We've begun to ask ourselves what our game plan is when that time comes. Should we renew our lease for another year? Should we look into moving into a different rental? Should we take the plunge and buy a house? (the last one scares the crap out of me...but it looks like that may be our best option)
We really like where we are living currently. The neighborhood is nice. Our landlord is a really great guy. We have enough space to fit the 3 of us comfortably. Yet, it's not ours. I feel like as long as we're living in a rental, there will always be unpacked boxes lurking in various rooms. Photos will never get hung on the walls. There will always be "unorganized chaos" because we're just so accustomed to moving (what's the point of truly settling anywhere when you know you'll just have to repack in a year or two). In the past 3 years, we've moved 6 times. I'm sick of moving.
We know we're going to be staying in Madison (hopefully indefinitely...but absolutely for another 5 years). Do we want to keep renting for another 2-3 years, or do we want to start putting our money into something that will be *ours*? Our mentality: If we know we want to do it, and are financially set up enough to go through with it..then why wait another year (or two)?
We've started teaching ourselves about the home buying process (mortgage jargon, learning about buyers agents, various fees to expect, etc). To be honest, it's really not nearly as scary and overwhelming as I once thought it to be. Yes, it's a big financial investment but anything involving large sums of money is always scary and stressful (that's why we're educating ourselves now...way before we even begin the pre-approval process).
Our lease is up at the end of February; at which point we're planning on having a decent downpayment saved up and sitting in the bank (that is if nothing horrible happens in the next 6 months and we have to dip into that). We're also going to look into the possibility of doing a month-to-month lease or even signing a 3 month lease; if nothing comes to fruition by the beginning of next year.
It's a big step, but it's an exciting one (and the next logical step). I'm sure some people think we're crazy for wanting to buy a house after only being in Madison for 5 months...but I've been called far worse things then crazy ;).
Pretty much the last "uncharted" frontier of adulthood. Suburbia-Ho! (suburbs?! bet you didn't guess that!)
**I should also mention that a big push towards buying a house next year is that we are hoping to be pregnant again by next April; which means a January (2013) baby. I really don't want to move with an infant who's only a few weeks old and a 2 year old toddler...in the middle of winter....in Wisconsin. So, that puts us in the position to either buy next year, or in 2014. Do we really want to wait that long? Sure, the longer we wait the bigger our downpayment will be; but that also means that we'll continue living like gypsies for the next 2.5 years. I'm tired of being a gypsy.
**I should also mention that a big push towards buying a house next year is that we are hoping to be pregnant again by next April; which means a January (2013) baby. I really don't want to move with an infant who's only a few weeks old and a 2 year old toddler...in the middle of winter....in Wisconsin. So, that puts us in the position to either buy next year, or in 2014. Do we really want to wait that long? Sure, the longer we wait the bigger our downpayment will be; but that also means that we'll continue living like gypsies for the next 2.5 years. I'm tired of being a gypsy.
I think if the job is going well and you plan to be there a minimum of at least 5 more years, you should buy. When we were Delaware we were paying $1100 a month for rent. Crazy. If we had been staying another year or more I couldn't see any option but buying. Paying rent is just too insane except when it's really reasonable, you love where you're at, and you have the room you're going to need for the foreseeable future. And if the area is as nice as you say then it shouldn't be a problem reselling if things changed. I've rented a lot and owned a lot. Owning is better. Yes, it's more responsibility, and more head aches sometimes, but it's yours! You can do with it what you want.
ReplyDeleteThis is a big step to take. Keep doing research, especially how the market is out there. Owning is great as long as you can sell it when the time comes for at least what you paid for it.
ReplyDeleteI agree also with Susie. Renting is a waste of money. Personally if I were a young family I would look into a duplex, so someone else can help with the mortgage.