Thanks everyone.
The other option would be to buy my dad's house after a few years. He has invited us to live with him for 2 years after we are married. It is a 4 bedroom colonial...a little over 2,000 sq. ft. not counting an enclosed porch and a 750 sq. ft. basement.
The house was built in 1965, but it is in wonderful condition. It's mostly hardwood and ceramic tile floors, cherry kitchen cabinets that reach up the ceiling and updated bathrooms. It would probably list for about $325 right now.
If we stay there the two years, I will be making about $70,000 and my soon to be husband will be working as a lawyer for two years...no idea what he would make. But at that point - if we save and play our cards right, we would be able to put a sizable downpayment on the house to buy it.
It's also in a fabulous location.
I know my father can't really give us a stellar deal because it is a huge part of the inheritance that I will be splitting with my three other siblings. Not pretty to think about...but we will be splitting the cost of the house and about $400,000 that he has in the stock market. Since it is about half of what there will be - we will have to pay fair market value.
I guess this makes the most sense. It is a house that we could virtually live in forever. It's more house than we need, but still seems very modest to me. We don't plan on having children (but I know that changes sometimes). Unless we have to move because of our careers, I can see us living in the house forever.
Patience is a virtue, right? So hard when my friends are buying there own places. But I think I need to keep myself in check and realize that I am in a very special situation.
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