I am well aware of the advantages of owning a house, from tax advantages to pride of ownership. And nobody can kick you out because they sold the place, which is what happened to us two years ago when the duplex we were renting got sold to someone who was going to live there. We actually tossed around the idea of buying that duplex then for $740k. It didn't take but a few minutes to figure that it would cost us two and a half to three times more to own that 800 sf house than to rent it and we quickly decided it wasn't really worth it. Good thing too because that place is only worth 582k today according to zillow.
From all the information that I've seen, none have said prices are going back up anytime soon. In fact, most of the experts opinion is that prices are still falling at a pretty good clip and Bay Area prices are projected to drop 20% this year. But she won't listen to any of it, she sees it as me trying to change her mind and there is no way anybody is going to stop her from buying a house right now. Her mind in made up and nothing is going to change it. I'm in no hurry to buy but if a good deal comes along I wouldn't mind being a homeowner.
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Good call here. If you buy a house there's a very good chance that you will lose ALL your downpayment within a year or less. Its happened to people I know personally and they aren't enjoying it at all. Maybe a middle ground would be a "rent to own" scenario -- a little more expensive than renting but no commitment to actually buy the place for 2 years. Then your wife could tell all your friends that you ACTUALLY bought a house ... and save face. Its a win-win compromise!
ReplyDeleteThanks for your suggestion but no need for me to explore that now that it's Game Over.
ReplyDeleteI'm sorry to hear your marriage is suffering, it sucks, but you have a son, which is great. It's really not a good time to buy a home, they are a money pit, even if you purchase, imagine all the furniture, window coverings, continuous spending. Where I live (Wisconsin), housing is pretty affordable, but property taxes are pricing people out of homes left and right. Look on the bright side, wifey can move to Michigan and buy a good working home for 20 thousand and live happily ever after.
ReplyDeleteSounds like your wife wants you to buy a house because she knows she gets it and you get the cost of the house in alimony and child support in a divorce, especially when there are children involved.
ReplyDeleteThe more expenses your wife will have after the settlement and the higher your income, the more oppressive your divorce bill will be, especially afterward.
You need to speak to a really good divorce lawyer, before she does!