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07.05.20, 14:24 PM General Topics
6 replies
DH wants to buy a second home in Rhinebeck. We already have a co-op in NYC, and I feel like I want to maintain both cash and and flexibility. He is afraid to "miss out" on a good home as he feels they are getting snapped up. I see his point, but I think it safer to wait and see what happens to the city, compensation levels for NYC professionals (we are both in finance), and overall post-pandemic dynamics. Am I being too conservative? We have two couples we know who just bought second homes, and they are comparably to slighty worse off than us financially. Anyone else wondering about this? [ Reply | Watch | Flag ]
General Topics 07.05.20, 02:24 PM Flag
 

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I would want lots of financial flexibility now but it’s hard to answer without knowing your specifics. I will say the pandemic has made me emotionally more risk-adverse. For example I used to take riding lessons weekly and the cost and injury level seems stressful to me now even though my finances are very stable and unchanged and the fall risk is no different from before. It’s just a mindset but I’m fine going with risk aversion if it makes me feel calmer. [ Reply | More ]
General Topics 07.05.20, 02:35 PM Flag
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I think you and dh are both understandably trying to take control of a stressful situation where we have no control - you by controlling finances, he by asserting control to get a property. Maybe both are coping mechanisms and there is a meeting in the middle? [ Reply | More ]
General Topics 07.05.20, 02:37 PM Flag
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PRices are way up in that area. Like 20% and bidding wars right now. Not sure if now is the time. [ Reply | More ]
General Topics 07.05.20, 02:52 PM Flag
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This. We are in the area, I would say they are even going for up to 40% in some cases above what I would have expected last summer. I would rent if you can, and wait until next summer to buy when things are stable, or other buyers have regrets about home ownership and the PITA it is. [ Reply | More ]
General Topics 07.05.20, 09:15 PM Flag
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As long as rates stay low, you have little price risk in the home - people can afford the payments. If rates rise, the housing market will tank, unless it's because of real inflation, in which case owning a house with a mortgage will be accretive to your net equity. I think you wait until the summer is over, and try in the mid-fall, if you still want one. Unless the location is perfect, there is roughly an infinite supply of land + crummy houses which will always be fairly priced for the economic environment. [ Reply | More ]
General Topics 07.05.20, 03:10 PM Flag
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We aren’t loaded, but we live comfortably. We rented a beach shack for 6 summers before pulling the trigger on buying 3 years ago. We decided to buy as it’s a key piece of our retirement plan and we wanted to get it paid off before we are on a fixed income. My husband is almost 54. I can’t begin to tell you how great it’s been to have this house during this time. Prior to the pandemic, having our second home to escape to regularly made living in the city much better. We were hoping to keep our budget 1mm or below, the less the better, but was willing to go upwards of 1.2mm. We wound up buying a place for 750k and had to put 100k in to it...and this is a house that seemed pretty much plug and play. We would have been considerably more stressed if we had bought upwards of our max budget. [ Reply | More ]
General Topics 07.05.20, 05:24 PM Flag
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