Overwhelmed with buying a house

amother

Tue, May 25 2021, 1:31 pm

We have never owned a house.

8 kids, I'm up to marrying off kids soon...
My landlord is looking to sell his apt, but I can't see myself staying in a condo. The steps, the lack of space....
I am dreaming to buy..but I dont know where to start:

Is the market worth it now?
Where do people take the money?
Am I putting my husband into debt forever?

I just don't see a future in renting and relocating every few years...

What other options are there besides starting over in a new community? Living in Monsey ever since, and my kids have their schools settled....

amother

Wheat

Tue, May 25 2021, 1:35 pm

We're looking to buy and we'll be holding it off for a while now. Prices increased dramatically. It doesn't pay for us to buy now.
If your husband will be in debt forever depends on your financial situation. You need to be able to afford to buy and if you borrow money, you need to have a payback plan.

greenteaorange

Tue, May 25 2021, 1:39 pm

House prices are def up right now.. I don’t know anything about your finances though, the good thing about buying is your money is going into something and you will eventually sell the house for more.’ Speak to a mortgage broker and see if you guys can afford a home, if you can hold off houses are high in price now but I do not know when they will go down. At the same time interest rates are very low. What does your husband think regarding finances of a home?

groovy1224

Tue, May 25 2021, 1:41 pm

amother [ OP ] wrote:

Is the market worth it now?

AIUI, prices are higher now, because there are a lot of buyers trying to take advantage of historically low rates. As for whether it's 'worth it', it really depends on so many factors, no one can really tell you that.

amother [ OP ] wrote:

Where do people take the money?

What do you mean? Do you mean where do they get the money for a down payment and closing costs? Most people save for a while, and/or receive help from family, or an inheritance. There's no universal answer.

amother [ OP ] wrote:

Am I putting my husband into debt forever?

Well if you take a thirty year mortgage, then yes you will be in debt for at least the next thirty years unless you pay it off early.

Sounds like you would benefit from a talk with a mortgage broker to see if buying a home is feasible and sensible for you, and then you can go from there.

greenteaorange

Tue, May 25 2021, 1:41 pm

If your landlord is looking to sell would you be able to
Lease the apartment from new landlord? Maybe you can stay in the apartment leasing until you decide on a home

amother

Tue, May 25 2021, 1:44 pm

amother [ Wheat ] wrote:

Thanks.
We will def figure out a payment plan, but expenses are always there..and prices are only going up.
Besides, we need to move. The other option is spending on more rentals and moving.. And we can't get away with less than 4 bedrooms.

amother

Tue, May 25 2021, 1:51 pm

greenteaorange wrote:

If your landlord is looking to sell would you be able to
Lease the apartment from new landlord? Maybe you can stay in the apartment leasing until you decide on a home

He just wants to sell our apt, and It's really not for us at this point..
Renting another one is pointless bc thats what we were doing for years. And its another $10,000 down the drain just on security fees, movers, mezuzahs, and everything else that comes along with it (here we added window bars, lock on door, shelving in closets, plus more)

amother

Tue, May 25 2021, 1:53 pm

groovy1224 wrote:

My husband did talk to someone and it seems that we have to make the leap. Im just too nervous about it.

GLUE

Tue, May 25 2021, 2:55 pm

amother [ OP ] wrote:

My husband did talk to someone and it seems that we have to make the leap. Im just too nervous about it.

I was very nervous about buying. I am glad I did, most of the people I know who brought felt the same way.

amother

Amethyst

Tue, May 25 2021, 3:03 pm

You need to speak to a mortgage professional. House prices are up now dramatically so if you decide to buy now you'll probably will be overpaying. A mortgage is usually 30 years, unless you can afford a 15 year mortgage. At a certain point it doesn't make sense to rent anymore, and you need to make the leap to buy. Regarding where the money comes from, most people save up, borrow from people, get an inheritance.

amother

Tue, May 25 2021, 3:18 pm

amother [ Amethyst ] wrote:

Yes. I wish we would've bought earlier...
And prices are always high. Only going up...

amother

Amethyst

Tue, May 25 2021, 3:30 pm

amother [ OP ] wrote:

Yes. I wish we would've bought earlier...
And prices are always high. Only going up...

Yes, my family is in the mortgage and real estate business. Everyone is encouraged to buy a house as soon as they can after they get married. Personally, I bought my first house when I was married 2 years. I have four married siblings who bought houses this year, or married between 5 years and one was still engaged.
My parents felt it is super important for everyone to buy early and tried to encourage that from a very early age.

amother

Forestgreen

Tue, May 25 2021, 3:50 pm

The market in Monsey is not getting cheaper.
Once they go up they don't go back down. Doesn't matter the reason.

You can get a high ranch of 2300 SF in the Chestnut Ridge area for $550.
You might not have many neighbors though.
New Hempstead and Airmont have more Jewish neighbors, but are more expensive. Between 700 and 850.
Central Monsey you can find a semi attached for 950K and above.

amother

Tue, May 25 2021, 4:27 pm

amother [ Forestgreen ] wrote:

I don't mind not having neighbors. I would even go a little further out, for less.
My husband and boys need to have some type of shul though, walking distance..

amother

Forestgreen

Tue, May 25 2021, 4:30 pm

amother [ OP ] wrote:

I don't mind not having neighbors. I would even go a little further out, for less.
My husband and boys need to have some type of shul though, walking distance..

There are shuls in all of these neighborhoods.
Go for a ride in these neighborhoods and check out the for sale signs to get an idea of which Realtors are working in which areas.
Contact them to get emails about new listings.
Good luck!

lamplighter

Tue, May 25 2021, 4:35 pm

However long your husband will be in debt, will be the same amount of time you will be in debt. You're married his debt is yours. I don't consider a mortgage to be classic debt more like a housing costs.
Also the money you spent on rents is not down the drain, it paid your housing cost during that time.
I live in my house a few years already and I basically only pay interest. That means the actual principle is hardly going down and it will be like this for a little while. So I get the "down the drain" feeling.
In the ideal world everyone would buy young but for many people that is not an option for years. They don't have the money and they don't have whom it borrow from.
That being said, as soon as you can, buying is almost always the better option.
As a mortgage broker for help breaking down the costs and steps.

amother

Wed, May 26 2021, 12:45 am

lamplighter wrote:

Of course his debt is mine, and that's why I care.
The mortgage is not mainly my concern, but rather money borrowed for down payment, on top of the morgage to pay back every month.