Hi Reddit! I am torn with the decision to buy a home. Please provide insight in what you would do and perhaps and advice from the people who have had experience buying a home.
I am 24 years old married with a newborn child (4 months old) living in the Bay Area. My wife and I live with my parents at the moment and are feeling the struggles of working at home while sharing a room with a baby. We are thinking of buying a small condo in Hayward but are having a hard time justifying this - as you may know, the bay area is extremely expensive.
Below are a list of our financial setting:
- My wife comes from an affluent family and a family member has gifted us a one-time $200k for the birth of the child.
- My wife is pending her work visa as she is a foreign citizen (She has lined up a job offer that would pay $60k salary if she can receive the work visa in time, we expect her to have her visa by early next year at the latest)
- I work as a consultant and am set to make ~$60k this year due to paternity leave.
Questions:
- Does it make sense to purchase a $310k condo with $400 HOA fees?
- Granted that we would like to put at least 20% down so that we still have a cash reserve for those 'oh shit' scenarios, what home price do you feel my income could sustain? (Assuming only I am working)
- Are the current interest rates something we should really push to take advantage of?
- Do you feel the Bay Area would see significant reduction in value due to the new covid-19 remote working environment?
- What additional realtor fees would be reasonable?
I greatly appreciate your thoughtful responses in advance.
Thank you!
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source https://www.reddit.com/r/RealEstate/comments/ijs7xu/does_it_make_sense_for_me_to_purchase_a_home_now/
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