I am going back and forth with FH on this subject for way too long now....
At this point, we are deciding to either buy a or just live with FH's Parents. They have a great apartment downstairs and we were going to live there rent free! I know, how great is that?????
But I am so confused because I just got a memo at work last week and apparently, my Company gives discounts on mortgages and we get a rate of 4.1% on mortgages!!!! Again, How great is that?????? But I keep going back and forth in my head because we have way too many options and they all sound good right now- it's very hard to make a decision.
Our original plan was live in FIL's basement rent free and save a lot of loot. Then FIL's were moving to Myrtle Beach and were selling us their house for CHEAP. The house is in awesome shape and we could rent the basement- so we win on so many levels. And we would end up selling the house after a few years when houses go up, make a HUGE profit and have a nice fat down payment.
Or
We could buy a house now and spend our savings on a downpayment and not save that much but with my 4.1% mortgage rate and houses being insanely cheap right now, we could win there too. What to do???????
I know this is long but this is driving me crazy- both options sound good right now! I value your input!
MrsGRod09
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Re: Own or Live With Parents?
I would pick the first option.In the mean time you could save alot of money then once your in laws sell the house to you, you could use the money you saved into any upgrades and make the house yours.Then in a few years you could totally flip the house and earn big bucks.
ilonka020
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Re: Own or Live With Parents?
i think living in parents apartment for free sounds good and you would be able to save so much money. I would be scared to buy something right now with the economy being so bad. It's def. a hard decision to make.
gina409
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Re: Own or Live With Parents?
if the discount from ur company does not go away then i would wait and move in the apartment rent free and save up
xosweetiexo
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Re: Own or Live With Parents?
GO LIVE WITH THE PARENTS!!!!!!!!!!!!!!!!!! That's what we are doing right now and honestly, if we werent .... I dunno how we'd be paying for this wedding. Also, after we get married this summer.... we plan on living here and save up to buy a house. I dunno how people can afford to save up to buy a house while paying a ton of rent.... its just crazy these days. I also went back and forth and at first didnt want to move in with his parents.... but def. set down some rules. My FMIL and FFIL do NOT bother us AT ALL!!!! We have a separate enterance and its as if it is our own little apartment down here... its great and I love it!!! We are both happy with our decision to move in with them to save money.... you'd be crazy not to move in and save money.... Now... its another story if your FMIL is annoying and things like that lol.... are they cool or annoying? lol bc that can make or break the decision...
flairforfashion
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Re: Own or Live With Parents?
Thanks for the input.
What made it so hard was the fact that we could be living in the basement for as long as two years but I don't see it being that long. I am being spoiled- the appeal of owning a house right away is nice. But blowing our savings is not too nice. I hate to spend a big wad of money and then have nothing in our savings- it is important to have money in the bank.
The FIL's are cool- I don't think they'd be annoying. So, I guess that is a plus.
coldasice217
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Re: Own or Live With Parents?
You're very fortunate that they have an apartment you can move into. I would take advantage of that. I'm in a semi-similar situation...we can either hope rates go down further to be able to buy a house, rent an apartment, or...live at home until we have enough for a house if it will be only a matter of a few more months. Except I'm being evicted effective 12/5/09 strike of midnight, and FH's family does not have an apartment, so...couch. I would def take advantage of that.
MrsKtoBe
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Re: Own or Live With Parents?
I guess I'll play devil's advocate on this one. I know it sounds great, and your FIL's might be wonderful people but really think it through. I have two friends who both did this, and it sounded like a great idea, but when FH and I got our own apartment, our own christmas tree, our own space, (and our parents had to call first before 'dropping over') they were bummed. It constantly feels like they have to justify why they made the decision and people treat them like they arent 'real grownups'. Definitely dont blow all of your savings, but with the market the way it is, you stand to make a FORTUNE on resale 5 or 6 years from now. I guess I'm also in the other boat bc FH and I have the itch so I wouldnt want to be living with my inlaws with a baby. Just some food for thought, I know it sounds great, but make sure you set up some boundaries before hand bc u deserve your privacy too! Sorry JMO.
debzy
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Re: Own or Live With Parents?
Posted by MrsKtoBe
I guess I'll play devil's advocate on this one. I know it sounds great, and your FIL's might be wonderful people but really think it through. I have two friends who both did this, and it sounded like a great idea, but when FH and I got our own apartment, our own christmas tree, our own space, (and our parents had to call first before 'dropping over') they were bummed. It constantly feels like they have to justify why they made the decision and people treat them like they arent 'real grownups'. Definitely dont blow all of your savings, but with the market the way it is, you stand to make a FORTUNE on resale 5 or 6 years from now. I guess I'm also in the other boat bc FH and I have the itch so I wouldnt want to be living with my inlaws with a baby. Just some food for thought, I know it sounds great, but make sure you set up some boundaries before hand bc u deserve your privacy too! Sorry JMO.
i guess i would also ask about the neighborhood of the house...if the school districts are golden thats where the money is. We are both renting now as well because we dont want to be house broke. i have the baby itch as well but figure a baby can fit in an apartment for a bit if need be...lol
MLAngelo
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Re: Own or Live With Parents?
I think that depends on your relationship with your FILs. I personally could not live next door to, let along in the basement of my FILs. FH gets along with my parents very well. But the house we bought is 5 minutes from them and that was still a little close for him. I think saving money is a great idea, but living with your in-laws could be tough. If you have no problem with that though, save the money.
grkbarbie
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Re: Own or Live With Parents?
try moving inthe basement... if they respct your privacy and all goes well.. stay there as long as u can til u save $$$... if u see that living in the same house causes too much drama then get a house.
u can have your cake and eat it,too!
VickiR510
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Re: Own or Live With Parents?
Well FH & I Own our own homes already. BUT i would suggest seriously considering buying only because i dont think the interest rates are goign to stay this low & the homes will eventually be going back up. In the next year or two you will see houses rising in price again. If you can hold out for ayear then stay & save but if you have a descent egg to put on a house go for it. As long as you know you will be able to afford everything that comes along with a home.
MrsDrinkh20
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Re: Own or Live With Parents?
Hmmm tough one....but i think I would rather buy. FH and I own our own home and it is the best decision ever. We were living with his parents mainly for a while and it was nice but we had no privacy, no time to ourselves and no space. If you can buy do it. Its a great investment and a great time to buy i fyou can get a mortgage!
kgicrls
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Re: Own or Live With Parents?
Posted by gina409
if the discount from ur company does not go away then i would wait and move in the apartment rent free and save up
I agree!
LeeAnne
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i would take the apt!
HappyBride22
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Re: Own or Live With Parents?
Look for house ,if you see something you like make a low offer, if you don't see anything you like that is in your price range (or for that matter aren't getting for real cheap in this economny) hold out and stay in the apartment. It is a buyer's market, if you have some cash go for it, when the economy does get better the housing prices will go up with it.
megsher
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Re: Own or Live With Parents?
I agree with this. The first year is supposed to be tough already. I love my fh, but we fight occasionally. I do not want his parents knowing everything about our lives. But again, it depends on your relationship with your in laws.
geegee827
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Re: Own or Live With Parents?
Posted by debzy
Posted by MrsKtoBe
I guess I'll play devil's advocate on this one. I know it sounds great, and your FIL's might be wonderful people but really think it through. I have two friends who both did this, and it sounded like a great idea, but when FH and I got our own apartment, our own christmas tree, our own space, (and our parents had to call first before 'dropping over') they were bummed. It constantly feels like they have to justify why they made the decision and people treat them like they arent 'real grownups'. Definitely dont blow all of your savings, but with the market the way it is, you stand to make a FORTUNE on resale 5 or 6 years from now. I guess I'm also in the other boat bc FH and I have the itch so I wouldnt want to be living with my inlaws with a baby. Just some food for thought, I know it sounds great, but make sure you set up some boundaries before hand bc u deserve your privacy too! Sorry JMO.
That's what I was going to say. Well said.
I wouldn't be able to move in with anyone's parents - mine or FH's but that's just me.
Christine N Ralph
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Re: Own or Live With Parents?
If you could afford to buy your own house DO IT!!! I am living in an apt in fhs moms house...and Its not all that great. She and I have a good relationship but I am not thrilled here. Maybe if I wasnt paying rent it would be a different story but its always better to have your own space!
