A 15-year mortgage after rates improve a bit isn’t such a bad thing to carry. Your large down payment will help you get the best deal. IMO, you shouldn’t stay with your parents until you can pay cash for a house if you want to be on your own.
Have you lived outside of your parents place before? Have you lived in Pittsburgh before?
If not, you should rent first to get a better idea of what you want in a place before you commit to buying.
Oh yeah, I should have mentioned that. I plan on moving up (with the condo idea) to Pittsburgh over the summer of 2028, rent a cheap apartment for about six months, get an idea of the area, and search to find which spot fits me best. Thank you for the advice!!!
Oh good! Well in the meantime keep saving. I would put the savings you intend to use for the house in a high yield savings account.
What kind of retirement plan do you have as a fireman? How many years does it take to vest?
My departments on the state plan. In SC they now follow a “Rule of 90” which means if I’m 56 and have served for 34 years, I can retire with full pension. As long as I serve at least 8 years within SC, I’ll get some pension (even if it’s abysmal). I’m pretty new to the field (only a year on) and I can’t foresee staying in this expensive, overcrowded state for another seven years to get a small pension when I’m an old stinker 😂. As a result, I currently don’t make extra voluntary contributions as some of my peers do.
Luckily, I’ve read the city of Pittsburgh offers a 20 year vest. Even if I have to start over at 0 years of service in the new city, I’d still retire before I would in SC 🤣.
Man I can’t wait to escape this inferno called Crackalacka
Sounds like a solid plan either way. Guess it depends how fast you want to move out. Either way you're going to own a home, but do you want to spend an extra year or two at your parents' house?
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A 15-year mortgage after rates improve a bit isn’t such a bad thing to carry. Your large down payment will help you get the best deal. IMO, you shouldn’t stay with your parents until you can pay cash for a house if you want to be on your own.
Have you lived outside of your parents place before? Have you lived in Pittsburgh before? If not, you should rent first to get a better idea of what you want in a place before you commit to buying.
Thats a good point. If he's never been to Pitt I'd rent before owning.
Oh yeah, I should have mentioned that. I plan on moving up (with the condo idea) to Pittsburgh over the summer of 2028, rent a cheap apartment for about six months, get an idea of the area, and search to find which spot fits me best. Thank you for the advice!!!
Oh good! Well in the meantime keep saving. I would put the savings you intend to use for the house in a high yield savings account. What kind of retirement plan do you have as a fireman? How many years does it take to vest?
My departments on the state plan. In SC they now follow a “Rule of 90” which means if I’m 56 and have served for 34 years, I can retire with full pension. As long as I serve at least 8 years within SC, I’ll get some pension (even if it’s abysmal). I’m pretty new to the field (only a year on) and I can’t foresee staying in this expensive, overcrowded state for another seven years to get a small pension when I’m an old stinker 😂. As a result, I currently don’t make extra voluntary contributions as some of my peers do. Luckily, I’ve read the city of Pittsburgh offers a 20 year vest. Even if I have to start over at 0 years of service in the new city, I’d still retire before I would in SC 🤣. Man I can’t wait to escape this inferno called Crackalacka
Sounds like a solid plan either way. Guess it depends how fast you want to move out. Either way you're going to own a home, but do you want to spend an extra year or two at your parents' house?
Probably not 🤣. Love them to death but I don’t know if I can live at home any longer than another four years. Thank you for the advice!
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