We've been looking into buying our first home for the last couple of months, we've been renting the same house for 12 years now. The lady that owns the house has never raised our rent, which is very low for Chicago burbs. She called today and asked if we would stay one more year and will knock $100.00 off the monthly rent. This house is almost too small for us- 2 beds and 1 bath. We also have 2 kids.
We got a pre-approval letter for a mortgage, but didn't get approved for enough to buy a house that doesn't need a ton of work. DH is self-employed and I work part-time. I feel that if we stay another year we could save more money, etc.
What would you do?