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Buying a house short term ?

 
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amother




OP
 

Post Wed, Dec 01 2021, 1:38 pm
Seeing that the price for houses in inflating me and dh were thinking maybe it would be a good idea to buy a smaller house at this time and in a few years when we have more saved up sell the house and buy a bigger sized house that's more comfortable. This way the house will also go up in price. My question on the matter is do people do such a thing or do they rent until they just have what they want and could afford ? Are there any major risks I should be aware of ? Any thoughts would be appreciated.
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mizle10




 
 
 
 

Post Wed, Dec 01 2021, 1:41 pm
If you sell in a few years the only money you will have put in will have gone to interest, and then you will have the closing fees etc. The only way you will come out ahead is if prices go up significantly in the next few years.
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amother




Milk
 

Post Wed, Dec 01 2021, 1:45 pm
Doesn't make sense. You can buy with the intent to move into it in a few years or make an extension but 20-30k in closing costs plus taxes insurance etc doesn't justify the purchase.
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amother




Banana
 

Post Wed, Dec 01 2021, 1:49 pm
No one can tell you whether to buy a house or put money into the stock market because there's no way to know whether real estate will outperform the stock market over the next few years.

If you need a place to live, then buy small and hope for the best. But be aware that you might not be able to sell and move to something larger on your predetermined schedule.
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chocolate moose




 
 
 
 

Post Wed, Dec 01 2021, 7:49 pm
closing costs and legal fees are a lot, as are title costs. and moving. it might not pay
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amother




DarkGreen
 

Post Wed, Dec 01 2021, 7:58 pm
We have a lived in a few places knowing they were not our “forever” places. In one city we rented for a total of four and a half years… In retrospect, we realized we’d have been smarter to buy something. Not because the prices went up much, but just to not lose the money on rent! There are ways to calculate these things.

When we moved, we bought right away, even though we knew we weren’t going to stay there either. Five years later we sold the house for more than we paid for it, but we also didn’t pay rent for those five years…

There are ways to calculate when it’s worth buying a “temporary” house. I don’t remember them… it may have been relevant that these were very low cost of living places and we were able to buy these houses in cash.
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Genius




 
 
 
 

Post Wed, Dec 01 2021, 8:12 pm
It depends if short term means five, ten, or fifteen years. It’s not a clear cut “not worth it” answer.
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amother




Bellflower
 

Post Wed, Dec 01 2021, 8:57 pm
Now is not the time. Unless it’s a neighborhood with specific growth potential. The market is pretty high now. It’s a sellers market.
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