How to buy the house you want as a young familywhen you have high income but no job security

[Anonymous]

Save for a larger down payment and a large emergency fund.

[Anonymous]

Anonymous wrote:

Anonymous wrote:If you can easily afford the mortgage, you should do it. Many first-time home buyers feel nervous about the commitment but SFHs hold their value even during downturns, unlike townhouses and condos. You can always sell if you lose your jobs but if you wait, you could price yourself out of the homes you desire.

While I agree a SFH appreciates more, looking at the big picture for us staying in our TH would probably have us come out ahead financially after taking into account higher property tax, maintenance, utility, more furniture, and getting a new mortgage at 6-7% vs our current 2.3% rate.

What, you have a 2.3% rate and you are considering paying triple of that just to move from a townhouse to sfh? Nuts. At least don’t sell it, rent it out. If you get kicked out of your new fancy sfh you can go back to the townhouse

[Anonymous]

Just pay cash.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Ask a financial advisor, not strangers on the internet. Why would you trust us? I might be a SAHM who has a degree in Philosophy or a preschool teacher or a manager of a clothing store. But if I answer you sounding like I know what I'm talking about you'll listen to me? Go to a professional!

This should be a sticky at the top of every thread.

But take off the stay at home mom slam.

Most of the SAHMs around here actually manage the family finances, keeping everyone on budget, savings and investments on track, and the bills paid.

Most of the working spouses with stay at home wives have very litgle knowledge of family finances beyond their take home pay.

Triggered huh.

[Anonymous]

We were also concerned and way under bought (mortgage is 1x HHI) and regret it immensely. Kick ourselves for not spending more for a house we could grow into.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Ask a financial advisor, not strangers on the internet. Why would you trust us? I might be a SAHM who has a degree in Philosophy or a preschool teacher or a manager of a clothing store. But if I answer you sounding like I know what I'm talking about you'll listen to me? Go to a professional!

This should be a sticky at the top of every thread.

But take off the stay at home mom slam.

Most of the SAHMs around here actually manage the family finances, keeping everyone on budget, savings and investments on track, and the bills paid.

Most of the working spouses with stay at home wives have very little knowledge of family finances beyond their take home pay.

+1
We are Asian-Americans. It was normal for my dad to give his entire salary in my SAHM mom's hands (after he got the company match in 401K and other deductions) . She gave him an allowance and she was the one who invested (also based on my dad's input). She paid all the bills, and she watched the money like a hawk, she was frugal without looking like we were cutting corners in any way. My dad lived a very comfortable life at home, had time for his hobbies, ate wonderful home cooked meals, had all kinds of conveniences to make life leisurely - but without the headache of running a house, saving for retirement, saving for our college and saving for the weddings of the children. Our parents even helped all of us to buy our homes. My dad used to say that my mom made him a king. For our graduations and weddings - my dad just had to dress up in his formal clothes and show up. It was my mom who managed everything from top to bottom.

[Anonymous]

Right now is not really the best of times to buy a house. Houses are still overpriced. I would rent until the end of Trump's term. You still have a townhome.

Another thing - embrace the minimalist lifestyle, get rid of extras and do with less stuff - in the meanwhile.