First time home-buyer questions

GladGradDad
Sat, 04 Feb 2012 15:37:16 +0000

He definitely should NOT buy with the friend (with a decent possibility of it being an ex-friend if they live together for a while). There are too many potential downsides. I don’t think it’s usually a great idea to buy right away anyway (assuming it’s right away for him) since he’s better off being mobile and having fewer ties and commitments right now. Renting frees him up for flexibility and opportunities until he sees how things shake out over the next 2-3 years.

I know of someone who started out working at Microsoft in Seattle and bought a house right away. It turns out he hates the Seattle area due to its lousy weather but he’s more tied there now than he would be if he was renting so it makes it more difficult to make the change to move back to sunny California where he’d rather be.

He’s at a startup firm now which might turn out great but has a good chance of going bust as well in which case he’ll be looking for a job again. Of course, he’s in the right area for that and he’d likely land another one within a short distance of Palo Alto/Mt. View but still…