Hi everyone, new here and looking for some advice.
Here is a little background on me before hand. I have a Gov. job, that requires me to travel a significant amount of time. I was home a month last year, at most. When I started traveling so much I moved my things back with my parents after my lease ran up, I could not see paying rent and never being home. Staying with my parents is OK, but I am not too happy with it.
Financially, I am fine with buying and not putting a burden on myself. So that is not really a concern of mine.
My main concern is I am not real happy at my current job, and it is one of the only well paying places in the area. I am getting another degree to help me branch out and will be done in about 1.5 years. More than likely I will have to move to find a new job, which I am ok with. I thought about renting again but being gone so much I feel like I am throwing money away.
So I guess my main question would be. Is it worth it to buy a home within the next few months, and potentially have to sell in a year or two? Or should I suck it up and stay with my parents until I have a solid plan?
Tue Mar 22, 2016 3:52 pm
Cash: $ 380.25
Joined: 09 Feb 2009
Why not rent for 1.5 more years and wait until you graduate. You never know at that point where your job and life will lead you and the last thing you want is to be tied up in a mortgage. I'd wait till your settled with a job you do love and continue to put money in savings for a 20% DP. Believe me you don't want to spend 6% closing costs to decide later that you want to sell and spend another 6% in closing costs. Moving is expensive when you own property.
Risk comes from not knowing what you're doing. (Warren Buffet)
Tue Mar 22, 2016 3:55 pm
Trapperj86 New Poster
Cash: $ 0.45
Joined: 22 Mar 2016
Thank you, That is what I was thinking myself. It would be more beneficial(Financially) to stay with my parents, essentially rent free, and just keep saving. I have ~20% saved for the range I was looking, but more never hurts. Or maybe a cheaper appartment. I was paying ~$900 for my last appartment and just felt like a waste of $10k+ a year. Just feels like I "should" buy a house since I am 29.
I heard somewhere that you should not buy a house you dont plan on being in for 5+ years. I wasnt real sure if that was the case though. Now that you mention it paying all the closing costs for potentially only a year or two of ownership makes no sense. I did not think about that aspect of buying a home. I would just be throwing away a good amount of money, for nothing.