Should me and my husband buy our first home?

My husband and I just got married a month ago but we have been living together in our apartment for the past year and thinking maybe we should buy instead of rent. There are many reasons why we should buy and also reasons why we shouldn't. Benefits: We are both first time home buyers so we would get the tax credit (if we buy by 12/09) We will be able to buy a home we love that in 5 years may cost a lot more, we would be building equity, and I need more space! Down Falls: My husband has a steady job that he has been working at for years and makes good money BUT he has a degree in marketing and wants to change jobs to work in that field and we worry to get into it he will have to take a pay cut. I also have a steady job but I am going to school also. We have a pretty good size savings but I use that money for school too. It's just a lot of pressure! If something with the house goes wrong it's our job to fix it. Bottom line we can afford a home, we have been approved for a lot more than what we would spend, our mortgage (tax and insurance) would only be around $50 more a month than we pay for rent. I just worry about the extra expenses people don't think of and I don't want us to get in a bad financial position. Are we ready?

Asked By: Haley E - 9/3/2009
Best Answer - Chosen by Asker
There will never be a better time to buy. In most cities in the country it is a buyer's market. This will not last forever. In addition to the one time tax credit, you get deductions every year for the interest and property tax for your home. This generally more than offsets the $50 per month difference in your... More
Answered By: SA Writer - 9/3/2009
Additional Answers (2)
Forget the house for now. You could never find one and close by the 11/1/09 deadline. You are not financially ready to buy a house. He is looking to change careers and you are going to school Bravo to you for being wise enough to realize the pitfalls. Wait until you finish school
Answered By: sassy25 - 9/3/2009
Sounds to me like you are. One important financial factor that you didn't list is that your mortgage interest and property taxes will be tax deductible, which will make the after tax cost of this housing a bit more affordable. And, the $8,000 tax credit is instant equity for you... More
Answered By: Lauren F - 9/3/2009
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