u/DT_worldtraveler

Hi! Just need some help making a decision. Not sure what’s the right move.

My partner and I will try for a baby later this year so we’re first setting a goal of reducing monthly expenses. Currently, we’re renting a very spacious apartment (it’s very busy, central, but meh not the prettiest) but if we buy our own place, it’ll reduce our monthly by around $530. Which is considerably good.

The pros about this property is:

1. Located in high demand area for renting and selling
2. Neighborhood is upscale and central (close to a bunch of great schools, very family oriented neighborhood, across from a famous park)
3. It’s priced under market value
4. Hard to find good deals in general
5. I was able to get the price down by 25k
6. I can build equity!

The cons

1. Only one bathroom. To add a bathroom in, It’s going to cost an additional 15-20k. This includes redoing the stairs (mandatory to get the bathroom in). I never done this type of renovation work before! Dont have the money yet to do this, maybe next year.
2. It will eat almost all of my savings (but I do have backup funds in case of emergency)
3. This property will be a 10% down payment.
4. The apartment is smaller than the one I’m renting now.

Note: The monthly cost will be split between my partner and I. I work full time, stable income. My partners income is also stable but on the low end for now.

I’m not sure what I should do. Should I walk away and continue paying rent, use that money for something else or buy this place?