Here’s an idea: Why not rent

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Here’s an idea:

Why not rent a house (similar the house you want to buy) in Mira Mesa. That way, you can be close to your mother-in-law & live in a nice house.

If you think renting is expensive (giving $ to landlord every month & forgo the tax deduction), buying is even more expensive (huge loss of equity).

Here’s the math (rough estimate):

500k house = 70k down payment + 430k loan

430k loan = $2500 payment (30-year fixed mortgage)
Property tax = $500
Insurance = $50

Before tax cost: ~$3000/month
After tax cost: ~$2400/month

Rent cost: ~$2500/month

Bear in mind, if you spend $2500/month on rent in MM, you’ll probably get a better house than the house on 11902 Thomas Hayes Lane. Where as, if you spend $500k on a house, you’ll get a worse house than 11902 Thomas Hayes Lane.

On top of that, you’ll own a depreciating asset.

In an earlier post, someone said:

“back then I said I had only 50k and now it’s well over 100k.. I had been gaining while the market has been dropping. It definitely was a win win for me.”

Right on! I’m in a similar situation (renting & waiting). Definitely win win !