Buying A Home
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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.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Buy vs. Rent?
My Husband and I got married this past September and are currently renting.
We would really like to start looking to buy a house but don't know if its to soon.
Should we continue renting and start looking for a house or wait a while?
Would love some advice!
Re: Buy vs. Rent?
Actually, you don't need to meet with a lender or a financial planner to make this decision.
Read Home Buying for Dummies. The first couple of chapters deal with renting vs. owning and even provide help discovering your budget.
Your home payment (rent or own) should be no more than 25-28% of your take home pay.
You should have your down payment saved. And an emergency fund in place before you look to buy a home.
Don't feel pressure to buy. The market for houses will be great for buyers for a long time. There will be tons of inventory (choices) and prices will remain low.
OR - too soon for your finances?
FIRST - get your financial house in order. Pay off consumer debt, establish an emergency fund of 6 months' expenses. Then save for a 20% downpayment, closing costs, moving costs, utilitydeposits, repair/renovations, decoratins/furniture/appliances, yard items, tools/ladders etc.
Make a list of NEEDS and WANTS - know the difference.
Keep your housing to no more than 25-28% of your TAKEHOME pay (this includes mortgage+PMI+insurance+taxes+HOA+utilities. More than that can easily make you house poor.
Remember being a homeowner is much, much more than the mortgage payment. Do not look for your house to be a money maker - and if you stay less than 7-10 years you may even lose money.
The prime rate will not change until 2014 ---so interest rates will remain in their cucrrent low range. Inventory for new homes is low, but there is plenty of pre-owned homes in most areas.
Read Home Buying for Dummies and Mortgages for Dummies
Who stays at a job for 10 years anymore? We're relocating and just bought a house. We got the mortgage under my current employer, but I'll be starting a new job in a month. You just don't want your lender to know that.