Skip to main content

Buy a house on my own or rent until marriage?

Long story short:

M27 been dating my GF 23 for 2 years next month. Before we met, my plan was to buy a house on my own when I got a decent paying job.

Well we started dating and we wanted more privacy from our parents, as we were both living at home. So I decided to rent an apartment and told her she could stay with me if she bought food and contributed to cleaning, cooking etc. She was going to nursing school so I didn’t want to stress about finances. I made the rent work but ended up losing my job and hand to take a lesser paying job. So I decided to not renew my lease and we both moved back home with our parents.

Well now, I’m making better money and while living at home, paying some debts off. I’m to the point now where I’m not sure what the best route is. I have some credit card debt so I don’t have a ton saved as I’m putting a decent chunk of money to my card each month.

Also, with the interest rates going up, my buying power by myself is pretty low. Back when they were lower, my buying power was pretty good. If I completely wait until my cards are paid off, I may be at home until I’m 28 or maybe even 29. Hopefully this spring is when they are paid.

So my main question is, what route should I take?

-Move out and rent a house or apartment with my GF and continue to pay down debt? Then really see where the relationship is headed as well.

-Continue to stay at home and pay off credit cards in order to get those down quicker. Then really start savings for a house that I can buy by myself?

-Or rent somewhere with the GF and wait until we potentially get married and buy our first house together? Our buying power would be very good since she is a nurse and makes pretty good money? Probably a combined income of $120k at that point.

I’m open to any suggestions or discussions lol

submitted by /u/AssistSubstantial639
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/z8u6dp/buy_a_house_on_my_own_or_rent_until_marriage/

Labels

Labels:

Comments

Post a Comment

Popular posts from this blog

Aren't comps/CMAs useless with buyer credits at close happening now?

I'm looking into buying a new construction townhouse in my HCOL US city. I'm seeing builders offering interest rate buydowns worth $20k-$60k on $800k homes (rather than just lowering prices) in order to keep their comps high for their other units, now that buyer demand has been declining. I asked my agent about these, and he said these buydowns aren't even the full story: buyers can write all kinds of other credits into an offer, like their closing costs, prepaid sewer fees, etc. Apparently cash buyers can just write in a "buyer credit at close" for any amount in their offer. So a new townhouse that appeared to sell for $800k in the MLS might have actually been a cash offer with a $100k+ buyer credit at close, meaning the buyer only spent $700k or less in total, but to the rest of the world they can only see the $800k! So that made me realize I can't trust comps/CMAs for other new construction townhouses. The sales prices could be way lower than they appear...
1 comment
Read more

Obtaining a real estate license as a hobby?

Hello, I am 24 years old - 2 years out of college and I have my main job. I was looking to get a real estate license (in California if location matters) as a hobby/for fun since I like real estate ever since I was in high school. In the past 2 years, I would go to open house in the weekends to look at homes for fun. I don’t plan to practice real estate full time as I have my main job but I am curious are there any benefits to this? In the future, I plan to own multiple properties and have rentals, so I was wondering if getting a real estate license can help me with it? Thanks submitted by /u/AlohVera [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1f0qx9i/obtaining_a_real_estate_license_as_a_hobby/
Post a Comment
Read more

Advice? Moved out of my primary residence and now renting

I moved out of the house I own in August 2021, I lived there for 8 years, I have been renting an apartment the past 3 years and renting out my house. My current tenant is moving out in September. I seem to have just missed the living 2 years out of 5 years rule for being exempt from capital gains tax and my house being a primary home. Any advice on what the best thing to do would be moving forward? Continue to rent out my house? I'm happy with my rental, but wouldn't mind buying another property down the road. I could sell my house down the road and try to do a 1031 exchange? Moving back in my house isn't ideal because it's an hour away from where I currently live. I could take a HELOC perhaps and try to buy another property and continue renting for the long term? I do have a 2.4% mortgage rate on the house so I don't mind keeping it for a while. Thanks for everyone's advice. submitted by /u/Ok-Top-7859 [link] [comments] source https://www.reddit.co...
Post a Comment
Read more