Howdy folks,
At a crossroad here and looking for some perspective from the esteemed community.
My partner and I are split on rather to buy now or wait a year or two.
I would rather wait and save up more money and he's ready to buy.
We plan to get married next year and part of me would like to purchase as a married couple but that is more of a wish not a must.
So here are the stats.
-
Our scores are in the 760 to 780 range and climbing
-
Due to Kids now 18 and 20 and a ton of other factors we just started saving for retirement. Yep I know. Not good. But we opened roth IRAs and contributed the max for 2018. He has a company 401k and is contributing 5% and his company is contributing 5%.
-
He's 33 I'm 40
-
Combined income is $ 115k
-
Current rent is $2175
-
A modest Home will set us back about $425k. We qualify for 600k but thats just lunacy. $420k is our absolute max. With a 20k or 5% dp our monthly payment depending on pmi and property tax would range $2350 to $2600
-
Our current savings consist of $40k in a 10 month penalty free CD at 2.75
-
Emergency fund or remaining cash in savings account is $20k
-
We save about $ 2.2 K a month at this point but $1k is set aside for the roth and $850 is supposed to be our travel budget. We never had the opportunity to travel before and wanted to allow ourselves this luxury for a year or two. Especially with the last kido out the house soon.
-
I see the market getting softer, even in our crazy area and don't want to buy a dump for $400k. I would however buy a cosmetic fixer for 250 to 300 and maybe add 50 to 75k improvement via rehab loan and be happy. Basically the max mortgage I can stomach personally is 350 to 375.
-
Also, we have no debt of any kind.
Basically, I'm hoping to hear from the community about their experiences and anything else you like to add as long as it's construcive feedback and advice. TIA. This thread rocks.
Submitted June 14, 2019 at 08:53PM by Anon251218 http://bit.ly/2WICaza
