Housing options

Meta
heudba

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heudba
Jan 29 14 Comments

Planning to buy our first home this year. Our rent ends April, and I doubt we will be able to buy a home and be ready to move in by then. Realistically, we are looking more like fall of this year. What to do after our rent ends? We could be only a few months away from purchasing our home, but at the same time who knows how long it can take. Could take longer than expected. Hate our current apartment, and we would be paying so much more a month if we were to extend rent month to month.

Any suggestions on what the best option would be for housing when our rent ends in April?

NYC area, hh tc: 450, couple no kids

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TOP 14 Comments
  • Indeed / Mgmt
    TDM_here

    Go to company page Indeed Mgmt

    TDM_here
    Get with a realtor now. Start looking. You could absolutely move by then, and your realtor may have some better options for what you could do than randos on Blind

    Paying more per month is probably still better than moving twice.
    Jan 29 3
  • Google
    daddy-ji

    Go to company page Google

    daddy-ji
    Buy a house ASAP. Housing is expected to grow 20% by this summer.
    Jan 29 1
  • PayPal
    Xlxh11.

    Go to company page PayPal

    Xlxh11.
    Other minus point going with lease option would be that you will not be as aggressive to hunt for homes if you sign 1 year lease vs month to month. You may unconsciously start to get relaxed that you have 1 more year to search and finalize home.

    Just go month to month, start searching for homes aggressively. Even if there aren’t much homes right now, whole preparation of looking at comps/disclosures/visual inspection skills/observing location of SFH in person and via google maps for groceries, access to freeway, restaurants etc takes around a month to get used to.

    Start going to open houses which fit your criteria as much as possible and try to do everything I mentioned above as if you will be putting offer. These would be your mock attempts so that you don’t waste lot of time on how to make decision to buy home when you have money on hand.

    These things will make you prepared in advance. Finally, paying 100$ extra for month to month for 6 months would cost you 600$ extra. Signing 1 year lease and breaking it in between will cost you 1.5x or 2x times of your rent. Getting relaxed and not buying any home till next 1 year after signing lease will cost you 10s of 1000s of dollars.
    Jan 29 0
  • Internet Brands
    SQLMom

    Go to company page Internet Brands

    BIO
    My family survived killing field, communist, refugee camps and live in American dream.
    SQLMom
    You should get pre quality for a loan if interested in buying a home. Housing market will be the same even with the fed expected rate hike starting March. This is due to widely accepted work from home policy which most companies understand. Before pandemic it was hard for most Mgmt to understand.

    How is your finance? It’s not how much your TC, it’s how much you save. Can it support your future lifestyle like mortgage, tax, and insurance and a few kids down the road and their college education?

    Do you have 6-12 months living expenses just in case unexpected change in your employment situation?
    Do you have any other debt? What is your current debt ratio to asset?

    You don’t need to answer my questions, I don’t need to know your details, but you and your spouse need to know the answer and start planning on how to make it happen.

    Best of luck.
    Jan 29 0
  • Meta
    public2

    Go to company page Meta

    public2
    Pay month to month
    Jan 29 0