My fiancee and I are both going to be 20 soon. He will be finished with school this year and his current job wants to start him out at about 55,000 a year with fantastic benefits. I will be finished with school in May of 2008. I have had my job for about 3 years, and when i finish school i will only be making about 30,000 dollars (child care field)
We are planning to move out of my moms house around the year 2009, so that he has about a year and a half to work, and so that i can get started in my career and save some money as well.
He has a theory that sounds pretty smart. He says he does not want to rent a place, ever. In Connecticut, the cost of rent(To rent somewhere half way decent)is about the same as a mortgage payment. Between the two of us, we are planning to save about 80,000 dollars for a downpayment on a small condo/appartment.
I dont know much about this, it sounds like a smart idea....
Any tips/suggestions/comments?
2007-02-11 01:55:57 · 5 answers · asked by ? 4 in Education & Reference ➔ Primary & Secondary Education
I should add, when I say school i mean college.... he has his A&P in airplane mechanics and i'm going for my associates in Early childhood...when the time is right I want to go back for my master's in Elementary Education. (Ceritan situations are preventing that from happening right now. Work, money issues, workload, stress levels!!!!!)
2007-02-11 01:59:57 · update #1
Rent is wasted money.Your boyfriend is right.definitely buy your home as soon as you are in a position to do so.
If not over the short term then certainly over time it will appreciate in value and you will make a capital gain-likely as not tax free if you are living in the house or hold it over a period of time.
Also you may qualify for tax relief on your mortgage repayments.
Do it.
2007-02-11 02:01:08 · answer #1 · answered by bearbrain 5 · 1⤊ 0⤋
If you buy without being married, make sure you have an attorney help you with the process. You want to make sure that you are protected in the event that the relationship doesn't work out. (Don't be foolish)
The main thing is going to be that you both qualify for the loan. Make sure YOU can afford it on YOUR salary. God forbid...what if your fiancee dies? Who is responsible for the mortgage...you? Again, don't be foolish, do your homework on this and protect yourself.
Good luck!
2007-02-11 02:20:42 · answer #2 · answered by Dixie Dingo 2 · 1⤊ 0⤋
This sounds like an awesome idea and if you have an awsome mom who doesnt mind you living at home until you buy your own house you have got it good. Rent is dead money - you may as well use the money you would be paying on rent to pay off your own home. Good luck with it
2007-02-11 02:02:14 · answer #3 · answered by pinkchampagne 3 · 1⤊ 0⤋
Jess hi that's grate. Save money bi place not throw it away in rent. Getting buyer broker, lawyer help? Hope work 4 U. Busines & stuff @ yore age takes plans, lots of comitment! Good Luck!
2007-02-11 08:50:16 · answer #4 · answered by PervyRetard 5 · 2⤊ 0⤋
Yea, YOU should consult with an attorney in advance and tell the attorney what is happening and then listen to them.
2007-02-11 02:05:29 · answer #5 · answered by Anonymous · 0⤊ 1⤋