That spreadsheet approach is smart—so many folks just look at the mortgage and forget about everything else lurking in the fine print. I’ve seen people get blindsided by things like sewer assessments or even random city fees. Waiting to save more can help, but yeah, if prices are jumping faster than your savings, it’s a tough call. Have you looked into areas with lower HOAs or places where you can negotiate on closing costs? Sometimes a less “perfect” house in a solid area ends up being the better long-term move, even if it needs some work upfront.
I hear you on the hidden costs—my friend got hit with a surprise roof assessment two months after moving in. I’m all for waiting if it means you can build a bigger buffer, especially after bankruptcy. But yeah, watching prices climb while you save is rough. Sometimes those “not-so-perfect” homes are easier to negotiate on too, and you might get a better deal if you’re willing to do some updates yourself. Just gotta keep an eye on your credit and not rush into something that’ll stretch you too thin.
- Hidden costs are brutal—totally agree there.
- After bankruptcy, I’d lean toward waiting and stacking up cash. Lenders look at your down payment and reserves, not just your score.
- Credit’s gotta be solid, but don’t obsess over perfection. Even a 680+ can get you decent rates if you’ve got a bigger down payment.
- “Fixer-uppers” can be a win, but only if you’re handy or have the patience for contractors.
- Personally, I’d rather wait than end up house-poor again... seen too many folks jump in too fast and regret it.
“Fixer-uppers” can be a win, but only if you’re handy or have the patience for contractors.
Man, truer words. I once bought a “charming” fixer-upper and ended up learning more about plumbing than I ever wanted. Sometimes waiting and saving is less stressful than living in a construction zone. Curious—has anyone here actually come out ahead on a fixer, or is it mostly HGTV magic?
Buying A House After Bankruptcy—Bigger Down Payment Or Wait It Out?
I totally get the “learned more about plumbing than I ever wanted” vibe. Been there, except mine was electrical—let’s just say I now have a healthy respect for circuit breakers.
As for coming out ahead on a fixer, I think it really depends on a few things. Here’s how I look at it, step-by-step:
1. Do you actually have the cash reserves? Not just for the down payment, but for all the “surprise” repairs that pop up (and they will...).
2. How much time can you realistically live in chaos? Some people thrive in reno-mode, others end up eating takeout on milk crates for six months.
3. Are you handy, or are you at the mercy of contractors? If it’s the latter, costs can spiral fast.
4. What’s your local market like? In some neighborhoods, even a rough house is a goldmine. In others, you might be stuck with a money pit.
I refinanced after fixing up my place, and yeah, I did gain some equity—but honestly, I’m not sure it was worth the stress. Sometimes waiting and saving really is the saner route, especially after a bankruptcy. HGTV makes it look easy, but they don’t show the part where you’re showering at the gym for three weeks...
