Waiting and saving to buy first home in 6 mths or 12 mths?

[Samira Schadt]

Hi BiggerPockets people!

I would like your advise and opinion on the following:  should I extend my lease for another year in my current apartment or for only six months before buying my first home?  If my husband and I stayed for another 12 months we could potentially build up a saving of $60k-$70k, whereas if we stayed for 6 months our savings will most likely only go up to $25k -$28k. We are so motivated to buy a SF-house/duplex, start house hacking and stop paying someone rent. However, I am more inclined on waiting a year, rake up those savings and have leverage once we see a great deal, whereas my husband is more aggressive and wants to go fully in in 6 months. 

What do you think we should do? What makes more sense?

I am happy about every advice I can get. Thanks, Sam.

[Mike Davis]

@Samira Schadt if there is a VA loan available, I would look to house hack now. If you qualify for an FHA with 3.5% down go that route if you can't do a VA. You need to factor in how much your losing each month buy renting. If you find a multi-unit and live in it, you have to factor the income potential as well.

All told, you can start now to look for a great deal, give low ball offers if you want and see what happens, you may get lucky. Good Luck!