but I really think you'll find the one you want!! Good luck, I swear that househunting was more stressful for us than planning a wedding!!!