My fiancee and i were arguing if we are getting a house or an apartment.?

Question

Next year we are getting married and it's our first time living together.We aren't really making that much money yet cuz i haven't finished school and he's just a fresh graduate who still works in his old crappy job.Im just scared to get a house right away and want to try staying in an apartment first then get a house after everything get settled out.Am i right or is he?

Answer 1

Whats right for one person may not be right for another. As most of the people said here you have to look at your finances and see how much you can afford. You should talk with a financial consultant if you are not sure of your finances. A house is a great investment, yes, but only if you can afford it. You don't want to take on something that becomes a burden then have to sell it. You should start saving well in advance if you want a house, and sometimes that is easier said then done, especially that you are still in school and his job is not a good.

I can understand you being scared, a house is a big responsibility. Take time and figure out your expenses, or talk to a consultant, and then you will be able to see what you can or cannot afford. Sort out your priorities, set a goal and everything will fall into place.

Answer 2

Do the math, when you buy a home it is an investment, one which can be sold later when you are ready for a larger or nicer home. The money you invest will have returns believe it or not. If you rent you still have many of the same expenses including utilities etc. and you should invest in renters insurance. But remember when renting the money you spend is gone. you will never see it again. When you buy if you stay in the home a year or twenty you are paying some on the principle every month and therefore will accrue equity , which basically means when you sell the home (as long as you have taken care of it) you will actually have value above what you spent. So that when you buy your next home you will start with some money already. I rented for 19 years and over that period have probably spent more than $150,000.00 that will never benefit me and that I now have absolutely nothing to show for it. If you can buy I recomend buying.

Answer 3

Get a Prenuptual agreement in any case. And specify what percentage of the value of the house you will get in the even of a divorce. Getting a house is an investment but it is better than renting because you are building equity, in renting you are giving your money to someone else. But your bills may be a lot higher if you are buying, so maybe ask him if he wants to pay all the bills and you pay half of the mortgage, and you get 50 percent of the value of the house in the event you sell.

If he says everything should be 50/50 then he will one day not work and expect you to pay most of the bills and the mortgage and then if you have no prenuptual agreement, your in trouble. This happends All of the time.

If he starts getting angry at your clear reasoning then he probably doesn't love you.
But if you buy under those conditions then it would work and you are protected either way.

You should not have to pay half of the bills and the mortgage because you will have to raise the children.

Get a Prenuptual agreement with 50 percent or more of the value of the house guaranteed, and only pay half of the mortgage and let him work and work and pay the bills and you clean house and raise kids.

Answer 4

Between the two of you, how much money do have or get, from work? You might want to save some of it, for a house and rent an apt until you can buy a house. Where I live, a hosue can be $272k. Then you need house insurance, pay the utilities, phone bill and service instullation, to pay a mortgage if you get aloan. You need to pay the calbe bill, and any car matters. With an apt, you only have to pay rent, cable, power, phone, gas, and car matters. You're right. SHow him my answser here, and tell him that an apt is best.

Answer 5

I think he is just trying to start out his new life with you in a new home that is not "temporary", like apartments are. From an emotional standpoint, I understand where he is coming from. Maybe you could find an affordable starter home that wouldn't blow your budget too much. Mortgage interest will give you a tax break, so it might not be as bad as you think.

Answer 6

Well...it depends. Are the two of you going to be financially able to afford the responsibilities that come with owning a home? Taxes, Insurance, Mortgage payments, Upkeep/Repairs, etc, etc, etc.......

If not, consider renting till you can put back enough money for emergencies. And be sure - absolutely sure - you can afford the expenses.

Answer 7

It is probably better to rent for a year and save up a down payment on a house. Plus this way you can learn how to budget and figure out how much you can spend a month on a house.

Answer 8

I would stay with the apartment until you finish school and when he gets a better job. Just make sure that your both ready before jumping in. Good Luck. and congrats.

Answer 9

Your being totally smart and responsible ! Threes no reason to jump into a big payment, an apartment is the right way to go!You tell him who's boss lol !

Answer 10

in this case youre right because you said you both do not make much money so a house would not be a good idea right now especially if your still in school.