RENT OR OWN???

Ok this is my situation...
FH and I have currently been living together for 4.5 years, in a basement apt, w 2 dogs and a cat and our rent is pretty low. We outgrew the apt about 1 year ago but we decided to wait until we were married to decide whether we should move or not. As of now, all of our savings is going towards the wedding, so after the wedding were gnna be pretty much broke, except for watever we get as gifts.
A part of me would like to move into a bigger apt and start a fresh new beginning since we will be married, stay there for like 2 years, save our butts off, then buy a house. However, if we move, we will be paying more in rent, which means we will be saving less.
Then another part of me is like, well weve been there 4.5 years already, why not stay an extra year, save like crazy, and THEN buy a house.
UGH idk what to do. Moving in itself is an extra expense, but we are already CRAMPED LIKE CRAZY in our little apt! ON TOP OF THAT, we want to try for a baby right away.

Opinions????

im in the same boat as you

FH owns his house now w his brother (bought it from grandma when she was sickand had to sell)

I rent w my roomate from college.

I am NOOT moving back into his house, because we did that one time and almost killed each other because the place is so damnn small (its not even dormered out, he lives upstairs w one br, kit/liv combo and a bathroom with only a shower and he has to stand to the side to pee cause the ceiling is sloped.

his brother cant afford to buy him out yet, we dont have enough for 20% down, if they sell the house now they loose a lot of money (only owned for 3 yrs= no equity) and he refuses to rent saying that if we are paying enough f$$ a month we should be able to pay our mortage and not someone elses.

LONG ISLAN housing market suuuuucks

well i was wondering the same thing! FH and i havent lived together..we plan on moving in after the wedding 11/6/11 but we have to get a place a few months before to set up and stuff... but i dont know what to do..its like hard to see what our budget is and what lifes everyday spendings will cost us..cuz we havent lived together yet... so its hard..idk...buttttt if u do decide to move to a house congrats!! also keep me in mind if u are leaving ur apartment..cuz i will be needing one! lolol

---

Posted by fdnybride163

im in the same boat as you

FH owns his house now w his brother (bought it from grandma when she was sickand had to sell)

I rent w my roomate from college.

I am NOOT moving back into his house, because we did that one time and almost killed each other because the place is so damnn small (its not even dormered out, he lives upstairs w one br, kit/liv combo and a bathroom with only a shower and he has to stand to the side to pee cause the ceiling is sloped.

his brother cant afford to buy him out yet, we dont have enough for 20% down, if they sell the house now they loose a lot of money (only owned for 3 yrs= no equity) and he refuses to rent saying that if we are paying enough f$$ a month we should be able to pay our mortage and not someone elses.

LONG ISLAN housing market suuuuucks

---

Wow thats such a sticky situation. What you could do is have ur FH rent out his part of the house, and for the sake of your happiness TOGETHER, just rent an apt. That way his mortgage is still being paid, but you guys have your own space and a new beginning.

---

Posted by xbutrflykissesx

well i was wondering the same thing! FH and i havent lived together..we plan on moving in after the wedding 11/6/11 but we have to get a place a few months before to set up and stuff... but i dont know what to do..its like hard to see what our budget is and what lifes everyday spendings will cost us..cuz we havent lived together yet... so its hard..idk...buttttt if u do decide to move to a house congrats!! also keep me in mind if u are leaving ur apartment..cuz i will be needing one! lolol

---

haha! We will!

When you move out on your own with someone else for the first time, its crazy how the little things add up! Even things like soap and toothpaste and floor cleaner! Its so much fun tho when its w the right person!! Its very exciting!

Crashing ...

I say stay where you are now and save up as much as you can so you can buy your house. Maybe you can hold off on trying to have a baby for 6 months and then start trying so by the time the baby may come you might have already been a year and a lil more married and might have saved enough to put a downpayment on a house.

FH and i were living in a small one bedroom apt. and we got lucky and my landlord offered us a 2-bedroom apt. for not much more than what we were paying for our 1-bedroom. The apt. needed some fixing but I told FH lil by lil we could fix the apt. up but still save up $$$ .. after the wedding we are planning on staying there for another year or two until we save up to buy a house. The good thing is that I have an extra bedroom in case baby comes along sooner than later. Good Luck.

if someone could lend you like $20K until after the wedding, you could go FHA and you only have to put 3.5% down at closing and then you pay into PMI insurance for 5 years.

Definitely reach out to a mortgage person to discuss that option b/c we were going to rent, but it doesn't pay since we had enough saved for closing costs and a 3.5% down payment.

HTH

crashing...
hi ladies, i work in the mortgage business and it is correct, to buy a house, you only need 3.5% down payment....so if you buy a house or condo that is selling for $200,000 you only need $7,000 down payment PLUS the down payment can be gifted from a family member (great if your parents want to give it to you) in addition, you will need to pay closing costs out of your pocket...but you can ask for something called a sellers concession where the seller of the house pays for part of your closing costs (this way you dont have to pay for the whole thing) FHA allows for max of 6% sellers concession which in this case will be $12,000....so if your closing costs are $15,000 you will need to come up with the rest--in this case, $3,000)....so contrary to proper belief, you dont need much money to buy a house as long as it is presented to the bank the right away and within guidelines like i just stated....let me know if you have any questions! happy to help! and sorry this is so long LOL just want to help!

I actually have the same situation like you do. We are in a apartment where we don't pay alot of rent and we are looking to stay here until we have enough for a house. the only difference is that we are gonna wait a year to start having babies.

What i would suggest is to stay where you are for at least a year and save for a nice house and then have a baby. Enjoy that year just being married and save for a whole new future together next year.

If you are set on having babies now, then go for it. A baby doesn't need a separate room for themselves for a long time. All they need is a bed to sleep in and when they are infants that can be a bassinet.

I have friends who have a young infant in a one bedroom and they are saving for a house while the baby is still young. But i would definitely save first cause you have to think about the added expenses that come with a house.

---

Posted by MrsWoods

I actually have the same situation like you do. We are in a apartment where we don't pay alot of rent and we are looking to stay here until we have enough for a house. the only difference is that we are gonna wait a year to start having babies.

What i would suggest is to stay where you are for at least a year and save for a nice house and then have a baby. Enjoy that year just being married and save for a whole new future together next year.

If you are set on having babies now, then go for it. A baby doesn't need a separate room for themselves for a long time. All they need is a bed to sleep in and when they are infants that can be a bassinet.

I have friends who have a young infant in a one bedroom and they are saving for a house while the baby is still young. But i would definitely save first cause you have to think about the added expenses that come with a house.

---

Very true!! Ive been told that many times..... Thank you for the tip

ok in the same boat here. FH and I have been living in the basement apt of my parent's house for the last 2.5 years. We pay pretty much nothing in rent. It's small but is ok for just us 2.

We can either get an apartment right before or after the wedding and then save up for a house (which will probably take about 2 years), or just stick it our another year and buy a house.

We have decided to just stick it out and buy a house about a year after the wedding. As much as I hate that I can't entertain in my little place, or that it's in my parent;s house, it's worth it to just buy that house rather than having to move twice. I might as well take advantage of the great situation I have (no rent)

HTH and good luck!