I (25F) have been saving up and living with my parents since I graduated from college (2022). I make roughly 100k a year and have saved up to have ~50-70k down payment depending on how much I want to liquidate my investment accounts. I have a good job, lots of hobbies, and no interest in leaving the area for at least 3 years, but probably more likely to stay indefinitely (this is my hometown).
I live in a LCoL area but houses are still going for well over what they are worth, but most are fully renovated and would require little to no replacements/changes upon purchase. I have been looking for a 3 bed 2 bad in the 200-275k range with variations dependent upon neighborhood.
Rent in my area for a 1 bedroom is about 1k a month for a 2 bedroom if I split it with my friend, but I just don’t like the idea of “throwing” money away by renting. Additionally I do not have any furniture and would need to buy some regardless of where I move, but if I rented I would probably buy cheap/non-cohesive stuff I would not want in an actual home.
Reasons for moving: my commute is currently 45min-hour to work and 30-45 minutes to my after work commitments. My relationship with my parents is starting to get very rocky and I am mentally struggling to live there with the only desire to go home being my dog (that is mine and would come with me).
I have never looked at houses before and have only rented fully furnished places while in college where the rent was ~$600 monthly. My friend would also be willing to rent a bedroom if I got a house. Any advice is appreciated and I am happy to provide more information.
What other considerations do I need to understand before buying? A mortgage would be more than a rent payment, but is equity in property in a growing/highly populated area worth the extra payment? What other expenses should be considered besides mortgage, insurance, utilities, necessary services, etc? Is there a guide or flowchart about the best way to house hunt?
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source https://www.reddit.com/r/RealEstate/comments/1gazwph/should_i_buy_a_house/
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