Buying Home or Waiting until the right time.

Should I wait until it’s clear as day in my ability to buy a home? I’m in position where I’m trying to rebuild credit, trying to come up with down payment, and I’m not even in the “career” phase of my life. I’m not necessarily to far off but there’s a lot of work to do. And if I buy quick, I probably won’t have nothing more than $5,000 in cash reserves at best. Estimated mortage will be 2k a month, income 52k a year. Something like a 50% DTI.

Now there’s another side to me that thinks to do all in my power to get a home because of all the benefits. It seems benefits will outweigh negatives. Like in the market I want to buy appreciation is about 7-10%. Also I could become a landlord after a year or two. Also I’m building equity that I could use for other opportunities in the future.

If I don’t do this I could live frugally and save a lot of money and building credit. It seems by the time I’m in the “career” phase of my life, home prices would have sky rocketed. It appears it’s only getting harder and harder to buy a home. I feel my window of opportunity is closing before I have to relocate to an “undesirable” location where prices are cheaper.

I would like your feedback on this topic thanks. I could really use some advise.

submitted by /u/DreamchaserJ
[link] [comments]

Should I wait until it’s clear as day in my ability to buy a home? I’m in position where I’m trying to rebuild credit, trying to come up with down payment, and I’m not even in the “career” phase of my life. I’m not necessarily to far off but there’s a lot of work to do. And if I buy quick, I probably won’t have nothing more than $5,000 in cash reserves at best. Estimated mortage will be 2k a month, income 52k a year. Something like a 50% DTI. Now there’s another side to me that thinks to do all in my power to get a home because of all the benefits. It seems benefits will outweigh negatives. Like in the market I want to buy appreciation is about 7-10%. Also I could become a landlord after a year or two. Also I’m building equity that I could use for other opportunities in the future. If I don’t do this I could live frugally and save a lot of money and building credit. It seems by the time I’m in the “career” phase of my life, home prices would have sky rocketed. It appears it’s only getting harder and harder to buy a home. I feel my window of opportunity is closing before I have to relocate to an “undesirable” location where prices are cheaper. I would like your feedback on this topic thanks. I could really use some advise. submitted by /u/DreamchaserJ [link] [comments]

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