Search SEARCH

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
 
Sponsored results
Over 483 Local Jobs Now Hiring In Your Area. $18-$87/Hr - Apply Today!
Jobs.Quick-com
Click. Search. Apply. Free!
www.JobDiagnosis.com
Jobs hiring near your local area. Part-time, Full-time, Work at home.
www.HiringLocally.com
Sobre 287 Trabajos en tu area. $15-87/hora - Aplica Ahora.
JobsToLatinos.com

Other Career Questions

What is your current job? Why did you choose this job? What do you enjoy about your job? What do you dislike about your job? What would be your perfect job? Would you rather have this j...
3 answers - Asked By: drop pants not bombs!.♥ - 3/2/2010
Where are the jobs? Is productivity and globalization creating a permanent “recession” of jobs? My main issue is I am doing a paper for school and have no idea where to begin. I was hoping suggestions...
4 answers - Asked By: bayebd24【ツ】 - 11/21/2007
Hi ok im 19 and about to start college to do an acess course into a university. Ive been browsing through all the courses and im tottaly stuck! I thought politics but im scared ill end up with some r...
1 answers - Asked By: roseparkerly - 1/26/2009

Content is not owned or controlled by Monster. Any content concerns should be addressed with Yahoo!
Yahoo! Does not evaluate or guarantee the accuracy of any Yahoo! Answers content. Yahoo! Disclaimer.

Popular Articles

Best-Paying Work-from-Home Jobs Article Rating
It’s easier than ever to work from home. Of course, not every job is a mobile job, and some companies aren’t interested in having their employees work from home.
2013 Marketing Jobs Outlook Article Rating
The US may be facing another year of anemic hiring overall, but that won't be the case in the high-orbit world of multichannel, digital media marketing.
For Employers: Post Jobs | Search Resumes | Advertise
About Monster | Work for Monster | Advertise with Us | AdChoices | Partner with Us | Investor Relations | Social Media
Terms of Use | Privacy Center | Accessibility Center | Help | Security | Contact Us | Sitemap | Mobile
©2014 Monster - All Rights Reserved U.S. Patents No. 5,832,497; 7,599,930 B1; 7,827,125 and 7,836,060 MWW - Looking for Monster Cable? - V: 2014.1.40.24-306
eTrustLogo