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Investing - Theory, News & General • Best way to be a first-time home buyer if I intend to move in three years?

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Hello. I have tried saving for a down payment the past four years while homes in my area have increased 80%. My wife decided she wants a house, as all of our friends have one except for us, even if it's a starter home. It will probably take us another 3-4 years to be able to afford "a nice house" and we've already been renting for 7 years and don't want to do it for 3-4 more years.

My question: What is the most cost effective way to be a first-time home buyer now for a starter home with the understanding I'll be looking to buy a larger home in 2027 or 2028. Thank you.
Just a word of warning: there is a good chance you will lose money only owning for three years. You have to factor in taxes, fees, commissions, home repairs, and the potential for a downturn in the housing market.

The smart move is to keep renting until you can afford a home that you would be comfortable staying in for the long-term.
If you had to choose between stretching now financially to avoid the second move, or spending less and making the second move in three years, which would you choose?

Statistics: Posted by JustGotScammed — Tue Jan 16, 2024 10:05 pm — Replies 8 — Views 377



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