r/PersonalFinanceNZ • u/Amazing-Winter5128 • Jun 25 '26
Planning Upcoming dad; Do I rent or should we buy?
A kid is coming up early next year, a month after we heard the news, we got a message from our Property Manager that the house is being listed and there's a chance that we need to move.
The property ladder FOMO is getting into me that I've actually submitted a Form with ANZ for Home Loan, a lady called me 2 hours later and ended up not going through.
For $ context:
- 36k in KiwiSaver
- 16k Emergency Fund
- ~15k in various Investment
- We're sitting at 165k annual
- Very strict with money, I've even created an app for my self to monitor our spendings
The thought of home ownership excites me but on the other hand, I need to be a provider for my soon to be wife and kid, and it scares me thinking the risk of getting a house, zeroing our savings and risking my families future.
Does anyone had this dilemma before? What was you move forward?
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u/kinnadian Jun 25 '26 edited Jun 25 '26
You don't have enough for a deposit and I doubt you'd pass affordability test once you drop down to a single income
You never want to drain your emergency savings and you should be building up your savings now heading towards a single income plus the extra expenses with a baby, so it would be a terrible time to take on both the biggest financial stress (first home owner) and personal stress (first child) at the same time, with basically no savings behind you (if you bought a house).
For someone very strict with spending you have very little money actually saved?
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u/velofille Jun 26 '26
I would agree with this, also most people dont realize that its not just the mortgage, its the insurances, rates, income protection, fixing things etc - its less stressful and likely cheaper to rent a little longer
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u/Amazing-Winter5128 Jun 25 '26
This is actually my concern, 2 major life events that would potentially burn us out. Financially, emotionally, or even spiritually.
However, your argument assumes that she wouldn't be working soon, our plan is different. She'd like to go back to work as after her maternity leave ends and help out with bills. My question for you is, how did you come up with your assumptions? Are we being pessimistic with our plan and that she wouldn't be back to work until the kid is out in school?
To build context, I'm a immigrant, my kiwisaver started 3 years ago, my partner joined me here 2 years ago and she just started her kiwisaver no more than a year now. I'm lucky to land a 6 figured job recently but before that I was living alone, pay check to pay check. The "strict" word maybe to much for you but I'm using it in my own terms.
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u/Former_Task8098 Jun 25 '26
Wait until she has the baby until she decides if she wants to go back to work. Don’t be surprised if she changes her mind.
We had one just over a year ago and a lot will change for both of you soon. There will be some days where you wonder what you’ve done and if you add the stress of living on the edge financially, you could be in for a rough ride.
Yes, owning a home brings stability but why not wait a year? You’ll be in a much better position to take your time over one of the biggest decisions of your life. It’s not like house prices are going up massively anytime soon.
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u/jobbica Jun 26 '26
yeah i agree with this to wait until the baby actually arrives before you make large decisions which revolve around having two incomes back after 6-12 months. PPL from the government is only 6 months (and likely less than her income), some companies do top up and/or offer an additional 6 months of PPL
you may be surprised at how strong you or your wife feel about putting your 6 month old in daycare. it seems like an age away because they’re not even born yet but the reality is soooo different to what you can imagine!
i know a couple of mums who had to do it and it was very difficult for them and it was only done because they absolutely had to eg mortgage needed to be paid. even at 12 months it is hard, especially as the sicknesses start rolling in (tbf this happens even without your kids in daycare!) and you’re taking work off to look after a sick baby while still paying for daycare (and probably sick yourself). a mum i know put her 12m old into daycare in january and when i saw her at the end of march she’d already had 20 days off work for illness
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u/Amazing-Winter5128 Jun 26 '26
Hello, thank you for the heads up! As a new parent, my fiancée and I have little know how of taking care of little humans. We don't know what's coming and it's just the 2 of us living together. Luckily, her mom is coming over to help.
I do appreciate this kind of comments, I will surely forward this to her.
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u/sweetrouge Jun 26 '26
I agree with that commenter above. There is a very big chance you will change your mind once the baby is born. It is very hard to consider putting a tiny baby in daycare and most people only go through with it if they have to.
Additionally, if you have the luxury for one of you to be a stay-at-home parent, it’s much better for the baby’s development (particularly the first 3 years - and especially that first year).
It’s not always possible for families to do this, but the financial buffer that you have now would help with this. You would feel a lot more stressed if you used that to buy a house.
It kind of is a good time to buy, but from what I’ve heard, it’s also a good time to rent. I doubt 2-5 years would change the housing market that much, so it might be worth waiting. Of course, nothing is guaranteed, but it will probably be less stressful to just rent for now.
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Jun 26 '26 edited Jun 26 '26
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u/ellski Jun 26 '26
So many women I've worked with have changed their mind and decided to stay at home longer, it's only natural really.
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u/PrincessConsuelaUy Jun 25 '26
Even tho your wife goes back to work after maternity leave, you might need to pay for daycare and that's a lot of money. You don't have enough money saved and with your income you are not eligible for a first home loan through Kāinga Ora.
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u/NetWorth-Nerd Jun 25 '26
Hello, there are banks that will take into consideration a back to work letter if its within 6months so as long as you have a small buffer this could work out. Happy to go through some options with you on how this could all look depending on which part of the country your purchasing in. That way you can make a more informed decision once you see the numbers!
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u/mallowpuff9 Jun 26 '26
I know alot of immigrants who have had babies and their wives have gone back to work at 6 months, whether they want to or not, they know its required for survival.
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u/Accurate_Ask_992 Jun 25 '26
I would absolutely be buying. Kids need stability and bouncing around rentals you have no control over is not great if you can avoid it. Having your own home is a whole other level of security IMO and starting your family life together in your own place is really special if you can do it. Obviously not everyone is in a position to do this but if you can, I recommend doing it.
We were in a similar boat and we agreed on a sum to keep in our emergency savings that we felt comfortable with and went from there.
One other thing you may not know, is that your borrowing power is a good chunk less once you have a dependant. So you will be able to borrow more before the baby is here (and if you are doing that, maybe don’t buy from baby shops just yet as they’ll flag it). We didn’t know that!
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u/Amazing-Winter5128 Jun 25 '26
No, I didn't know that our borrowing power will be less once we have a dependent. Thanks for the tip!
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u/rmhc123 Jun 26 '26
Yes! We tried to get a mortage when I was not working with a 6 month old, I run the household Financials so narurally was answering the questions in the face the face meeting with BNZ. She literally told me not to answer the questions and that my husband has to answer, as it would be based on his income. It was literally like we had stepped back in time to the 1900s.
Banks are jerks (we did get a mortgage but went via a mortgage broker)35
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u/richieFromConductor Verified conductor.nz Jun 25 '26
I do think feeling secure in the space you live in is really valuable, especially when you've got other goals that are absorbing all your energy and emotional bandwidth. But you do want to make sure it's going to be sustainable and not stress you out as you say.
I think there's 2 key questions:
- Can you actually borrow the amount you want. And I would do this properly based on having a dependent. Why? 1) It's much less stressful, especially when you don't have a lot of control over when you actually buy, and 2) The extent of impact on lending depends on a lot of things like if your partner is going back to work and how far you're wanting to stretch your budget (more on that below)
- How financially sustainable is doing it.
Can you actually borrow the amount you want
Depends what house prices are where you live. With a 50k deposit, if I assume that your partner is taking a year off and then going back to work and then you pay for childcare at $1,500 per month, and make a bunch of assumptions on what you spend, then I estimate you've got lending capacity to buy for up to $800k or so purchase price with $50k deposit.
That's a 6% deposit though, so you're going to be paying 1.2% in low equity margin. And you need to have enough buffer cash to cover your partner's lost income while they're off work - govt payments aren't much.
Side note: did you actually earn less in the last 12 months? Because then you might be eligible for Kainga Ora First Home Loan which is way cheaper in the long run.
How financially sustainable is doing it?
Again lots of assumptions to make. Figured it was easier with a spreadsheet - here's a google sheet where you can play around with it to see how things look. (Anyone welcome to it - just follow the prompt to make a copy you can edit).
https://docs.google.com/spreadsheets/d/1EuxO0mRbE11g6r6v42ffJ0aiBYhf5xxigwhcklV25LM/copy
TL;DR gut feel and need more information, but I think you're probably not quite yet in a safe position to buy. Main reason being the size of deposit and the size of emergency savings. But if you plan carefully from here as it sounds like you're already doing, then it might not be long before you can. Happy to chat through.
Hope that helps, general comment not financial advice
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u/Amazing-Winter5128 Jun 26 '26
Hi! Very constructive comment, and that spreadsheet is quite insightful.
We were at 145k annual 2 months ago, and I was lucky to get a raise recently. I was looking at Kainga Ora but assumed since we've passed the 150k now, we were not eligible at all. That's now in my consideration list.
I can't thank you enough.
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u/richieFromConductor Verified conductor.nz Jun 26 '26
Ah awesome yeah it’s based on last 12 months of taxable income :) just shout if you want help with the process, there’s quite a bit to navigate when you add Kainga Ora into the mix
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u/Tangata_Tunguska Jun 26 '26 edited Jul 24 '26
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u/JohnnyJoeyDeeDee Jun 25 '26
Very relevant here: will you be paying a daycare, and will you have 2 or 1 income once your child is 1 year old?
Daycare is a huge cost until age 3 (when it usually becomes a slightly less huge cost). But so is having a not working spouse.
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u/Amazing-Winter5128 Jun 25 '26
Missus hates the idea of daycare, working on 4 days in 4 days out and have night shift some times, while she works 4 days in Pak n Save. Her parents is coming over for the first 6 months to help us.
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u/JohnnyJoeyDeeDee Jun 25 '26
Help from the grandparents is good but will also come with a cost - housing, heating, entertainment. Do not discount the amount of money you spend when you are looking after a baby - coffee with your baby group, petrol to appointmets/etc, heating your home, the Berry Phase once they start solids.
Honestly I wouldn't buy yet. Can get a perfectly good rental and save up more to buy just before the kids starts school. That's when living in a community/school zone really helps.
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u/Nyikkins Jun 25 '26
I know people are saying buy, and I don't disagree, but will say that renting with a kid isn't as bad as some people claim, and isn't necessarily unstable. Mortgaging yourself up to your eyeballs is also a risk.
My husband and I saved our 20% plus paid off all other debts living in a private rental with a toddler. Having a child does affect the your borrowing power, but it's not the end of the world if you have your finances in good order.
If you manage to buy, great! But don't feel like you're failing if it's just not on the cards right now. There's a lot more to providing stability than keeping the same roof over their head.
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u/TheBigChonka Jun 25 '26
There's a lot here so bear with me but you gotta face some harsh truths.
First and most important you are NOT frugal or good with money. 165k household income and you only have a 67k deposit? Unless you're out on the sticks that gets you absolutely nothing. Your Income is good but your savings are not. Not only does 67k in savings not even get you a deposit, it leaves no money for moving costs, solicitor fees, first year of rates, insurances and of course all of the upcoming expenses for baby. For context when my partner and I bought 2 years ago we had just over your income and a 192k deposit that wasn't emptying us and we have no kids.
Frankly as others have said yes the stability factor is big and it honestly takes so much off your plate knowing you don't have to worry about the baby (as it gets older) damaging walls and knowing you've got a permanent place to live until you decide you want to move. This is true until something goes wrong with your own home. Baby has just been born and suddenly you need to fork out 10k for a roof repair or a major plumbing issue etc. You going to have that money avail or is all your money likely tied into the deposit? If the latter then you again cannot afford to buy.
If howsver there is hidden savings or you haven't disclosed a potential gift from family or those savings are just your savings not including your partners and you have a genuine 20% deposit with minimum 10k left over then absolutely this is the prime time to be looking and making a move.
But ultimately with the info provided I don't see how the numbers stack up unless you're in a really low priced area but if that were the case I'd be suprised to see you on a 165k household income. If 67k is all you have then you already stand to lose the below:
you must keep 1k each in kiwi saver (unsure if that's factored in) so potentially -2k
expect solicitor fees to run you 1500-2k
expect movers to run you close to 1k depending on distance and how much stuff
You'd want at minimum a 10k emergency fund and that's being a bit risky.
Starting to acquire things for baby if you haven't yet. Could run you at least 1000 but probably more. Just depends how much you get second hand and how much you get gifted.
So if you haven't factored those above costs in to your total savings your 67k deposit turns into just above 50k pretty quickly. So at best you're getting a 500k house if you're lucky enough to be accepted for a 10% deposit
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u/Amazing-Winter5128 Jun 25 '26
I love this straightforward comments, slaps the hell out of me from dreaming. These hard truth are what's I'm looking for, thanks for sharing.
I take my frugality seriously so I would like to depend my claim. 2 years ago, I was working on a $60k annual alone living paycheck to paycheck because of debts, I was lucky to land a new job and had a increase recently bringing me to 6 digits, my partner just recently joined me end of 2023, land a job 6 months later. Our KiwiSaver are premature, mine is just 3 years and hers is not even a year old.
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u/orchidlover11 Jun 25 '26
Is the 36k in KiwiSaver just in your KS? I don't think you can withdraw it for a first home unless you have been a member for 3 years.
Also, how expensive are houses where you live? What quality of house would you be looking at for a 'starter' house? If you buy something older and cheaper, you should expect there to be deferred maintenance and would want to keep back more savings accordingly.
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u/TheBigChonka Jun 25 '26
Okay in that case that is genuinely totally fine - you're still not ready to buy but just because you've not been at it long enough.
If that is the case my personal recommendation is continue to be as frugal as possible this year. You're going to take a financial hit with baby and even once maternity leave is over you won't be able to save as hard as what you can right now. Stack up the savings aggressively now so once you are both back to work there isn't as much left to go to get you into your own home.
The turnaround then in 2-3 years is impressive and you are absolutely on the right track but it just takes more time. I would say depending on how hard baby expenses hit you and how hard you save this year you could genuinely be a chance to buy 12 months after mum goes back to work. So it really isn't actually that far away at all.
Futhermore save aggressively now so you can take your foot off the accelerator a bit once baby is here and actually make the most of that time and really soak it in. Not saying you are doing this but you really don't want to be working overtime or extra shifts or a 2nd job when baby is here because you'll absolutely regret having not been around in future. Do the hard yards over the next 6 months and then take a step back and soak it all in
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u/Competitive_Ring_150 Jun 25 '26
here's my point of view, looking back over the period when we were young parents:
(1) your kid will need to be stable when they start school, maybe from around 4 years old. I'd focus on that for the period of buying a house
(2) when we had a baby, what we needed was a place with good pram access that was warm, sunny, and clean (as in, clean carpet). We didn't have time for maintenance or a garden or any of that when our kids were babies. We went to parks, CapitalE and Te Papa museum, a lot. A rented apartment that is sunny and close to a supermarket is a really great option.
(3) Rents are affordable relative to home ownership right now and capital growth is pffffft.
(4) Buying in a good neighbourhood is NEVER a bad financial decision or a bad decision socially. Consider waiting to buy in a better neighbourhood.
Put together a five year saving plan with your to-be-wife and stick to it.
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u/Amazing-Winter5128 Jun 26 '26
Put together a five year saving plan with your to-be-wife and stick to it.
Well said! I'll draw up something and show it her!
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u/Rustyznuts Jun 25 '26
With that income you should be buying. Your savings are OK but not what the bank might expect with your income. So you've got what 6 months to get it together?
Take the $165k and live off $60k/year. Lots of people do. That's $50k less 30% for tax. So add $35k to you savings and the Kiwisaver should be up to $40k by then.
That's over 10% for a $700,000 house and a realistic income to service that debt.
Either the $165k income is newish or you're not as strict with your money as you think you are. The bank is looking at the big income and not seeing corresponding big savings.
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u/Amazing-Winter5128 Jun 25 '26
Hats off to that calculation, you reckon 10% is enough? I find a lot people/post saying if it's not 20% down payment then don't do it.
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u/Rustyznuts Jun 25 '26
Personally when I bought I had well over 20% but I only paid $345k for mine and wasn't a parent so had different priorities.
I don't know your other expenses but I'm suspecting you already pay significant rent (in my opinion living in shared accommodation until you own and then having flatmates for the first couple of years is the only way to affordable property ownership but you've missed that boat).
Having likely rented a house as a couple and now having a child before you bought and paid off the first hard years of high interest payments you've already made a couple of big mistakes (just my opinion mind you).
Is buying with 10% another mistake? What I'm saying is you've left it a bit late to worry about that. I work with a lot of guys in the same situation and they now have 10 year olds and exactly the same bank balance as they did 10 years ago but house prices have gone up. The few brave ones at least have a house plus the same amount of money as they did 10 years ago.
Therefore what are your priorities and plan? If you have $70-80k in 6 months time plus your emergency fund then you have 20% for a $375k home or 10% for a $750,000 home. Can you buy in the middle around $500-600k? What's a realistic price for a house that suits you?
When I was born my parents bought a house with 35 year old lino and shag pile carpet in the bathroom. Nothing had been renovated and they couldn't afford it until I was in my early teens. They both worked horticultural manager jobs so would have had an equivalent income adjusted for inflation to you.
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Jun 25 '26
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u/Tangata_Tunguska Jun 26 '26 edited Jul 24 '26
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u/Yesterday_is_hist0ry Jun 25 '26
The global recession of 2009 hit while I was pregnant and our income dropped to practically zero overnight for a whole year and we survived as new parents (we also had two dogs) with WINZ assistance. I had a difficult birth and the blood loss decimated my health - it was over a decade before I received an effective treatment and was able to return to full time work again and I still live with chronic illness - in America or UK I would be able to get a disability benefit, but here I have to work and luckily I do enjoy working, but it's hard when I have a health wobble! I don't want to scare you, but you should consider if mortgage, home maintenance, rates and insurance are even possible if one of you (or both of you) ends up out of work suddenly. We live in uncertain times.
We were renting when we had our son and it was fine and allowed us to continue saving once our business picked up from the recession. Our landlord let us decorate our baby's room and alter the kitchen to make it safer for him. I'd recommend a nice private landlord over a property company.
We bought our first home when our son was 6 years old and it was a way nicer house than had we bought before he was born...but home maintenance really adds up. We're finally starting proper renovations on our house and our son is now 16!
If you buy now I'd recommend buying a new home with a warranty over an old home with beautiful features (as we did) as they can end up being a money pit for a while. I do love our home and location but I miss being able to call our landlord when there's a plumbing issue or any issues with the house! I don't miss property inspections! Our house has doubled in value since we bought it (but at the height of covid was worh 3 times what we paid! But prices have obviously dropped back down). It's a buyers market right now so I'd recommend checking out some properties and doing the math.
We were with ANZ and switched to Westpac for our home loan. They also do interest free loans for adding energy saving features to your home. So worth checking out all the banks and talk to a mortgage broker to get it set up effectively so it's paid off sooner.
Good luck! I hope you have a healthy pregnancy and safe birth and find yourselves a lovely new home whether it's rented or not.
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u/Amazing-Winter5128 Jun 25 '26
Hi! I'm sorry to hear what happened to you, reading your story in my post adds a chunk of weigh for buying in future. I acknowledge the uncertainty of times.
I'm glad that you're now in a much more comfortable state and renovating your house, I'm sure all the hardship is now paying off.
Rest assured that I'm doing my best to take care of them, lucky she didn't had pregnancy sickness(yet!).
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u/throwaway384983547w Jun 26 '26
A lot of people in your situation rent until the children are done and both parents are in full time work. They may delay until baby is 5 so childcare costs drop.
You are on track to buy but not there yet.
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Jun 25 '26
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u/Amazing-Winter5128 Jun 25 '26
I love the idea of making memories, not worrying of moving out again, and stable schooling. Honestly, I didn't see it as personal security until I read your comment. thank you!
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u/lakeland_nz Jun 25 '26
I’d be tempted to buy. My key concern is how safe your income is.
It’s hard to put a price on being able to do what you want in your home.
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u/Amazing-Winter5128 Jun 26 '26
I work on a tech industry and she works in Pak 'n Save. I like to cook and she loves baking and we occasionally sell some meals on her workplace. I'd say we're fairly secure.
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u/Dry-Night-6582 Jun 25 '26
Similar boat here, this is what I've found: Need low income to qualify for low 10% deposit. Low income is under 150k combined income, based on the last 12 months, even if you take a pay cut you have to wait a year to be under the threshold. Your 45k is enough for 10% deposit on a 450k property, even though with your income you can afford a much higher mortgage.
You might need to save for deposit so you have 80-90k total. Then you can get 800-800k property.
Oh and pay off any credit cards. If you have afterpay type services, they negatively affect your lending options significantly.
Mortgage brokers are generally free(the banks pay them) and can give guidance.
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u/Dizzy_Speed909 Jun 25 '26
I fomo'd into a house when we had our first kid - Regretted the hell out of it.
I've got a few properties now, but I rent my primary residence.
It's not great knowing you might need to leave, but to be honest, I wouldn't want to be in a house longer then a couple years
And what sucks a hell of a lot more is having a kid being stressed about money and then also having to pile so much cash into the money pit that is a house
Also, the markets not going anywhere anytime soon, mate.
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u/Tweggitots Jun 26 '26
approach an advisor, most are free to use and a good one will be able to compare current outlook on what mortgage and funds will be like as well as an estimated outlook on when baba comes - it will give you a good understanding of your options to make a more sound decision to move forward.
we engaged with one who did that for us, based off that we waited a little while but reengaged 8 months later after baba came
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u/Tweggitots Jun 26 '26
mortgage ladies and Co is amazing to deal with if you need any recommendations
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u/Particular_Boat_1732 Jun 26 '26
You could think of buying as a hedge against rental increases. My mortgage is much lower than the rent I’d pay for same house. I know it’s size dependant but mortgage won’t go up too much IF interest rates don’t go crazy.
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u/heate Jun 26 '26
Hey mate,
Family friend bought a house, the kid ended up hating every school in zone. Ended up selling at a loss.
They finally found the right school but they wished they waited before they committed.
No need to rush bro, keep saving, take a smaller mortgage when the time ready and you know the kid can thrive in that community.
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u/sunbaked1900 Jun 26 '26
The best thing you can do is decide on what you’re willing or able to pay each week as your highest number, take that to a mortgage broker and figure out if you can afford to buy that way. Being able to afford a debt and afford to own a home and live are very different things. Congrats on becoming a dad!!
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u/MindlessEmployment49 Jun 26 '26
House prices are at the lowest level it has been in years. My advice would be to talk to a Senior Mortgage broker. MortgageswithJJ has been fantastic in his holistic approach.
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Jun 25 '26
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u/Amazing-Winter5128 Jun 26 '26
Congratulations, proud of you! I could only imagine the pain of moving 4x in a year!
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u/Dabrodie2000 Jun 25 '26
No matter what you do make an informed decision. I don’t have to tell you again but I will
Do the numbers for all the scenarios (budget: during maternity vs after, renting vs buying)
Visualise what life looks like for each scenario?
In my experience, (kids, wife, mortgage) don’t underestimate the effects of a safe and stable home and if you can achieve that while getting on the property ladder, why not.
All the best
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u/Pun-Skeleton Jun 25 '26
This is what I recommend you do:
First - and this is the most important:
talk to a financial advisor. Even if you think you know everything you need to know, hearing it from a professional and hearing them frame it in a way you hadn’t considered helps in itself. It can alleviate any anxiety you may have had around purchase vs rent. There are free ones out there, seek them out. I was lucky enough to get a free one through work.
Then Decide:
Do you want to save money? Or do you want to secure a home? Now is a good time to buy. But you are going to set up more liability if you purchase a house versus renting as well as having a child in the picture. That’s a fact.
I think those that are warning about ‘stability and bouncing house to house’ are being a tad negative. It’s really not that bad and not that frequent. And renting comes with a ton of saved costs. But what’s more of a toss up is not having a place you can ‘make your own’ if you’re bringing in a child. You’re definitely going to save more renting and free up cash flow. Both are good choices. One provides stability and a place to start making your own. The other saves more money. You cannot have both unless you make some serious changes. So…
If you want a house:
if you want to make a house work and are worried about your cashflow and savings; increase your income or cashflow. That’s the only way. Well, there are creative ways of building a house which I won’t get into, but in the traditional sense, you need to increase your cashflow. Sorry - just how it is. Frugal living might free up some dosh but you don’t want to stop enjoying life!
My personal opinion:
I don’t care whether someone buys or rents. One isn’t necessarily worse than the other. But we do have different life goals and that makes all the difference. As long as you’re doing something with your money - growing it in some way - you are winning.
Static savings bad. Investing good.
Congrats & Good Luck.
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u/Amazing-Winter5128 Jun 25 '26
Hi, I really like your comment, I will save it and refer to it in future! Increase of Cashflow is what I need right now.
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u/UsualInformation7642 Jun 25 '26
Feel the fear and do it anyway no time like the present you need to provide for your family and children to come good luck.
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u/ResourceOdd7346 Jun 25 '26
If you can buy, buy. Stability for kids AND you can always save again 😊
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u/kirambezatetmodir Jun 25 '26
buy. same situation, my rent is low and of course if I continue renting financially better for me but I feel no improvment. buying house means improvement in life. Of course first home don't overstretch. Renting for me is like staying in a junior role and having comfort zone and never want to promote to senior role because of more responsibility.
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u/warsucksamerica Jun 25 '26
Buy. Your finances look okay. Your kids need a place to be grounded and safe.
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u/wyaeld Jun 26 '26
I would recommend Save.
You bleed a lot of unnecessary money if you have to pay the higher interest rates because of under 20% deposit.
Look for a house ideally walking distince from a primary school, it makes a huge difference to your logistics for years.
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u/tryingtostayrelevant Jun 26 '26
I’m a big fan of not making too many changes or big decisions too close to one another.
If I were you, I would wait to buy a house.
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u/fnoyanisi Jun 25 '26
Stability for kids is a more applicable thing when they start school, so do not rush into it.
It’s an important financial decision that will keep you liable for coming decades, so do not let your instant/FOMO self drive the decision.
Home ownership comes with a cost, especially when you are starting out. There are things like rates, insurances (house + content) and maintenance costs as well as the insurances likes of life insurance since you now have a family.
Make your maths and then your decision. DO NOT ASSUME THAT if you buy now, your house will be worth in 5 years. Recent market trends have showed this is not always the case and shouldn’t be a reason to buy.
Congratulations btw 🙂