Sorry this is looooong.
So this one was new on me. FI and I have been house hunting. I am moving from 100 miles away to his city. He lives on the street where he grew up, and his brother owns (and rents out) their childhood home which is 3 doors down from our house. It is a nice neighborhood, but it is full of old people and couples with young children. We don't want kids. We would like to be closer to midtown where all of the restaurants and other things we like to frequent are located, and there are more young professionals. He has just stayed in that part of town because all of his family lives within a couple of miles of there (and he says that he was just too damn lazy to mess with moving). We also need more room if I am to be able to move any of my furniture in.
So last Sunday we FINALLY found a house we both loved. We spoke to the lender about the details and we were preparing to make an offer. We didn't hear back from the Realtor right away so we were going to finalize the offer on Monday. Monday he came home from work and announced that he didn't want to buy another house. He just didn't think it was a financially sound move, because he "didn't have the cash to cover it if something bad happened".
We were not planning on selling the existing house, but instead to do as his brother does and pay the mortgage with the money from renting it out. I guess I should add that the current home is paid off so we would not be risking having 2 house payments if we should find ourselves without a renter for a time. Credit score is not an issue either.
He basically said he would feel "irresponsible" borrowing more money than he could immediately pay back, and since he just had to replace his car in May, $24k of his savings is earmarked as backup for the car financing so he wouldn't even be comfortable pulling out the down payment that he would want. So, every house I have purchased in the past was irresponsible because I didn't have the money sitting around pay it off? I'm sure that my mother will be delighted to hear how irresponsible her mortgage is.
Is it just me or isn't the idea of a mortgage to be able to buy something without having to have the $$ to just pay for it outright? I have a feeling that my FILs may have had something to do with his change in attitude, because I know he discussed it with them on Monday at work, and he made sure to justify his opinion with "well my parents and my Grandmother could pay off their homes if they needed to". I know they aren't excited for us to move (alllllllll the way across town...15 minutes) but seriously? Convincing him that we need to have the cost of the house in savings in order to buy it?
I know that wedding expenses are stressing him out since we are paying for much of it (except my dress that my Mother wanted to buy and the RD & groomsmen's attire his parents picked up). However, we will be coming in WELL under our original budget and his end of year profit-share will cover it several times over.
On the bright side, his father did suggest that he should be less hesitant to getting rid of some furniture and letting me redo part of the house so that we can both feel at home there, rather than me having to put all of my things in storage and live a bachelor pad until we do get around to moving. I'm fine with that, I was just wondering if anyone else thought that this was kind of crazy?