To ____ or Not To ____?!?What is it you may ask?!?
Try for baby?
Donate a kidney?
Pack up my shit and move to Europe?
Well I might have teased you yesterday and with hopes that you would blindly answer my yes or no question but it looks like you are not that easily fooled. Sadly, if you thought it was any of thee above...you were wrong my dears.
I enjoy my kidneys very much and don't have any desire to move abroad anytime soon, and baby making...welllll I might ask you for help on alot of things but I'm pretty sure Big Man and I got that one covered by ourselves. My vagina sends its regards.
But getting back to the point, there is an important step Big Man and I are contemplating and I'm asking not for an executive decision but for some guidance and advice on the situation...
Yeah, a pretty big deal, right?!
It has been something that has been weighing on our minds lately and we are trying to come to an educated decision while weighing our pros and cons.
Here's a little back info for you:
We rent right now (obviously.)
If we do decide to buy, any rent we have paid thus far will be applied to the house.
One bedroom...1 1/2 Bath
This is one that has been bothering me because we do plan on having children in the near future and one bedroom is not ideal. There is ways around it and also the option to create another bedroom but I'm unsure. I know we could make it work but I need to know more details myself.
We will be in a good school district and still close to our jobs
This is always a plus
Though this is not where I want my 'forever' home to be.
Nice house but not everything that I would want.
There is of course many other factors such as money and stuff that I will not get into on here, but I am looking for a little help in what I should know and so forth. I know alot of you ladies are homeowners and I am asking you for any guidance you can give in this area.
I don't know how everything works or what I should know or research so please show me the way sensei : )
30 comments:
I am not a homeowner yet but I am in the same boat as you, and as much as I'd love to buy in the city, my husband and I will be making the jump out to the burbs, only for the space and school districts because we want a family. I am not sure how long you want to wait before a family, but from what I hear about the market, if you do buy a place, you probably need to commit to at least 5-7 years before you'd get your $$$ back when you sell.
Again, I am certainly no expert whatsoever! It IS kinda cool that what you've paid in rent would be applied which is a sweet deal! AND if you can add on an addition with more bedrooms, then perhaps it's a good opportunity!
Good luck!
Exciting! I would say not to buy unless you are sure you want to stay there for a long time, selling a house right now is not easy! If you are in the market to buy I would check out every option available to you before deciding, good luck :)
The one bedroom thing makes me nervous. Right now, you shouldn't buy a house unless you know you'll be there 5-10 years...otherwise you'll just end up losing money.
It would be awesome that your past rent would be applied! How many years have you been there? I'd just hate for you to be 2 years down the line and losing your sh*t because you have family that is too big for your house. Moving with a baby is no fun :)
I'm not saying it's a bad idea by ANY means - just to think about how much stuff will change when the baby comes along. THEY don't take up a lot of space themselves, but a crib, high chair, swing, exersaucer, toys, clothes, etc. do!
My best advice is to take your time in the house buying process. We were DYING to get out of our apartment right after we got married and I honestly think we bought our house just because we wanted out. Now, we LIKE our house, but we don't LOVE our house. If we had taken more time to weigh the pros and cons and just not rushed the process so much, I think we would have found something that suited our needs alot better. We've been in our house for 2.5 years and we plan to move within the next couple of years! I always thought it would be so much better to own a house, but there is a LOT of maintenance/upkeep things that we never really thought about! For instance - we are replacing our heating/AC unit later this month because it's on its last leg - it's going to cost us around $4,000!! Ugh! Anyway, just make sure it's what you TRULY want! Good luck! :)
R and I have just put down the first deposit on a townhouse and we are first time buyers and super nervous, so I can relate. It's new construction too, which is even scarier. The place is 2 bedrooms, office, 2 1/2 baths. We don't want to have kids for 4 or 5 years, and we figure that we would be able to stay here for sure with one kid, but that we'll probably have to move before baby #2. I've heard that it's not worth it (because of closing costs, insurance, etc) to buy a house you don't plan on staying in for at least 5 years. To me I think the most important thing to think about is whether you would be able to stay there if you (hopefully!) get pregnant right away when you start trying.
i think the first thing i would think is how soon do you want to have a little one(s) ... if you are thinking not for a while, then a one bedroom home is not going to be a deal breaker. but then if you do decide to have children sooner than later how easy would it be to create a second bedroom and will it cost you a lot of $$$$?
how long do you want to stay in the home you are now if you do buy it? if you aren't planning on staying long than that should be a factor as well. i wouldn't buy the home if you know that you don't want to stay in it for at least 3-5 years after buying it. you already state that it isn't your dream home. most first homes aren't as our first home is def. a starter home but we intend to be in it for at least 8 more years {we want to be in the home we are now for a total of 10 years, we've been here for 2 years} and we have some room for growth if babies happen so having a smaller house now isn't a big deal or wasn't a deal breaker.
our house isn't our forever home but i def. love it and wouldn't want to be anywhere else. do you feel that way now?
i think at the end of the day you must make the best decision for you and your family.
best of luck!
Buying your first home is such a big deal! I would suggest you meet with a realtor and get a good idea of what the home is worth and see if you would be getting a good deal. It's awesome that the rent you have paid would go towards the cost - that's like a downpayment! Keep us posted on what you decide. :)
THe first house we bought ( and are currently living in) is not the house i want to live in forever. AT ALL. its got plenty of rooms but the school district isnt great and I want a yard for my kids one day. Is there any other options to buy?
Oh gosh! That's a big decision. Terence wouldn't get a house until after he knocked me up! ha ha...just see what you can get pre-approved for first and then take it step by step and see what you can really afford. I like owning b/c you can do whatever you want to your place, but on the other end renting someone else takes care of maintenence for you! So it all just depends! I am not help ....eeeekk!
I must have missed that post! Lol. Not being a homeowner I can't tell you much, but in my personal-non-homeowning-opinion, I'd say wait. If it's not what you want and there aren't enough rooms, unless you think you'll actually make it work, skip it. Maybe put off the babies a little longer and find a place you can see yourself in with your brood of babies for awhile. But that's just what I'd do. Best of luck with whatever you decide to do! <3
I say, GO FOR IT!! Especially if your rent will be applied. That rocks! I rent too.. and would totally buy mine if that were the case! But rent in Memphis is insane!! My little house costs me $1,125 in rest A MONTH! Eek!
I personally would not buy a house that I know won't work for any extended period of time. If you already know you will outgrow it don't do it. I'd much rather buy the right house that will allow some growth so you don't have to deal with selling a home and moving any time soon. I imagine a 1 BR could be a tough sell. Especially in this market. You just never know. If there is any at least 2-3 BR houses that you can afford I'd consider those first. Also, think about it. Do you LOVE the house you are in? If the answer is no then don't buy it. If it were larger I'd probably be telling you differently. My 2 cents.
For what it's worth...here's my 2 cents.
I don't know how long you've been renting, but if they are going to apply all your prior rent payment to the price of the house, then you *could* have a fairly good amount of equity built into the house already. Which is AWESOME!
That said, it's a buyer's market right now. If you can find something you both absolutely LOVE, now might be the time to find that home instead.
Don't buy it. You said it yourself, you want to have children in the next few years. I say continue to rent and dump as much money each month into savings so that in a year or two you can buy a three bedroom house. If you were to buy the house you rent now, you'd likely have a tough time finding someone to buy a one bedroom house.
Your backyard is also quite small. Plus, look at what happened with your roof. They patched it. Who's to say it doesn't need the entire roof redone?
I've got home buying on the brain right now, so this post speaks to me. My advice is to take a look at what is out there that might suit you better. DON'T SETTLE! We did, and now we majorly regret it, and it's a really hard situation to get out of. We thought this would be a "starter home" and we grew out of it within a year. My advice - look for something you CAN commit to for a long time, even if you may not plan on doing so. It's really hard to sell right now, and not getting any better any time soon. If you do end up having a baby sooner rather than later, you'll really regret buying a house that is too small for your needs, and it will be that much harder to afford something new at that point. Check out the other fish in the sea before committing.
If you don't see yourself wanting to live there in 5 years, don't buy it! That is just my humble advice though. Find how much it would cost to buy what you would want to live in when you start a family and make that your goal :)
From a professional standpoint (my hubby is the owner/broker of A real estate company and I am an agent), I would not ever advise someone to purchase a one bedroom. Reason? Resale. It could be hard to sell, because there are few buyers that would be interested in a one bedroom home.
Now, with that said, if you love the house or your gut tells you to buy it, then consider it. Just know what you are getting yourself into. Be prepared for lengthy resale times or to sell at a low price to attract buyers. I would check to sales comps for the past six months to see what price one bedrooms sold for and how long they were on the market.
Good luck! Buying your first home is such a fun time!
Hey girl! Remember me?? First off CONGRATS on the marriage!! Second, the Boo and I recently bought our own house and it is definitely a commitment. I would say if you are planning on having little ones and you can't see yourself staying in your current home for more than 5 years, don't buy. You'll only end up resentful if you settle for something you didn't totally love in the first place. Decisions, decisions. Doesn't it suck being a grown up? lol
While the rent being applied would be nice, I don't think one bedroom is ideal... I am sure that is why the current owner is renting as it is. It is very difficult to sell a one bedroom house. It's difficult to sell a two bedroom house.
You and big man plan on having kids in the next 10 years and if this house isn't ideal for them, their friends, and your families to come visit, it's probably not a wise investment.
With as many houses on the market as there are right now, there has to be one in your price range with a room for baby bigman/little room, mia and the rest of the gang.
If you think you can fix the house to where it will work for a family, then the rent addition would definitely be a plus!
Welllllll, one bedroom is totally restrictive so I don't think I would ever do that. I love babies ;) My vagina is telling your vagina to get busy ;) Since we know each other SO WELL and all. Renting stinks, but so does moving out of a house that you've outgrown within 5 years. ya know...?
Id say plan plan plan not a home owner but after seeing so many friends buy houses the investment and commitment is huge. Best of luck i know you guys will make the best decision
Owning is so much better than renting, imo! But you might want more space in a home you own!
Good Luck! We don't own but you said you want babies soooo you might want more room:) I'll pray for you love.
I can give you a bit of advice in this area as the hubs and I started home hunting in Sept and made an offer on our 1st home in Novemver and closed in December. The 1 bedroom part is very scary... especially if you want kids... since adding another room is an option, that is nice, but also will cost time and money... and buying a 2 or 3 bedroom home already done may have ended up being less expensive in the long run.
The thing is, in most areas right now, it's a buyers market.... If you like the area and are in a good school district, check out local homes for sell. you might be surprised.
If you do decide to buy, make sure you want to be there awhile. 7-10 years is ideal. It would suck to buy, and then 3 years later want out. It's amazing that they'd apply all your rent to buying the home, but this could also be because they want to sell asap and think it will be easier by offering you an amazing deal. Don't get sucked into that. Take lots of time, and lots of options. I'd recommend checking with a mortgage broker. Consultations are usually free. You can get with one and come up with a budget and they will tell you what you can and can not afford based on your incomes.
It's a very scary process, especially if you know nothing about it like we did going into it. If you do decide to shop around DONT be afraid to make low ball offers. We offered 15,000 less on the home we just bought! You never know!!
Not sure that I can provide ground breaking tips or bring up something that someone hasn't already shared but I will say.......
It's great that y'all are renting a home 1st before you decide to buy. We moved from an apartment to a house and while I love our house and we will be here until our unborn children are in college there are many things you don't think before hand. Storage his a must, room for growth, a floor plan that works for your lifestyle. Living in a home before buy gives you a little window into things you might want to look for in a home that you purchase. You should at the very least look around a little to see what is out there.
Best wishes!
Kendra
Looks like you have gotten plenty of advice already. And I don't know your entire situation, but based on just what you told us, I would definitely NOT buy and wait until you are ready to purchase a home that you plan on staying in for a while. Otherwise, you will end up losing alot of money on the deal. Also, in our area anyway, one bedroom homes are very hard to sell, so once you are ready, it could sit on the market for quite a while. Being a renter gives you a really good leg up when the times comes that you are ready to buy a home that you plan on living in for quite a while and having children in. You can put an offer on a house and be ready to move in right away or stay for a while, instead of it being contingent upon the sale of your current home. This can really cause you heart ache if you end up losing out on the home you really want because you can't sell your house on time. You guys have to decide what is best for you, but we have bought and sold homes and are now renting ourselves for a short while until we are ready to purchase our forever home. Selling a home is a long drawn out process sometimes and can really take a toll on you. If you are going to buy a house, make sure that it is going to be one that will have good resale value and that you will be in for a while. Just my two cents :)
I'm a bit of a chicken with this market being the way it is, so I wouldn't buy. But that's just me. I don't think it's necessarily the right answer. Just what I would do:)
I would definitely say NO to 1 bedroom house. IMO it would be hard to resell. If the price is right, and I mean reeeeally right, you can always buy it and use it for a future rental property.
Owning is a huge commitment, and at times I wish we never bought a house because now I feel like we're stuck here unless we sell it. And in order to get what we want, we're gonna have to do some renovating.
Being a newer homeowner and learning quite a bit during our househunt with our realtor, I would say no to buying a 1 bedroom, 1 bath unless you have the space and money to add onto it in the future when you decide to expand your little family or if you decide to hang onto it when you move into a bigger home and keep it as rental, as that's really only what 1 bedroom homes are good for.
1 bedrooms are really hard to resell as they really only appeal couples like yourself (meaning, with no kids), or single people living by themselves.
If it wasn't a 1 bedroom it would be something to consider, but the only people you're going to get interested in it later when you go to resell are ones that most likely are going to use it as a rental like your current landlord is doing with you guys.
I'd save the money and purchase something bigger where you have some room to grow into.
We almost bought the house we were renting - it had three bedrooms, but only one bathroom and it was upstairs. We talked to a realtor who talked us out of it, because its so hard to sell a one bathroom house. Depending on the housing market in your area, I would really consider just waiting and finding something that you can be happy in for the next 5+ years since you need to own at least that long to not lose money!
Good luck with your decisions, buying a house is exciting stuff! :-)
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