Stay and buy house or remain flexible?

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Bwlonge
Posts: 163
Joined: Wed Nov 22, 2017 6:36 am

Stay and buy house or remain flexible?

Post by Bwlonge » Wed Apr 17, 2019 9:37 am

I've been at my job for 4 years now. It's in a pretty rural area with a fair arts scene that doesn't many professional jobs I'm qualified for. I'm fairly niche as a data manager and analyst. I'm 32, single male.

I'm extremely torn as to whether I keep building out my footprint here or if I remain flexible to be able to take a job in a city or any where else I might like to live.

I currently own a duplex here and live on one side just about for nothing. Real estate is very inexpensive here, so it would be a great place to build a bigger real estate portfolio over time. I'm currently thinking about either expanding into another duplex or buying a single family house with more land for myself to enjoy and improve.

However, if I lost my job for any reason, I would be screwed. I get paid very well and likely couldn't find a job that pays the same here. I would likely have to move. This isn't a problem for me with just my duplex, but if I then had a single family, I'd have trouble renting it at a reasonable profit I imagine. It's also very hard to sell houses around here.

The other thing of concern is the dating prospects here. With the art scene, its not as bad as other rural areas, but there is much less opportunity than in a city, and I'm not getting any younger.

I also only moderately like my job, but I think I like it enough to keep going, as I have enough autonomy to learn and try new things. There is also opportunity to become more valuable to the organization as I am well liked, the workforce ages, and it is hard to hire people out here.

If I bought a house, I should prepare my head to be here through my 30s I suppose. Can I get your advice to help me think this through??

KlangFool
Posts: 12300
Joined: Sat Oct 11, 2008 12:35 pm

Re: Stay and buy house or remain flexible?

Post by KlangFool » Wed Apr 17, 2019 9:49 am

OP,

Why do you like buying an expensive boat anchor? You should find a hobby instead.

KlangFool

drk
Posts: 1243
Joined: Mon Jul 24, 2017 10:33 pm
Location: Seattle

Re: Stay and buy house or remain flexible?

Post by drk » Wed Apr 17, 2019 10:00 am

I don’t think you offered any reasons *to* buy a house, aside from the inexpensive real estate, and even that isn’t an indication either way because it sounds like it’s inexpensive for a reason given the poor job prospects.

Leemiller
Posts: 1163
Joined: Sat Jun 01, 2013 12:42 pm

Re: Stay and buy house or remain flexible?

Post by Leemiller » Wed Apr 17, 2019 10:04 am

Inexpensive does not mean ‘good investment’ and is often an indicator that something isn’t a good investment. If you’d like to get married and have kids, and you aren’t having luck in where you currently live I would recommend moving ASAP. I’m about a decade ahead of you and many of my friends wanted to get married and have kids but didn’t - from where I sit because it wasn’t a priority they were working towards.

Topic Author
Bwlonge
Posts: 163
Joined: Wed Nov 22, 2017 6:36 am

Re: Stay and buy house or remain flexible?

Post by Bwlonge » Wed Apr 17, 2019 10:09 am

drk wrote:
Wed Apr 17, 2019 10:00 am
I don’t think you offered any reasons *to* buy a house, aside from the inexpensive real estate, and even that isn’t an indication either way because it sounds like it’s inexpensive for a reason given the poor job prospects.
True. I feel like having more land would allow me to do some things I'm interested in doing, namely developing a permaculture, bees, chickens, dog, etc. And being able to improve the house over time can be rewarding, though its a little hard to do by myself.

I also know that I have these fleeting interests from time to time. There is plenty I'd like to do, but I could just as easily double up on mountain biking.

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lthenderson
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Joined: Tue Feb 21, 2012 12:43 pm
Location: Iowa

Re: Stay and buy house or remain flexible?

Post by lthenderson » Wed Apr 17, 2019 2:22 pm

I've spent my entire life living in places similar to what you have described. Although in your case, I would probably side with continuing renting until you are married and ready to have kids, it isn't always bad to own houses either but you need to understand your market. In all the small rural towns I have lived in, there are three areas houses fall in, the very cheap, the very expensive and a band somewhere in-between. You can buy a house in the very cheap and very expensive parts of the market and they are very hard to sell when the time comes because the majority of the people aren't looking in that price range. But if you buy a house in the band that most people in your area can afford, you can generally unload a house quickly if needed.

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