Should we jump the gun on a house or play it safe with apt?

Question

I am TTC with my husband so I (hopefully) will be pregnant or a first time mom within the next couple years. Our lease on our 1 bedroom is up in December. We are only going to be able to put about 4,000 into savings by December which would still put us below 7,000 in savings. Basically I’m wondering if we should try to move into a house ASAP because of the baby plans, or get a 2 bedroom apartment and give ourselves an extra year or two to save up?

Answer

Are you guys able to buy a house?? Good credit, able to do a down payment and also have money left for savings and repairs if something was to happen to something in the house or a medical emergency that needs money now?? If yes then I would go with the house but if not go with the apt. If you have to drain savings and aren't able to afford all the extra costs a home can require without being pinched/stressed rent awhile longer. I would make an appt with a mortage broker and see what they say and go from there. Good luck either way.

Answer

It depends on how much youre looking to pay per month. If you feel like youd want less of a payment id save up more, because you usually have to have a big down payment.  
But id suggest just going to talk to a mortgage loan officer, they can give you a estimate of everything without charge. 😊

Answer

I’d say rent your 1 bedroom until you can afford a down payment (preferably 20% so you don’t have to worry about PMI) on a home you want that is 25% or less than your monthly income. Like someone else said, babies are small and don’t take up much room. They wouldn’t need their own space right away, and it gives you time to plan. I’m all for owning a home and not renting, but if you buy a home too soon and can’t afford it you’ll be house poor and go deeper into debt.

Answer

Paying rent is throwing your money away. Definitely buy if you are able to.

Answer

If I was you I would definitely rent until you save up enough money. Since it’s just the two of you right now, you could live in a cheap apartment and save a lot of money. Then once your next lease is over, you would possibly have enough for a down payment on a house. Definitely don’t rush it.

Answer

So basically the other issue I’m facing (I made the poll) is that we also have a very energetic large dog and two cats. We really need the extra space for them as well as expanding our family. We have looked into USDA loans, but like it’s been stated we need to have a good chunk of cushion money in case of emergency, repairs, etc. If we are able to get a 0 down loan through USDA and the possibility of financing the closing costs in as well then I think we would be okay but just scraping by for a bit. (I work from home, my husband is a manager for a restoration company so we will be making consistent money throughout pregnancy and after)

Answer

Meet with a financial counselor and make a plan you can afford

Answer

It really depends on how much you’re looking to spend, how much money you make, how much debt you have (debt to income ratio), if what you have in savings is enough for the minimum down payment required, do you have good credit???... I would maybe get pre-approved by a lender and see what you actually need in order to make it happen. It’s always good to start there. Buying always better long term if you’re able to pull it off. Renting long term is just a complete waste and you’d basically be throwing money away if you’re able to afford a mortgage.

Answer

If you can’t get into a house you are at least paying down the mortgage where as rent your kind of giving the money away🤷‍♀️

Answer

We closed on our house and a month later I found out I was pregnant (surprise) money was tight at first cause I’m the primary bread winner and no paid maternity leave. So with that said, do you have paid maternity leave? If not can he pay all the bills the while your on mat leave? You would definitely need to calculate in all the extra costs of baby to determine this. But in my opinion renting is a waste of money and buying is the way to go as long as you don’t go bankrupt

Should we jump the gun on a house or play it safe with apt?

Let's Glow!

The Top Baby Tracker App: Embrace New Beginnings with Tender Care

The Top Fertility Tracker App: Your Path to Achieving Pregnancy

The Top Pregnancy App: Nurturing Your Journey to Motherhood

The Top Period Tracker for Empowering Your Menstrual Health Journey