I’ve been living not just below my means but WAY below my means for about five years or so and we’ve way outgrown my single state worker bachelor pad. And entirely coincidentally my landlord said she’s not renewing next year because she wants to update my hovel and sell it. So in essence I got a kind of BS one month eviction during the holidays but whatever.
I’m only looking to stay in Tally for another year or maybe two. So normally the option would just be to rent BUT we’re both tired of living kind of way below our means (ie can’t show off and have people over and my in laws kind of look at me as a failure when compared to my BIL the doctor even though I make more of than he does, the difference is he’s living in a $1.5 mil house on the ocean and I’m living in a $750 a month hovel on a lake).
So what I’m thinking about doing is just getting a nice but not extravagant place and buying it rather than renting even though I’ll only be there for a year.
So I own two new startup medical companies and my salary between the two is $250k and the projections would have us making in disbursements probably an extra $100k up to $300k for one and another $500k to $1.5m on the other. Ultra conservative projections on one side and good but not amazing projections (ie we’re mostly filled but a lot of lower paying patients) on the other.
But what I’m thinking about buying is just a nice 3 bedroom on a lake by my wife’s work for $300k. It’s not an extravagant purchase at all so if we eat it, that’s really fine as it wouldn’t kill us financially but my old FSU Economics and Finance degree wouldn’t want me to take TOO big of a loss.
Now in the alternative, there’s another decent house (same size, actually newer, not quite as good of a layout and not on the water) I could rent for $1300 a month. On the other side assuming I bought the other house and didn’t pay cash I would assume I would pay roughly $1200 a month in the mortgage and insurance.
So I guess my question is, if I know I’m leaving in a year or two and thus will not likely see an increase in the home value (more likely a big hit as I think the economy will be busting in a year or two) is it worth the $20k to 30k hit (for the transactional costs alone) to have a home I own but like better versus a house I rent that is essentially the same and would only pay $1-2k more to live in.
TLDR question: If the money really doesn’t matter, but you know you’re moving in a year or two. Would you rather rent a house that’s essentially the same just not quite as nice in your opinion or buy and know you’ll have to deal with the ordeal of selling it and for a loss (you can afford but mentally I don’t like losing anything)?
I’m only looking to stay in Tally for another year or maybe two. So normally the option would just be to rent BUT we’re both tired of living kind of way below our means (ie can’t show off and have people over and my in laws kind of look at me as a failure when compared to my BIL the doctor even though I make more of than he does, the difference is he’s living in a $1.5 mil house on the ocean and I’m living in a $750 a month hovel on a lake).
So what I’m thinking about doing is just getting a nice but not extravagant place and buying it rather than renting even though I’ll only be there for a year.
So I own two new startup medical companies and my salary between the two is $250k and the projections would have us making in disbursements probably an extra $100k up to $300k for one and another $500k to $1.5m on the other. Ultra conservative projections on one side and good but not amazing projections (ie we’re mostly filled but a lot of lower paying patients) on the other.
But what I’m thinking about buying is just a nice 3 bedroom on a lake by my wife’s work for $300k. It’s not an extravagant purchase at all so if we eat it, that’s really fine as it wouldn’t kill us financially but my old FSU Economics and Finance degree wouldn’t want me to take TOO big of a loss.
Now in the alternative, there’s another decent house (same size, actually newer, not quite as good of a layout and not on the water) I could rent for $1300 a month. On the other side assuming I bought the other house and didn’t pay cash I would assume I would pay roughly $1200 a month in the mortgage and insurance.
So I guess my question is, if I know I’m leaving in a year or two and thus will not likely see an increase in the home value (more likely a big hit as I think the economy will be busting in a year or two) is it worth the $20k to 30k hit (for the transactional costs alone) to have a home I own but like better versus a house I rent that is essentially the same and would only pay $1-2k more to live in.
TLDR question: If the money really doesn’t matter, but you know you’re moving in a year or two. Would you rather rent a house that’s essentially the same just not quite as nice in your opinion or buy and know you’ll have to deal with the ordeal of selling it and for a loss (you can afford but mentally I don’t like losing anything)?
