Arifriekinel
Recycles dryer sheets
Boyfriend and I have been discussing with his parents about buying his house. The house is valued at about $175k, and they're willing to sell to us for ~$160k, provided we make a 25% down payment of about $40k. That will be almost our entire savings come October or so, when this is supposed to take place.
We're very young, and our entire savings have been built pretty much within the last two years, so it wouldn't take us long to rebuild back to our position. It seems we're young enough to take a big hit like this for a good investment, but it's still very daunting. Once we make the down payment, we'll have $8k left together, $5k in his ROTH and $3k in mine.
Our emergency savings would be gone, but his parents agreed to support us for a short period of time if an emergency does strike within the first couple months, although it's not very likely, since we own our own business and have a good amount of contracts in from very different industries. It would take us about 6 months to rebuild our emergency savings after factoring in property taxes and all that. Most things in the home are new and won't need repairs for a while, as they were fixing it up with the idea of selling it at years' end before we started talking about this.
So, what do you guys think? Is it just never worth it to empty savings for something? We didn't start too long ago, so it doesn't seem like it's be too hard to start over right now while we're so young, but with a home, and one worth more than we're paying to boot. We both love the house, and were planning on buying one within the next two years anyway.
We're very young, and our entire savings have been built pretty much within the last two years, so it wouldn't take us long to rebuild back to our position. It seems we're young enough to take a big hit like this for a good investment, but it's still very daunting. Once we make the down payment, we'll have $8k left together, $5k in his ROTH and $3k in mine.
Our emergency savings would be gone, but his parents agreed to support us for a short period of time if an emergency does strike within the first couple months, although it's not very likely, since we own our own business and have a good amount of contracts in from very different industries. It would take us about 6 months to rebuild our emergency savings after factoring in property taxes and all that. Most things in the home are new and won't need repairs for a while, as they were fixing it up with the idea of selling it at years' end before we started talking about this.
So, what do you guys think? Is it just never worth it to empty savings for something? We didn't start too long ago, so it doesn't seem like it's be too hard to start over right now while we're so young, but with a home, and one worth more than we're paying to boot. We both love the house, and were planning on buying one within the next two years anyway.