My wife and I are looking at homes near us around low to mid 300s (Cleveland area) that would put the mortgage/property taxes/insurance in the low to mid 2000s. We have 100k in savings so we could do 20% down and also have a savings cushion. But, we have great rent right now of a 3bd 1.5 bath townhouse of 1.1k with 250 for utilities/insurance that allows us to save a lot. This place should rent for around 1.3-1.4K but our landlord is oblivious to that. He also has been a great landlord. We really want to get a house as we are in our 30s and want some more space (townhouse is only 1k sqft) and to start a family soon. Houses we are looking at are around 2k sqft with 3 bds 2 baths.
We both have stable jobs and bring in after taxes/retirement around 7.5k a month. Just wanted some guidance on others if it’s better to jump on stuff early with 20% down or coast out good rent until we have a bigger down payment. We are 32 and 31 respectively and have been renting since college so we are intrigued by buying a house but want to do what financially makes the most sense without dialing back retirement and personal savings too much.
We have a little debt: her car 4K left at 3.5% and mine 14k at 3.9%. We could pay these off tomorrow but interest rates seem pretty decent to just pay monthly mins.
Submitted November 18, 2024 at 07:10PM by beanman214 https://ift.tt/kvDG4m9
