Hi everyone! First time posting. Possible first time homebuyer 2 adults and 4 kids (2, over 12 and 2, 8-11 yo).
Until recently, we felt compelled to stay in our current area (one of most expensive counties in the U.S.) close to SF, with high cost of living and a 2 bed apt average cost over $3k/mo and we are in a 2-bed. My son w/special needs had a scholarship for a private school but he no longer does. This has freed us up to consider moving somewhere more cost effective.
Both my husband and my jobs are able to be 80-90% remote starting in July. We are considering moving farther out (2 hour commute) where home prices are not so crazy and they are building housing stock for around $500k for a 4-5 bed/2-3ba home. We have close friends there and our kids are getting older (one created an entire PPT presentation on why we should move somewhere and buy a house with more space/bedrooms). He had a lot of really good points for the social/emotional well-being of himself and his siblings.
Combined gross income we make about $215k annually, we have Roth Ira’s we can use toward earnest/down payment, but we have $40k in cc debt and my husband pays almost $800/month in student loans. I know we can afford the monthly mortgage payment because we have been paying the same amount in rent and a lot more with all the utilities/parking/extra charges our corporate landlord uses to hike our costs. Should we consider buying? Other homes in the area that were bought 5-6 yrs ago are making a profit selling now of $100k+. Another option is we find a house to rent with more space in our current area, but it is really hard to even find places to rent here that have more than 2 bedrooms and especially that are in the same school district.
Thank you for your time and sharing thoughts!
Until recently, we felt compelled to stay in our current area (one of most expensive counties in the U.S.) close to SF, with high cost of living and a 2 bed apt average cost over $3k/mo and we are in a 2-bed. My son w/special needs had a scholarship for a private school but he no longer does. This has freed us up to consider moving somewhere more cost effective.
Both my husband and my jobs are able to be 80-90% remote starting in July. We are considering moving farther out (2 hour commute) where home prices are not so crazy and they are building housing stock for around $500k for a 4-5 bed/2-3ba home. We have close friends there and our kids are getting older (one created an entire PPT presentation on why we should move somewhere and buy a house with more space/bedrooms). He had a lot of really good points for the social/emotional well-being of himself and his siblings.
Combined gross income we make about $215k annually, we have Roth Ira’s we can use toward earnest/down payment, but we have $40k in cc debt and my husband pays almost $800/month in student loans. I know we can afford the monthly mortgage payment because we have been paying the same amount in rent and a lot more with all the utilities/parking/extra charges our corporate landlord uses to hike our costs. Should we consider buying? Other homes in the area that were bought 5-6 yrs ago are making a profit selling now of $100k+. Another option is we find a house to rent with more space in our current area, but it is really hard to even find places to rent here that have more than 2 bedrooms and especially that are in the same school district.
Thank you for your time and sharing thoughts!