Currently renting Portisol in Woodbury (with 3rd floor) paying below market ($3,500). Was recently notified by owner that they may relocate and thus may want to sell the house. The house has minimal upgrades - granite countertops, and that's about it. Zero hardscape in backyard and linoleum flooring. But we're pretty happy here, it suits our two little ones and our dog. Wasn't planning on buying back in until 3-5 years from now (sold our house in 2008).
If we continue to rent, we'll be paying substantially more for something of equivalent size and location. At 4+k rent, I'm wondering if I should try to buy the house from the owner with a 80/10/10 program (and on a 15yr loan, if they allow that combo) at a slight discount: under 800k.
If the price drops another 5-6% over the next few years, I think I'll be okay with that. I'm a little worried about the various global issues currently out there, that if one of them triggers, housing may take another substantial dip, say 10-15%.
Any thoughts or suggestions?
If we continue to rent, we'll be paying substantially more for something of equivalent size and location. At 4+k rent, I'm wondering if I should try to buy the house from the owner with a 80/10/10 program (and on a 15yr loan, if they allow that combo) at a slight discount: under 800k.
If the price drops another 5-6% over the next few years, I think I'll be okay with that. I'm a little worried about the various global issues currently out there, that if one of them triggers, housing may take another substantial dip, say 10-15%.
Any thoughts or suggestions?