We're 29 & 25, with no kids, looking to buy our first home. We intend to move to a house in a better school district in 7-10 years.
We make 123K together (spouse may stop working for grad school, dropping this to 95K) and have narrowed down to two houses:
A ranch (275k with 5K closing cost help from seller) and a
colonial (295K with $8.8K closing cost help from seller).
Both houses are dated and need updates. Possibly new roofs since they are from the 70s. The ranch is currently fairly livable but the colonial has a more immediate need - new appliances before moving in (stove, microwave, refrigerator, washer, dryer), but has a much bigger backyard than the ranch which we like, although it doesn't have a deck unlike the ranch.
We pay a rent of $1600 currently and the idea was to spend the same amount in mortgage instead of helping my landlord pay his.
We will not have a lot of money left over after buying to make expensive upgrades. With a 30K cash help from family, we can afford a 20% down payment.
Homeowners - what is your general opinion on our situation? What do you think of living in a ranch vs a colonial? What is a better spending decision from your perspective in our situation?
Submitted April 14, 2017 at 09:27AM by brikand http://ift.tt/2oe7lwd personalfinance
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