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| Saturday, January 20, 2007 |
| Grown up decisions |
I am way ahead of myself here. But I have been spending a year watching the housing market, and I'm now looking at paycheck calculators and mortgage calculators to try and figure out what I will be bringing home, and what I can afford.
The answer? I can afford very little (considering the market in this area, where the kids are well established in school). We may be able to find a low-end "starter" 3 br condo with little more actual square footage than we have now. We have 1,000 now, I think, and the condos I think we can afford are 1,300. There's a place that I really like that's 1900 square feet .... and $300,000 more than I think I'll be able to afford.
So then I look at rentals, and really, right now, there are rentals in our neighborhood that cost $400 less per month than the small condo's mortgage would be --- and it's likely bigger.
Damn. |
posted by Zuska @ 1:22 PM   |
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| 3 Comments: |
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Yeah, I know that most people feel a strong urge to buy and that everyone will tell you buying is a smarter financial decision, but the rental market is so low right now that renting and waiting a year might be a better decision. Are you thinking about moving after graduation?
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No, not immediately after graduation. Probably a year from NOW. We want to go to Europe after the bar, and so financially, we likely can't move until well into my time at Future Firm.
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It's the same for us - probably worse and I have four years (ok 3.5 until I am done). I have just made myself so depressed.
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Yeah, I know that most people feel a strong urge to buy and that everyone will tell you buying is a smarter financial decision, but the rental market is so low right now that renting and waiting a year might be a better decision. Are you thinking about moving after graduation?