Anyone NOT planning to buy anytime soon?

[Anonymous]

DH and I recently moved to the area and rent a 2bd condo in Arlington. We are currently TTC and figure our current apt will suit us just fine for a few years after the baby is born. Looking to buy, we realize we'd be paying about $500 more per month (mortgage/taxes/hoa) just to get a condo of the same size in this general area. Anything bigger is really out of our price range. Plus we are from NYC and we are NOT willing to move further into the burbs. Anyone think it makes sense to rent for several more years and wait to get the house we really want, instead of changing our lifestyle just to say we OWN? I told this to my mother and she thought I was nutso...

[Anonymous]

We rent and have elementary school kids. When we moved her we stumbled into a great single family home in NW. No plans on buying....maybe ever. I love it. Dryer breaks? Take money off the rent. Plumber comes out? Take money off the rent.

Plus we are excellent renters, we do all the yard work, repainted the place, etc. Love it.

[Anonymous]

We rented a townhouse for 9 years, and just bought our first home. Renting worked well for us, we wanted to spend our money traveling instead. Which we did, and then we had DD, and then DS, and then we found a house we loved, and bought it.

We do not regret renting for 9 years at all.

[Anonymous]

I bought in 2006.

[Anonymous]

We're in a similar boat. 2 BR in Arlington, just had our first child and decided we're going to stay put as long as we can, including through having a second child eventually. We love the apartment, the location, our nearby daycare...bigger places in the area just cost too much, and we aren't willing to give up what we have to move elsewhere. So, we'll get a storage unit eventually, get creative with furniture, and hopefully buy a house several years down the road.

[Anonymous]

There is no reason why you MUST buy, just be aware that you likely will want a larger space and maybe better schools than what is available in your apartment complex when your yet-to-be-conceived child reaches school age. You can always rent a home later, of course.

We are now in our second property. We weighed our options as our daughter was starting school and decided to buy a SFH instead of rent - in the monthly cash flow, we found it was about the same. Now, repairs and such out of pocket make owning less attractive to some.

We will NOT be moving anytime soon - we're here for the long haul now. We are happy in our neighborhood with good schools and walkability to the amenities we want, but there is less flexibility being a property owner after sinking a lot of money into a property with little/no/negative appreciation.

[Anonymous]

The only downside is that rates and prices might go up. But without a crystal ball, there's no way of knowing where the market will be in 5 years.

You don't need a yard when your kids are very young - you just need a park with a playground within walking distance. We have always had a yard, but have always gone to the park anyway. The playground equipment is there, and there are other kids to play with.

Besides, you probably have better ways to spend your time right now than yardwork! Which I love doing, but it can be a time suck.

[Anonymous]

OP here. Thanks for the responses. Our rental complex has a huge beautiful courtyard (that we don't have to maintain) and is truthfully much bigger and nicer than the 'yard' I had growing up. There are a few nice playgrounds in walking distance too. Again being from NYC I already have more than I'm used to. People we've met here so far keep asking us WHEN we are going to buy the suburban house. Possibly never!

[Anonymous]

We rent in DC, near Dupont, and have plans to buy anytime soon since there's just so much uncertainty regarding both our family (more kids? relocation? etc) and the market that it makes sense for us.

[Anonymous]

OP, you should definitely stay put where you are, until the baby gets there and you know what the life as a parent is like for you. Don't make a decision now to buy a condo, because a few years down the line you may think differently and want a detached home. Living in an apartment with kids is definitely doable and can be great, but it's not for everyone, even those who lived in apartments for many years as single adults and loved it.

DC is a bit different from NYC as far as discrepancy between the rent and ownership is concerned. In desirable areas such as yours, the rents are very high and often can be the same as the mortgage would be. 500 a month difference is not as significant as let's say in Manhattan, where it would be more like 2-3K a month. So, when you are paying rent here, you might actually be paying a mortgage on a place that is similar in the same amount as your rent. so, if you definitely knew what type of housing and area you wanted, I would say, buy as you won't be saving much by renting. But, if you are still TTC and have no idea what your needs and desires may be after the baby arrives, I'd say wait.

[Anonymous]

I would educate myself well about schools before buying. My husband and I bought a house before having kids without a thought about schools. It happens that we blindly lucked into an awesome school tier, which means everything now that we have a 6 year old. Do your research and buy right the first time, whether that's this year or a few years from now, so you don't end up regretting your choice!

[Anonymous]

We bought (own).....DH and I both owned condos before we married. Held on to one and sold the other. Our current home and other home is an investment which we plan (god willing) to pass onto our child when he is of age. We are not at all wealthy, but will pay off our 30 year mortgage in 15 years, and that will be college funds. Just the way we chose to do it. I can't imagine renting, but buy is not right for everyone. Good luck.

[Anonymous]

Anonymous wrote:OP, you should definitely stay put where you are, until the baby gets there and you know what the life as a parent is like for you. Don't make a decision now to buy a condo, because a few years down the line you may think differently and want a detached home. Living in an apartment with kids is definitely doable and can be great, but it's not for everyone, even those who lived in apartments for many years as single adults and loved it.

DC is a bit different from NYC as far as discrepancy between the rent and ownership is concerned. In desirable areas such as yours, the rents are very high and often can be the same as the mortgage would be. 500 a month difference is not as significant as let's say in Manhattan, where it would be more like 2-3K a month. So, when you are paying rent here, you might actually be paying a mortgage on a place that is similar in the same amount as your rent. so, if you definitely knew what type of housing and area you wanted, I would say, buy as you won't be saving much by renting. But, if you are still TTC and have no idea what your needs and desires may be after the baby arrives, I'd say wait.

Also, forgot to mention, think that the rent can up too over the years. I am not sure what arrangement you have, there might be some ceiling on your rent, but if there isn't and there is no rent control of any kind, your rent can eventually become more than what you bargained for. In NYC, that is one of the main reasons people choose to buy and commit to paying 2K a month more to have a similar apartment, because they are scared what their rents will be like 10 years from now when not in a rent stabilized unit.

Not saying you should buy now as you are obviously not ready, but don't wait for 10 years, as your rent could easily surpass what your mortgage would have been and you would have not saved much and would have nothing to show for it.

[Anonymous]

pp again. We were initially not planning to have children. We bought because we liked the area, and we unknowingly (at the time) purchased in a great school district in Maryland.

[Anonymous]

Anonymous wrote:We bought (own).....DH and I both owned condos before we married. Held on to one and sold the other. Our current home and other home is an investment which we plan (god willing) to pass onto our child when he is of age. We are not at all wealthy, but will pay off our 30 year mortgage in 15 years, and that will be college funds. Just the way we chose to do it. I can't imagine renting, but buy is not right for everyone. Good luck.

I agree. DH and I own a couple of small rowhouses, we bought one together and lived there before kids. Now we are renting them both. One of them we completely paid off when DH and I landed a nice deal in our business and came into some extra money. But since then our business tanked and we were forced to take jobs for less pay. We are happy to have this extra passive income coming out of our rowhomes and we know we don't need to save for college as we can sell one of them to put 2 kids through college(the second will be also paid off by that time). Plus, after 15 years there should be some appreciation on the money we put into this RE, even though we bought at the height of the market, at least we should keep up with inflation. we are not really risky market investments people. If you are OP, you probably can do more with your money and get greater returns. RE is not for everyone, just like alternative investments are not.