Is My Story Common On This Board?

[Zytos]

You have a family of four at 27, with your first kid at age 16--and you call yourself a "late bloomer" as an adult? What...?

[Elke Mariotti]

Originally Posted by NeverBePeace

Your right.....



Yes.....I was thinking this. My only gripe about it is I don't want to throw money away by renting. Hence, trying to bypass renting and go straight into a house.

I'm a big proponent of buying rather than renting (even WAY before I got into real estate as a professional) and bought my first house in my twenties, however, based on the information you offered, a one-year rental would seem more financially responsible; it gives you time to see how you manage on your own, what expenses come up when you're on your own, what neighborhoods you do/don't want or can/can't afford without the pressure of having to pull the trigger and ending up in a long term financial commitment which may end up too much to handle at this point.
Hopefully it would also give you the opportunity to save some $$ for a better downpayment or an emergency fund.

I don't recall seeing mention of a location, which could have an impact on affordability, of course.
Maybe you should talk to a mortgage professional to get an idea of what you could afford at this time, or even if you qualify right now - you've been at your current job less than six months. That might help you make a decision right there.
Many of us (including me) would gladly refer a good mortgage professional for you to talk to.

[REM1]

Originally Posted by Zytos

You have a family of four at 27, with your first kid at age 16--and you call yourself a "late bloomer" as an adult? What...?

I was thinking the same thing.

[NeverBePeace]

Originally Posted by Elke Mariotti

I'm a big proponent of buying rather than renting (even WAY before I got into real estate as a professional) and bought my first house in my twenties, however, based on the information you offered, a one-year rental would seem more financially responsible; it gives you time to see how you manage on your own, what expenses come up when you're on your own, what neighborhoods you do/don't want or can/can't afford without the pressure of having to pull the trigger and ending up in a long term financial commitment which may end up too much to handle at this point.
Hopefully it would also give you the opportunity to save some $$ for a better downpayment or an emergency fund.

I don't recall seeing mention of a location, which could have an impact on affordability, of course.
Maybe you should talk to a mortgage professional to get an idea of what you could afford at this time, or even if you qualify right now - you've been at your current job less than six months. That might help you make a decision right there.
Many of us (including me) would gladly refer a good mortgage professional for you to talk to.

Thanks for the excellent advice.....