Hey Bogleheads, know this is an age old quesiotn and I realize this is somewhat of a personal opinion/YMMV question, but hoping for some thoughts on best way of thinking of how to save for a house. I would like to automate the savings plan in a way that I don't have to think about how much to be setting aside each month.
The cliche advice most friends/family always give is "buy ASAP, get out of the renter's cycle as soon as possible" but obviously I don't see this as smart advice (lots of factors).
My wife and I would like to buy a house in the next 5 years or so, but not in a rush/could wait it out worst case scenario.
Short of it: Should I cut back on 401k contributions (currently maxing) and put more towards down payment? Or just be more patient and slowly chip away down payment? Hoping some personal anecdotes and experiences can help with this topic that always seems to be split down the middle.
Some notes:
-early/mid 30s
-No kids, but would like someday
-Will most likely be buying in VHCOL (my wife and I are both from different ones, but it will be in one of those places).
-No debt
-Would like to put down as much of a down payment as possible given the current interest rate environment.
Cheers!![:sharebeer]( "celebrate")
The cliche advice most friends/family always give is "buy ASAP, get out of the renter's cycle as soon as possible" but obviously I don't see this as smart advice (lots of factors).
My wife and I would like to buy a house in the next 5 years or so, but not in a rush/could wait it out worst case scenario.
Short of it: Should I cut back on 401k contributions (currently maxing) and put more towards down payment? Or just be more patient and slowly chip away down payment? Hoping some personal anecdotes and experiences can help with this topic that always seems to be split down the middle.
Some notes:
-early/mid 30s
-No kids, but would like someday
-Will most likely be buying in VHCOL (my wife and I are both from different ones, but it will be in one of those places).
-No debt
-Would like to put down as much of a down payment as possible given the current interest rate environment.
Cheers!
Statistics: Posted by LifeAquaticTenenbaum — Fri Sep 27, 2024 4:25 pm — Replies 5 — Views 320