Is nuking my saving to purchase a home price it? : personalfinance

by akoloy

So my dad and mom and my boyfriend’s mother have been getting on my case about shopping for a home. I’ve given it some thought and I don’t suppose I’m prepared. I grew up poor and now that I’ve chunk of cash saved, the considered dumping all of it in a down cost actually scares me. Being financially safe is one thing that I worth quite a bit. If I purchased a home and acquired in an accident or one thing, I wouldn’t have any cash to cowl an sudden expense for just a few months. On high of that my bf and I don’t wish to keep the place we’re presently dwelling long run. He adopted his mother’s recommendation and purchased a rental as quickly as he might. Now that we wish to transfer he doesn’t actually know what to do about it. He’s solely owned it a 12 months so his choices are to promote and break even, or determine the way to flip it right into a rental property. His mother is particularly pushy about me shopping for, and once I clarify the above factors she says that I ought to nonetheless purchase a home or I’ll by no means be capable to afford one later. She says that simply because I purchase a home that doesn’t imply I’ve to dwell in without end. But shouldn’t you propose to dwell long run within the place you’re shopping for? Is it actually price it to purchase now and undergo the effort of renting the home later? What would your recommendation be?

Some related data: I barely have sufficient to place lower than 10% down on a home the place I presently dwell, and my job ensures a elevate yearly (this might doubtlessly assist me sustain with the value of housing once I do determine to purchase).

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