Looking for an opinion on my housing situation and choice we will have to make < 3 months.
Married (33 & 32 yrs old) w/ 2 young kids. Gross $140k w/ no personal debt.
1.Currently rent a condo from employer that is 10 yrs old. More than a Adequate size but is a condo and lacking in a yard. Relatively new with no updates needed. Located in the community we both work in. Most likely not our “forever home” or what we envisioned. Have the option to purchase for $130k which is generous as neighboring unit sold for $235k < 18 months ago.
2. Family member wants to sell their property to us in 1.5 yrs but wants commitment soon or will move forward with renovations to sell on open market. House on 5 acres in rural setting with outbuildings yet close to ammenities that is probably larger than we need but would consider more of our “forever home”. 10 miles from work. Would require the purchase of machinery for snow/mowing($10-$15k). House is easily livable today but would prefer some renovations in coming yrs. Price sounds like it will be $360k-$380k with open market value of $390k-$415k. Significant other really prefers option 2 (family property) and maybe upset that employer would offer such a generous deal.
We’ve been fortunate and to date in a decent spot with NW around $680k. The conservative in me says option 1 is a no brainer. I wouldn’t sell this in less than 5 yrs or longer as I wouldn’t want to have that conversation w/ employer. Option 2 is probably the personal choice giving no financial consideration however have a fear of being house poor and committed to a much larger payment as we’ve largely lived our adult lives with no personal debt. Also other expenses that come with larger property. 20% down is a non issue for either but also don’t want to hurt our trajectory.
Any words of wisdom out there? Realize it’s a personal choice but what would you do? Live a little? Regret having larger pmt?
Married (33 & 32 yrs old) w/ 2 young kids. Gross $140k w/ no personal debt.
1.Currently rent a condo from employer that is 10 yrs old. More than a Adequate size but is a condo and lacking in a yard. Relatively new with no updates needed. Located in the community we both work in. Most likely not our “forever home” or what we envisioned. Have the option to purchase for $130k which is generous as neighboring unit sold for $235k < 18 months ago.
2. Family member wants to sell their property to us in 1.5 yrs but wants commitment soon or will move forward with renovations to sell on open market. House on 5 acres in rural setting with outbuildings yet close to ammenities that is probably larger than we need but would consider more of our “forever home”. 10 miles from work. Would require the purchase of machinery for snow/mowing($10-$15k). House is easily livable today but would prefer some renovations in coming yrs. Price sounds like it will be $360k-$380k with open market value of $390k-$415k. Significant other really prefers option 2 (family property) and maybe upset that employer would offer such a generous deal.
We’ve been fortunate and to date in a decent spot with NW around $680k. The conservative in me says option 1 is a no brainer. I wouldn’t sell this in less than 5 yrs or longer as I wouldn’t want to have that conversation w/ employer. Option 2 is probably the personal choice giving no financial consideration however have a fear of being house poor and committed to a much larger payment as we’ve largely lived our adult lives with no personal debt. Also other expenses that come with larger property. 20% down is a non issue for either but also don’t want to hurt our trajectory.
Any words of wisdom out there? Realize it’s a personal choice but what would you do? Live a little? Regret having larger pmt?