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$350k combined income and you can’t afford a house? Huh ... unless you have no money set aside for the down payment and ancillary closing costs, then I cannot understand. What McMansion are you trying to buy, $5m or something? Lol
Well, not at the 350k mark for long. Paid off student loans before that. As I said I can afford to buy a house, but looking for advice on whether I should wait and get a bigger house. Maybe not a McMansion but yeah looking for $1M+ house.
Obviously everyone’s situation is different but remember that in a few years you could have both higher real estate prices and higher interest rates. It may compound your issue to some extent. You may be able to put less down and may need to shop around different lenders to see what makes sense. We talked to four lenders and ended up with a rate significantly lower than the first person we talked to. Allowed us to buy more home.
Pro
FOMO AF
Since you don't have kids yet, you don't really need to care about a good school district for at least 5 more years, and that's if you got pregnant today... (School system is irrelevant until your kid is k/gr1 age because you'll be paying for daycare or preschool).
Similarly, large yard is irrelevant for a baby. Even a toddler.
Housing market right now is a bit crazy. Yes, rates are still fairly low but there's not a lot of inventory out there so prices are high and many places are going over ask.
My advice would be to rent for now, and just keep an eye out. If something you like pops up that fits your budget, try and snag it. But don't feel pressured into overpaying because of your desire to start a family. You have plenty of time to figure out your housing situation.
Thanks C1, your point on school district makes sense will keep that in mind as I search on. You’re right, we’re not in a hurry to buy right now. The big yard is for me though 😅. I have lot of family in the area and I like to host them. Plus gives me more area for any pet projects.
If you’re not comfortable with the current houses/market, I would suggest you wait 12 months and reevaluate. No student debt is good, and if you want to start a family you could rent a 2 bedroom apartment to have space for the baby before you buy next year
I bought house in Nj and realized that when both partners make money as such in our range we pay high tax . Last year I paid $50k NJ income tax . On the top property tax and . Cold weather and early darkness in winter go against . Realizing if I settled in Texas or Florida don’t have to pay state tax and weather is far better . Regretting decision to buy house in NJ .
D2-What location would you pick if given a choice?
Pro
First time homeowner, dove right into our $1.8M “forever house”. It’s not a fixer but needs fixes, which is super stressful at least to me. I hate homeownership.
We rented until our oldest was four and was about to go to school. I have no regrets on that, to me renting is paying for convenience and flexibility which we definitely got.
This 👏🏻
It’s a sellers market, all homes are going above asking.
My sister bought a house in Fair lawn. Great area IMO and great schools
Be like everyone else, move to Denver and buy a doodle.
Pro
Best comment in this thread.
Pro
Consider buying a fixer?
Pro
Do you have any handy friends. Lots of people really enjoy this sort of thing and would be happy to help in exchange for a BBQ+beer (or whatever) as long as you pay for the needed materials.
In a past life, I had a group of buddies who would meet up about once a month to work on a project at a friend's house. We each had our own areas of "expertise" based on what interested us (welding, electrical, carpentry, auto, landscaping). Between us, Google, and YouTube, could fix / build pretty much anything. We enjoyed the hard labor as an escape. We threw back a few beers and cooked meat. Good old days.
Rising Star
Location location. Buy smaller where you want to live and trade up later.
Rising Star
I say go for it - our real estate investments have paid off well.
What neighborhoods/areas are you looking at?
I grew up in hunterdon country so based on your descriptions thought it might be somewhere around there. Maybe branch out from Princeton a bit to Montgomery etc? Feel like there’s plenty of reasonably priced homes in the area and most school districts are really good..
What area are you looking at in nj? 350k combined income should be more than enough in nj