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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comments
Paying more per month is probably still better than moving twice.
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.
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.