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Old 06-28-2012, 07:21 PM
 
7 posts, read 10,417 times
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I am getting married this October and our financial plan is to eliminate most of our debt during the first year, save up during the second year so we could use the money we saved up to purchase a home in the metro Charlotte*from renting here in Virginia beach*sometime in 2014.* Both me and my would be wife have "in-demand jobs" which helps.However, I am thinking that it might not be a good idea to wait too long to buy a house in case the prices and rates go up soon.* It may be best to clear up less debt after we get married, focus more on saving so we could buy a home sooner. Waiting an extra year could run me a thousands of dollars so it might be best to buy sooner.I would 100% appreciate all answers.* Thank you!

Last edited by ghernandez019; 06-28-2012 at 07:30 PM..
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Old 06-28-2012, 07:29 PM
 
Location: Up above the world so high!
45,269 posts, read 88,534,779 times
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Quote:
Originally Posted by ghernandez019 View Post
I am getting married this October and our fanancial plan is to eliminate most of our debt during the first year, save up during the second year so we could use the money we saved up to purchase a home in the metro Charlotte*from renting here in Virginia beach*sometime in 2014.* Both me and my would be wife have "in-demand jobs" which helps.However, I am thinking that it might not be a good idea to wait too long to buy a house in case the prices and rates go up soon.* It may be best to clear up less debt after we get married, focus more on saving so we could buy a home sooner. Waiting an extra year could run me a thousands of dollars so it might be best to buy sooner.I would 100% appreciate all answers.* Thank you!
Coming from Virginia Beach I think you are REALLY going to love the home options in the Charlotte area. Not to mention, your dollars will go a lot further for a nicer home here

No one has a crystal ball, so no one can accurately tell you when interest rates will begin to rise again. The Fed committed to keeping them right about where there are through the end of this year, but that's all. It's my gut feeling that once we get the presidential election behind us and get into 2013 things will begin to change.

Personally, I would rent for six months to get to know the area and be secure in your jobs, then I would buy.
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Old 06-28-2012, 08:01 PM
 
Location: Wouldn't you like to know?
9,114 posts, read 15,671,846 times
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Quote:
Originally Posted by ghernandez019 View Post
I am getting married this October and our financial plan is to eliminate most of our debt during the first year, save up during the second year so we could use the money we saved up to purchase a home in the metro Charlotte*from renting here in Virginia beach*sometime in 2014.* Both me and my would be wife have "in-demand jobs" which helps.However, I am thinking that it might not be a good idea to wait too long to buy a house in case the prices and rates go up soon.* It may be best to clear up less debt after we get married, focus more on saving so we could buy a home sooner. Waiting an extra year could run me a thousands of dollars so it might be best to buy sooner.I would 100% appreciate all answers.* Thank you!
If you have debt and no money saved after buying a house, well, you honestly have no business buying a house.

Like LM said, your crystal ball is no more clearer than anyone elses.

Also, what happens when your wife gets pregnant and has to take care of the baby? did you factor in losing a salary and the increased expenses?

I hope you guys have a prudent, conservative plan for the next couple years and don't fly by the seat of your pants like many others have done.
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Old 06-28-2012, 08:07 PM
 
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The direction of the "reset of the economy" is to rent. For a greater understanding of what "reset" means read" The Great Reset" by Richard Florida.
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Old 06-28-2012, 08:32 PM
 
5,885 posts, read 7,742,736 times
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Quote:
Originally Posted by ghernandez019 View Post
I am getting married this October and our financial plan is to eliminate most of our debt during the first year, save up during the second year so we could use the money we saved up to purchase a home in the metro Charlotte*from renting here in Virginia beach*sometime in 2014.* Both me and my would be wife have "in-demand jobs" which helps.However, I am thinking that it might not be a good idea to wait too long to buy a house in case the prices and rates go up soon.* It may be best to clear up less debt after we get married, focus more on saving so we could buy a home sooner. Waiting an extra year could run me a thousands of dollars so it might be best to buy sooner.I would 100% appreciate all answers.* Thank you!
So are you saying *sometime in 2014* might be too long? If so, whatever direction house prices go in, it's likely not going to be that drastic of a difference between "sometime in 2014" and "sometime in 2013."
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Old 06-28-2012, 09:53 PM
 
Location: NC
6,032 posts, read 7,562,727 times
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Expect to lose around 5-10% per year in your average place in Charlotte, NC. The new reality. For the love of all that is holy, please don't buy new construction. You can buy foreclosures for a fraction of what it costs to build a house right now.
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Old 06-28-2012, 10:18 PM
 
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Thank you everyone for the responses!

We are very good with budgeting. We have no revolving car payments and our credit card bills between the two of us is under $100. Also, our target property price is around 80k-90k hopefully on the Matthews area. Definitely not going for new construction but will most likely buy a foreclosed home to save money. All that said, I should be able to carry the financial burden for a while when the wife gets pregnant.

We are planning on scoping out the area for a one week visit in a few months to see what it's really like.
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Old 06-29-2012, 04:31 AM
 
3,914 posts, read 3,955,821 times
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IMO, you have nothing to worry about in regards to rising interest rates. The Federal Reserve has printed so much money to save the banks and to loan to the Federal Government, they simply can't raise rates now. If they do, it will simply destroy the current economy. Take the time to save up a down payment before buying.
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Old 06-29-2012, 03:38 PM
 
335 posts, read 590,998 times
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Quote:
Originally Posted by ghernandez019 View Post
I am getting married this October and our financial plan is to eliminate most of our debt during the first year, save up during the second year so we could use the money we saved up to purchase a home in the metro Charlotte*from renting here in Virginia beach*sometime in 2014.* Both me and my would be wife have "in-demand jobs" which helps.However, I am thinking that it might not be a good idea to wait too long to buy a house in case the prices and rates go up soon.* It may be best to clear up less debt after we get married, focus more on saving so we could buy a home sooner. Waiting an extra year could run me a thousands of dollars so it might be best to buy sooner.I would 100% appreciate all answers.* Thank you!
Time is on your side. Don't rush. If interest rates do go up, it will supress prices further. There will be no rapid price increases over the next 5 years, no chance.

Dont feel like you need to hurry up and buy a house before they get too expensive. That is like, sooo 2005.
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