Reply to Are we the only family in the DMV who is priced out?

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[quote=Anonymous]I recall in PreCana when I got engaged the people giving instructions to the newly engaged couples what to expect had words of wisdom. Three married couples presented, one married 3 years, 20 years and 50 years!!

All agreed newly engaged couples need to start saving asap for a house, then after married save, save and save and buy house before kid born. Once kids born hard to save and little time for a fixer upper or home repairs.

I listened and bought a smaller fixer upper in a second tier neighborhood when my wife was 3 months pregnant with first. We had time to close, 3 months to do painting, get nursery set up. Being young still family willing to help with painting etc. (not an option now)

Home prices kept shooting up. My wife left work for good when baby six months old. Why we had the house locked in forever. My town schools were great. But second tier as HS not as good.

But given rising home prices if I waited dream area with home prices rapidly rising then paying two commutes and child care how does waiting work?

Thing if you bought a fixer upper in silver spring near metro or even a tiny tiny run down shack inBethesda on a busy street in 2015. You have it almost paid off by now, paying no rent and have close to one million equity between down payment, home appreciation and paying down mortgage. Yea it would be a sucky house for 10 years so be it. But you would not be 45, homeless with two kids at mercy of landlord [/quote]

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