compromising in a HCOL area

SmrBrd2012

Did anyone have to seriously compromise on what they wanted in their first property? H and I really wanted at least 3 bedrooms (because we're planning on TTC as soon as we buy a place), a yard, and NOT a condo (fees are outrageous where we are).

However, we just don't have the funds for what we want unless we live in a run down area or 2+ hour commute from where we work. It seems like we are either going to have to wait 2-3+ years to save up a good down payment for the more pricey properties, hope for a change in salary, OR we will have to compromise with a 2 bedroom condo. I just feel like we won't be able to put as much equity as we'd like to into the condo while we live there due to the $300-400 a month HOA fees.

Thoughts?

HouseOfGreen

That's what we had to do! I'm from the south, he is from New England so I was not use to the cost of living up here! So we had to compromise a lost. We will be living in NH and working and going to school in MA. My husband works in Boston. But hopefully when we are done with school we can work where we live. So all in all we had to go more rural, and get a smaller house. Smaller sqft, and smaller yard. No garage, no fence the list goes on. But the sacrifices are worth it. 

SmrBrd2012

That's so funny. I actually live in MA, so you know exactly what I'm going through H works south of Boston, I work pretty much in Boston. I commend you for commuting to Boston from NH! Do you drive or take the T?

HouseOfGreen

That is funny! My husband works in Boston (Everette) I use to take the T in to go to school but not anymore. I know go to school in Lowell, and work in Lowell, and Wilmington. He does not commute because he works before the T even starts. Like I said I am hoping not to be doing this once school is over. 

smbenevides1989

A little off topic, but H is from Boston and he moved in with me in Bristol County! I used to go to school on Newbury Street and used to commute by both driving and taking the T.

But I don't live in my own home per say. I wanted to move to Boston to be closer to the school, but with the high costs of Beantown, there was no way I could afford it so I lived at home. If it wasnt for the fact I work in Rhode Island and already commute 45 to get to work, I would go back to school in a heartbeat.

anssett

We live in Seattle and require public transit commuting (for sanity) and some yard space. That's 300k starting, and those are mostly foreclosures and hard to find (1000 to 1500 sq ft). I won't compromise on pmi and less than 20% down so we're saving for the 2-3 years. Being house poor is a lot worse than waiting for me.

MommyLiberty5013

If you don't plan on being in this first home for at least 7-10 years, I'd wait - save the money for the home you want in the place you want. In the mean time, find a 3 bedroom rental.

moonprincessd

We had to compromise, but we're okay with it. We originally wanted 3 bedrooms, ended up with 2, wanted 2 bathrooms, got that, but would have liked one to be a master bath, but it will do. 2 Car garage, only got 1, but possibility of adding a second, maybe we will, maybe we won't. 

BUT we compromised because we got a huge, beautiful yard in a wonderful, quiet, family oriented neighborhood. It's perfect for a starter home.

SmrBrd2012

MommyLiberty5013 said:

If you don't plan on being in this first home for at least 7-10 years, I'd wait - save the money for the home you want in the place you want. In the mean time, find a 3 bedroom rental.

Ha! I wish that were an option. Getting a 3br rental would make it so we wouldn't be able to save at all. Rent prices are steep compared to mortgages around where I live. We'll most likely end up waiting, it seems. Just trying to get a feel for everything.

GilliC

I'm definitely having to compromise. I really want a 2-bedroom at least 800 sq ft with space in the bathroom for a bathtub. I'd also like a terrace and a convenient neighborhood.

It looks like I'm going to have to compromise on the second bedroom, either the tub or the terrace, and the neighborhood. I could afford them all if I was willing to take on that much debt, but I really don't want to spend much more than $600K.

HouseOfGreen

Yeah like I said before we had to compromise. But compromising is not always that bad. t is just trying to figure out what is more important. For me it was a good school system, a safe neighborhood is more important than commuting. Plus we wont be commuting for long only a year.

Plus we figured we can make improvements on our home that will help sell later. Adding a fence, adding a pellet stove, adding a deck. Things like that.

@smbenevides1989: I use to be stationed in Newport. I love it their!