Homeownership: Now or Later?

buying-your-first-home-house-and-keys-2.s600x600Buying a House… we are not. We want to. Err, I do. Z is a little timid on the other hand. Sometimes our small age gap sneaks in and I’m reminded that while we are for the most part on the same page, we are a page or two off at times. Case in point: homeownership.

We are teetering along the starting line of homeownership  One day we’re on the starting blocks, the next we’re off the track. It was only within the six months that we had decided our next step would be to buy. Prior to that, we were discussing apartments and throwing around a townhouse idea.

With Z’s delay in graduating, we knew that we had a little more time on our hands. Add in our new financial advising adventures and we are certainly on the very forefront of beginning our road to buying a house. However, there are times the temptation rises. Low interest rates, tax breaks for first-time homeowners and the market’s slight increase in the past few months.

I am in no way a house hunting expert but I do know that these are tempting to bite onto and lead us on a fast track to homeownership  But we catch ourselves. Or, perhaps our financial training is sinking in. It’s not smart. While everyone expects couples to follow the standard plan of get engaged, plan a wedding, get married, buy a house and start a family. We’re not ready!

Why we are waiting to buy a house:

Almost a college graduate.

Z’s graduation was delayed a semester so what was going to be this December is now May 2014. We’ll conquer one thing at a time and hope to have a better idea of where Z might end up working before purchasing our home.

Saving for a down payment.

As I mentioned, we’re in the first half of our financial training and getting a grip on our finances. We have minimal debt but want to be sure to pay it off and have a good chunk saved for the down payment – 20%. Doable, with time.

Learning what we need.

We know very little about buying a house, what we want or even need. Not to mention we have a slight idea of where we would like to live – Northern metro but actual city, how far north, west or east? Heck! We’re newbies. We need to investigate our options a bit more and compare the reality with our preferences and life style.

So let everyone continue to heckle us about buying a house, starting a family and getting on with our life. We’re content where we are at now. Although, the idea of furnishing a house makes me want to scour Pinterest and start purchasing items as I go. I can’t lie. It’s all very tempting but we know that we are blessed with our current living situation and we are taking baby steps towards buying a house.

How long did you wait or do you plan on waiting to buy your first house? Why?

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