Hi,
I'm a project engineer (24 F) in Virginia making 60k with a boyfriend (23) also an engineer and making 65k. My grandfather can no longer care for his home and has considered having me purchase it. My family and the house is in a prime suburb of Chicago and has about 150k mortgage left on it. Before this opportunity came along, my bf and I made plans to return home and find work in the Chicago area because family is important to us. Also, Virginia is just very different from the diverse area we are proud to have come from.
I personally have a little less than 30k in student loans that I've been paying off slowly. Required payments on these loans will start for me in March 2021. No car debt and no credit card debt. Also, I'm ashamed to say I don't even have a budget and that is one of the things I need to prioritize for 2021 (house or no house). I split bills with my bf and save the rest. I don't spend my money on much of anything and just like to watch my savings account get bigger. I currently have a little over 10k in the bank that I stash up as emergency funds. My bf wants me to invest that money in the stock market (eh...) and my mom wants me to use that to pay student loans. I'm thinking I can possibly use that for this house and student loans. My credit score is 705 and I saw that it dipped a little bit from me paying off my car and some student loans in early 2020. Also, I'm pretty confident I can find work back home in Chicago fast as I've interned for many local General Contractors in the area and have high recommendations and networks.
In terms of my boyfriend, even though we are committed to each other and I can see him in my future, this financial responsibility would be on me until he decides to put a ring on it. He knows about the house opportunity and wants to financially help me with it but I rejected his offers. This house would also help him be closer to his family as both of our families are in the Chicago suburbs. We are both excited about this house and can see ourselves building a family in it. It really is in the perfect location and in a community we love. My parents are about 10 min away from it and boyfriend's parents are 30 min away. Way better than the 16-hour drive from our Virginia apartment!
What is keeping up my boyfriend from putting a ring on it you may ask? I honestly think he will ask in the next few years given that we will be in Chicago. We've been dating for 3yrs with this last year living together away in Virginia. Also, I know he feels 23 years is still very young to be making commitments like this... heck, I think 24 years is very young. I'm excited about a proposal but I want him to take his time. I'll start worrying about it when we are 5 years in and I still have no ring.
The houses next to my grandfather's house are worth 350k+. Unfortunately, my grandfather never took care of the house and he has a personal budget of 12k to spend on repairs for it. Nothing is wrong with the structure and the repairs are purely cosmetic (~from inspector). So with his 12k and my possible contribution of 10k, I believe we can get the house in good shape. Also with me working in construction for a year, I'm thinking I can put what I've been learning in Virginia to the test :) My parent's also offered me to live with them for the time repairs are made on the house... or if I decide to rent it out while I live with my parents for a few more years.
Overall, I want to know if purchasing my grandfather's house is feasible, and a smart financial decision for me. This house is very sentimental to my family and I do have a past emotional connection with it. It's tough to walk through this time-capsule of a house and see how neglected it's been and it brings a lot of emotions for my father and myself. I want to rebuild what was neglected and help my family.
Thank you for reading. This has been on my mind for months!
Submitted December 28, 2020 at 01:27AM by arilulu96 https://ift.tt/37Qny4u
