X
Xantippe
Guest
Right.First, please remember that buying a house in this economy is not the end all and be all that it was for our parents. You may find renting a house more to your liking.
Second, I would not quit a job in this economy without having another one ready to roll. Unemployment is nasty. I am not sure your field, but it is not fun being on the outside looking in. If nothing else, benefits are nearly as important as the take home pay.
Ok, I think I gave you enough food for thought. God bless and good luck!
I’d also recommend doing a house rental (if possible) before jumping in and buying. It will give you a better idea of the level of responsibility and time commitment involved. Dave Ramsey recommends waiting a year before getting married before buying a house, and I think that’s a good rule of thumb. Getting a chance to observe your sweetie in their natural habitat can provide a lot of important clues as to how much space you guys can handle, how handy he is, how handy you are, how big a slob you are/he is, whether you could build a house together, whether you could do a renovation together, how much house work it is reasonable to expect you to do yourselves, how you actually feel about home ownership versus fun, etc.
Definitely don’t buy a house while both working these travel jobs.
A 20% downpayment is not totally necessary, but what is necessary is having a big enough downpayment to bring your monthly mortgage payment down to something you can manage.