Hi, I have been looking around for homes since the beginning of February just before COVID hit which put my search on pause. I am starting to reconsider where my money is really worth it.
Quick Facts:
- $80k Savings
- $65k/year soon to be $75k/year starting this December 2020 (on paper)
- Credit Score >750
- State job and will receive substantial pension upon retirement
- Currently living at home (since December 2019) as I originally thought I would purchase a home in February 2020
- Parents still happy to have me stay (I help a lot around the house, but miss living with my S/O)
- Savings increasing roughly $3k/month since I've been living at home
- All money is currently liquid and not invested into any markets
- Girlfriend of 3 years (soon to be fiance) would move in with me to assist with light maintenance while she still is in school (6 more years, medical degree)
- I will be the predominant bread winner while S/O is still in school
- Considering duplex at $240k to help finance the purchase as time goes on (will pull in $750/month)
- Considering staying at home longer to increase savings and slowly investing my money back into the market.
- Renting an apartment seems like a waste of money to me, plus nothing available fits my wants compared to my old apartment in a different city
- Mortgage broker keeps pushing an FHA type loan so I could keep a majority of my down payment on hand, but I don't like paying more interest than I'd like to...
Right now, I am unsure whether my money would be better used in finding a home for myself and girlfriend to live in, or slowly investing back into the market and continuing to live at home (my girlfriend and I would be much happier living together again).
Would love to hear your thoughts.
Submitted September 07, 2020 at 08:37PM by Bezdbefazed https://ift.tt/2Zcgbja
