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Dream Home vs. Being Smart

Hello,

We just found our dream home, put a bid on it, and it was accepted.  We have moved forward with everything and now all we need to do is sign paperwork which is being drafted.

While all this happened, my girlfriend's job situation became a bit questionable.  She is a freelancer and has never had trouble getting work, but as of right now a job she is on may not continue.  That being said, it would be a major strain to make this house work.

Once she found out about this recent development, we started looking at other options.  We found a house that is $100k less and would drop our monthly mortgage by $500 a month.  basically, if we put the offer in, we will get the house.  She likes the house and sees the potential.  I'm a bit hung up on our dream house, but I know we need to be smart about things.

That being said, I wanted to see what some of you thought.  Looking forward to your responses.
  • March 09 2014 - US
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Answers (2)

We have no idea. I suggest that you consider renting until the employment situation stabilizes, because buying is a commitment, and two things that bite are that you own a house you don't love while you can afford a better one, and to own a house that you love that you can't afford.

All the best,
  • March 09 2014
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Profile picture for wetdawgs
I've always been of the mindset that home purchase should be such that payments should be able to weather crises in income.   Therefore, we've always purchased so if an income goes away completely we don't lose the house. 

If you chose to purchase a home with an individual with whom who do not have a legal relationship, sit down with an attorney and come up with a legal agreement.  This will include who pays what portion of down payment, who is responsible for mortgage payments, repairs, and most importantly, if the relationship dissolves what happens to the house, including how to split expenses and/or equity as your move forward.

  • March 09 2014
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