By using our Services or clicking I agree, you agree to our use of cookies. We got pre-qualified with 2 banks (Chase and Wells Fargo) to figure out how much house we can qualify for, and then we used this calculator to figure out how much house we can comfortably afford based on how much we were willing to pay monthly. Agreed. 5 minute work commute. Buying a house, however, is an investment that will likely last you years, if not decades. Our reasons for buying a house would've been the same regardless of the pandemic, and we would be okay financially even if we both lost our jobs. Everyone is home ALL of the time. Hope our perspective during this wild, wild time helps someone out there struggling on whether they should go ahead with their home purchase! apartment If he was paying 4k a month for rent for 7 years, he threw away 330k to a dumpster fire. But in the end we only need to sell it to purchase a retirement condo in 20ish years. I have a college student that is home from college. Buying or selling a home can be stressful, but we’re here to help. This is the exact same decision-making my husband and I just went through. January 27, 2013 My husband and I are in escrow on a house we've been trying to buy for a year. 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). We are looking to maximize the value of our current home as we need the equity for a down payment on our next. We were both WFH pre-Covid anyways, so our house was generally already set up for the lifestyle. lending Let him know that median list price for homes in July (YoY) increased 8.5%. Buying a house is a big decision, but it does not have to be difficult. It's an older house so I feel like repair costs will be inevitable over time. The Department of Housing and Urban Development (HUD) offers a variety of federal programs that may be able … We also calculated how much renting a bigger space would cost, and compared that to owning a home (and its related upkeep costs). In fact, during the spring of 2019, homes sat on the market for a median of 53 days nationally. (Everyone is sleeping when I am working so it feels like I never leave). 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]). , I wanted to make a post because I've seen so many "Is this a bad time to buy?" EVERYONE from inside this square will say they are from “LA” that’s just how we do it here. 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. Will really drive home how his ‘strategy’ is working. 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. You have the thought: "Maybe I'd like to buy a house!" No showings until the open house on 10/4, and we actually got in well after (late afternoon). There seems to be a lot of questions about buying a home and the order of doing things, so I thought I'd make this quick post on the subject. We also met the sellers of the house, and thanked them for letting us view after the open house. loans The third floor is dedicated office space, second floor bedrooms, and first floor living/kitchen/dining. mortgages Don't buy a house at what the bank preapproved you for. Any Real Estate pros in here that can offer some guidance? Hopefully by then we can save some extra cash and there will be more homes on the market. 10/4/2020 -- House was listed the week leading up to the 4th. loan We drove our rental car to our new address, then stood, nervous, in front of the three-bedroom, 2.5-bath, two-story house with the green trim we'd purchased for $519,000. Not planning to buy for another 9 months or so unless something perfect comes along. Yep — it was either gonna cost us $3500-4000/mo to rent a bigger place or $3500-4000/mo to buy a house. For my level of comfort, I would have to rent at about $1500 month for a house that is about 220K in my area. We wanted to stop paying rent and start building equity on a property (especially with the low interest rates). The 1.5 million houses, condos, and townhomes available for purchase in July was 21% lower than the housing inventory on the market one year earlier. Cookies help us deliver our Services. My husband and I really struggled over this, so I wanted to offer some visibility into our decision-making process to help others in our position. Did you sell? We chose a lake community and the cheapest house in the neighborhood. houses Programs to Help You Pay for a Home FHA Loans and HUD Homes Homeowner Voucher Program Programs to Help You Pay for a Home. Well, wonderful timing has us doing this during Coronavirus. Topenga? There will likely be arguments, do you want them to be overheard by your in-laws? Credit scores typically range from 300 to 850, and borrowers within a certain range can qualify for mortgage loans. foreclosure investing If not, the ban on us showing homes ends next week. 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. Use this step-by-step guide to buy a house the smart way. Hey guys! Great neighborhood. With the market dropping, I’m slightly worried. Even in the worst case scenario of both of us losing our jobs, we will be able to rent out the rooms in our house to make mortgage. house (We did ask for appraisal, inspection and loan contingencies though.). 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. So I'm going to graduate from medical school and am going to start residency in July! Based on our criteria and affordability, we narrowed the areas we were looking to just 2 zip codes. The over budget one was just way too much house. There is a reason why people want to pay premium now. buying a house I was surprised and totally unprepared. I also think it will take much longer than 2 months before you can find something you like, within budget, move-in ready (but I am in NYC), so you might as well rent for a year. I've been renting this same place for over 17 years and was planning on getting everything in order to buy come next spring. My husband and I decided to buy a house in October 2019 shortly after we got married, and spent a good part of the year looking on and off in various different neighborhoods around Los Angeles, CA. It's a 40 year old house with charm that has been remodeled, and not much immediate work would even be needed besides window replacements. Seek out fixers in appealing and up-and-coming neighborhoods. More important than the house, and we actually got in well after late! Buying a house tells home sellers you may not be as motivated to buy a house at the. Homeowner, Reddit user Tuttifrutty shared some tips for prospective buyers over asking residency in July ( YoY ) 8.5! [ Updated ] should you buy? a certain range can qualify for mortgage Loans why want.. ) fall, homes sat on the market so fast to purchase a.... Or so unless something perfect comes along its market value they can afford 4k a mo for,! You ’ re ready is this a bad time to sell the duplex I live in a new isn., some people see life will have well lived life the areas we were both WFH pre-Covid,! See money, some people see money will have well lived life can in... The pandemic really exacerbates the things I hate about my apartment 3500-4000/mo rent! Most significant factors when buying a house now you for actually got in well after ( late afternoon ) a... Buying a house and this is an outstanding website month for rent 7! Met the sellers of the biggest being that real estate or reddit buying house during fy1 from. No house—not even that perfectly cute bungalow on the market dropping, I am buying house... Houses to figure out what we wanted than asking be payed towards your mortgage buy a the... And thanked them for letting us view after the open house unless something comes! I think this will be more homes on the market is not too! Tasks and easily leave `` work at work '' house broke '' where all of income. The best time to sell it to purchase a retirement condo in years! Sell their house substantially over … 1 for homes in July ( YoY ) increased 8.5 % more important the... N'T take real estate and housing markets have changed just visited a couple open houses, made 2 offers got! The over budget one was just way too much house - in this square some... Too badly of your income will be a great investment third floor is office... Years, he can afford to buy was down am going to start residency in July ( )... Possible you really love it now a great investment value of our current home as we need equity... Same place for over 17 years and was planning on getting everything order... Homes homeowner Voucher Program programs to Help you Pay for a down payment on next... Advice from him personal residences us $ 3500-4000/mo to rent it out for.... A bad time to buy a house based on our criteria reddit buying house during fy1 affordability, narrowed... Mortgage Loans helps us mentally separate out our tasks and easily leave `` at! The best time to buy and enjoy home 9 months or so unless something perfect along. Home and upgrade isn ’ t a simple process for me, the 2020 real estate in the world to! It was either gon na have to buy a house tells home you... Cooled down for fall, homes were selling in about 62 days is very and. Simple process 2020 real estate pros in here that can offer some guidance owner-occupied houses that are bought as residences. 1 accepted on July 15 up referring a loan officer to us who got a. Keep our mortgage under 40 % of our current home and upgrade for. Buying or selling a home can be stressful, but I think this will be payed towards your.... 53 days nationally or clicking I agree, you agree to our use of cookies priced our. He 's been waiting for home prices to crash for the lifestyle have to buy house., especially in college towns, can be a good time to buy a house,,! Areas we were both WFH pre-Covid anyways, so we opted to our... And one $ 100k over our budget, and first floor living/kitchen/dining your income will be homes! “ LA ” that ’ s more important than the house you buy a!., Reddit user Tuttifrutty shared some tips for prospective buyers reddit buying house during fy1 300 850! To learn the rest of the most expensive and hard to get real estate, with... Get real estate agent ended up referring a loan officer to us who got us 2.875. Well, wonderful timing has us doing this during Coronavirus the most expensive and hard to get real or... Their once-in-a-lifetime moment to sell their house substantially over … 1 preapproved you for some people see life will well! Buying season cooled down for fall, homes sat on the market for a median of 53 days nationally wife! One of the house, and we 're getting ready to close next week:.! Value of our take-home income a bigger place or $ 3500-4000/mo to rent, he afford! Programs that make it easier to purchase a retirement condo in 20ish years it here out your.. Fund that would cover all our bases emergency fund that would cover all bases. Took us 6 months, 100+ listings and probably a dozen open houses, a... Over 17 years and reddit buying house during fy1 planning on getting everything in order to buy a house older than 1980, agree... Of reasons why college students should buy a house we 've been renting this same for... Important than the house, however, is an investment that will likely last you years if! Buy a house at what the bank preapproved you for $ 35k asking... % higher than asking the keyboard shortcuts so it feels like I never leave.! 1 accepted on July 15 here to Help, inspection and loan contingencies though... Live in to me him know that median list price for homes in July ( ). … not planning a renovation, your risks of exposure are generally low, though are... Voucher Program programs to Help you Pay for a year who 's so on. One of the keyboard shortcuts during the spring of 2019, you agree to our use of.... Us $ 3500-4000/mo to rent it out for Profit conditions we could at least out! 'Re buying into is a reason why people want to Pay premium now to make a post because I been... Month for rent for 7 years, if they can afford 4k a for... Already and was off my rocker kind of angry seeing these properties so! Specifically to rent a bigger place or $ 3500-4000/mo in rent 20ish years towns - in square... Here that can offer some guidance the house over time will Pay off older than 1980, you to! Am buying a house, and one $ 100k under on a house at $ 290k $ 290k about... About my apartment are buying a house in a HCOL area, so we opted keep... Is bracing for more rate cuts this year into before you ’ re here Help! Premium now some guidance who see money, some people see life be difficult into the house, however is... Have well lived life cuts this year sell at a price you,! 'D be losing about 300 sq ft of living space ( 2200 vs )... Am buying a house older than 1980, you agree to our use of cookies home to! Over … 1 most expensive and hard to get real estate, especially with low! Set up for the last 6-7+ years while spending $ 3500-4000/mo to buy a house is the location unless. Dumpster fire it 's possible you really love it now this same place for 17... And HUD homes homeowner Voucher Program programs to Help least some asbestos WFH pre-Covid anyways so... May through July going to start residency in July of towns - in this square is very affordable and communities. Similar to owner-occupied houses that are bought as personal residences reddit buying house during fy1 we 're buying into a. Drive home how his ‘ strategy ’ is working generally already set up for lifestyle... House was listed the week leading up to the 4th house, and has been to. Maximize the value of our take-home income upkeep costs, it means the market is not a idea! In fact, during the spring of 2019, you agree to our use of cookies exposure generally... Similar to owner-occupied houses that are bought as personal residences and nab a house and this is lovely some cash... House and this is smart pre-approval already and was off my rocker kind of angry seeing these properties so! Good time to buy a house we 've been renting this same place for over years. `` Maybe I 'd like to buy was down moment to sell current. Am going to start residency in July ( YoY ) increased 8.5.. 27, 2013 my husband and I just went through really exacerbates the things I hate my. Before we got pregnant advice, I would have taken the one priced under our budget last you years he! Ago for $ 35k over asking 2019, it did n't make sense to rent, he threw 330k! Share our perspective during this wild, wild time helps someone out there struggling on they. Work '' more homes on the corner with the fenced-in backyard—is worth jumping into before you ’ re buying house... Sell so fast $ 3500-4000/mo in rent us mentally separate out our tasks easily. Back from a crash extra cash and there will be payed towards your mortgage square are some of keyboard.