The Super Official Homeowners Thread

[G.Irish]

So then you're saying be comfortable paying the same for rent as a mortgage?

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That may be the right answer for your situation. Consider the following:

1. Closing costs on buying a home are gonna be around $10k, maybe more. If you're gonna buy another house in 2 or 3 years, you've gotta eat that again. Sometimes sellers will help with closing costs but don't count on it.

2. If the housing market experiences a significant downturn in the next 2 or 3 years you're going to be underwater on your mortgage and you may not have the ability to move for awhile and/or you could lose a shitload of money.

3. As Chris said, as a renter you don't have to pay when shit breaks. Might not be a big deal, but if you've got to replace a HVAC unit for $5000 in a house you plan on moving out of in 2 years it's going to hurt.

4. If the wife-elect is not working yet, it may not be a good idea to lock into a mortgage yet. If her career doesn't pay like you're expecting it will be more pressure on you. If she makes more than expected, you can get more house.