Sorry for posting this in two areas, I did not see a real estate section. If a mod could remove from the area that would be great!
Here is my situation:
Saving - $462
401k - 10k
60% Company Stock
40% fidelity 2050 retirement plan
Savings - $1000
Goes towards:
Emergency fund - total at 10k
100% checking account at .75% APY
ROTH IRA (first year) - 5k
100% Vangaurd 2050 retirement plan
No debt.
Regular Checking Balance:
1.6k
I am some times have extra money coming in from a side business so that is why it is not currently saved.
Spending ~1400 (includes everything)
I was thinking of getting in hyper savings mode for a down payment on a house since my current lease is up in November. I could put all of my 1000/month savings towards it and have 7.6k ready to go.
My gf could probably also contribute 2k by this time.
I am looking for a house in the range of 150k-200k.
Reasons for wanting to buy a new house:
-Where I currently live I have higher taxes, my rent is (60%)535/month with my gf paying the other 40%.
-Interest rates are low
-Moving to the state I would be moving to would dramatically drop taxes, gas, food, everything essentially
Other ideas:
I could potentially take money from my emergency fund to help with the down payment. My job is 99% secure, the only way I could lose my job is if my company some how was taken down like ENRON or something.
Questions:
-Should I move this November or stick it out a year and have a larger down payment and risk the interest rates and housing prices to jump.
-Unless I get some crazy suggestions I may likely wait even 2 years before buying a house because I really think having 20% is a requirement. Where should I store my downpayment money while I build it up?