Raleigh or Wake Forest

[RaleighLass]

Originally Posted by mytosham

No, I wish . Right now the homes by Terramor range from 160+. We don't mind spending over $150, but really only like $5,000. The other option would be to get a fixer upper. Any suggestions for good realtors in the area?

You need an experienced realtor who can guide you as to the type of property for your budget. We have some good realtors on here who i have been so impressed with their knowledge and advice. I will DM you.

If I can offer a bit of advice .....be very careful looking at a fixer upper unless you have the budget and flexibility for it to increase substantially. Or, you can do the work yourselves. Even then, it's no fun living in a half done house for months or a couple of years until you get around to completing projects. And, it doesn't help a marriage

I would strongly recommend you purchase a home that doesn't need work. or only need minor, cosmetic adjustments. This way you can be assured your budget is under control. Also, be sure the house you buy has a warranty with it. it doesn't have to be a new home. The seller can buy one for around $600. It will save you from new homeowner $$ surprises.

Also, when looking at homes and calculating monthly mortgage payments, bear in mind that some homes will be taxed less if just in the "county" vs city/county. Or in Johnston Co, Wake or Durham. And, each town has a different tax rate. Potentially, you can up your budget yet still have the same targeted monthly payment. This is why you need an experienced realtor to help target the right home and area for you.

Have you had a mortgage lender pre-qualify and crunch some numbers for you? Only it might be worth slightly upping your budget to be closer to everything, especially work - if you are having challenges finding what you want. What many folks do is give up the two car garage for the above, hopefully you won't.

[wheelsup]

As a new homeowner on a limited budget buying a new house makes the most sense IMO. New components come with a warranty already, and most likely won't need replacing for 10+ years.

It might be a good idea to rent as suggested above. Buying and selling a house is expensive, and having to repeat it more than once will take a big bite out of your down payments. There is no shame in renting for a bit.

[mytosham]

Originally Posted by Jkgourmet

Frankly, I'd suggest renting until you both have jobs to eliminate the risk of ending up with a huge commute. That will also give you time to save additional (and needed) funds to purchase a house.

When you look at new construction, the basic rule is to take the starting price point and add 15-20% for upgrades. Trust me, that's a conservative approach.

As far as a fixer upper, where is the money to fix it going to come from? It's difficult (VERY) to obtain borrowed funds for that in a home equity loan or as part of the initial mortgage. It's safe to assume you guys will be paying fir thise fixes out of your paychecks.

Home ownership is ALWAYS more expensive than anyone initially thinks. It isn't all it's cracked up to be. Renting as some terrific benefits and advantages. Don't throw it aside so easily.

Jkgourmet,

That may be a better idea. My fiancee is tired of renting, as well as I. However, I see the stress of finding a home and we are just looking in advance. I know securing a job won't be a problem because I could transfer with my current job. I would love to be able to move into a home right after our honeymoon, but I don't know if that will be possible. We are going to get aggressive in the house search and process in January, hopefully it goes well.