Buying a house?

louisvillebride21

I thinmk you should PM me and let  me know!

aragx6

I'm way late to this, but I'd reiterate what a couple of ladies have said: I'm less concerned with the cost of ownership, because while it might be tight you guys seem like you could afford it.

The sticking point for me is the 3-4 years. If you had the best, mot well paying job in the world I'd probably tell you to hold off if you weren't planning to stay in Louisville.

Even if the house doesn't depreciate any further, it would still have to actually appreciate at a good clip for you to break even once closing costs and realtors fees are considered. The last thing you want to do is to have to bring a check to the closing table when you sell.

We're totally ready to buy, we're just not committed to Kansas City. And I don't want to end up stuck here if the right opportunity presents itself elsewhere (like St. Louis!)

[Deleted User]

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_etiquette_buying-house?plckFindPostKey=Cat:Wedding%20BoardsForum:9Discussion:fc73df92-fe2b-4f9f-8f5b-2b5abbe27fb5Post:b35ec358-c6bf-4ce9-8258-35a1fb566a06">Re: Buying a house?</a>:
[QUOTE]I thinmk you should PM me and let  me know!
Posted by louisvillebride21[/QUOTE]


Okay, okay. I guess I will share. I am typing the PM now. Check for it in a bit.

emilyinchile

Missy, the suspense is torture! But I'm glad you have potential good news, even if it has to stay secret for a while.

LVB, I hope seeing the house goes well. I don't really know what "well" means in this case, like if I want you to like it or not, but just...well

lbow1984

Oh yes if you're hoping to move when he graduates I definitely wouldn't do it.  The likelihood of being able to sell the house for what you paid for it and in a timely manner w/ the way the market is going and is predicted to continue going is not very good.  I would only purchase the house if you plan on being there for at least 10yrs.

We bought our house last year, but we got a great deal on it, it's only 5 years old (4 at the time) and we'll probably be here for at least the next ten years.  Sorry.

mari0225

It's really cute! When FI bought his house I told her to make her one of us alone could afford the bills if something were to happen. That's the best advice I could give. Please make sure you get it inspected, FI had someone come out and they missed a bunch! It's still a good house just has needed A LOT of work with plumbing, gutters...etc.

It's good you're going to look at it! I have been seriously house hunting with my mom and then with FI and found pictures lie.

Good luck!

jess9802

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_etiquette_buying-house?plckFindPostKey=Cat:Wedding%20BoardsForum:9Discussion:fc73df92-fe2b-4f9f-8f5b-2b5abbe27fb5Post:1f698bbf-3a27-41b4-90f2-4d9adb5e7d11">Re: Buying a house?</a>:
[QUOTE]It will be almost impossible to make ANY money on the house in 3-4 years, even if the market bounces back, especially if you put nothing down. Plus when you sell, you have to pay realtor commission and often closing costs. I wouldn't buy for less than 7 years, hopefully more like 10. ETA: also consider resale. A house that small won't appeal to people who have kids or want kids soon. Also, in 4 years, you might have to do some cosmetic updates to make it more sell-able.
Posted by msmerymac[/QUOTE]

This, exactly. Unless you live in an area of the country that's been relatively unaffected by the housing decline in the last couple of years, it often takes more than 3-4 years to make enough money to cover those commissions and closing costs. And that's assuming the market is actually appreciating. Add to that the costs of ownership, and you may not be coming out ahead by owning vs. renting, even with the tax deductions available to homeowners (assuming the standard deduction isn't a better deal than itemizing).