TOUGH question...we want to get pregnant...should we rent for a year, or go ahead and buy house?
we make about 46k, year. when she has a baby, obviously we lose a portion of income for a while.
my reasoning is to get pregnant, rent for a year, save a lot of money for a good downpayment on a house, pay off most of our car payment, and while we rent we can get used to some of the costs after having a baby. ...and do that w/o a $700 house payment, plus insurance, taxes on a house.
my wife thinks we should buy a house first, for security, and then have a baby after moved in.
she thinks i am crazy, but i like having the $ to incur the baby costs so we know what we are getting into when we buy, and we can tell what we can REALLY afford in a house payment then.
- Take A Test!Lv 71 decade agoFavorite Answer
Wow, I wish my mortgage was only $700 per month! :)
Now is actually a good time to buy a home - interest rates are low, it's a buyers market, etc. It's always better to start earning equity as soon as possible. But you have to do what you can afford.
I'm with your wife - buy now, baby later. The sooner you buy, the better off you'll be financially in the long run. If you wait a year or two, who knows what interest rates will be like then.
- Anonymous1 decade ago
My husband is our soul income and brings in about 10 or 11K less than you guys... and we rented for a long time.
My gut says, if you can afford to BUY go for it. Renting is a pain in the A$$... and I am glad it's over... we did for about 3 years before we moved to our first home. BUT... You save a ton renting. Start now buying things like diapers (that are gender neutral) and that will help, plus in the packs they last forever it seems so even if it takes a year or 2 to get pregnant they will still be okay.
If you make a plan to only rent for a year, stick to it. Because it's hard, and you can't make necessary or cosemtic changes to a rental. :(
Luckily we got a GREAT deal on our house, and with the market down in the US so bad, you probably can, Insurances, Taxes Everything, we only pay 650 a month, we were paying 475 to rent. and we have a tone more space now.
I wish oyu the best of luck in the future and hopefully you'll come to an agreement. I'm sure you will. :) You both make good points. :)
- Bugz MamaLv 61 decade ago
Sorry, I agree with your wife.
It will be less stressful in the long run to start budgeting for baby now but buy the house first. If you have the baby now, you will constantly be concerned that the added expense will preclude buying the house.
Once the baby is coming, you will find a way to make the house payment and car payment work. The added security of owning the home does make a difference. Not to mention, house shopping with a baby probably won't be nearly as easy.
- 1 decade ago
what my husband and i did is exactly what your wife wants to do. honestly, i think renting is throwing your money away. it's going towards paying someone else's mortgage, it's not benefiting you in any way. if youre going to rent for just a year, why not go ahead and buy a house?
insurance isnt much at all. it's like on average $50 a month depending on what kind of coverage you get. my husband and i made a grand total of 26,000 last year. we have 2 car payments, their insurances, a harley davidson, medical bills, everything under the sun it seems like. we've got enough cash to throw into savings every month and have every single bill paid on time, no struggles. homeowning and having a baby isnt going to put you in the hole.
i dont know where you live, but here in north carolina we bought a beautiful 3 bedroom 2 bath home for 94,000. our mortgage is 718.00 a month at a 6.25% interest. we didnt put ANYTHING down..i mean nothing. you dont HAVE to put a down payment on a home. you can also add any and all closing costs to the entire amount of your mortgage...there is no rule saying you must make a down payment or pay anything up front. we bought our house for 79,000 but with all the extra costs it came to 94. 718.00 a month isnt bad at all for 3 bedroom 2 bath open floorplan 1 car garage.
my opinion, buy a home now. renting doesnt financially benefit you in any way. plus its someone else's home you're living in, you wont be able to do the things you'd like to do to it. buying a home is an investment, if you do it right, it'll take you places, and with a baby that's a plus.
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- bearcatLv 41 decade ago
Lots of factors in this equasion. 1st off, I wont say have a baby or not, thats not my business. However, I do think you should hold off on getting a house. The stress of a new baby will be plenty let alone a mortgage. I think houses will cheapen even more ( look at the used car market) and the economy may get even worse which means you may not be making 46K in another year.....if there is any doubt, then take the safe route and hold on to your money...a years rent is cheap peace of mind
- Anonymous1 decade ago
If you can afford it Id buy the house first. When you rent, it is like losing money. Since the market is low right now I would definitely buy and fix up the house and baby comes after that. Get the money back instead of giving it away renting. Good LUCK!
- 2sexy4uLv 61 decade ago
Just agree with your wife already, buy a house right away and dont rent how is renting going to make you save money?? your are just going to give money to someone just to live in their apartment??? I would rather buy a house and be putting the money into that instead of into nothing.
Just if you do decide to get a foreclosed home like the answerer above me stated, make sure there aren't any leans on the home (hidden costs)Source(s): mother of 2 with our own home not renting!!
- Cat MeowLv 51 decade ago
I say baby first ... if you buy a house you'll still have a mortgage which is likely to be higher than rent ... and trying to keep up a new home and a new baby is going to be hard. Whatever money you have for a house now should be put toward this baby.
- bouiverLv 41 decade ago
you should look for a forecl;osed home there is so many you can pick upm one real cheap even in a good neighborhood or you can pick up a house just by paying the back taxes at trhe local clerks office in the city you want to live alot of people are loseing their homes and the banks are dumping them at cheap prices i myself now live in a mobile home i rent the land and saving to buy a home im gonna pick up a few at auction and owe nothing then fix one up rent real cheap and live in the other one i might even get me a house on the l;ake they are going real cheap look into all your opions then make a move i would rent then find a cheap foreclosed home also you can pick up alot of baby things at garage sales and thrift stores you dont have t buy everything brand new i have money but i do buy used things babys outgrow them so fast just a few hintsm also watych meijers they put things on clearence and kmart is good for car seats on clearence hope you save some money good luck
- Anonymous1 decade ago
i'm sorry but a $700 house payment? where do you live? renting where i live the cheapest is $1300
my husband and i decided to rent a condo for now, we will buy a house in a few years for the same reasons you said. i would rent.
but i think i want to move to your state!