Buying A Home
ChaoswithGrace
member
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
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Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Buying house - moving in with mom
My husband and I are renting a lovely townhouse, a far distance from my job. (About 90+miles) We finally did our budget from 2013 and we discovered majority of funds are going to tolls and gas (average $550-600 in total). This may be minimal, but while paying off the tail end of debt (credit cards, etc) it's pretty difficult to save for a home. After speaking to a realtor we were told to have about $15K saved which would give us a nice wiggle room and if we get the seller to pick up the closing costs - even better.
Now, I talked to my husband and the idea of moving into my mom's house in her guest bedroom.
My father passed away June of 2013, and she's been struggling a bit financially. My husband is pro the idea of saving money and on board.
I guess I'm just deciding if this is the best decision for us. I love our privacy, and our townhouse but the harsh reality is: it's eating at our disposable income. We strap down, pay off the last of our debt, save and buy a home.
Any views, opinions, personal experiences?
Thanks
Now, I talked to my husband and the idea of moving into my mom's house in her guest bedroom.
My father passed away June of 2013, and she's been struggling a bit financially. My husband is pro the idea of saving money and on board.
I guess I'm just deciding if this is the best decision for us. I love our privacy, and our townhouse but the harsh reality is: it's eating at our disposable income. We strap down, pay off the last of our debt, save and buy a home.
Any views, opinions, personal experiences?
Thanks
Happily Ever After began 12.7.2013
Re: Buying house - moving in with mom
Honestly living with our families would be hell on earth for both of us. I truly cannot imagine being desperate enough to choose that option for ourselves.
Happily Ever After began 12.7.2013
It's not easy - we're doing our best, but I appreciate your opinion.
Thank you all. Our lease runs up in 3 months. So time will tell.
Happily Ever After began 12.7.2013
15K is not much of a down payment for a house - are you looking to buy for less than 100,000?
smbenevides1989 I appreciate the perspective. My husband struck gold on the MIL scale. My mother is private, has her own social life (church, ladies bible study, events, fundraiser, half marathon training) - she basically presented me a schedule and told me that she won't be home these days, and these nights (wink wink). She's adorable. My parents rented they're whole lives, and there's nothing wrong with it, but they always wanted more. God gave them six kids, and the dream faded a bit. My parents were supposed to retire in NC somewhere in the mountains but stage four cancer stopped my parents plans on retiring together. My mother is a positive person, and keeps her nose out of my business. We're not planning on paying off ALL our debt, just the major APR's (about $4000 total) - nothing out of this world.
@sisugal as for the cars - our car is my daily driver to work. His work car is a police car, county issued. The third is his motorcycle, as he's in the process of selling it - to save for a down on a second car, we're praying for a free and clear vehicle for my daily commute.
The range for a down is anywhere for 10-20K. We're looking in the $175-225 range. In South Florida, that isn't the ideal, but we're hoping to buy soon before the prices rise a bit more.
Happily Ever After began 12.7.2013
Remember you also need to save for closing costs, start up costs, moving costs, repairs & renovations, decorating additional furniture, tools, ladders, lawnmower, outdoor furniture.
**You will NEED an emergency fund in place after all that is paid in full! - and please do NOT use your credit card for the above costs.
Owning a home is much more than the monthly payment.
Keep ALL housing costs no more than 25-28% of your TAKEHOME pay (mortgage, PMI, Insurance, taxes & utilities and HOA if applicable. Do NOT take the amount they will lend you as the amount that you can afford. Make that decision based on your own income and exprenses and plans for the future (children?- daycare or SAH - both will impact your budget, vehicle replacement etc etc.
DH and I lived with his parents for 2 months in 2012 after we sold a home and moved cross country. We could have lived there longer, but we found a home we wanted to buy in our new location. The caveat was that we had the entire 2nd floor of their home to ourselves (2 bedrooms, 2 baths, and an office).
If you don't have kids or pets, and your mom is very aware of your privacy and won't control your life AND YOU KNOW THIS FOR CERTAIN, then I would consider her offer.
I would speak openly about chores, laundry and groceries. Set expectations. For example, I asked my MIL if she wanted me to do her laundry. She said, "No." We decided that everyone was on their own for breakfasts and lunches, but that she and I would swap making dinners. We kept our area of the home clean and tidy, she and FIL did theirs and we worked together on the combined areas.
Lastly, I would set a time frame. Start with 3 months. See how it goes. Then, maybe 3 more. Personally, I would not live with family longer than 6 months.