I’ll provide a bit of background information. I’m 18, soon to be 19. Recently, my girlfriend and I both came to terms with the fact that we are adults, and naturally want to move out of our respective homes. We both live about 6 hours away from each other. After many long talks, we decided that we wanted to move in together. The decision was made that we would move to my town.
Originally, I considered the fact that we are young, and wanted to look for a place to rent. However, my girlfriend is very attracted to the idea of owning a home, and I am too. Primarily that during renting the money goes “away” and if we were to buy a house our monthly payments would be towards the house, and therefore more meaningful.
After a lot of research, I decided a home around the $100,000 price point would be a good fit for us, and at that price point we might be able to afford up to a 20% down payment. While searching for homes we would both stay with my mother, and secure jobs we would trust to pay the mortgage on the house.
I suppose where my questions would start, is purchasing a home at this age wise? I’m aware it is a large undertaking and my main qualm with it is that we may want to move again in the near future, likely selling before the mortgage is complete. Is there a downside to this?
We consider ourselves proficient at budgeting and wouldn’t mind making a few sacrifices to live with the independence of our own house.
I probably left details out, so if anyone would want me to fill those in I would be happy to. I would appreciate any and all advice related to buying a home in general, financing, or my situation. Thank you.
Submitted July 03, 2019 at 09:11PM by TheDaneH3 https://ift.tt/2JlvCgo
