Buy a house or rent

amother

Mon, Apr 08 2024, 3:24 pm

Should we buy a house and have $0 left over or keep renting and have tons of money to save and spend

groovy1224

Mon, Apr 08 2024, 3:25 pm

Keep renting and saving until you can buy and have a little more than $0 left

amother

Opal

Mon, Apr 08 2024, 3:31 pm

Do you have family to fall back on in case of an emergency?
That would be my deciding factor.
I would at least make sure to have some money in savings in case of chas v'shalom a medical emergency or a job loss.
Yet, owning a house is one of the biggest financial investments you can make. So it's a hard decision.

amother

Mon, Apr 08 2024, 3:37 pm

amother Opal wrote:

Do ppl have money left over in savings after buying a house?!!

stillnewlywed

Mon, Apr 08 2024, 4:18 pm

What do you mean by tons of money to save and spend? Only save, don't spend. And then you'll be able to buy a house in a year without going down to zero. Of course you need a nice emergency fund leftover after down payment, closing costs, movers and any repairs/painting needed prior to move in.

amother

Daphne

Mon, Apr 08 2024, 4:28 pm

Jump in if you can and won't drowned! Do you have any family that can help you a bit? It is hard!!!

amother

Quince

Mon, Apr 08 2024, 4:43 pm

amother OP wrote:

Do ppl have money left over in savings after buying a house?!!

Some do. You say you have tons of money to spend and save, so why would you spend tons vs saving and be able to comfortably buy a house?

lamplighter

Mon, Apr 08 2024, 4:50 pm

I don't understand the choices. Shouldn't it be buy now or save more and buy later?

EMEN

Mon, Apr 08 2024, 4:55 pm

Get in touch with https://frum.finance/ they'll help you make an informed decision.

amother

Moccasin

Mon, Apr 08 2024, 7:25 pm

We bought and owed 4k to a friend bc the closing costs ended up being higher last minute. The house was in a remodeled condition so we didn't worry about roof and boiler. It was tough nit to have any money on the side, but was worth paying towards house and not rent. Slowly, we were able to put a small amount for the emergency fund. Bh, we both were working and that helped to pay the bills. We didn't have any family to borrow the money from so basically, we took a chance.

amother

Hydrangea

Mon, Apr 08 2024, 7:27 pm

Do you have an option of buying something smaller, so cheaper and then you are left with some $?

amother

Aster

Mon, Apr 08 2024, 7:36 pm

amother OP wrote:

Do ppl have money left over in savings after buying a house?!!

Some do. We bought a house and when all was said and done still had about $250k in savings. Saved as much as we could for a few years while living in a cheap old apt.

amother

Plum

Mon, Apr 08 2024, 7:46 pm

Many many people buy with nothing left or even with some dept. The question is will your income barely cover your expenses with the new house or will there be room to start saving soon after? It's scary to stay with zero but if you know you have sufficient income to start fresh I would go for the house. It's rarely a good idea to postpone buying a house.

amother

Oatmeal

Mon, Apr 08 2024, 8:14 pm

amother OP wrote:

Do ppl have money left over in savings after buying a house?!!

Yes.
Took me many years to save up a down-payment. Slowly but surely.
I don't count my emergency fund as part of the down payment.

amother

Blushpink

Mon, Apr 08 2024, 9:46 pm

Please buy something you can afford and not be house poor. Buying a home makes so much more sense long term but be smart and responsible about your purchase

amother

Lightyellow

Mon, Apr 08 2024, 9:56 pm

Depends where ur looking to buy. Anywhere in the tristate area if you find a good deal grab it and b house poor for a few yrs. Prices keep going up and many times our salaries don’t jump along with the housing prices.

amother

Indigo

Mon, Apr 08 2024, 11:00 pm

Why does it have to be all or nothing? Buy a cheaper house and also have money left over for emergencies. We bought smaller, older and cheaper so we could still have savings and now we are selling for more than double bh

Lovable

Tue, Apr 09 2024, 12:07 am

Rent until you can buy a house you can afford to live in.

familyfirst

Tue, Apr 09 2024, 12:58 am

Buy. Home prices go up.
When you’re family is young it is easier to scrimp and save

If you can buy now, do so. But buy responsibly