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

North Carolina – “One to Buy; Two to Sell”

I realize I will likely have to contact a real estate attorney but also hoping to hear insights and experiences from others! I have a house in NC that I bought by myself in 2009, and paid off, in full, in 2022. I got married in 2023. My spouse and I have not lived in the house as our "marital residence". We have maintained separate residences even after we got married. (That a separate topic!). I am now selling this house. Realtors have told us that my husband has to sign the deed at time of transfer but I am not convinced since the house has not been our marital residence. The realtors like to use the phrase "one to buy; two to sell", which seems like a broad-stroke statement which is not applicable under all circumstances. And of course, the realtors don’t realize the details of my specific circumstances: I purchased and paid for the house in full prior to marriage Only my name is on the deed And most importantly, we have never lived in the house as a marit...
Post a Comment
Read more

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

Co-signing as non-primary resident - effect on size of required downpayment & first time home buyer status?

Contemplating co-signing on a house with my mom and splitting the mortgage payment. I currently have a significantly higher income and much better credit than her. I'm looking at potential home costs and related downpayments but have difficulty using some of the online estimators. From my perspective, this would be somewhat of an investment purchase (I intend to stay in my current location in a different state and contribute to the mortgage), however, for my mom, this would be a primary residence. For purposes of the downpayment size and the type of mortgage arrangement, would it be an investment property or a primary residence? Many thanks for any help. submitted by /u/piercalicious [link] [comments] source https://www.reddit.com/r/RealEstate/comments/km4hvl/cosigning_as_nonprimary_resident_effect_on_size/
Post a Comment
Read more