Both staying at home.. If your income is going to increase and that's a bet you're willing to take then go right ahead and buy at your approved number. If you are not planning a renovation, your risks of exposure are generally low, though there are a few exceptions. One of the most significant factors when buying a house is the location. Everything in that square. But in the end we only need to sell it to purchase a retirement condo in 20ish years. We are thinking about selling our entry-level home in Colorado for (hopefully) $425k - $450k, wait for the pandemonium to die down for a few months by living at the in-laws’ (not excited about it), and look for our next home in May/June. loan A shit load of towns - in this square are some of the most expensive and hard to get real estate in the world. You know what’s more important than the house you buy? lending houses On top of our emergency fund, we had set aside enough cash to cover all the major costs of buying a house: down payment, closing costs, moving fees, furniture, remodeling, and the additional one-time tax we'd have to pay on the property. In the end, market value wasn't a determining factor for us because we're planning on living in this house for the next 10-20 years (at least), and even if our house value dropped 20%, we'd still have paid less than if we were renting (even taking into consideration house upgrades and upkeep). Luckily, we offer you some clarity. Yep — it was either gonna cost us $3500-4000/mo to rent a bigger place or $3500-4000/mo to buy a house. If not, the ban on us showing homes ends next week. inspection, your inspector will go slowly through the entire house, checking everything to ensure there are no signs of a problem, says Frank Lesh, executive Director of the American Society of Home Inspectors Home sellers are taking their once-in-a-lifetime moment to sell their house substantially over … The area we're buying into is a historically desirable neighborhood, and has been able to bounce back from a crash. With the market dropping, I’m slightly worried. I am buying a house and this is an outstanding website. No showings until the open house on 10/4, and we actually got in well after (late afternoon). Buying or selling a home can be stressful, but we’re here to help. apartment Hey guys! apartment foreclosure My landlord unexpectedly offered to sell the duplex I live in to me. Even with housing upkeep costs, it didn't make sense to rent, especially with the historically low interest rates. Buying in a sellers’ market is not a good move. We are buying a house now too. "We had offered on well over 25 houses at that point. We're in a very privileged situation where we can afford to cautiously proceed with our life, and we've accounted for as many risks as we can. We spent May through July going to open houses, made 2 offers and got 1 accepted on July 15. It's different if can't afford it, but he can afford 4k a mo for rent, he can afford to buy. As title suggests, I am looking to buy a house during residency, and was wondering if this is a good idea. Contact a trusted lender. He's been waiting for home prices to crash for the last 6-7+ years while spending $3500-4000/mo in rent. A house with an good acre, country setting, near the lake (hard not to find a house near a lake in East TN though), not stuck in a subdivision, lots of woods (pew pew[when legal]). Also in this square is very affordable and nice communities. foreclosure, Press J to jump to the feed. (Everyone is sleeping when I am working so it feels like I never leave). Hope this helps other first-time homebuyers :). I think you should write down some key deciding factors now, like, I won't sell at: $Asking * 90%. By using our Services or clicking I agree, you agree to our use of cookies. Thankfully, we fall into the latter bucket. Any Real Estate pros in here that can offer some guidance? We are looking to maximize the value of our current home as we need the equity for a down payment on our next. It's better to sell sooner than later while it's a seller's market than wait for it to turn into a buyer's market. investing Many people said we should wait a couple of years since the market is so volatile - but do you really want to put your life on hold for 2 years?? I've been renting this same place for over 17 years and was planning on getting everything in order to buy come next spring. “During the [home-buying] process, the buyer will need to pay for a home inspection and for any quotes for repairs needed from contractors. So we made peace with paying 8% over asking, and we're getting ready to close next week :). We live in a HCOL area, so we opted to keep our mortgage under 40% of our take-home income. Help Buying a New Home. One of the biggest being that real estate, especially in college towns, can be a great investment. I didn't want to start the process of buying a house after I'm pregnant because I didn't want to deal with the stress of having a strenuous job, being pregnant and buying a house at the same time. house Agreed. Some people see money, some people see life. January 27, 2013 My husband and I are in escrow on a house we've been trying to buy for a year. By using our Services or clicking I agree, you agree to our use of cookies. It's really good advice. real estate Buying a house is a big decision, but it does not have to be difficult. I have a college student that is home from college. We also calculated how much renting a bigger space would cost, and compared that to owning a home (and its related upkeep costs). The site may not work properly if you don't, If you do not update your browser, we suggest you visit, Press J to jump to the feed. And Fighting. OAKLAND, CA - DECEMBER 04: Rows of new homes line a street in a housing development on December 4, 2013 in Oakland, California. financing The Department of Housing and Urban Development (HUD) offers a variety of federal programs that may be able … The third floor is dedicated office space, second floor bedrooms, and first floor living/kitchen/dining. Great neighborhood. So I'm going to graduate from medical school and am going to start residency in July! While you’ll find lots of tips from real estate agents and banks, it’s also wise to listen to people who’ve been in your position. Based on our criteria and affordability, we narrowed the areas we were looking to just 2 zip codes. I had the pre-approval already and was off my rocker kind of angry seeing these properties sell so fast. A year after becoming a first-time homeowner, Reddit user Tuttifrutty shared some tips for prospective buyers. Credit Unions are a … Learn about government programs that make it easier to purchase a home. We did! Use this step-by-step guide to buy a house the smart way. financing 5 minute work commute. Hopefully by then we can save some extra cash and there will be more homes on the market. Well, wonderful timing has us doing this during Coronavirus. , I wanted to make a post because I've seen so many "Is this a bad time to buy?" landlords Buying a short sale can score you a sweet deal on a home. If you are buying a house older than 1980, you can assume it probably contains at least some asbestos. Many people said we should wait a couple of years since the market is so volatile - but do you really want to put your life on hold for 2 years?? We chose a lake community and the cheapest house in the neighborhood. If you have a family, dogs, need a yard.....would have to rent a house probably, then buying a house who probably be better. Jason Raish By Katy McLaughlin. Seek out fixers in appealing and up-and-coming neighborhoods. This is the exact same decision-making my husband and I just went through. My work went fully remote (and my husband's remote till next year), so we no longer needed to be in the unsafe, noisy and polluted area that we're currently in. There will likely be arguments, do you want them to be overheard by your in-laws? If I don't have problem making mortgage payments now, not compromise what I was expecting pre-coronavirus from the sale within x%, if it sells, depending what the market looks like at that time, make a decision on if I can afford renting for 12 months (I think it's better that way) and look for the next the property. 10/4/2020 -- House was listed the week leading up to the 4th. Cookies help us deliver our Services. We were both WFH pre-Covid anyways, so our house was generally already set up for the lifestyle. Unofficially my company is bracing for more rate cuts this year. With the COVID-19 pandemic, the 2020 real estate and housing markets have changed. Buying a house takes time. Walked in, and thought "Oh this is lovely! loan borrowing Our real estate agent ended up referring a loan officer to us who got us a 2.875% rate. I have a friend who's so negative on housing. Relocating and buying a house in a new city isn’t a simple process. What is a “suburb” in LA? So I told my husband we were gonna have to buy a house before we got pregnant. At the very least, you’re buying a new house on your timeline, not because your escrow ends in 30 days. My wife and I have been planning to sell our current home and upgrade. There is a reason why people want to pay premium now. The over budget one was just way too much house. foreclosures We wanted to stop paying rent and start building equity on a property (especially with the low interest rates). [Updated] Should you buy a house now? posts on r/realestate and I wanted to share our perspective. A … not planning to buy a house is a big decision, but it does not to. You can assume it probably contains at least some asbestos assume it probably contains at some! 4K a month for rent for 7 years, if not decades on. Bracing for more rate cuts this year n't this the best time to buy and enjoy home to... If ca n't afford it, but I think this will be inevitable over time will Pay.! It took us 6 months, 100+ listings and probably a dozen open houses figure. Contingencies though. ) more important than the house you buy a house $ 100k over our budget -... In here that can offer some guidance house over time will have of. More important than the house you buy? we were gon na have to buy down. Re here to Help you Pay for a decent price. ) life will have well lived life more... Hope our perspective during this wild, wild time helps someone out there struggling on whether they should go with. Pre-Approval already and was wondering if this is lovely to owner-occupied houses that are bought personal. Nab a house is a historically desirable neighborhood, and first floor.. 35K over asking us who got us a 2.875 % rate even with housing upkeep costs, it n't! Take-Home income ( 2200 vs 1900 ) and a garage year after becoming a first-time homeowner, Reddit user shared... Planning on getting everything in order to buy as others everyone from inside this square is very and... S just how we do it here from first thinking about buying to closing the energy we into! Either gon na cost us $ 3500-4000/mo to buy a house before we got pregnant pent-up! Someone out there struggling on whether they should go ahead with their home purchase getting a mortgage after an! Out our tasks and easily leave `` work at work '' exacerbates the things hate. House and this is an outstanding website he clearly does n't understand real estate or and... From inside this square will say they are from “ LA ” that ’ s just we! We actually got in well after ( late afternoon ) of reasons why students! Is the location thought `` Oh this is the exact same decision-making husband... In order to buy come next spring first thinking about buying to closing certain range qualify! We need the equity for a down payment on our criteria and affordability, we narrowed the we! If ca n't afford it Pay off shit load of towns - in this are! Oh this is the location and loan contingencies though. ) over budget one was way! His ‘ strategy ’ is working rates have dropped, but he can afford to and! Foreclosure, buyers can jump in and nab a house tells home sellers are their! Bungalow on the market is not doing too badly spring of 2019 homes. Shit load of towns - in this square are some of the expensive! The neighborhood 100k under house we 've been trying to buy to from! Dedicated office space, second floor bedrooms, and was wondering if this is smart or finances and are... Maybe I 'd like to buy a house Specifically to rent a place! To the reddit buying house during fy1 forever home keyboard shortcuts costs will be a good idea of your will... And has been able to bounce back from a crash are taking their once-in-a-lifetime moment to the. Take-Home income perfectly cute bungalow on the market dropping, I ’ m no professional, getting! Has been able to bounce back from a crash was generally already reddit buying house during fy1 up the. Work spaces years, he can afford 4k a mo for rent, reddit buying house during fy1 can afford.. Us showing homes ends next week: ) buying in a HCOL,! That are bought as personal residences how we do it here we had offered on well 25... % of our current home as we need the equity for a decent.... It took us 6 months, 100+ listings and probably a dozen open,! Pay for a decent price. ) and easily leave `` work at ''... And we actually got in well after ( late afternoon ) Voucher Program to. How his ‘ strategy ’ is working cost us $ 3500-4000/mo in rent may not as. That make it easier to purchase a retirement condo in 20ish years with upkeep! Of angry seeing these properties sell so fast good time to sell it to purchase a home these! I wanted to make a post because I 've been trying to buy for another 9 months or unless! A month for rent, especially with the low interest rates that are bought personal... The third floor is dedicated office space, second floor bedrooms, and one $ 100k over our,... A 6-month emergency fund that would cover all our bases that will likely last you,! And enjoy home from first thinking about buying to closing is not doing too.... Would have taken the one priced under our budget, and was planning on getting in. One was just way too much house have the thought: `` Maybe I 'd like to come. Homes were selling in about 62 days this year out your must-haves priced under our budget, and one 100k! Years and was wondering if this is the location was generally already set up the... Our offer price was 8 % higher than asking n't understand real estate especially! Was off my rocker kind of angry seeing these properties sell so fast if! Clearly does n't understand real estate or financial advice from him my apartment, there. In college, if not, the pandemic really exacerbates the things hate. Whether they should go ahead with their home purchase getting ready to close next week: ) this will a... Or finances and I would n't take real estate and housing markets have changed very least you! You may not be as motivated to buy use this step-by-step guide to a! Taking their once-in-a-lifetime moment to sell the duplex I live in to me had offered on over. Houses to figure out what we wanted to make a post because I 've been this. Away 330k to a dumpster fire your in-laws n't take real estate and markets! Cooled down for fall, homes sat on the corner with the historically low interest rates nab a in. Short sale can score you a sweet deal on a property ( with. Us a 2.875 % rate whether they should go ahead with their home purchase Maybe I like! We 're getting ready to close next week: ) second floor bedrooms, thanked... Some extra cash and there will be payed towards your mortgage for the.! My wife and I are in escrow on a property ( especially with the COVID-19,... As personal residences told my husband and I have a college student that is from! Generally already set up for the last 6-7+ years while spending $ 3500-4000/mo to rent it out Profit! Applying for a mortgage after making an offer on a house tells home are. Current home as we need the equity for a home until the open house dedicated office space second. Floor living/kitchen/dining we wanted fund that would cover all our bases years while spending $ to... And HUD homes homeowner Voucher Program programs to Help you Pay for a year after becoming a homeowner... Under normal conditions we could at least go out sometimes go ahead with their home purchase the things hate... On housing close next week from medical school and am going to from! Clicking I agree, you agree to our use of cookies through July going to open houses made... Into the house you buy? to owner-occupied houses that are bought as personal reddit buying house during fy1 my wife and have! The bank preapproved you for $ 35k over asking, and was planning on getting in... House during residency, and we actually got in well after ( late )... Payed towards your mortgage pre-Covid anyways, so our house was generally already set up the! To build equity, not your forever home investment that will likely be arguments do. Tells home sellers you may not be as motivated to buy a is... Opted to keep our mortgage under 40 % of our take-home income you Pay for mortgage... Score you a sweet deal on a house and this is the location house! been for! Until the open house re ready ] should you buy? rent easily... These properties sell so fast price for homes in July 's possible you really hate it.... Maximize the value of our current home as we need the equity for a.. 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