How big a commitment is buying a house?

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Forum -> Household Management -> Finances

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amother

Brown

Thu, Nov 05 2015, 8:10 am

Dh is afraid to buy because in his mind, buying is a 20 year commitment and you'd better get it right because you're otherwise stuck for 20 years and that's it. While I understand that it would be unwise to buy a house when you've a good chance of needing to move in a year or two, neither is it something you're stuck with for 20. Most people I know buy a starter house and upgrade in 5-7 years and then THAT'S the 20 year house (or they buy a starter home elsewhere). While 5-7 years is still a commitment, it's much less scary than 20-plus. Of course you still want to get it right, but you're not stuck forever either. Am I right? Or do we really need to think in terms of 20 years and avoid buying until we're sure we want to stay in community X for the long haul?

mummiedearest

Thu, Nov 05 2015, 8:18 am

well, buying a house is a hassle, so you don't want to go through it too often. that being said, you do have the option to sell it should you decide to move.

I think the real commitment to a community is putting your kids in school. it's hard to uproot them if they are happy where they are. the older they get, the harder it is to move. buying a new house/moving is a temporary annoyance.

I think your dh is nervous about home ownership in general.

HelloG

Thu, Nov 05 2015, 8:18 am

I think it depends which area that is. If it'll be easily rented or sold Etc and also how much investment goes into fiximg up the home

STMommy

Thu, Nov 05 2015, 8:20 am

I think you're both right.
Your DH is somewhat correct in saying "you'd better get it right". You need to be happy with the house you buy and the community you buy it in. Why would you wan to live for five or seven years unhappy?
On the other hand, of course you're not stuck forever.

amother

Scarlet

Thu, Nov 05 2015, 8:56 am

Buying a home is a big commitment but you can always sell if you need. I bought a house in a neighborhood that was not good for me and I feel two years later and I bought where I wanted.

amother

Brown

Thu, Nov 05 2015, 9:08 am

So here's our issue. I hate where we live now. I know exactly what the problem is so I know if we move somewhere without that problem, I will be happy. Obviously we need to research and not just make assumptions, but I think that while there are no guarantees, doing our homework is likely to help us avoid the current situation. While I wouldn't WANT to spend 5-7 years somewhere I hate, if despite our best efforts the new place turns out to be a flop, I could manage for the short term.
Dh thinks we should rent for 2 years before buying. The thing is, renting is getting ever more expensive. We can afford to buy in the areas we are considering now, but might not be able to afford whatever the prices will be in 2 years. Also, I don't want to end up draining our house savings on tuition. Better to buy now and take the money we're currently putting away and spend that on tuition because we'll no longer have to save for a house.

justforfun87

Mon, Nov 09 2015, 8:53 pm

I would certainly recommend renting for at least a year especially if you are moving to a new town. Many realtors would recommend that as well. When we were deciding to buy I was also afraid of that commitment. From what I read on financial websites it is wise to buy if you plan on staying put for 5 years. At that point you can make back the money from closing costs and what not. Yes housing costs are rising so yes I understand you do not want to rent for a long time. Even 6 months would give you an idea of which shul you want to go to, an idea of the neighbors, and the general dynamic of the immediate area. I also made the leap because we had money for the downpayment through my father's life insurance policy. Like you, I knew once tuition came around they would swallow any bit of savings we had. I know it is not a nice way of looking at it but it is true. Good luck!!

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