I'm 23 year old engineer making decent money. I have about $15k in the bank and a lease that is ending soon. I live in a small town, and the largest company in the area is hiring a bunch of people (maybe getting 20% bigger). You can never be certain about the future, but in general I like the area and the job and can see myself staying another 5 years (with potential more).
In this town, rent is usually around $700-900 a month (I'm rocking $875 right now). There are a dozen nice homes from $60k to $125k. Quick simple math says a 30 yr mortgage on the $125k home is gonna be $600 a month in rent (my current estimate including other monthly variables comparable to my rent payment is $956).
My current fears for buying now are:
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Unable to get a decent loan (already had one automatic no loan from my primary bank)
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Not sure if I have enough in the savings. The down payment will have to be low.
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I kinda have to work quickly and not sure If i'm gonna rush it. But i'm not picky, as long as it's fairly move in ready and decent shape it should be good.
My fear for not doing it is:
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my current place is unpredictable (property is being sold and my lease is ending in a couple weeks).
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I'm nervous if this big company is gonna bring in so many people that houses are gonna be fairly hard to come by and prices go up higher. It's a sellers market and I feel like it will be more so in the future.
Right now mind is racing. I'd like a house and see a lot of positives to getting one now. But I don't know if the negatives outweigh the positives. Ideal is wait another year and have a better savings, but I fear the market is gonna get very competitive soon.
Any advice? I know reddit tends to push towards waiting and that's fine but I feel my situation with a small town and more people moving here makes this a little unique.
Thanks
Submitted May 16, 2020 at 06:33PM by warningtrackpower12 https://ift.tt/2Z6ONE9
