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2 Bumps

So do we stay with my parents or move out??

my hubby works real estate and we have had a lot of closings this year so the money is just rolling in every week, which is great. and best of all we finally got our insurance settlement for our house that burnt down (3 years later) so by the end of the year we should be sitting on $30,000! so since real estate is doing good for now we were thinking about buying a small house and fixing it up and living in it until the market turns around. but with real estate there is never a guaranteed pay check until u sell something,and i only make $500 a month so money would be tight if the market goes down again! we pay cash for everything so we have no debt, and we would pay cash for the house. living with my parents has been great but i just miss being alone sometimes! so what would u do? take a risk and buy a house or just stay with my parents??

 
Anonymous

Asked by Anonymous at 4:21 PM on Aug. 9, 2010 in Money & Work

This question is closed.
Answers (11)
  • Get your own place, just be reasonable about what you get!
    aliceinalgonac

    Answer by aliceinalgonac at 4:23 PM on Aug. 9, 2010

  • If you can pay cash for the house, as you say, then this is a fabulous time to buy. Don't get one that has too much fixing to do unless that is really your thing. Sometimes the amount of things that need fixing can be overwhelming. Good luck!
    elizabr

    Answer by elizabr at 4:33 PM on Aug. 9, 2010

  • Move into your own space - not just because you have the $$ to do it, but also because you will feel like you are married, not just children living with your parents! The relief of having your own space is immense! You can decorate to your taste, sleep in when you want without guilt, etc. Its part of the "adult" world...responsibility and freedom. Good luck!
    momof2g3b

    Answer by momof2g3b at 4:48 PM on Aug. 9, 2010

  • That would be a personal choice, I would move out, maybe not buy but rent. Congrats and good luck
    browningmom

    Answer by browningmom at 4:23 PM on Aug. 9, 2010

  • Move out..
    Mom2Just1

    Answer by Mom2Just1 at 4:25 PM on Aug. 9, 2010

  • I agree with the answer above, why buy right now when you can rent and wait to see how it goes. Save up some money so you can get through the slow times before you buy a house. But you definitely need to be in your own place.
    ceallaigh

    Answer by ceallaigh at 4:26 PM on Aug. 9, 2010

  • Get your own house. Especially if you can pay cash for a house, that would be wonderful...but that is just my opinion.
    fallnangel93

    Answer by fallnangel93 at 4:28 PM on Aug. 9, 2010

  • You might want to check the tax laws. I'm not 100% but I believe you must use the settlement money on another home within 2 years or pay taxes on it. Even if you don't I'd still buy something. Even if it's a small home it would be yours. You're also talking about having a place to yourself but if you talk it over with your parents I'm sure they're also looking forward to having their own home to theirself again.
    baconbits

    Answer by baconbits at 4:36 PM on Aug. 9, 2010

  • I would move out. It's great your parents could put you up when you needed it, but living with your parents should definitely be a temporary and last resort type thing when you are an adult. If you're not ready for a mortgage, renting is still better than living with your parents.
    TweenAndTwinMom

    Answer by TweenAndTwinMom at 5:22 PM on Aug. 9, 2010

  • Honestly I think I would start saving some money so that when you move out, you don't have to move back in.

    So save money for an emergency fund. And some money for home repairs. As you probably already know, home repairs can be very expensive.
    Erica_Smerica

    Answer by Erica_Smerica at 8:13 PM on Aug. 9, 2010

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