What do I have to say to convince my hubby to buy a house?

Question

I've been married for 8 years, no kids. We've rented apartments and townhouses in cheap neighborhoods and I'm tired of it. I want a place that I can decorate with colors and furniture and improve on without the landlord's rules.

I've done the research thats shows in 2 years it'll cost us the same to rent vs. buy. But my hubby says that I'm being materialistic because I want to own my own place. He says that I should be content with what I have. He doesn't see owning as an asset, rather, he sees it as only being a debt to the bank. We are in debt (including vehicle loans) for about $30,000. we make well over $70,000 a year, and we're very capable of paying our bills, but he doesn't want a mortgage.

Am I missing something? I don't think it's wrong/materialistic to want to own. What do I have to do to get him to see the value of owning a home?

Answer 1

As a Realtor, I deal with this every day.

One Answerer was right: TAX BREAK. But she didn't go far enough. Once you start itemizing so you can claim ALL of your mortgage interest as a deduction (which is most of your house payment), you have opened the door to an amazing menu of deductions that weren't worth the effort before. Go through a Schedule A (get it at irs.gov) and check out all the deductions available.

Also, your house will appreciate in value, unlike any other investments you may have. It represents the largest part of most Americans' total wealth -- and for a reason. You can use the equity in your home to buy other things, or sit quietly on it and have a nest egg. There is no other form of investment that is as secure in the long run as land. There is only so much, you know.

Decorating and such is superficial. You need to understand how owning real estate can make or beak you, financially. Do the research and present it to him.

"It's just a fact, Ma'am."

Answer 2

Why don't you present a plan to him. Show him that in the long run it will save you money. Be sure to factor in the tax benefits of owning a home and the equity that you will build. Paint a picture of how nice it will be to have a home and not have to worry about a landlord. Tell him its a buyer's market right now. Also, its not materialistic at all. Most families have a home in America. You should meet with a realtor and look at homes. Find one and tell him what it would cost each month so he has an idea of what he would get. Good luck.

Answer 3

If the guy likes apartments that much maybe he should live in a condo. That way it carries much like rent but you own it. After living there for a couple of years, then take the equity and use it to get a house that will carry like what you were paying in the condo.
The biggest problem with just paying rent is that it is like throwing your money in the garbage. Sure you get a roof over your head and whatever else you can use to justify renting over owning, however, at the end of the day.. or maybe 8 years, you have nothing. If you were paying $1,000 per month on a mortgage compared to the same on rent then you would have paid $72,000 and built equity in a property. Instead, you have paid $72,000 and you have nothing to show for it.

Answer 4

Paying rent is money out the window, with a house at least in 25 years you will own a huge asset, and that 25 years sounds far away but it will happen. With population rising house prices in the long run will appreciate also. In some places unless you own a house you can be priced right out of the rental maket. If logic does not work tell him having a garage would be a wonderful place to keep his motorcycle.

Answer 5

Tell him you are going house hunting with or without him, but you prefer him to be there when you select your first home.

You may also tell him that he can still call it rent if he so desire, you have no problem with that.

Before you start looking for a place to call home, please check with your nearest mortgage broker to see if you are indeed qualified to purchase a home.

He will need to complete a loan application for the both of you. i am gonna give you a couple of things you are gonna need to complete the application, there will be others but this will get you started.

#1 Two years of federal income tax with W-2 forms for each of you.

#2 One month of pay stubs from both of your jobs.

#3 6 months of bank statements from your banks you currently use as well as statements from your 401K plan for both of you.

Now once he has this information he will be able to tell you how much house you are qualified to purchase as well as the approximate interest rate and loan programs you are qualified for.

Once this is done he will issue you a PRE-APPROVAL letter so you may now go look for your dream house.

You will complete the sales contract and other things necessary that the mortgage broker and real estate agent will guide you through.

Tell him it will not hurt and there will be a surprise the first night you are in your new home.

I hope this has been of some use to you, good luck

"FIGHT ON"

Answer 6

One thing you can do is prove to your husband that a mortgage won't be an additional financial burden. This would involve paying off your debt first. It may take 15-30 years to pay off your home, but your home is appreciating in value that entire time. While I wouldn't buy a home in hopes of having a huge sum of money to retire on, it's worth putting your money into some thing that will appreciate rather than letting your landlord's investment appreciate.

Answer 7

Tell him to consider it an investment. You can buy a house, fix it up a little, and sell for more than you paid. What kind of return have you got by renting?

Answer 8

Pay off the debit first since the market in crashing. Then save for a down payment..
http://www.breakingbubble.com/
And ask him what he wants, and listen.

Answer 9

How about, "Honey, I want to buy a house, I want you to buy it with me, but if you won't, you will have to find another place to live because I won't stay here."

Answer 10

"Do you like supporting the landlord or us?"