Tips for buying a house

amother

OP ↓

Yesterday at 8:20 pm

We’re trying hard not to look back with regret at not buying five years about before pricing blew through the roof. Back then, we thought we were being smart and frugal with being happy with our small home and jumping to buy so early on. Well, now we’re looking a prices that have doubled paired with mortgage rates that have doubled. Yippee.
I’m wondering if anyone who has bought in the past year or two can give any advice on buying a house. Is there anything to do to ease things up? Secret to a lower mortgage? Something I don’t know about down payments? Or is it just impossible until I somehow increase my income to $300k?

mommy2b1 ↓

Yesterday at 11:06 pm

Did you look into any first time home buyers programs in your state/city? LRRC had a wealth of knowledge in NJ.
You can get down payment assistance, grant $$ and a lower interest rate.

Would you buy a serious fixer upper? 🎶You can fix a fixer up up with a little bit of love 🎶

We bought a real dump. My husband was in Lowe’s every morning at 6am meeting our team of Hispanics and bH it looks beautiful. We made peace with the fact that some things are far from perfect but we’re willing to rough because it was the only way we could buy.

The market is brutal! Hatzlacha rabah!

amother

Raspberry ↓

Yesterday at 11:10 pm

amother OP wrote:

In the exact same situation as you. Teeny tiny house that we have definitely outgrown. 2 bedrooms and 4 kids…I’m so so mad at myself but there’s nothing we can do about it now. Can’t go back in time. I was waiting for our income to increase. So stupid of me.
We are so stuck here.

amother

Coral

Yesterday at 11:11 pm

amother Raspberry wrote:

So it would have been better to buy a big house you couldn't afford?

↑ mommy2b1

Yesterday at 11:13 pm

At risk of sounding stupid, being that prices have shot up, can’t you get a decent amount for your starter home and put that towards a larger down payment?
I hear why most are priced out because of high interest rates but would think you are still slightly better off being that you own

amother

Silver

Yesterday at 11:19 pm

mommy2b1 wrote:

Maybe she’s renting.

amother

Plum ↓

Yesterday at 11:21 pm

We are in same situation. Even have nice down payment. But with 1.5 million prices it doesn’t help.

Small homes didn’t increase as much.

amother

↑ OP ↓

Yesterday at 11:46 pm

mommy2b1 wrote:

Yes, we hope to sell our home for a down payment, but like others said, it won’t turn that much of a profit and we’ll still have to pay 5-10k on monthly mortgage 🙈

I’m open to a fixer upper but even those are $800kplus in the neighborhoods I’m looking at… and f the answer is try another neighborhood, I’m not ready to sacrifice on having any from neighbors just yet…

amother

↑ OP

Yesterday at 11:48 pm

amother Coral wrote:

So it would have been better to buy a big house you couldn't afford?

Not that poster but we would have been tight then… now we’re looking at pretty much beyond our paychecks. Seems impossible.

amother

↑ Raspberry ↓

Yesterday at 11:53 pm

amother Coral wrote:

So it would have been better to buy a big house you couldn't afford?

We would have been able to just barely afford it but yes it would have been waaaaaaay better. I’m talking about $2,000 monthly mortgage vs $4,000+ that it would be now. We could have swung the $2,000- just would have been tight.
Now with mortgage/loan rates + housing prices we aren’t able to move or add on.

amother

↑ Raspberry

Yesterday at 11:55 pm

amother OP wrote:

Not that poster but we would have been tight then… now we’re looking at pretty much beyond our paychecks. Seems impossible.

Exactly!

amother

↑ Plum

Today at 12:29 am

What may make sense is to take a line of equity and add on an addition.

We’ve discussed that. But in our situation the exact location isn’t working for me.