Home Ownership: Now Or Later?

[Kreepin]

I'm 30 years old and am now seriously considering becoming a homeowner for the first time. No serious debt and goss about 65K/year. If I decided to purchase now, I'd probably try to stay in the 130-150K range...which is a VERY nice starter home/townhouse where I live.

The issue:

I'm pretty sure I'll decide to marry in the next 2-3 years and I don't think a townhouse would be the best option with a wife/kids. Thus, I'd likely end up trying to sell the townhouse (in this crazy market) or converting it over to rental property, so we could get something a bit larger.

Question:

If you were in my shoes, would you put off buying for that 2-3 year period? My main concern is getting rid of the townhouse when it's time to upgrade.

[CloudX]

I am looking to do the same... you in Dallas? because thats about what the starter homes are around here. I live in plano and they are all about 100-140 depending on the price. Im only 22, but make about 54k a year and am trying to buy a house to... with the low prices and people just trying to sell I personally think its a great time. Theres a few people who I know that are buying right now because of how everything is. If you can afford it, then I say go for it. I think that if we worry about the unsure market of the next few years then we will always rent.....

GOOD LUCK! Let me know what you decide!

[caagent]

correct me if im wrong: you want to buy your first home and thinking of buying a townhouse. hoping to get married and start a family. first things first.

as an agent in california, this is what i would do and say to all my clients: If you have the opportunity to buy or sell and you are capable of doing so, then with your best step move forward.

house then a wife or wife then a house, or does it matter?

[firstsource]

I don't know you, but just from the information you posted, I would suggest that you buy whatever you can easily afford now. Prices in Texas seem to have firmed up this fall, so even if they take another dip they will be same or better in 4-5 years or so. If you get married in 2-3 years then the issue of where to raise kids probably wont be a concern for a year or so after that. As far as being able to get rid of a townhouse, that is one reason to stay away from a condo/townhouse-Single Family Residences are the best long term investments

There are some adjustments going from a renter to a home owner, and you will have learned those lessons now. Then you will have less stress adjusting to being married.

Charles

[CleverCynic]

Do you have a girlfriend, or are you hoping a house will improve your odds?

[flacorps]

Find something in a good neighborhood with good schools and "curable obsolescence" (old appliances, dated appearing kitchen, maybe it needs carpet or paint or new fixtures inside ... in other words ... ugly, inside and out, but curably so).

Bonus points if the owner is elderly, divorcing, moving away due to relocation, in financial straits, etc.

Steal it.

You make your money on the way in, not on the way out.

[jq26]

Well put. Best advice for anyone looking to buy a property.

[morrow]

Find something in a good neighborhood with good schools and "curable obsolescence" (old appliances, dated appearing kitchen, maybe it needs carpet or paint or new fixtures inside ... in other words ... ugly, inside and out, but curably so).

Bonus points if the owner is elderly, divorcing, moving away due to relocation, in financial straits, etc.

Steal it.

You make your money on the way in, not on the way out.

Fabulous advice!

I also agree that you should do what you can now, you will be better off in the long run.

[hasas13]

Now the field is wide open. You can be very selective. Foreclosures, sellers and new. The best are the first two. Banks want clear the books and sellers want to sell low. The rates are low also and base on your score maybe lower.