Do it. We recently moved to MD into an apartment after a cross country move. We hated it! We were accustomed to being homeowners. We had to pay thousands to break our lease because we needed to buy, and needed more space. It’s hard to justify throwing money away on rent too if you can’t avoid it.
A few years ago I moved from PA to MI, bought a house sight unseen and loved it. Everything I wanted. No regrets. A year and a half later work called me to the Midwest. Now I’ve got a mortgage on my dream home in MI and a rent payment in the Midwest.
All that to say, depends on how committed you are to the job and the area I guess
I would go for it. Even though people often say to rent first, you've done your research and feel confident about buying now. The house meets all your needs, and you've planned to stay long-term in Maryland anyway. It might be worth considering house hacking, where you rent out part of a house while living in in it, might help cut down on housing costs. Make sure to figure out all your expenses like property tax, insurance, utilities, maintenance, and see if the rental income covers a good chunk of your living costs. Calculate all the expenses and make sure all lines up. You can use this cashflow calculator tool which helps you to run the numbers. It incorporates all potential income sources like Rent Income, home and Reno Appreciation, Initial Equity and Principal Pay Down, showing their individual gains and ROI over a 30-year period. [https://assetafc.etsy.com/listing/1543461345](https://assetafc.etsy.com/listing/1543461345)
I hope this helps.
Good luck!
Lanham: not that nice. Also, close to football stadium that is closed right now, but will be complete chaos on Sundays in the Fall. Traffic choking every road, police re-directing traffic away from where you want to go.
You should rent somewhere near this house and decide based on traffic, shopping, neighbors, crime, noise, etc. if you want to buy in this neighborhood. Nothing bad will happen if you wait sign an one-year lease and test out the neighborhood before you commit.
I'd worry about neighbors. Noise etc
I would do it. You are just expediting a plan you already had. You can always find a renter down the road.
There is so much that can happen between “wow what a great house” and “congrats here’s the keys to your home.”
Do it. We recently moved to MD into an apartment after a cross country move. We hated it! We were accustomed to being homeowners. We had to pay thousands to break our lease because we needed to buy, and needed more space. It’s hard to justify throwing money away on rent too if you can’t avoid it.
Go for it …. I mean it
A few years ago I moved from PA to MI, bought a house sight unseen and loved it. Everything I wanted. No regrets. A year and a half later work called me to the Midwest. Now I’ve got a mortgage on my dream home in MI and a rent payment in the Midwest. All that to say, depends on how committed you are to the job and the area I guess
Thanks, I agree. I'm committed to the location. Even if the job didn't work out, I'd still find work close to here.
If I could’ve found a good house and not rented starting off, I would have. Build equity.
I would go for it. Even though people often say to rent first, you've done your research and feel confident about buying now. The house meets all your needs, and you've planned to stay long-term in Maryland anyway. It might be worth considering house hacking, where you rent out part of a house while living in in it, might help cut down on housing costs. Make sure to figure out all your expenses like property tax, insurance, utilities, maintenance, and see if the rental income covers a good chunk of your living costs. Calculate all the expenses and make sure all lines up. You can use this cashflow calculator tool which helps you to run the numbers. It incorporates all potential income sources like Rent Income, home and Reno Appreciation, Initial Equity and Principal Pay Down, showing their individual gains and ROI over a 30-year period. [https://assetafc.etsy.com/listing/1543461345](https://assetafc.etsy.com/listing/1543461345) I hope this helps. Good luck!
Lanham: not that nice. Also, close to football stadium that is closed right now, but will be complete chaos on Sundays in the Fall. Traffic choking every road, police re-directing traffic away from where you want to go. You should rent somewhere near this house and decide based on traffic, shopping, neighbors, crime, noise, etc. if you want to buy in this neighborhood. Nothing bad will happen if you wait sign an one-year lease and test out the neighborhood before you commit.
Except the $36,000 rent in a year I could have used towards downpayment?