solostinlost t1_iu7b5wp wrote on October 29, 2022 at 2:33 AM

Thanks for doing this! I’ve been renting for a while and lived in the same house in Lakeside for the last 3 years. We moved here because the rent was cheaper than our one bedroom Museum District apt at the time. Our landlords have been gracious enough not to increase rent at all for 3 years but let us know that when our lease is up to renew in June 2023 that it will increase. We are paying at least $500 below each month what most houses are renting for around us. But we’re itching for a bigger space that is our own. My fear is that we’ll end up with rent high enough to be a monthly mortgage payment if we renew but that we don’t have enough time to start the process of looking to buy. OR that it’s still not the right time. If any of that makes sense after my rambling, advice/opinions would be appreciated. First time buyers. Do we a) stay put, pay more in rent b) start looking to buy by June or c) wait it out til June, ask to go month to month while we search?

Kindly_Boysenberry_7 OP t1_iu7h602 wrote on October 29, 2022 at 3:27 AM

Here is my deal: If you know you want to buy, why not explore what would be required to do that? You could have guidance from 1-3 lenders (more opinions = better than fewer opinions!) by early next week. The lender is really the person that's going to tell you whether buying by June 2023 is do-able. Finding a house is the easy part!

And honestly, especially if you have a pretty clear idea of what you want, finding a house takes way less time than you expect. And it sounds like you are blessed by a kind and reasonable landlord. They might be willing to let you go month-to-month if it took you longer than June 2023 to find a house.

Working backwards, 45 days is plenty of time to get from contract to closed. So if you needed to be out of your rental by no later than May 30, that means you have to have something under contract by April 15. That's eminently do-able.

November to April is plenty of time to find a house to buy. You just have to decide if you are ready.

ETA: Spelling

Charlesinrichmond t1_iua1owa wrote on October 29, 2022 at 6:53 PM

don't worry about the market, worry about your own life. When it's time for you to buy, and you find a place you like that you can afford, buy it.

You have plenty of time. June is 8 months away. Thats a huge amount of time.

And yes, rent will continue to go up