Skip to main content

Should You Rush to Buy a First-Time Home to Get Out of Renting or Wait?

My boyfriend and I are divided on this issue. I agree with him that renting feels like throwing money away instead of building equity, but I’m hesitant about the idea of buying a house and assuming it will automatically become an appreciating asset or a worthwhile investment, especially with not having much in savings.

Since it wouldn’t be a forever home, he wants to put zero down using a VA loan (6% APR, 5.8% interest, 30-year fixed) and sell around the seven-year mark. We’re looking in the North Texas DFW area, where options are mostly limited to subdivisions. He’s open to an older home, up to 10-15 years old, that may need improvements.

I’m struggling to see his perspective because the areas we’re considering have already experienced population booms, and market values are starting to decline. I’m also unsure how much to invest in improvements to ensure a good return. I worry about the build quality of homes in our price range (max $400,000) and whether they’ll require major repairs sooner rather than later.

He’s the eager one, and I'm the slow and steady one, so I'd greatly appreciate anything that could help with finding common ground with selling in ten years or less in mind. Thank you!

submitted by /u/Fabulous_Ask_4069
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/1igk9hr/should_you_rush_to_buy_a_firsttime_home_to_get/
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

How to Avoid Property Scams in Delhi?

Here’s What You Should Know! Commercial Real Estate (Non-Residential) Buying a property in Delhi can be tricky, especially with all the stories about scams and shady deals. If you're in the market, here are some tips to keep yourself safe:Double-check the documents: Always verify ownership and approvals. Don’t just take someone’s word for it—look at the actual papers. Do your homework on prices: Compare similar properties to avoid overpaying. A little research can save you from a bad deal. Work with trustworthy people: Whether it's a seller or an agent, go for someone who's transparent about pricing and the process. If they’re dodging questions, that’s a red flag. Ask for reviews or references: If someone you’re dealing with has a good track record, they won’t hesitate to share testimonials or connect you with previous clients. I’ve noticed that some property services have started focusing on things like verified listings and clear communication, which makes the whole proc...
Post a Comment
Read more